Important Measures
Amendments to the “Instructions for Reporting Voting Shares in Accordance with Paragraph 2, Article 16 of Financial Holding Company Act” and the “Instructions for Reporting Voting Shares in Accordance with Paragraph 2, Article 25 of Banking Act”
2020-02-14
On December 25, 2019, the FSC, making reference to the “Regulations Governing Anti-Money Laundering of Financial Institutions,” amended the two aforementioned Instructions, which are set to take effect on July 1, 2020. The main purpose of the amendments is to incorporate the beneficial owner concept into financial institution equity management, thereby achieving greater transparency in equity ownership. Key points of the amendments include the following: (1) a single party or group of related parties, or a third party as defined in Article 16, Paragraph 4 of the “Financial Holding Company Act” or Article 25, Paragraph 4 of the “Banking Act,” that is a legal person, must now be reported if it is a beneficial owner or the ultimate controlling party; (2) in light of the FSC''s supervisory needs with respect to the beneficial owners or ultimate controlling party behind a corporate shareholder, the FSC issued a new provision to exempt the requirement of identification of beneficial owners for financial institutions; and (3) to coordinate with modifications to related reporting forms, reporting entities are required to provide charts showing ownership structure and control structure.
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- Update： 2020-02-14
