The Executive Yuan has revoked a draft proposal that would have established a financial monitoring agency dubbed the Financial Supervisory Board (FSB,
The legality of the draft has been questioned by senior government officials and the Ministry of Justice. The MOF must now rework its proposal.
But analysts said the revocation would delay the overhaul of the present government's financial supervisory structure.
If the MOF cannot put the proposed agency on firm legal footing, any reform of the nation's financial regulatory framework would be postponed until the new government takes office after the March 18 presidential election.
Premier Vincent Siew (蕭萬長) had vowed in September to establish the Financial Supervisory Board by Jan. 1. But later he changed his stance and said he was not in a hurry to establish such an agency.
Division Four of the Executive Yuan had asked the Ministry of Justice and relevant agencies to study the legality of the FSB proposal after the MOF submitted its plans last year.
Last week the Ministry of Justice concluded that the FSB had been designed as a government agency under the Executive Yuan. Furthermore, a sub-agency under the FSB -- the General Bureau of Finance (
But the legal framework of these two institutions do not fit into the Governmental Organization Law of the Republic of China. Therefore, the MOF's proposal was revoked and the ministry was asked to propose a new draft.
Paul Chiu (
The MOF's proposal included a Financial Supervisory Board as a government agency under the Executive Yuan. Under the FSB would be the General Bureau of Finance -- a public judicial institution.
According to the proposed draft, the FSB would be responsible for legal aspects and policy making regarding the financial industry and markets.
The GBF would be responsible for executing policies promulgated by the FSB, which would be independent from intervention by legislators and other parties. The idea behind the arrangement was so that the GBF could more effectively supervise the financial sector.
Under the GBF, there is another agency called the Bureau of Financial Examination (BFE,
A number of existing regulatory agencies under the MOF and Central Bank of China (央行) would have been transferred to GBF and BFE under the MOF's plan.
Guo Woan-rong (
Ten percent of the personnel in the proposed agencies would be civil servants, but the remainder would be private employees who would not be supervised by the Legislative Yuan.
Such a design had to be reconsidered, Guo said.
TECH PARTNERSHIP: The deal with Arizona-based Amkor would provide TSMC with advanced packing and test capacities, a requirement to serve US customers Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is collaborating with Amkor Technology Inc to provide local advanced packaging and test capacities in Arizona to address customer requirements for geographical flexibility in chip manufacturing. As part of the agreement, TSMC, the world’s biggest contract chipmaker, would contract turnkey advanced packaging and test services from Amkor at their planned facility in Peoria, Arizona, a joint statement released yesterday said. TSMC would leverage these services to support its customers, particularly those using TSMC’s advanced wafer fabrication facilities in Phoenix, Arizona, it said. The companies would jointly define the specific packaging technologies, such as TSMC’s Integrated
China’s economic planning agency yesterday outlined details of measures aimed at boosting the economy, but refrained from major spending initiatives. The piecemeal nature of the plans announced yesterday appeared to disappoint investors who were hoping for bolder moves, and the Shanghai Composite Index gave up a 10 percent initial gain as markets reopened after a weeklong holiday to end 4.59 percent higher, while Hong Kong’s Hang Seng Index dived 9.41 percent. Chinese National Development and Reform Commission Chairman Zheng Shanjie (鄭珊潔) said the government would frontload 100 billion yuan (US$14.2 billion) in spending from the government’s budget for next year in addition
Sales RecORD: Hon Hai’s consolidated sales rose by about 20 percent last quarter, while Largan, another Apple supplier, saw quarterly sales increase by 17 percent IPhone assembler Hon Hai Precision Industry Co (鴻海精密) on Saturday reported its highest-ever quarterly sales for the third quarter on the back of solid global demand for artificial intelligence (AI) servers. Hon Hai, also known as Foxconn Technology Group (富士康科技集團) globally, said it posted NT$1.85 trillion (US$57.93 billion) in consolidated sales in the July-to-September quarter, up 19.46 percent from the previous quarter and up 20.15 percent from a year earlier. The figure beat the previous third-quarter high of NT$1.74 trillion recorded in 2022, company data showed. Due to rising demand for AI, Hon Hai said its cloud and networking division enjoyed strong sales
Protectionism: US trade chief Katherine Tai said the hikes would help to counter unfair trade practices from China, while boosting domestic clean energy investments US Trade Representative Katherine Tai (戴琪) defended stiff tariff hikes against countries such as China, saying that paired with investment, they were a “legitimate and constructive” tool for reinvigorating domestic industries. Tai’s comments come a week after sharp tariff increases on Chinese electric vehicles (EVs), EV batteries and solar cells took effect — with levies down the line on other products also recently finalized. The latest moves targeting US$18 billion in Chinese goods come weeks before next month’s US presidential election, with Democrats and Republicans pushing a hard line on China as competition between Washington and Beijing intensifies. In an interview on Thursday
RSS