To strengthen the operation and management of securities investment trust enterprises (SITEs) and securities investment consulting enterprises (SICEs), and to spur the proper implementation of corporate governance, the FSC on 22 December 2022 amended the two regulations named above. Key points of the amended provisions are as follows:
1.New provisions impose upon the board of directors the responsibility to appoint and supervise managerial officers, and to oversee the accountability of managerial officers and set up related systems.
2.Newly added provisions require that when a natural person or a juristic person acts as a director (or supervisor) of a SITE or SICE, if that party or a related party thereof concurrently acts as a director (or supervisor) of another SITE or SICE or securities firm, a conflict of interest shall in principle be presumed to exist, and a person who fails to resolve a conflict of interest within a prescribed period of time shall be dismissed. 
3.Where a SITE or SICE personnel is the statutory agent or guardian of the principal, it is not subject to the legal provision that prohibits it from acting on behalf of others in conducting securities investments or trading securities-related products.