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New financial regulations to bring in new era : regulator

New financial regulations to bring in new era : regulator

Taipei, Jan 22 (CNA) The passage of revision of four financial acts by the Legislature Thursday were lauded by the financial regulator as a milestone for the country's financial development. Tseng Ming-chung (???), the chief of the Financial Supervisory Commission (???), said the four revised acts, namely the Banking Act (???), the Offshore Banking Act (????????), the Insurance Act (???), and the Financial Consumer Protection Act (????????), as well as the Electronic Payment Act (??????????), which cleared the Legislature on Jan. 16, will bring in a new era for the country's financial sector. Citing the Banking Act as an example, Tseng said the revised act will give local banks a free hand to engage in overseas acquisition. The revised Insurance Act will give the Financial Supervisory Commission the power to force loss making insurance companies to take measures to remedy it in time.
The Act also gives the FSC the power to take over companies which didn't have enough capital to cover operating loss, said Tseng. The revision of the Financial Consumer Protection Act is meant to prevent banking institutes from selling financial products recklessly, and stop the chiefs of financial institutes from compelling their wealth managers to sell these products. Noting that Thursday is his birthday, the financial regulator said the passage of these Acts is a good present for both him and the financial sector. (By Wu Ching-chun and Maubo Chang)


Updated : 2021-09-20 05:04 GMT+08:00