A total of 657 companies listed on the Taiwan Stock Exchange (TWSE) and the Taipei Exchange (TPEX) are this year required to upload their annual reports in English before their annual shareholders’ meetings, the Financial Supervisory Commission (FSC) said on Thursday.
Listed companies that have paid-in capital of NT$2 billion (US$70.95 million) or more, and those with 30 percent shares held by foreign investors, are required to upload English-language annual reports to the Market Observation Post System seven days before their annual meeting, the commission said.
The requirements are stricter than last year, when the commission demanded that only companies with paid-in capital of NT$10 billion or more must prepare reports in English.
Photo: Kelson Wang, Taipei Times
As a result, 657 firms — 518 TWSE-listed companies and 139 TPEX-listed firms — need to provide English-language reports this year, from 351 firms last year, the commission said.
From 2023, all TWSE-listed companies and TPEX-listed firms with paid-in capital of NT$600 million would be required to have their annual reports in English for investors, Securities and Futures Bureau Deputy Director-General Tsai Li-ling (蔡麗玲) said.
Meanwhile, due to the COVID-19 pandemic, the maximum number of shareholder meetings allowed to be held on the same day has been lowered to 90, from the cap of 100 last year, Tsai said.
So far, there are nine dates that have reached the limit: June 10, June 11, June 16, June 17, June 18, June 22, June 24, June 25 and June 29, she added.
The Financial Supervisory Commission (FSC) yesterday fined Citibank Taiwan Ltd (花旗台灣) NT$10 million (US$357,194) and DBS Bank Taiwan (星展台灣) NT$6 million for breaches of the nation’s anti-money laundering (AML) regulations. The NT$10 million fine is the highest penalty that it has imposed on a domestic bank, the commission said. Citibank Taiwan failed to set up a sound mechanism for evaluating clients’ risk of money laundering and for detecting suspicious transactions, Banking Bureau Deputy Director-General Huang Kuang-hsi (黃光熙) told a news conference in New Taipei City. The bank based its AML policies on those of its US-based parent company, Citigroup Inc, but the policies
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