The Financial Supervisory Commission (FSC), the nation’s top financial regulator, said yesterday it has worked with the National Communications Commission (NCC) to require stock market advisory programs on TV to air reminders that investors should be cautious while trading.
In a session at the legislature’s Finance Committee, FSC Chairman Chen Yuh-chang (陳裕璋) told lawmakers that the cautions to be aired during particular TV programs would urge investors to be cautious when trading in the local bourse to avoid possible risks.
Stock market analysis programs on TV are widely watched by retail investors, critics have said. As retail investors tend to closely follow the programs’ advice to buy and sell their shares without exercising caution, complaints about such TV programs have been rising in recent years, they added.
In future, stock market advice programs will be required to air three warning paragraphs in the form of banners no smaller than 5 percent of the entire TV image, according to the FSC’s Securities and Futures Bureau.
Securities and Futures Bureau Director-General Lee Chi-hsien (李啟賢) said the three paragraphs of warnings would read: “The analyses are simply a reference and investors should use their own judgment;” “Investors should be cautious about their investments and be aware of possible risks;” and “The program does not provide any analyses that aim to yield its own financial gains.”
Lee said that the three paragraphs would alternate on the programs every five minutes.
The FSC said it is trying hard to finalize the regulations for the new requirements as soon as possible, while it has not set a timetable yet for when particular TV shows would be required to air the warnings.
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