These Regulations are enacted pursuant to the provisions set out in paragraph 6 of Article 5-1 of the Tax Collection Act (hereinafter referred to as the “TCA”).

Any Financial Institution in the territory of the Republic of China (hereinafter referred to as the “ROC”) shall perform due diligence for Financial Account information in tax matters for the purpose of exchange of information, and report Reportable Persons’ Financial Account information in tax matters to the tax authorities in accordance with the provisions in the TCA and these Regulations. Any such matter not provided for in the TCA and these Regulations shall be governed by the relevant provisions of the Income Tax Act, the Regulations Governing Application of Agreements for the Avoidance of Double Taxation with Respect to Taxes on Income, and other laws or regulations.
The term “Financial Institution in the territory of the ROC” in the preceding paragraph shall mean any of the following:
1. Any Financial Institution that is organized, incorporated, or established in accordance with laws of the ROC, except for any branch of the Financial Institution located in a territory other than the ROC.
2. Any branch of a Financial Institution that is organized, incorporated, or established in accordance with foreign laws, and that branch is located in the territory of the ROC.

A Financial Institution in the territory of the ROC is exempted from the obligation of performing due diligence and reporting requirements set forth in paragraph 1 of the preceding article if any of the following criteria is met:
1. A Governmental Entity, an International Organization, or a Central Bank, other than with respect to a payment that is derived from an obligation held in connection with a commercial financial activity of a type engaged in by a Depository Institution, a Custodial Institution, or a Specified Insurance Company.
2. A Broad Participation Retirement Fund, a Narrow Participation Retirement Fund, or a Pension Fund of a Governmental Entity, an International Organization, or a Central Bank.
3. An Exempt Credit Card Issuer.
4. An Exempt Collective Investment Vehicle.
5. A trust to the extent that the trustee of the trust is a Reporting Financial Institution and reports all required information in accordance with these Regulations with respect to all Reportable Accounts of the trust.
6. Any other Entity that presents a low risk of being used to evade tax, and is announced by the Ministry of Finance.