After months of debate, the framework for a supervisory body for the financial industry is finally beginning to take shape. The general structure for the Financial Supervisory Board (FSB,
The FSB will be separated into two levels -- on the upper level there will be a seven-member board which will be an administrative institution responsible for financial policy and regulations. The board's budget will be reviewed by the Legislative Yuan (
Under the board there will be a General Bureau of Finance (GBF
According to the ministry's plan, Chiu said, all members in the FSB committee will be high ranking administrative officers (
The FSB commissioner will also serve as chief of the GBF. The two deputy commissioners of the FSB will be the deputy chiefs of the GBF in order to link the two agencies. Under the GBF, there will be four bureaus -- Monetary Affairs (
Chiu held an interministry meeting Saturday with other ministry officials, including those from the central bank, the controller's office, and several other agencies. After a half-day discussion, they reached a preliminary agreement on the framework for the FSB. This new agency is scheduled to begin operating on January 1, 2000 -- a date designated by Premier Vincent Siew.
The purpose of the FSB is to make its personnel and budgetary affairs independent from interference, said Chen Chong (
The Korean government established its FSB in January, with the number of personnel totalling 33. It is an administrative institution of the government. Under the FSB, there is a Financial Supervisory Yuan (
Taiwan's FSB design is an administrative institution, vice-minister Chen said. It will be responsible for initiating financial policy and regulations, and its budget will be reviewed by the Legislative Yuan. The GBF under the FSB is not an administrative institution -- its budget will come from the financial industry's annual fees and it will be reviewed by the Executive Yuan instead of the Legislative Yuan. The personnel recruitment of the GBF will be flexible and not limited to only certified civil servants.
Any civil servant that works for an administrative institution as an executive officer (
Since the integration of the finance, securities, and insurance sectors has been a universal trend, the supervisory institutions of the government has to cope with this trend and integrate internally, Chen said.
The FSB is designed to integrate existing institutions to raise the efficiency of financial supervision. It is also aimed at more flexible recruitment of personnel, especially from the private sector.
As for gathering fees from the financial sector, the preliminary plan is to charge 0.1 to 0.3 percent of each company's annual revenue, but this decision has not yet been finalized.
"It is very difficult to have a completely independent financial supervisory agency," said Norman Yin (
"If it is totally independent from any other institutions, it might create some other prob-lems. Therefore, it is very important to nominate the heads of the FSB, since its independence could rely on different persons who run the agency. Furthermore, what if there is any deficiency during the process of financial supervision? Who is going to take responsibility? I think the most important aspect of a financial supervisory agency in the future is that the process of supervising has to be transparent."
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