The Financial Supervisory Commission (FSC) has this year imposed nearly NT$100 million (US$3.29 million) in fines on financial firms for irregularities in their operations.
Under the watch of FSC Chairman Lee Ruey-tsang (李瑞倉), the commission yesterday said it is determined to maintain an independent and disciplined supervisory mechanism that is expected to strengthen financial institutions’ corporate governance.
The commission quoted Lee as saying that the commission’s supervisory principles aim to catch any serious irregularities that could undermine corporate ethics.
Since Lee took over the agency in October last year, the commission has issued four fines of NT$10 million or more each, which shows its determination to maintain order in the market, it said.
Of those four fines, three were issued in the first half of this year, the commission said.
The first this year was an NT$11 million fine against Far Eastern International Bank (遠東商銀) for its failure to observe regulations on transactions of convertible bonds issued by game developer XPEC Entertainment Inc (樂陞科技), the commission said.
The second was a NT$10 million fine against SinoPac Financial Holdings Co (永豐金控) for the role its now-ousted chairman Ho Shou-chuan (何壽川) played in illegal lending, reportedly to the sum of about NT$5 billion, it said.
The third was a NT$10 million fine against EnTie Commercial Bank (安泰銀行) for malpractice related to trades of target redemption forwards (TRFs), it added.
TRFs, a type of option with a better rate of return, but also increased risk, have become popular in the nation.
In terms of irregularities in certain financial products, the commission has this year issued a total of NT$28 million in fines on TRF trading, account for about 30 percent of overall fines, the commission said, adding that the insurance sector has been issued 26 fines in the first half of the year.
Gudeng Precision Industrial Co (家登精密), the sole extreme ultraviolet pod supplier to Taiwan Semiconductor Manufacturing Co (台積電), yesterday said it has trimmed its revenue growth target for this year as US tariffs are likely to depress customer demand and weigh on the whole supply chain. Gudeng’s remarks came after the US on Monday notified 14 countries, including Japan and South Korea, of new tariff rates that are set to take effect on Aug. 1. Taiwan is still negotiating for a rate lower than the 32 percent “reciprocal” tariffs announced by the US in April, which it later postponed to today. The
ELECTRONICS: Strong growth in cloud services and smart consumer electronics offset computing declines, helping the company to maintain sales momentum, Hon Hai said Hon Hai Precision Industry Co (鴻海精密) on Saturday announced that its sales for last month rose 10 percent year-on-year, driven by strong growth in cloud and networking products amid the ongoing artificial intelligence (AI) boom. The company, also known internationally as Foxconn Technology Group (富士康科技集團), reported consolidated sales of NT$540.24 billion (US$18.67 billion) for the month, the highest ever for the period, and a 10.09 percent increase from a year earlier, although it was down 12.26 percent from the previous month. Hon Hai, which is Apple Inc’s primary iPhone assembler and makes servers powered by Nvidia Corp’s AI accelerators, said its cloud
Video streaming giant Netflix is launching a talent cultivation program in Taiwan aimed at producing high-quality Mandarin content, the company announced in a press release on Thursday. Netflix Chinese language content head Maya Huang (黃怡玫) said that Netflix has long invested in the Taiwanese market, citing the Netflix Fund for Creative Equity launched last year as an example. The fund would continue to dedicate resources to discovering content with the potential to be developed into Chinese-language projects, she added. The financing for the new talent projects seeks to create an ecosystem for content creators and professional development programs, she said. The talent projects
APPRECIATION: The central bank stepped in to stabilize the NT dollar after a surge in foreign institutional investment, triggered by optimism about tariffs and US Fed policy Taiwan’s foreign exchange reserves hit a record high at the end of last month, as the central bank intervened in the currency market to curb the New Taiwan dollar’s appreciation against the US dollar. Foreign exchange reserves increased by US$5.48 billion from May, reaching an all-time high of US$598.43 billion, the central bank said on Friday. While the central bank did not disclose the scale of its intervention, Department of Foreign Exchange Director-General Eugene Tsai (蔡炯民) said that the currency market remained relatively stable until the middle of last month. However, a shift occurred following the US Federal Reserve’s signal of a
RSS