In the News

FSC ministerial team remains in place

FSC Minister Chen Yuh-chang outlines the restructured agency’s policy goals at a news conference July 1in Taipei City. (Courtesy of FSC)

• Publication Date：07/02/2012
• Source： Taiwan Today
• By  Meg Chang

The Financial Supervisory Commission’s ministerial team remains unchanged following the relaunch of the agency under an ROC government civil service restructuring program.

FSC Minister Chen Yu-chang and his two deputies Wu Tang-chieh and Lee Jih-chu were confirmed in their positions during an FSC news conference July 1 in Taipei City.

As part of the restructuring, the FSC switched from a direct to executive management system with the ministerial team appointed by President Ma Ying-jeou.

According to Chen, the FSC’s organizational structure and functions have not changed, but it is now responsible for organizing a banking regulation advisory committee. Comprising academics and senior central government officials, the panel will tackle some of the tougher issues facing the nation’s banking sector.

“Representatives from the Ministry of Economic Affairs, Ministry of Finance and Ministry of Justice are to be invited to take part in the committee,” he said, adding that their involvement ensures more cohesive policymaking.

The minister also unveiled FSC policy goals, with top priority given to promoting cross-strait banking business and strengthening regulation, allowing local firms to issue yuan-denominated corporate bonds and relaxing regulations governing share issuances of offshore firms controlled by ROC nationals.

Chen said the commission will focus on assisting the local banking sector develop its cross-border asset management business. One initiative is lifting restrictions on investing in mainland Chinese securities by Taiwan’s asset managers.

The minister also said that relaxing regulations on yuan-denominated banking services by local financial institutions may be on the horizon if Taipei and Beijing reach a consensus on establishing a currency settlement system.

“This is an area that has been under review for some time but headway needs to be made at a higher level before we can consider starting the process.” (JSM)

Write to Meg Chang at sfchang@mail.mofa.gov.tw