Important Measures
Amendments to the “Standards Governing the Establishment of Securities Firms,” the “Regulations Governing Securities Firms,” the “Regulations Governing Responsible Persons and Associated Persons of Securities Firms” and the “Regulations Governing Centralized Securities Depository Enterprises”
2020-02-14
On January 15, 2020, the FSC amended Articles 3 and 11 of the “Standards Governing the Establishment of Securities Firms,” Article 45-1 of the “Regulations Governing Securities Firms,” and Article 21-1 of the “Regulations Governing Responsible Persons and Associated Persons of Securities Firms.” The purposes of these amendments were to: (a) adapt to new types of investment and trade activities brought about by FinTech innovation; and (b) ensure the exercise of regulatory oversight over offerings of virtual currencies with the nature of securities in the amount of NT$30 million or less. Under the amended provisions, a securities firm that trades, only for its own account, in virtual currencies with the nature of securities must have paid-in capital of no less than NT$100 million, and must operate its related internal controls in accordance with the requirements of the Taipei Exchange (TPEx). The FSC has authorized the TPEx to regulate such trading and adopt related rules. In addition, the FSC has amended Articles 2 and 3 of the “Regulations Governing Centralized Securities Depository Enterprises” to provide that when a securities firm, acting with FSC approval, conducts trading and custody business involving virtual currencies with the nature of securities, it is not acting as a centralized securities depository enterprise.
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- Update： 2020-02-14
