At least two life insurers and the Labor Pension Fund plan to push for less strict disclosure requirements to avoid possible market volatility once new rules are introduced, people familiar with the matter said.
At least two major insurers would ask the Life Insurance Association to seek the exclusion on behalf of its members, or to be allowed a longer reporting period once the law is passed, the people said, declining to be named as they are not authorized to speak publicly.
Proposed amendments that are expected to be passed this legislative session would require that investors disclose if they accumulate more than 5 percent of a company, compared with a 10 percent threshold at present. The disclosure would have to be made within 10 days, with any subsequent increase or decrease of 1 percentage point having to be announced within two days — as is the current practice.
The life insurers are concerned that the amended rule would lead to frequent disclosures that could encourage retail investors to capitalize on the changes, the people said.
The labor retirement fund, which is government-backed, is also expected to apply for more relaxed reporting requirements.
Under current regulations, pension funds and insurers are not allowed to own more than 10 percent of a listed company. As a result, they are effectively exempt from disclosure requirements because their stakes will never breach the 10 percent limit.
However, once the new law is implemented, they would have to report when stakes exceed 5 percent, and continue to make disclosures if the holdings rise or fall by 1 percentage point.
“It is normal to receive opinions on the amendment of regulations, and the opinions of all parties will be taken into consideration in the process of amending the law,” Securities and Futures Bureau Chief Secretary Julian Hwang (黃厚銘) told Bloomberg.
The Life Insurance Association could not immediately comment on the matter, and the Labor Fund Utilization Bureau, which oversees the pension fund, declined to comment.
The Financial Supervisory Commission said the reduction of the disclosure threshold to 5 percent is intended to improve information transparency and bring it in line with trends in foreign legislation.
As of the end of August, the life insurance industry had invested about NT$1.8 trillion (US$56.8 billion) in local stocks, Insurance Bureau data showed.
Meanwhile, the Labor Pension Fund had invested at least NT$340 billion in the local stock market, which is valued at about NT$42 trillion.
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