Financial Supervisory Commission (Taiwan)
Jīnróng Jiāndū Guănlĭ Wěiyuánhuì
FSC office is located inside the Banqiao station building
|Formed||1 July 2004|
|Headquarters||Banqiao District, New Taipei|
The Financial Supervisory Commission (FSC; Chinese: 金融監督管理委員會; pinyin: Jīnróng Jiāndū Guănlĭ Wěiyuánhuì, abbreviated to 金管會) is an independent government agency subordinate to the Executive Yuan of the Taiwan (ROC). 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 FSC as an 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 – August 2006)
- Shih Jun-ji (August 2006 – 12 January 2007), resigned due to a run on Rebar Chinese Bank
- Susan Chang (acting chairperson, 12 January 2007 – 25 January 2007)
- Hu Sheng-cheng (25 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 – 31 January 2016)
- Wang Li-ling (1 February 2016 – 20 May 2016)
- Ding Kung-wha (20 May 2016 – 3 October 2016)
- Huang Tien-mu (acting chairperson, 3 October 2016 – 19 October 2016)
- Lee Ruey-tsang (since 19 October 2016)
Overseas representative offices
- Economy of Taiwan
- List of financial regulatory authorities by country
- Regulatory agency
- Securities Commission
- Statutory authority
- Waugh, Butler (1 April 2006). "Opening the Bourse". Taiwan Today. Retrieved 22 March 2016.
- "Company Overview of Financial Supervisory Commission, Taiwan". Bloomberg. Retrieved 22 March 2016.
- "Hu appointed chairman of FSC". Taipei Times. 2007-01-26. Retrieved 2007-07-04.
- "Financial Supervisory Commission - Annual Report 2004" (PDF). Financial Supervisory Commission. 31 May 2005. Retrieved 22 March 2016.
- 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.
- "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.