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Subject: Enactment of the “Operational Directions Governing Financial Institutions’ Business Hours and Suspension of Business during Natural Disasters”, which takes effect immediately.
Basis: Article 51 of the Banking Act and Article 37 of the Credit Cooperatives Act.
Announcement:
1. The term “financial institutions” used in this Announcement include banks and credit cooperatives.
2. The common business hours of financial institutions are 9:00AM to 3:30PM, Monday to Friday.
3. A financial institution that plans to open earlier or later than the common business hours set forth in the preceding point, or open on Saturdays, Sundays or holidays (referred to as the “extended business hours” hereunder) shall proceed in accordance with the following provisions:
(1) The financial institution may open during the extended business hours only after filing a report in a manner designated by the competent authority.
(2) The financial institution shall make sure that relevant accounting guidelines, internal control mechanism, IT equipment and facilities, and security measures are in place before opening business during the extended business hours.
(3) The financial institution shall disclose the extended business hours of each business unit, and services offered, confirmation of trading day and account processing during the extended business hours at its business places and on its website.
4. If a financial institution intends to set its own business hours other than the hours in situations provided in the preceding two points, it shall apply to the competent authority for approval by submitting the following documents. If a financial institution changes its set business hours after approval by the competent authority, it shall follow the provisions under the subparagraphs of the preceding point:
(1) An application form (see attachment);
(2) Meeting minutes of the board of directors (council);
(3) A business plan which states the business units and business hours, scope of services offered, accounting guidelines, internal control mechanism, specific security measures, benefit evaluation and measures for protecting employee rights and interests; and
(4) Other documents as required by the competent authority.
5. Matters regarding suspension of business by financial institutions in the event of a natural disaster shall be handled in accordance with the Operation Regulations on the Suspension of Offices and Classes because of Natural Disasters.
6. When a municipal, county (city) government or a district or township office authorized by a municipal or county (city) government (collectively referred to as the “responsible agency” hereunder) announces suspension of offices for the whole day, the local financial institutions shall suspend their business for the day, whereas the head office (branches) of financial institutions located in other areas should be open for business as usual if their local responsible agency announces normal working hours for the day.
7. When the responsible agency announces suspension of offices for half a day, the periods of business suspension for financial institutions are as follows:
A. Suspension of offices for half a day in the morning:
(1) If the responsible agency has announced the work starting time for the afternoon, the financial institution shall suspend business from the normal opening time for the day until the announced time, and open business as usual for the rest of the day starting from the announced time.
(2) If the responsible agency does not announce the work starting time for the afternoon, the financial institution shall suspend business from the normal opening time for the day until 1:30PM, and open business as usual for the rest of the day from 1:30PM on.
B. Suspension of offices for half a day in the afternoon:
(1) If the responsible agency has announced the work suspension time for the afternoon, the financial institution shall close business for the day starting from the announced time.
(2) If the responsible agency does not announce the work suspension time for the afternoon, the financial institution shall close business between 12:00 noon and the normal closing time for the day.
8. In the event of a natural disaster, a financial institution shall handle the check clearing and bounced check operations in accordance with the rules of the Central Bank of the Republic of China (Taiwan). |