The Financial Supervisory Commission (FSC) said that it would announce which banks have won permission to develop new wealth management products for high-asset customers after banks submit their applications by Sept. 15.
The announcement on Thursday came after the Regulations Governing Banks Conducting Financial Products and Services for High-Asset Customers (銀行辦理高資產客戶適用之金融商品及服務管理辦法) took effect last week.
The regulations allow banks with better capital adequacy and large-scale asset management — such as with assets under management (AUM) of at least NT$300 billion (US$10.17 billion) — to develop new wealth management products with higher investment risks, the commission said.
Banks that only meet 70 percent of the AUM requirements would also be considered for the program if they specifically commit to expanding their investments, AUM size and employee recruitment in the next three years, the commission said.
The final criterion was added earlier this year as the commission aims to encourage more domestic investment, Banking Bureau Director Sherri Chuang (莊琇媛) told a news conference in New Taipei City.
“After a preliminary review, we think 18 banks, 13 privately run banks and five state-owned banks, would qualify to apply to conduct the new business,” Chuang said.
After banks file their applications, the commission would use their financial reports for the first half of this year to decide if they meet the criteria, she said.
The commission expects the new program to attract Taiwanese businesspeople who concentrate on overseas operations, she added.
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