The Cabinet-level Financial Supervisory Commission (SFC), chaired by Kong Jaw-sheng (龔照勝), yesterday officially kick-started its operation as an umbrella organization to centralize and oversee the nation's banking sector.
After being sworn into office, Kong yesterday vowed to prioritize the investigation into the financial scandal involving Procomp Informatics Ltd's default on a NT$2.98 billion corporate bond payment.
"Lessons should be learned from the Procomp incident to clarify its financial partners' regulatory responsibilities while adopting aggressive measures to protect stock investors," Kong said at a press conference.
To prevent similar scandals, the commission held its first weekly meeting later yesterday and decided to introduce changes to financial markets to enhance corporate governance.
The commission said it will submit legal revisions to the Accounting Law (
The committee will also charge the nation's financial institutions a 0.03 percent supervision fee, which will amount to a total of NT$470 million a year to fund its operations.
The commission, first proposed in 1999 by former premier Vincent Siew (
The lineup of the newly-appointed commission leadership include vice chairwoman Susan Chang (
At the inauguration ceremony, Kong vowed to aggressively develop the nation's bond markets and investment banking businesses while relaxing inappropriate financial restrictions to attract foreign investments in local capital markets.
"The government's regulatory role should make more of pushing forward self-discipline principles among financial institutions rather than the implementation of financial regulation," Kong said, stressing the importance of a market-oriented and risk-based regulatory system.
The entrepreneur-turned-chairman also vowed to carry out the Cabinet's financial blueprint by developing Taiwan into a regional financial hub, where direct and indirect financial capabilities will be enhanced to diversify financial products and expand the sector's transaction scale.
Following his pledge to adopt a de-regulatory move, the chairman also expressed his liberal stance on cross-strait financial exchange, saying that his nine-member committee, which has two vacancies, will soon hold discussions on the relaxation of restrictions on China-based Taiwanese businesses to list on the local stock markets.
Tseng yesterday said that the government has no plan to allow Chinese banks to open branches here due to their high ratio of financial leverage and non-performing loans as well as low capital reserves.
The Central Weather Administration (CWA) yesterday said it expected to issue a sea warning for Typhoon Fung-Wong tomorrow, which it said would possibly make landfall near central Taiwan. As of 2am yesterday, Fung-Wong was about 1,760km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point, moving west-northwest at 26kph. It is forecast to reach Luzon in the northern Philippines by tomorrow, the CWA said. After entering the South China Sea, Typhoon Fung-Wong is likely to turn northward toward Taiwan, CWA forecaster Chang Chun-yao (張峻堯) said, adding that it would likely make landfall near central Taiwan. The CWA expects to issue a land
The Central Weather Administration (CWA) yesterday said it is expected to issue a sea warning for Typhoon Fung-wong this afternoon and a land warning tomorrow. As of 1pm, the storm was about 1,070km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point, and was moving west-northwest at 28 to 32kph, according to CWA data. The storm had a radius of 250km, with maximum sustained winds of 173kph and gusts reaching 209kph, the CWA added. The storm is forecast to pass near Luzon in the Philippines before entering the South China Sea and potentially turning northward toward Taiwan, the CWA said. CWA forecaster Chang Chun-yao (張峻堯) said
PREPARATION: Ferry lines and flights were canceled ahead of only the second storm to hit the nation in November, while many areas canceled classes and work Authorities yesterday evacuated more than 3,000 people ahead of approaching Tropical Storm Fung-wong, which is expected to make landfall between Kaohsiung and Pingtung County this evening. Fung-wong was yesterday morning downgraded from a typhoon to a tropical storm as it approached the nation’s southwest coast, the Central Weather Administration (CWA) said, as it issued a land alert for the storm. The alert applies to residents in Tainan, Kaohsiung, Pingtung and Taitung counties, and the Hengchun Peninsula (恆春). As of press time last night, Taichung, Tainan, Kaohsiung, and Yilan, Miaoli, Changhua, Yunlin, Pingtung and Penghu counties, as well as Chiayi city and county had
The Central Weather Administration (CWA) yesterday issued a sea alert for Typhoon Fung-wong (鳳凰) as it threatened vessels operating in waters off the Pratas Islands (Dongsha Islands, 東沙群島), the Bashi Channel and south of the Taiwan Strait. A land alert is expected to be announced some time between late last night and early this morning, the CWA said. As of press time last night, Taoyuan, as well as Yilan, Hualien and Penghu counties had declared today a typhoon day, canceling work and classes. Except for a few select districts in Taipei and New Taipei City, all other areas and city
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