Executives from more than 30 financial institutions including banks, insurers and securities brokerages yesterday exchanged views with the Financial Supervisory Commission (FSC) during a closed-door meeting about the nation’s planned negotiations with China on financial market access.
Financial executives urged the government to maximize benefits for Taiwanese businesses when addressing financial market access in the negotiations for the inking of a memorandum of understanding (MOU) with China on cross-strait financial supervision and an ensuing economic cooperation framework agreement (ECFA), the Chinese-language United Daily News reported yesterday, citing FSC vice chairwoman Lee Jih-chu (李紀珠).
Banking executives urged the regulator to make breakthroughs on relaxing the 20 percent cap on the stake that Taiwanese banks are allowed to take in Chinese banks, Lee said.
China should also agree to immediately open operation of yuan-denominated businesses there to Taiwanese banks, as well as preferential treatment in special economic zones, she said.
The paper cited Lee as saying that executives from the insurance sector urged the FSC to talk to China about relaxing the “5-3-2” threshold, referring to a required minimum of US$5 billion in working capital and a founding history of 30 years or more for insurers and a two-year waiting period before China-based liaison offices can be upgraded and become branches or subsidiaries.
The securities brokerage sector expressed hopes that China would open up its A-share market to Taiwanese players, the paper said.
Lee expressed satisfaction with the two-hour discussion with the private sector, the Central News Agency (CNA) reported yesterday.
Banking tycoons including Fubon Financial Holding Co (富邦金控) chairman Daniel Tsai (蔡明忠), Taishin Financial Holding Co (台新金控) president Lin Keh-hsiao (林克孝) and state-owned Taiwan Cooperative Bank (合作金庫銀行) chairman Liu Deng-cheng (劉燈城) all appeared at the meeting, CNA said.
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