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Taiwan to Ease 26 Financial Regulations by June

2014/03/25 | By Judy Li

To comply with the government's policy of allowing offshore securities units (OSUs) to operate in free economic pilot zones, the Financial Supervisory Commission (FSC) will relax 26 financial rules by the end of June this year.

The relaxed provision will include permission for Taiwan banks to issue dual currency credit cards, the allowing of offshore structured financial products sold in Taiwan to link with those available in mainland China, and the allowing of bond funds and balanced mutual funds operating in Taiwan to invest in high-profit bonds.

The FSC estimates that financial institutions here will recruit 20,000 more employees this year and that securities firms and banks operating securities businesses will chalk up additional income of at least NT$140 billion (US$4.67 billion) in the next five years. So far 12 securities firms operating in Taiwan, both domestic and foreign, have obtained OSU licenses from the FSC. (JL)