November 2017
The Operating Guidelines for Suspending Operations by Financial Institutions during Business Hours and upon Occurrence of Natural Disasters were prescribed and announced(Taiwan)
2017.9.6
Oli Wong
The Financial Supervisory Commission announced the Operating Guidelines for Suspending Operations by Financial Institutions during Business Hours and upon Occurrence of Natural Disasters (hereinafter, the "Operating Guidelines") via the Jin-Guan-Yin-Guo-Zi 10620004070 Directive of September 6, 2017 (hereinafter, the "Directive"). The Operating Guidelines came into effect immediately.
The Directive announced the common business hours (i.e., 9:00 am through 3:30 pm, Monday through Friday) for financial institutions (including banks and credit cooperatives). If the common business hours are to be brought forward or backward or if financial institutions are going to be open for business on Saturdays, Sundays and holidays, reporting shall be made before business operation may be conducted during the reported business hours. Before financial institutions are open for business, it should be confirmed that relevant account handling standards, internal control mechanisms, IT facilities and safety maintenance should have been in place. In addition, such financial institutions shall disclose the external business hours of various business units, business items available for applications, the determination of trading days and bill handling in their business premises and websites (Points 1, 2 and 3 of the Operating Guidelines).
In addition, if a financial institution intends to operate beyond the common business hours or bring forward or backward the common business hours or operate continuously on Saturdays and Sundays, written documentation may be included in application to the competent authority for an approval on business operations during the self-determined business hours (Point 4 of the Operating Guidelines).
It is further announced in this Directive that in the event of a natural disaster, financial institutions shall follow provisions concerning operation suspension under the Operating Guidelines for Suspension of Offices and Classes during Natural Disasters (Point 5 of the Operating Guidelines). When the competent authority in the government of the municipality under the direct jurisdiction of the Executive Yuan or of the county or city where financial institutions are located announced suspension of operation, the operation of other regional head (branch) offices is still not affected (Point 6 of the Operating Guidelines). The period of suspended operation shall be governed by the provisions concerning full-day and half-day business hours under Point 7 of the Operating Guidelines. Operations concerning exchange of negotiable instruments and records of bounced checks shall be governed by the requirements of the Central Bank (Point 8 of the Operating Guidelines).
Oli Wong
The Financial Supervisory Commission announced the Operating Guidelines for Suspending Operations by Financial Institutions during Business Hours and upon Occurrence of Natural Disasters (hereinafter, the "Operating Guidelines") via the Jin-Guan-Yin-Guo-Zi 10620004070 Directive of September 6, 2017 (hereinafter, the "Directive"). The Operating Guidelines came into effect immediately.
The Directive announced the common business hours (i.e., 9:00 am through 3:30 pm, Monday through Friday) for financial institutions (including banks and credit cooperatives). If the common business hours are to be brought forward or backward or if financial institutions are going to be open for business on Saturdays, Sundays and holidays, reporting shall be made before business operation may be conducted during the reported business hours. Before financial institutions are open for business, it should be confirmed that relevant account handling standards, internal control mechanisms, IT facilities and safety maintenance should have been in place. In addition, such financial institutions shall disclose the external business hours of various business units, business items available for applications, the determination of trading days and bill handling in their business premises and websites (Points 1, 2 and 3 of the Operating Guidelines).
In addition, if a financial institution intends to operate beyond the common business hours or bring forward or backward the common business hours or operate continuously on Saturdays and Sundays, written documentation may be included in application to the competent authority for an approval on business operations during the self-determined business hours (Point 4 of the Operating Guidelines).
It is further announced in this Directive that in the event of a natural disaster, financial institutions shall follow provisions concerning operation suspension under the Operating Guidelines for Suspension of Offices and Classes during Natural Disasters (Point 5 of the Operating Guidelines). When the competent authority in the government of the municipality under the direct jurisdiction of the Executive Yuan or of the county or city where financial institutions are located announced suspension of operation, the operation of other regional head (branch) offices is still not affected (Point 6 of the Operating Guidelines). The period of suspended operation shall be governed by the provisions concerning full-day and half-day business hours under Point 7 of the Operating Guidelines. Operations concerning exchange of negotiable instruments and records of bounced checks shall be governed by the requirements of the Central Bank (Point 8 of the Operating Guidelines).
