The Financial Supervisory Commission (FSC) yesterday said it would adopt a more flexible management mechanism when overseeing fund houses to encourage and reward responsible behavior and discipline.
Huang Tien-mu (黃天牧), director-general of the FSC’s Bureau of Securities and Futures, made the statements after a closed-door meeting between FSC Chairman William Tseng (曾銘宗) and 21 fund houses.
“The commission will remove chairs, not just top executives, of fund houses found of irregularities, while mulling more deregulation to help boost their business,” Huang citied Tseng as saying.
Huang did not elaborate on the differences, but added Tseng frowned on stock manipulations by ING Securities Investment and Trust Co (ING SITC, 安泰投信), the local asset management unit of Dutch financial service provider ING Group, as well as First Securities Investment Trust Co (第一金投信, FSITC), a subsidiary of the state-run First Financial Holding Co (第一金控).
“Well-behaved fund managers will enjoy greater operation flexibility, but unruly ones will be subjected to tighter oversight under the mechanism,” Huang said.
Disciplined fund houses, for instance, may launch several products without the commission’s prior approval, among other benefits, Huang said.
On the other hand, the commission will continue to make the local market more business-friendly for fund managers and investors, Huang said.
To that end, the commission is to exempt offshore funds from the registration and custodian requirements needed to buy foreign currency-denominated bonds and funds in Taiwan.
The regulator will also loosen credit ratings requirements for bond holdings by fund houses.
As of Aug. 31, there were more than 140 asset management companies in Taiwan.
TEMPORARY TRUCE: China has made concessions to ease rare earth trade controls, among others, while Washington holds fire on a 100% tariff on all Chinese goods China is effectively suspending implementation of additional export controls on rare earth metals and terminating investigations targeting US companies in the semiconductor supply chain, the White House announced. The White House on Saturday issued a fact sheet outlining some details of the trade pact agreed to earlier in the week by US President Donald Trump and Chinese President Xi Jinping (習近平) that aimed to ease tensions between the world’s two largest economies. Under the deal, China is to issue general licenses valid for exports of rare earths, gallium, germanium, antimony and graphite “for the benefit of US end users and their suppliers
Dutch chipmaker Nexperia BV’s China unit yesterday said that it had established sufficient inventories of finished goods and works-in-progress, and that its supply chain remained secure and stable after its parent halted wafer supplies. The Dutch company suspended supplies of wafers to its Chinese assembly plant a week ago, calling it “a direct consequence of the local management’s recent failure to comply with the agreed contractual payment terms,” Reuters reported on Friday last week. Its China unit called Nexperia’s suspension “unilateral” and “extremely irresponsible,” adding that the Dutch parent’s claim about contractual payment was “misleading and highly deceptive,” according to a statement
The Chinese government has issued guidance requiring new data center projects that have received any state funds to only use domestically made artificial intelligence (AI) chips, two sources familiar with the matter told Reuters. In recent weeks, Chinese regulatory authorities have ordered such data centers that are less than 30 percent complete to remove all installed foreign chips, or cancel plans to purchase them, while projects in a more advanced stage would be decided on a case-by-case basis, the sources said. The move could represent one of China’s most aggressive steps yet to eliminate foreign technology from its critical infrastructure amid a
Artificial intelligence (AI) giant Nvidia Corp’s most advanced chips would be reserved for US companies and kept out of China and other countries, US President Donald Trump said. During an interview that aired on Sunday on CBS’ 60 Minutes program and in comments to reporters aboard Air Force One, Trump said only US customers should have access to the top-end Blackwell chips offered by Nvidia, the world’s most valuable company by market capitalization. “The most advanced, we will not let anybody have them other than the United States,” he told CBS, echoing remarks made earlier to reporters as he returned to Washington
RSS