The Ministry of Finance opened its Securities and Futures Investors Protection Center (證券投資人及期貨交易人保護中心) yesterday to safeguard the rights of investors against fraud in the nation's capital markets.
"The establishment of the protection center is expected to warn potential fraudsters in the [stock and futures] markets," said Vice Finance Minister Gordon Chen (
Minister of Finance Lin Chuan (
Securities and Futures Commission (
The center has a total reserves of NT$1.03 billion, part of which will be used to compensate victims -- up to NT$1 million per person -- in the event of losses from investment fraud or brokerage-firm failures, the center's president, Samuel Hsu (
The center is designated to intervene or act as a mediator when a brokerage firm closes down, Hsu said.
The center is funded by the Taiwan Stock Exchange Corp (
Local securities and futures houses also make payments to fund the center based on the amount of commissions earned from and transactions made by, their clients, Hsu said.
The center will also take on class-action suits filed by groups of at least 20 shareholders in an effort to combat fraudulent management practices at listed companies.
"The center will provide investors with free legal advise and follow through on lawsuits on behalf of shareholders," Hsu said.
Yuan Shi-kwang (
"Lots of investors desperately need legal assistance to settle their disputes with financially troubled listed companies," Yuan said.
He said the center should also provide investors with information to help them invest more wisely.
Steve Wang (
He said the protection mechanism in the local futures market has safeguarded investors' rights fairly well, but that the addition of the government-run center was welcome.
The protection center has received some 800 phone calls asking for consultations and 24 written complaints seeking the center's help prior to its first day in operation yesterday, Chen said.
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Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day