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Introduction of the FSC

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After the "Financial Holding Company Act" was passed in June 2001, there was an increasing number of cross-border mergers of domestic original financial groups or alliances with different industries. In order to avoid overlapping supervision on insurance, securities and banking from multiple supervision systems, the Ministry of Finance sent the draft of the " Organic Act Governing the Establishment of the Financial Supervisory Commission of the Executive Yuan " to the Legislative Yuan, aiming to change the financial supervision and management system from the original diversification to vertically integrated unified supervision for improving the business operations of financial institutions, maintaining financial stability and promoting the development of financial markets. That draft was approved by the Third Reading of the Legislative Yuan on July 10, 2003, and was promulgated by the President on July 23, 2003, then the "Financial Supervisory Commission of the Executive Yuan (FSC)" was newly established on July 1, 2004 to implement the goal of financial supervision unification.

Pursuant to the amendment of the “Organizational Act of the Executive Yuan “of Feb 3, 2010, the FSC was a council established under the Executive Yuan. As a result, the “Organic Act Governing the Establishment of the Financial Supervisory Commission of the Executive Yuan" was amended to the " Organic Act Governing the Establishment of the Financial Supervisory Commission ". Major amendments are as follows:

1. Specifying the FSC’s subordinate agencies, and their work.

2. Specifying the appointment of the chairperson and vice chairpersons in accordance with the “Basic Code Governing Central Administrative Agencies Organizations”. In addition, to enhance the effectiveness and strengthen the policy coordination and integration of the FSC, the appointment of commissioners is designed to be more flexible, which means that the commissioners are to be appointed by the premier of the Executive Yuan from candidates who have relevant knowledge and experience in the financial profession.

3. With the organization changed, the commission meeting of the FSC evolves to be consultative. The “Regulations for Department Affairs of the Financial Supervisory Commission” further specifies the authority and convening methods of the commission meeting, and the division of duties of various department of the FSC.

4. Civil service ranks, grades, and the number of staff at the FSC are separately set out in a personnel establishment table.

5. The implementation date of the Act shall be prescribed by the Executive Yuan.

The “Organic Act Governing the Establishment of the Financial Supervisory Commission " was passed its 3rd reading in the Legislative Yuan on June 14, 2011, promulgated by the President on June 29,2011, and implemented in accordance with the Executive Yuan order of July 1, 2012.

 

Visitor: 1463   Update: 2020-07-07