The Executive Yuan is scheduled to approve the draft of the financial supervisory board law today, which will give the board authority over the financial services industry -- including the banking, securities, futures, and insurance sectors. \nThe financial services industry is under the supervision of the Cabinet's Ministry of Finance, the central bank and the Central Depository Insurance Co. \nWhile the banking, securities, futures and insurance sectors are regulated by the Ministry of Finance, the job of financially examining banks is shared among the Ministry of Finance, the central bank and the Central Depository Insurance Co. \nAlthough the legislature's Finance Committee passed the first reading of the draft legislation last October, it failed to pass the second reading before the legislative session ended in January. \nTo pass the draft into law, the Cabinet must repeat the process all over again. That means it has to approve the draft during the Cabinet-affairs meeting before sending it to the legislature for further review and final approval. \nHow to nominate the nine members of the board was a point of dispute between the ruling and opposition parties during the last legislative session. \nWhile the Cabinet preferred to appoint the entire board without the consent of the legislature, opposition parties argued that the nominations should be made by the nation's major political parties. \nUnder the draft proposal, there would be nine members on the financial supervisory board, including one chairman, two deputy chairmen and six commissioners -- one of whom would be reserved for someone under the incumbent deputy finance minister and another who would serve under the deputy governor of the central bank. \nAll nine members would be nominated by the premier and approved by the president. If board members come from the same political party, the total number could not exceed four. \nThe draft would also require all board members to be experts in such areas as law, economy, finance, taxation, accounting and management. \nFunding for the supervisory board come from three major sources: the government budget, the fees levied on the financial sector, and the interest from the fund itself. \nAll the receipts and disbursements -- as well as the management of the fund -- would be under the supervision of both the Cabinet and the legislature. \nThe draft for the financial supervisory board was first proposed by the KMT government years ago. However, the draft failed to pass into law because of a number of controversies regarding its structure and management.
* The ruling and opposition parties sparred over how to nominate the nine members of the Financial Supervisory Board during the last legislative session.
* The new board would consist of one chairman, two deputy chairmen and six commissioners.
* The nine members would be nominated by the premier and approved by the president.
* Board members would be required to be experts in areas such as law, economics, finance, taxation, accounting and management.
FATAL FIRE: The health department is trying to contact the inspector who visited the site of the illegal nursing home to ask why they did not advise follow-up checks The Taipei City Government yesterday said that a health department inspector last year had visited the site of a long-term care facility in Neihu District (內湖) after receiving a report questioning its status. A fire broke out at the facility on Tuesday afternoon, killing three people. The Taipei Fire Department said that it received a report about a fire on the first floor of a four-story residential building on Kangning Road Sec. 1 at 2:38pm on Tuesday, firefighters arrived at 2:43pm and the fire was put out by 3:07pm. The firefighters found three men in beds and rushed them to hospital for
Taipei City Councilor Wang Hao (王浩) of the Chinese Nationalist Party (KMT) on Monday called for security improvements to the MRT, as fare evasion has increased more than 13-fold on the metropolitan railway system over the past five years. Taipei Mayor Ko Wen-je (柯文哲) has spoken out against fare evasion and other contraventions of MRT regulations, but since he took office in 2015 the number of contraventions has more than doubled, Wang said, adding that there were 537 cases in 2015 compared with 959 last year. A video was posted to YouTube in June showing people how to evade paying a fare,
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Yuchi Township (魚池) fishers have appealed to the Nantou County Government for help in dealing with an invasive fish species in Sun Moon Lake (日月潭), where it has devastated the local ecosystem. Fishers at Sun Moon Lake have been using electrofishing in an attempt to eliminate the giant snakehead fish — found in Africa and Southeast Asia — but they have struggled to keep up with the growing population of the species, which breeds during September and October, the county government said on Monday. The county has contacted researchers at National Tsing Hua University, saying it hoped they could come up