| Financial Supervisory Commission | |||||||
|---|---|---|---|---|---|---|---|
| Traditional Chinese | 金融監督管理委員會 | ||||||
| Simplified Chinese | 金融监督管理委员会 | ||||||
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The Financial Supervisory Commission is an independent government agency subordinate to the Executive Yuan of the Republic of China. It is responsible for regulating securities markets (including the Taiwan Stock Exchange and the Taiwan Futures Exchange), banking, and the insurance sector. [1]
Its main office is located in Banciao City, Taipei County.[2]
The commission has faced frequent changes in leadership in its short history, due to scandals and crises which began when its first chairperson was removed from his position due to corruption.[3]
Contents |
History
It was created on 1 July 2004 to unify several previously separate regulatory authorities which separately supervised different sectors of the finance industry.[4] Prior to the actual creation of the commission, several alternative structures for regulatory agency reform had been proposed, including a purely non-governmental commission, as well as the establishment of both a governmental regulatory agency and non-governmental supervisory commission; the choice of a purely governmental commission was finalised in 2003 by the Legislative Yuan.[5]
The reasons for the creation of the umbrella independent financial regulator was due to: [6]
- Financial convergence and cross-market business - market has evolved and became more complex to manage
- Single financial regulator - one stop shop for regulating all securities and investments.
- Independent Authority at Cabinet Level - experts in their field without political interference
- Stronger Law Enforcement - cross referencing cases and building stronger case for misconduct
Structure
Bureaus
- Banking Bureau
- Insurance Bureau
- Securities & Futures Bureau
- Financial Examination Bureau
Departments
- Department of Planning
- Department of International Affairs
- Department of Legal Affairs
- Department of Information Management
Other support units
List of commissioners
Present commissioners as of 22 January 2007:[7]
- Chairperson Hu Sheng-Cheng
- Vice Chairperson Susan Chang
- Lee Shyan-Yuan
- Rebecca Wu
- Lin Kuo-Chuan
- Bill Chang
- Yang Ya-Hwei
Former chairpersons:
- Kong Jaw-sheng (1 July 2004 - 12 May 2006), who was removed from his position on charges of corruption[8]
- Lu Daung-yen (acting chairperson, 12 May 2006 - 4 August 2006)[3]
- Shih Jun-ji (4 August 2006 - 22 January 2007), resigned due to a run on Rebar Chinese Bank[3]
Department Heads
Director General of Banking Bureau
- Chang Ming-Daw
Director-General, Securities and Futures Bureau
- Lee Chi-Hsien
Director General of Insurance Bureau
- Huang Tien-Mu
Director General, Financial Examination Bureau
- Jong Huey-Jen
See also
References
- ^ http://www.fscey.gov.tw/ct.asp?xItem=508412&CtNode=2225&mp=5
- ^ "Home". Financial Supervisory Commission, Executive Yuan, Republic of China. 2007-06-28. http://www.fscey.gov.tw/mp.asp?mp=5. Retrieved 2007-07-04.
- ^ a b c "Hu appointed chairman of FSC". Taipei Times. 2007-01-26. http://www.taipeitimes.com/News/biz/archives/2007/01/26/2003346453. Retrieved 2007-07-04.
- ^ "About the FSC: Introduction". Financial Sueprvisory Commission, Executive Yuan, Republic of China. 2005-05-31. http://www.fscey.gov.tw/ct.asp?xItem=508412&CtNode=2225&mp=5. Retrieved 2007-07-04.
- ^ Hwang, Dar-Yeh; Wu Wei-Hsiung (2006-09-15). "Financial System Reform in Taiwan". JAE Conference on Financial System Reform and Monetary Policies in Asia. The Journal of Asian Economics. http://www.cm.hit-u.ac.jp/~jae/papers/hwang.pdf.
- ^ http://www.fscey.gov.tw/ct.asp?xItem=508412&CtNode=2225&mp=5
- ^ "About the FSC: Commissioners". Financial Sueprvisory Commission, Executive Yuan, Republic of China. 2007-01-22. http://www.fscey.gov.tw/ct.asp?xItem=1833571&CtNode=2316&mp=5. Retrieved 2007-07-04.
- ^ "行政院將金管會主任委員龔照勝移付懲戒並先行停職 (Executive Yuan FSC Head Kong Jaw-Sheng suspended from duty in advance of punishment)". Government Information Office, Republic of China. 2006-05-12. http://info.gio.gov.tw//ct.asp?xItem=28959&ctNode=919&mp=1. Retrieved 2007-07-04.
External links
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