Taiwan will accelerate preparatory work and explore inking memorandums of understanding (MOU) on financial supervisory cooperation with several International Organization of Securities Commissions (IOSCO) member countries including Japan, Hong Kong, Belgium, Singapore, Israel and the US, a top official said.
“The atmosphere at this year’s IOSCO annual meeting [in Israel this month] was extremely good,” Financial Supervisory Commission Vice Chairwoman Lee Jih-chu (李紀珠) told a media briefing yesterday. “Many countries expressed interest in reinforcing regulatory cooperation with Taiwan.”
Japan had expressed interest in inking an MOU with Taiwan to strengthen regulatory exchanges, while France was likely to accept the Hong Kong model and facilitate cross-listings of exchange-traded funds (ETFs) on the French and Taiwanese bourses, she added.
The commission also approved an amendment to Article 37 of the Financial Holding Company Act (金融控股公司法) that requires venture capital subsidiaries under the nation’s financial service providers to invest less than NT$50 million — or hold less than a 15 percent stake in — non-financial and privately held reinvestments.
The commission found that four venture capital companies under three financial holding companies are holding in excess of a 30 percent stake in reinvestment companies. The four firms have a grace period of two years to meet the amended requirements.
An exception, however, will be made for industrial bank-oriented financial companies, whose core businesses mainly hinge on venture capital business, the commission said.
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