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FSC signs MOU with French counterpart

The Financial Supervisory Commission (FSC) said yesterday that it signed a memorandum of understanding (MOU) with its French counterpart on April 28.

The pact signed with France's Commission Bancaire is aimed at facilitating collaboration in financial supervision between the two nations through a better exchange of information, the FSC said.

The agreement was approved by the Cabinet yesterday, the commission added.

In a statement released yesterday, the commission said the financial supervision agreement would allow the sharing and exchange of supervision information and assistance in carrying out financial inspections by the host country.

Moreover, the signing of the MOU will help Taiwanese financial institutions open branches in France, once the financial watchdog's authority extends into the country, the commission said.

Currently, the International Commercial Bank of China (中國國際商銀) is the only Taiwanese bank with branches in France, according to the financial regulator.

French banks that have outlets in Taiwan include BNP Paribas, Credit Agricole Indosuez, Societe Generale and Cetelem, the FSC said.

Taiwan has signed bilateral financial supervision pacts with nearly 20 countries, including the UK, the US and Australia. The FSC is also engaged in talks with some European countries, it added.
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