The FSC is the competent authority for development, supervision, regulation, and examination of financial markets and financial service enterprises. The terms “financial markets" and “financial services enterprises” are defined as follows:

(1)Financial markets includes the banking market, bills market, securities market, futures and derivatives market, insurance market, and their respective settlement systems.

(2)Financial service enterprises includes financial holding companies, the Financial Restructuring Fund, the Central Deposit Insurance Corporation, banking enterprises, securities enterprises, futures enterprises, insurance enterprises, electronic financial transaction enterprises, and other financial service enterprises.