Foreign Exchange Control Order. Copyright Roderick Seeman

Article 11

1. When the Minister of Finance imposes an obligation on any exchange resident or non-resident who is to carry out a capital transaction to obtain a license, based on the provisions of Article 21, Paragraph 2 of the Law, he shall, in advance, based on notification, designate the capital transactions which must obtain such license. Provided, however, that when the Minister of Finance deems that the objectives of the Law will become difficult to achieve where the designation of such capital transactions is made in advance based on notification, the designation of the said capital transaction can be made by notice to authorized foreign exchange banks or by other appropriate methods as provided for by Ministry of Finance Ordinance.

2. The Minister of Finance, when he has designated a capital transaction based on the provisions of the proviso of the preceding paragraph, shall immediately make notification of the particulars thereof and the designated capital transaction.

3. Exchange residents or non-residents who desire to make capital transactions which have been designated based on the provisions of Paragraph 1, must obtain a license from the Minister of Finance, based on the procedures as provided for by Ministry of Finance Ordinance.

4. For those situations where an obligation has been imposed to obtain a license concerning the making of capital transactions based on the provisions of Paragraph 1, when the Minister of Finance deems that there is no longer any danger of the occurrence of any of the situations listed in any of the items of Article 21, Paragraph 2 of the Law the said obligation must be removed immediately based on notification.