An applicant shall commence an approved innovative experimentation within three (3) months from the date of receiving the notice of approval decision made by the competent authority pursuant to Paragraph 1 of Article 8 herein.
Should an applicant fail to commence the approved innovative experimentation within the prescribed period set out in the preceding paragraph, the approval granted by the competent authority shall no longer be valid, and the competent authority should notify the applicant of such decision in writing and disclose the date on which approval of the experimentation is invalidated and reasons therefor.
An applicant shall notify the competent authority in writing the date on which the approved innovative experimentation commences within five (5) business days from the date of commencement.

Applicants should, during the innovative experimentation period, adopt appropriate and adequate information security measures commensurate with the business nature of the experimentation to ensure the security of information collection, processing, use and transmission.

Applicants shall abide by the provisions of this Act and matters required by the competent authority when approving the innovative experimentation, and provide description of the experimentation status as instructed by the competent authority. If deemed necessary, the competent authority may visit the sites of experimentation, which the applicants may not evade, interfere with or refuse.
When an applicant fails to comply with the preceding paragraph, the competent authority may order the applicant to take remedial action within a given time period.

In case of any of the following situations arises during the innovative experimentation period, the competent authority may revoke the approval for the innovative experimentation:
1. The innovative experimentation involves a situation that is materially adverse to the financial market or the interests of participants.
2. The innovative experimentation outsteps the scope approved by the competent authority or violates the additional requirements and obligations set by the competent authority.
3. The applicant fails to comply with Paragraph 1 of the preceding article and fails to take remedial action within the given time period as ordered by the competent authority.
When the competent authority revokes the approval pursuant to the preceding paragraph, the competent authority shall disclose the date of the revocation and reasons therefor on its website.

Applicants shall, within one month from the date the innovative experimentation period as approved by the competent authority in accordance with Paragraph 1, Article 9 herein ends, submit a report on the experimentation results to the competent authority, and describe and confirm the appropriateness of their operations with respect to the protection of participant interests, compliance with Article 14 herein, and information security control. The competent authority will then call an evaluation meeting by inviting experts, scholars and relevant government agencies (institutions) to attend.
The competent authority should complete the evaluation and come up with recommendations within sixty (60) days after the applicant has submitted complete documentation on the results of the innovative experimentation described in the preceding paragraph, and notify the applicant of the evaluation results in writing, with a copy sent to the relevant government agencies (institutions).
The competent authority should invite the applicant, and when necessary, relevant parties to be present at the evaluation meeting under Paragraph 1 hereof and the review meeting under Article 6 herein.
The way by which the evaluation meeting under Paragraph 1 hereof and the reviewing meeting under Article 6 herein operates, meeting members, matters members should recuse themselves from and other relevant matters will be prescribed by the competent authority.
Members attending the evaluation meeting under Paragraph 1 hereof and the review meeting under Article 6 herein shall keep all innovative experimentation related documents confidential, except for use in official business or unless otherwise provided by regulations.

Where an innovative experimentation is inventive, effectively increase the efficiency of financial services, reduce operational and use costs or enhance the interests of financial consumers and enterprises, the competent authority should take the following actions in consideration of the implementation status of the innovative experimentation:
1. Reviewing and revising relevant financial regulations.
2. Providing assistance to the applicant in starting a business or entering into strategic cooperation [with relevant organization].
3. Making referrals to relevant government agencies (institutions) or organizations or funds that offer business startup assistance.
If it is decided by the competent authority that relevant financial laws should be amended, the competent authority should, no later than three (3) months after the end of the innovative experimentation, complete an amendment draft of the financial laws and submit the draft to the Executive Yuan for review.

The application procedure, review criteria, grounds for rejection, scale of experimentation, participant protection measures, supervision and administration and other matters relating to innovative experimentation will be prescribed by the competent authority.
The competent authority should establish and periodically review financial technology development policy, actively provide financial technology enterprises with necessary assistance, guidance and counseling services, and regularly invite representatives of the financial technology industry and representatives of related government agencies to discuss and coordinate financial technology development related matters. The guidance and assistance mechanism for financial technology development will be prescribed by the competent authority.
The competent authority shall, within three (3) months after the end of each year, submit a written report to the Legislative Yuan on the promotion of financial technology development, the results of innovative experimentation and regulatory amendments made therefor for the year, and disclose the content of the report on its website.

No fees will be charged for application, review and approval of innovative experimentation under this Act.