Most of the bonds with capital characteristics issued by insurance companies are subscribed by financial institutions. In light of this, in order to reduce the systemic risk incurred by major financial crisis, and increase the capital quality of the bonds with capital characteristics issued by insurance companies, the FSC announced the amendments to Article 2 of the aforementioned Directions on May 3, 2019. The FSC added a rule that a markup to interest rate or other incentives for early redemption shall not be included when non-cumulative and cumulative perpetual corporate bonds are issued.