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TFSR plans to improve financial sector

The Taiwan Financial Services Roundtable (TFSR, 台灣金總), a cross-industry financial services body that was set up in May, yesterday vowed to integrate resources and build up a communication mechanism with the government to bolster the sector's development.

The TFSR held its first meeting of directors and supervisors yesterday, presided over by its chairman Cheng Shen-chih (鄭深池), who is also chairman of Mega Financial Holding Co (兆豐金控), Taiwan's No. 3 lender.

The body has 100 members hailing from the nation's securities, banking, insurance, futures and trust communities.

Modeled on the US' Financial Services Roundtable, the association established three committees in charge of financial policies and regulations, global finance, and consumers and investment to facilitate coordination and identify international trends in areas such as mergers and acquisitions, said Mark Wei (魏寶生), TFSR secretary-general, in a press briefing after the board meeting.

The association will also map out suggestions on important financial regulations, including amendments to the Financial Holding Company Act (金融控股公司法) and the enactment of a financial services law.

"We'll also form close ties with overseas counterparts to facilitate international exchanges," Wei said.
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