Financial Supervisory Commission (Republic of China)
|Financial Supervisory Commission|
Jīnróng Jiāndū Guănlĭ Wěiyuánhuì
FSC office is located inside the Banqiao station building
|Formed||1 July 2004|
|Jurisdiction||Republic of China|
|Headquarters||Banqiao District, New Taipei|
|Agency executives||Tseng Ming-chung, Chairperson
Wang Li-ling, Vice Chairperson
Huang Tien-mu, Vice Chairperson
The Financial Supervisory Commission (FSC; Chinese: 金融監督管理委員會; pinyin: Jīnróng Jiāndū Guănlĭ Wěiyuánhuì) is an independent government agency subordinate to the Executive Yuan of the Republic of China. It is responsible for regulating securities markets (including the Taiwan Stock Exchange and the Taiwan Futures Exchange), banking, and the insurance sector.
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.
It was created on 1 July 2004 to unify several previously separate regulatory authorities which separately supervised different sectors of the finance industry. 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 finalised in 2003 by the Legislative Yuan.
The reasons for the creation of the umbrella independent financial regulator was due to: 
- Financial convergence and cross-market business - market has evolved and became more complex to manage
- Single financial regulator - one stop shop for regulating all securities and investments.
- Independent Authority at Cabinet Level - experts in their field without political interference
- Stronger Law Enforcement - cross referencing cases and building stronger case for misconduct
- Banking Bureau
- Financial Examination Bureau
- Insurance Bureau
- Securities and Futures Bureau
- Department of Planning
- Department of International Affairs
- Department of Legal Affairs
- Department of Information Management
- Other support units
List of chairpersons
- Kong Jaw-sheng (1 July 2004 – 12 May 2006), who was removed from his position on charges of corruption
- Lu Daung-yen (acting chairperson, 12 May 2006 – 4 August 2006)
- Shih Jun-ji (4 August 2006 – 22 January 2007), resigned due to a run on Rebar Chinese Bank
- Hu Sheng-cheng (22 January 2007 – 1 July 2008)
- Gordon Chen (1 July 2008 – 30 November 2008)
- Sean Chen (1 December 2008 – 17 May 2010)
- Chen Yuh-chang (17 May 2010 – 29 July 2013)
- Tseng Ming-chung (1 August 2013 –)
Overseas representative offices
- Economy of Taiwan
- List of financial regulatory authorities by country
- Regulatory agency
- Securities Commission
- Statutory authority
- "Home". Financial Supervisory Commission, Executive Yuan, Republic of China. 2007-06-28. Retrieved 2007-07-04.
- "Hu appointed chairman of FSC". Taipei Times. 2007-01-26. Retrieved 2007-07-04.
- "About the FSC: Introduction". Financial Sueprvisory Commission, Executive Yuan, Republic of China. 2005-05-31. Retrieved 2007-07-04.
- Hwang, Dar-Yeh; Wu Wei-Hsiung (2006-09-15). "Financial System Reform in Taiwan". JAE Conference on Financial System Reform and Monetary Policies in Asia. The Journal of Asian Economics.
- "行政院將金管會主任委員龔照勝移付懲戒並先行停職 (Executive Yuan FSC Head Kong Jaw-Sheng suspended from duty in advance of punishment)". Government Information Office, Republic of China. 2006-05-12. Retrieved 2007-07-04.