The Financial Supervisory Commission (hereinafter referred to as FSC) announced the planned amendment of Article 5 and Article 7 of the "Regulations Governing Banks Conducting Financial Products and Services for High-Asset Customers" to continue to promote the development of wealth management industry for high-asset customers in Taiwan. The key points of the amendment are as follows:
    1. In response to actual market operations, the amendment specifies that as the Taiwan-equity linked derivatives denominated in foreign currencies (including structured products) specified in Article 5, Paragraph 1, Subparagraph 1 of the Regulations are settled in cash and domestic securities are not obtained, if the high-asset customers are overseas Chinese or foreigners, they shall be exempted from the requirement to complete registration procedures with Taiwan Stock Exchange Corporation.
    2. The amendment expanded the scope of entities eligible for the investment and talent recruitment clause. If the bank filing the application to the FSC for conducting the business or its head office, parent bank, or group is ranked among the top 50 banks globally in terms of capital or assets in the year prior to the application, the bank shall be exempted from the requirement of attaining a certain level of assets under management.
    The FSC stated that the relaxation of requirements is expected to simplify the operating procedures for banks to provide high-asset customers with applicable financial products and encourage large banks with the professional competencies and capacity for wealth management to participate in the domestic wealth management market for high-asset customers to continuously promote the development of the industry. The general explanation of the amendment draft and comparison table of the amendments will be published in the official gazette of the Executive Yuan and on the FSC website. If you have any comments, please visit the webpage “Notice of Draft Regulations” on the FSC’s “Laws and Regulations Retrieving System” website and state your opinions within 60 days after the announcement.