The Financial Supervisory Commission (FSC) stated that to promote Taiwan as an asset management center in Asia and encourage financial institutions to establish branches in local asset management zones to enhance financial competitiveness, the draft amendments to Articles 3, 4, and 5 of the “Regulations Governing Domestic Branches of Financial Institutions” have been proposed. The key points of the amendments are as follows:
1.    It is clearly stipulated that financial institutions establishing branches in local asset management zones are exempt from financial, operational conditions, and restrictions on the application timing for branch establishment. (Amended Articles 3 and 5)
2.    It is clearly stipulated that for financial institutions approved to establish branches in local asset management zones, the branches shall not be relocated within seven years of establishment unless approved by the competent authority. (Amended Article 4)
The FSC stated that the draft amendment 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 “Laws and Regulations Retrieving System” website and state your opinions within 14 days after the announcement.