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Financial Supervisory Commission (Taiwan)

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Financial Supervisory Commission
金融監督管理委員會
Jīnróng Jiāndū Guǎnlǐ Wěiyuánhuì (Mandarin)
Kîm-yùng Kam-tuk Kón-lî Vî-yèn-fi (Hakka)
FSC office is located inside the Banqiao station building
Agency overview
Formed1 July 2004
JurisdictionTaiwan (Republic of China)
HeadquartersBanqiao, New Taipei
Agency executive
Websitewww.fsc.gov.tw

The Financial Supervisory Commission (FSC; Chinese: 金融監督管理委員會; pinyin: Jīnróng Jiāndū Guǎnlǐ Wěiyuánhuì; Pe̍h-ōe-jī: Kim-iông Kàm-tok Kóan-lí Úi-oân-hōe, abbreviated to 金管會) is an independent[clarification needed] government agency subordinate to the Executive Yuan of the Republic of China (Taiwan). It is responsible for regulating securities markets (including the Taiwan Stock Exchange and the Taiwan Futures Exchange), banking, and the insurance sector.[1]

Its main office is located in Banqiao District, New Taipei.[2]

History

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It was created on 1 July 2004 to unify several previously separate regulatory authorities which separately supervised different sectors of the finance industry.[3] Prior to the actual creation of the commission, several alternative structures for regulatory agency reform had been proposed, including a purely non-governmental commission, as well as the establishment of both a governmental regulatory agency and non-governmental supervisory commission; the choice of a purely governmental commission was finalized in 2003 by the Legislative Yuan.[4]

The reasons for the creation of the FSC as an umbrella independent financial regulator was due to:[5]

  1. Financial convergence and cross-market business - market has evolved and became more complex to manage
  2. Single financial regulator - one stop shop for regulating all securities and investments.
  3. Independent Authority at Cabinet Level - experts in their field without political interference
  4. Stronger Law Enforcement - cross referencing cases and building stronger case for misconduct

The commission has faced frequent changes in leadership in its short history, due to scandals and crises which began when its first chairperson was removed from his position due to corruption.[6]

Structure

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Securities and Futures Bureau

Bureaus

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Departments

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  • Department of Planning
  • Department of International Affairs
  • Department of Legal Affairs
  • Department of Information Management
  • Other support units

List of chairpersons

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Huang Tien-mu, the incumbent Chairperson of Financial Supervisory Commission

Political Party:   Democratic Progressive Party   Kuomintang   Non-partisan/ unknown

№ Name Term of Office Days Political Party Premier
1 Kong Jaw-sheng (龔照勝) 1 July 2004 12 May 2006[note 1] 680 Yu Shyi-kun
Frank Hsieh
Su Tseng-chang I
— Lu Daung-yen (呂東英) 12 May 2006 4 August 2006 84 Su Tseng-chang I
2 Shih Jun-ji (施俊吉) 4 August 2006 12 January 2007[note 2] 161 Independent Su Tseng-chang I
— Susan Chang (張秀蓮) 12 January 2007 25 January 2007 13 Su Tseng-chang I
3 Hu Sheng-cheng (胡勝正) 25 January 2007 1 July 2008 523 Democratic Progressive Party Su Tseng-chang I
Chang Chun-hsiung II
Liu Chao-shiuan
4 Gordon Chen (陳樹) 1 July 2008 1 December 2008 153 Kuomintang Liu Chao-shiuan
5 Sean Chen (陳冲) 1 December 2008 17 May 2010 532 Kuomintang Liu Chao-shiuan
Wu Den-yih
6 Chen Yuh-chang (陳裕璋) 17 May 2010 29 July 2013 1169 Kuomintang Wu Den-yih
Sean Chen
Jiang Yi-huah
7 Tseng Ming-chung (曾銘宗) 29 July 2013 31 January 2016[note 3] 916 Kuomintang Jiang Yi-huah
Mao Chi-kuo
8 Wang Li-ling (王儷玲) 1 February 2016 20 May 2016 109 Chang San-cheng
9 Ding Kung-wha (丁克華) 20 May 2016 3 October 2016[note 4] 136 Lin Chuan
— Huang Tien-mu (黃天牧) 3 October 2016 19 October 2016 16 Lin Chuan
10 Lee Ruey-tsang (李瑞倉) 19 October 2016 8 September 2017 324 Lin Chuan
11 Wellington Koo (顧立雄) 8 September 2017 20 May 2020 985 Democratic Progressive Party William Lai
Su Tseng-chang II
12 Huang Tien-mu (黃天牧) 20 May 2020 20 May 2024 1461 Su Tseng-chang II
Chen Chien-jen
13 Peng Jin-lung (彭金隆) 20 May 2024 Incumbent 167 Cho Jung-tai

Overseas representative offices

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See also

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Notes

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  1. ^ Removed from his position on charges of corruption.
  2. ^ Resigned due to a run on Rebar Chinese Bank
  3. ^ Left office to take office as a Member of the Legislative Yuan.
  4. ^ Resigned due to scandal of Mega International Commercial Bank issues.[7]

References

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  1. ^ Waugh, Butler (1 April 2006). "Opening the Bourse". Taiwan Today. Retrieved 22 March 2016.
  2. ^ "Company Overview of Financial Supervisory Commission, Taiwan". Bloomberg. Retrieved 22 March 2016.
  3. ^ "Financial Supervisory Commission - Annual Report 2004". Financial Supervisory Commission. 31 May 2005. Retrieved 22 March 2016.
  4. ^ Hwang, Dar-Yeh; Wu Wei-Hsiung (2006-09-15). "Financial System Reform in Taiwan" (PDF). JAE Conference on Financial System Reform and Monetary Policies in Asia. The Journal of Asian Economics. Archived from the original (PDF) on 2011-05-29. Retrieved 2007-07-05.
  5. ^ "金融監督管理委員會全球資訊網". Fscey.gov.tw. Archived from the original on December 12, 2008. Retrieved 2014-05-07.
  6. ^ "Hu appointed chairman of FSC". Taipei Times. 2007-01-26. Retrieved 2007-07-04.
  7. ^ Wei-han, Chen (4 October 2016). "FSC heads resign over XPEC, Mega Bank issues". Taipei Times. Retrieved 19 April 2022.
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