The Financial Supervisory Commission (FSC) yesterday said it was planning to lower the capital adequacy ratio for brokerages’ wealth management operations to 200 percent from 250 percent to help them expand their business scope.
The commission said in a statement that it was revising regulations on brokerages offering wealth trust management services.
The proposed revisions will be posted for seven days on the Web site of the Securities and Futures Bureau for public review, it said, adding that it would weigh public and administrative opinion before implementing the new regulations.
Based on the commission’s data, brokerages that offer wealth trust management services include Grand Cathay Securities (大華證券), Mega Securities (兆豐證券), MasterLink Securities (元富證券), Capital Securities (群益證券), Polaris Securities (寶來證券), Yuanta Securities (元大證券) and BEA Wealth Management Services Taiwan Ltd (東亞證券).
In other news, Cathay Financial Holding Co (國泰金控) and Conning Holdings Corp of the US yesterday said they had obtained approval from the Taiwanese government to form a joint venture in Hong Kong that will provide institutional asset management services in the Asia-Pacific region.
The two firms, which will each own 50 percent of the venture, said they are now seeking Hong Kong’s approval and expect the venture to be open for business by early next year, according to an e-mailed statement.
The EU and US are nearing an agreement to coordinate on producing and securing critical minerals, part of a push to break reliance on Chinese supplies. The potential deal would create incentives, such as minimum prices, that could advantage non-Chinese suppliers, according to a draft of an “action plan” seen by Bloomberg. The EU and US would also cooperate on standards, investments and joint projects, as well as coordinate on any supply disruptions by countries like China. The two sides are additionally seeking other “like-minded partners” to join a multicountry accord to help create these new critical mineral supply chains, which feed into
Elon Musk’s lieutenants have reached out to chip industry suppliers, including Applied Materials Inc, Tokyo Electron Ltd and Lam Research Corp, for his envisioned Terafab, early steps in an audacious and likely arduous attempt to break into the production of cutting-edge chips. Staff working for the joint venture between Tesla Inc and Space Exploration Technologies Corp (SpaceX) have sought price quotes and delivery times for an array of chipmaking gear, people familiar with the matter said. In past weeks, they’ve contacted makers of photomasks, substrates, etchers, depositors, cleaning devices, testers and other tools, according to the people, who asked not to
Japan approved ￥631.5 billion (US$3.97 billion) in additional subsidies to hasten Rapidus Corp’s entry into the high-stakes artificial intelligence (AI) chipmaking arena, ramping up support for a project widely regarded as a long shot. The capital is intended to bankroll Rapidus’ work for information technology firm Fujitsu Ltd, one of the initial customers that Tokyo hopes would get the signature endeavor off the ground. The new money raises the fees and investments that the government is injecting into the start-up to ￥2.6 trillion by the end of the current fiscal year to March next year, the Japanese Ministry of Economy, Trade and
The founder of Chinese property giant Evergrande Group (恆大集團) has pleaded guilty to charges of fraud and bribery, a court said yesterday, the latest blow for what was once the country’s leading developer. Evergrande’s rise was propelled by decades of rapid urbanization and rising living standards, but in 2020, its access to credit dramatically narrowed when the government introduced curbs on excessive borrowing and speculation. The company defaulted in 2021 after struggling to repay creditors. Founder Xu Jiayin (許家印), 67, known as Hui Ka Yan in Cantonese, was reportedly held by police in 2023, with Evergrande saying he had been subjected to
RSS