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Title: Taiwan Futures Exchange Corporation Guidelines For Changes Of Settlement Banks By Clearing Members
Date: 1998.10.23 ( Announced )
Date: 2015.10.21 ( Amended )

Article Content

1     These Guidelines are promulgated under Article 14, paragraph 1, subparagraph 2, applied mutatis mutandis under Article 82, of the Operating Rules of the Taiwan Futures Exchange Corporation ("TAIFEX"). A clearing member changing the settlement bank handling book-entry fund transfer operations between itself and the TAIFEX shall do so in compliance with these Key Points.
2     Operational Procedures for Changes of Settlement banks by Clearing Members
  1. Operation Principles
    1. A clearing member may apply with the TAIFEX to change its settlement banks. The number of settlement banks after such change shall comply with the TAIFEX Clearing Member Application Procedures.
    2. Settlement banks which clearing members file applications to change to shall be confined to financial institutions that have entered into a Contract for Book-Entry Transfer of Futures Clearing Business Funds with the TAIFEX.
  2. Operation Content
    1. The clearing member shall deliver the original of the "Application for Change of Settlement Bank by a Clearing Member" (Schedule 1), a copy of the book-entry transfer contract signed with the new settlement bank, and a photocopy of its clearing margin account book to the Clearing Department of the TAIFEX 10 business days before the effective date of the change of its settlement bank (the postmark date shall apply where the documents are delivered by mail).
    2. After examining and verifying the documents, the Clearing Department of the TAIFEX shall notify the clearing member of the official effective date (Schedule 2); however, if the documents submitted by the clearing member are incomplete or contain errors, the TAIFEX will extend the effective date of the application depending upon the actual situation.
    3. From the official effective date, fund transfer operations between the TAIFEX and the clearing member shall be handled using the clearing margin account in the new correspondent settlement bank reported by the clearing member.