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.
RECYCLE: Taiwan would aid manufacturers in refining rare earths from discarded appliances, which would fit the nation’s circular economy goals, minister Kung said Taiwan would work with the US and Japan on a proposed cooperation initiative in response to Beijing’s newly announced rare earth export curbs, Minister of Economic Affairs Kung Ming-hsin (龔明鑫) said yesterday. China last week announced new restrictions requiring companies to obtain export licenses if their products contain more than 0.1 percent of Chinese-origin rare earths by value. US Secretary of the Treasury Scott Bessent on Wednesday responded by saying that Beijing was “unreliable” in its rare earths exports, adding that the US would “neither be commanded, nor controlled” by China, several media outlets reported. Japanese Minister of Finance Katsunobu Kato yesterday also
Taiwan’s rapidly aging population is fueling a sharp increase in homes occupied solely by elderly people, a trend that is reshaping the nation’s housing market and social fabric, real-estate brokers said yesterday. About 850,000 residences were occupied by elderly people in the first quarter, including 655,000 that housed only one resident, the Ministry of the Interior said. The figures have nearly doubled from a decade earlier, Great Home Realty Co (大家房屋) said, as people aged 65 and older now make up 20.8 percent of the population. “The so-called silver tsunami represents more than just a demographic shift — it could fundamentally redefine the
China Airlines Ltd (CAL, 中華航空) said it expects peak season effects in the fourth quarter to continue to boost demand for passenger flights and cargo services, after reporting its second-highest-ever September sales on Monday. The carrier said it posted NT$15.88 billion (US$517 million) in consolidated sales last month, trailing only September last year’s NT$16.01 billion. Last month, CAL generated NT$8.77 billion from its passenger flights and NT$5.37 billion from cargo services, it said. In the first nine months of this year, the carrier posted NT$154.93 billion in cumulative sales, up 2.62 percent from a year earlier, marking the second-highest level for the January-September
Businesses across the global semiconductor supply chain are bracing themselves for disruptions from an escalating trade war, after China imposed curbs on rare earth mineral exports and the US responded with additional tariffs and restrictions on software sales to the Asian nation. China’s restrictions, the most targeted move yet to limit supplies of rare earth materials, represent the first major attempt by Beijing to exercise long-arm jurisdiction over foreign companies to target the semiconductor industry, threatening to stall the chips powering the artificial intelligence (AI) boom. They prompted US President Donald Trump on Friday to announce that he would impose an additional
RSS