4 December, 2018
The FSC promulgated the amendments to the regulations governing the qualification of the responsible persons of banks and the founders or responsible persons of financial holding companies and the restriction and the matters to be complied by them when serving similar posts in multiple companies.
For purpose of reinforcing the professional function of director and supervisor of financial businesses, the FSC amended the “Regulations Governing the Qualification Requirements and the Concurrent Serving Restrictions and Matters for Compliance of the Responsible Persons of Banks” and the “Regulations Governing the Qualification Requirements of the Founders or Responsible Persons of Financial Holding Companies and the Concurrent Serving Restrictions and Matters of Compliance for the Responsible Persons of a Financial Holding Company”. The highlights of the amendments include:
(1) Unless otherwise specified, if a director or supervisor of a financial business (including natural person, juristic person, natural person who is assigned to represent juristic person, and natural person elected on behalf of juristic person) or a person related thereto serves concurrently as director or supervisor of another financial business, it is presumed that there exists a conflict of interest.
(2) Except for the government or a bank which is 100% owned by a single financial holding company, the director or supervisor of a financial business who holds professional qualification shall be elected in his/her natural person capacity.
(3) The financial businesses having a total asset of NT$1 trillion or more shall increase the ratio of directors and supervisors who hold professional qualification.
(4) The above amended regulations shall take effect on July 1, 2019; however, in the event that the terms of the then current directors or supervisors have not expired, the amended regulations shall take effect on the date on which the respective terms expire.
For further information, please contact:
Leonard Chen, Tsar & Tsai Law Firm
law@tsartsai.com.tw
