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What is the exact meaning of "quasi-judicial investigative power"? How is it exe...


1] The term "quasi-judicial investigative power" refers to the functions of law enforcement and financial examination granted to the FSC under Article 5 of the Organic Act Governing the Establishment of the Financial Supervisory Commission, Executive Yuan ["Organic Act"]. When conducting financial examinations, the FSC and its subordinate agencies may as necessary: [1] require a financial institution, a related party thereof, or a public company to present relevant materials; [2] notify an examinee to appear at a designated office to answer questions; or [3] apply for the issuance of a search warrant, and then exercise entry and search accompanied by judicial police authorities. 2] For the purpose of exercising such powers, the 4th session of the FSC board of commissioners adopted three guidelines requiring its personnel to act fairly in exercising such power. When a case involves FSC personnel or related parties, they should comply with recusal requirements to ensure that FSC judgments and decisions are fair and disinterested, and to keep the FSC independent, impartial, and fair, thereby winning the confidence of the public. 3] This mechanism is established with reference to Articles 30 through 32 of the Tax Collection Act as well as legal enactments by the UK, the USA, and Korea. The FSC Financial Examination Bureau works actively to collect facts and evidence of financial irregularity to ensure that the current financial supervisory system can effectively suppress illegal activity and crack down on financial crimes, so as to safeguard the interests of bank depositors, investors, and insurance consumers, and to maintain financial order.

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  • Update: 2011-06-07