Wed, Sep 21, 2011 - Page 12 News List

FSC to ease rules on wealth trust service

By Kevin Chen  /  Staff Reporter

The Financial Supervisory Commission (FSC) yesterday said it was planning to lower the capital adequacy ratio for brokerages’ wealth management operations to 200 percent from 250 percent to help them expand their business scope.

The commission said in a statement that it was revising regulations on brokerages offering wealth trust management services.

The proposed revisions will be posted for seven days on the Web site of the Securities and Futures Bureau for public review, it said, adding that it would weigh public and administrative opinion before implementing the new regulations.

Based on the commission’s data, brokerages that offer wealth trust management services include Grand Cathay Securities (大華證券), Mega Securities (兆豐證券), MasterLink Securities (元富證券), Capital Securities (群益證券), Polaris Securities (寶來證券), Yuanta Securities (元大證券) and BEA Wealth Management Services Taiwan Ltd (東亞證券).

In other news, Cathay Financial Holding Co (國泰金控) and Conning Holdings Corp of the US yesterday said they had obtained approval from the Taiwanese government to form a joint venture in Hong Kong that will provide institutional asset management services in the Asia-Pacific region.

The two firms, which will each own 50 percent of the venture, said they are now seeking Hong Kong’s approval and expect the venture to be open for business by early next year, according to an e-mailed statement.

This story has been viewed 1931 times.

Comments will be moderated. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned.

TOP top