Data Source:Laws and Regulations Retrieving System of the Banking Bureau

Amendment of Articles 4 and 5 of the Standards Governing the Establishment of Commercial Banks

Article 4 A foreign financial institution that fulfills any of the following events, and merges or takes over generally the entire business, and assets and liabilities of a local bank may apply to establish a commercial bank:
1. The foreign financial institution is permitted by the competent authority for the establishment of a commercial bank according to Article 23 of the Financial Holding Company Act.
2. After the foreign financial institution merges or takes over generally the entire business, and assets and liabilities of a troubled financial institution, it shall, pursuant to laws and orders, or an agreement(s), establish a commercial bank within a certain period of time.
Articles 3 and 7, Paragraph 1 of Article 8 concerning the prescribed period and Subparagraphs 4 and 8, Paragraph 1 of the same Article, Article 12, Subparagraph 5, 6 and 13, Paragraph 1 of Article 13, Subparagraph 3 of Article 15 and Paragraph 2 of Article 18, do not apply to the application of a foreign financial institution for establishment of a commercial bank in accordance with the preceding Paragraph.
Article 5 When a foreign financial institution applies for the establishment permit according to Article 8, it shall submit to the competent authority the application together with the minutes of the board of directors which approves the establishment of a commercial bank in the Republic of China, or the certified document to such an effect.
The foreign financial institution that is approved by the competent authority to establish a commercial bank in accordance with the preceding article shall, within three (3) months after completing the incorporation registration, complete the merger or acquisition of the entire business , and assets and liabilities of the local bank , and acquisition of the portion of the business , and assets and liabilities of the foreign branch of said foreign financial institution in the Republic of China and apply to the competent authority according to Article 13 for the issuance of the business license.
Before the expiry of deadline mentioned in the preceding Paragraph,　an extension may be applied in case of a legitimate reason. Such an extension shall not exceed three (3) months and be limited to one time only.　The competent authority may revoke the establishment permit if it does not approve the extension request