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.
Real estate agent and property developer JSL Construction & Development Co (愛山林) led the average compensation rankings among companies listed on the Taiwan Stock Exchange (TWSE) last year, while contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) finished 14th. JSL Construction paid its employees total average compensation of NT$4.78 million (US$159,701), down 13.5 percent from a year earlier, but still ahead of the most profitable listed tech giants, including TSMC, TWSE data showed. Last year, the average compensation (which includes salary, overtime, bonuses and allowances) paid by TSMC rose 21.6 percent to reach about NT$3.33 million, lifting its ranking by 10 notches
Popular vape brands such as Geek Bar might get more expensive in the US — if you can find them at all. Shipments of vapes from China to the US ground to a near halt last month from a year ago, official data showed, hit by US President Donald Trump’s tariffs and a crackdown on unauthorized e-cigarettes in the world’s biggest market for smoking alternatives. That includes Geek Bar, a brand of flavored vapes that is not authorized to sell in the US, but which had been widely available due to porous import controls. One retailer, who asked not to be named, because
SEASONAL WEAKNESS: The combined revenue of the top 10 foundries fell 5.4%, but rush orders and China’s subsidies partially offset slowing demand Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) further solidified its dominance in the global wafer foundry business in the first quarter of this year, remaining far ahead of its closest rival, Samsung Electronics Co, TrendForce Corp (集邦科技) said yesterday. TSMC posted US$25.52 billion in sales in the January-to-March period, down 5 percent from the previous quarter, but its market share rose from 67.1 percent the previous quarter to 67.6 percent, TrendForce said in a report. While smartphone-related wafer shipments declined in the first quarter due to seasonal factors, solid demand for artificial intelligence (AI) and high-performance computing (HPC) devices and urgent TV-related orders
MINERAL DIPLOMACY: The Chinese commerce ministry said it approved applications for the export of rare earths in a move that could help ease US-China trade tensions Chinese Vice Premier He Lifeng (何立峰) is today to meet a US delegation for talks in the UK, Beijing announced on Saturday amid a fragile truce in the trade dispute between the two powers. He is to visit the UK from yesterday to Friday at the invitation of the British government, the Chinese Ministry of Foreign Affairs said in a statement. He and US representatives are to cochair the first meeting of the US-China economic and trade consultation mechanism, it said. US President Donald Trump on Friday announced that a new round of trade talks with China would start in London beginning today,
RSS