Wed, Nov 08, 2006 - Page 11 News List

Chastened FSC releases new rules

By Amber Chung  /  STAFF REPORTER

The Financial Supervisory Commission yesterday announced a slew of new rules to revamp the financial regulator's reputation, which has been damaged by a series of scandals in which top commission officials were allegedly involved.

"The commission hopes to safeguard the independence and meet the public's expectation of integrity through the implementation of self-disciplinary regulations," Commission Spokesperson Susan Chang (張秀蓮) said.

The new rules have 10 items and include the requirement that commission members not improperly benefit themselves or third parties by taking advantage of power and authority, and that they live a simple life and not participate in inappropriate gatherings and banquets.

Members should not lobby in certain cases or for certain parties and not leak any information about ongoing cases and investigations, the rules say.

Members are required to conduct their work in the company of other commission staff and to deliver reports that include information on their counterparts' activities, meeting times, locations and other details.

Commission members who violate the tightened code of conduct would face punishment consistent with laws such as the Civil Servant Services Act (公務員服務法), Chang said.

The financial regulatory body has not decided whether it will videotape or tape-record meetings of members.

The move comes after a series of scandals that have hurt the commission since it was formed in 2004.

Lin Chung-cheng (林忠正), one of the commission members, was detained last week by prosecutors over allegations of receiving bribes and illegal lobbying to benefit third parties.

He could face a minimum 10 years in jail.

Former commission chairman Kung Jaw-sheng (龔照勝) was indicted for jobbery in previous work last month and could face up to seven years in prison if convicted.

In June, former Examination Bureau director-general Lee Chin-cheng (李進誠) was sentenced to 10 years in prison for illegal trading.

Lee has appealed the sentence.

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