Shyr said that the FSC should be the supervisory agency because the violation should be prevented at source. If the violation is punished by the NCC, Shyr said, the NCC would only be able to fine the media outlet involved, not the financial institution.
“If a financial institution wants to do harm to a media outlet, all it has to do is to buy a share in that outlet and cause it to lose its license. That is what they could do if they want to engage in a malicious act,” he said.
However, the FSC said it would demand that the financial institution violating the regulation dispose of its shares, which would be executed by an administrative court ruling. In that case, the NCC could be the agency which fines financial institutions violating the rule.
The committee is scheduled to continue its deliberations today.