FSC approves Wu Rong-I's appointment

By Amber Chung  /  STAFF REPORTER

Fri, Jul 14, 2006 - Page 12

Lu Daung-yen (呂東英), acting chairman of the Financial Supervisory Commission, announced yesterday that the commission had approved the appointment of former vice premier Wu Rong-I (吳榮義) as chairman of the Taiwan Futures Exchange (TAIFEX).

Lu's remarks came after speculation that the commission had lost its independence and the power to appoint personnel after the Cabinet unilaterally announced Wu's appointment late last Friday.

"The appointment cannot take full effect without the commission's formal approval," Lu told a press conference yesterday, admitting that he had no advance knowledge of the Cabinet's announcement.

Downplaying the apparent power struggle, Lu said there was no problem with Wu's qualifications as Premier Su Tseng-chang (蘇貞昌) demanded the highest standards.

Lu added that Wu would ensure that the TAIFEX's priorities were met,

including the completion of the delayed four-in-one merger with the Taiwan

Stock Exchange (TSE) and other exchanges and the improvement of the

exchange's computer system to prevent crashes.

Lu said that, according to internal personnel guidelines, the Cabinet had

the authority to appoint the TSE chairman.

Despite the FSC's status as an independent regulatory body, Lu said: “the

commission is not that independent in terms of nominations and budgets.”