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.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
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