Financial Supervisory Commission (Taiwan)

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Financial Supervisory Commission
金融監督管理委員會
Jīnróng Jiāndū Guănlĭ Wěiyuánhuì
File:ROC Financial Supervisory Commission Logo.svg
Logo
FSC office is located inside the Banqiao station building
Agency overview
Formed1 July 2004
JurisdictionRepublic of China
HeadquartersBanqiao, New Taipei
Agency executives
Websitewww.fsc.gov.tw

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[clarification needed] 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.[1]

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

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.[3]

History

It was created on 1 July 2004 to unify several previously separate regulatory authorities which separately supervised different sectors of the finance industry.[4] 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.[5]

The reasons for the creation of the FSC as an umbrella independent financial regulator was due to:[6]

  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

Structure

Securities and Futures Bureau

Bureaus

Departments

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

List of chairpersons

Wellington Koo, the incumbent Chairperson of Financial Supervisory Commission.

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

№ Name Term of Office Days Political Party Premier
style="background:Template:Non-partisan/meta/color; color:black;" | 1 Kong Jaw-sheng (龔照勝) 1 July 2004 12 May 2006[7] 680 Yu Shyi-kun
Frank Hsieh
Su Tseng-chang
style="background:Template:Non-partisan/meta/color; color:black;" | — Lu Daung-yen (呂東英) 12 May 2006 4 August 2006 84 Su Tseng-chang
style="background:Template:Non-partisan/meta/color; color:black;" | 2 Shih Jun-ji (施俊吉) 4 August 2006 12 January 2007[8] 161 Independent Su Tseng-chang
style="background:Template:Non-partisan/meta/color; color:black;" | — Susan Chang (張秀蓮) 12 January 2007 25 January 2007 13 Su Tseng-chang
style="background:Template:Democratic Progressive Party/meta/color; color:white;" | 3 Hu Sheng-cheng (胡勝正) 25 January 2007 1 July 2008 523 Democratic Progressive Party Su Tseng-chang
Chang Chun-hsiung II
Liu Chao-shiuan
style="background:Template:Kuomintang/meta/color; color:white;" | 4 Gordon Chen (陳樹) 1 July 2008 1 December 2008 153 Kuomintang Liu Chao-shiuan
style="background:Template:Kuomintang/meta/color; color:white;" | 5 Sean Chen (陳冲) 1 December 2008 17 May 2010 532 Kuomintang Liu Chao-shiuan
Wu Den-yih
style="background:Template:Kuomintang/meta/color; color:white;" | 6 Chen Yuh-chang (陳裕璋) 17 May 2010 29 July 2013 1169 Kuomintang Wu Den-yih
Sean Chen
Jiang Yi-huah
style="background:Template:Kuomintang/meta/color; color:white;" | 7 Tseng Ming-chung (曾銘宗) 29 July 2013 31 January 2016[9] 916 Kuomintang Jiang Yi-huah
Mao Chi-kuo
style="background:Template:Non-partisan/meta/color; color:black;" | 8 Wang Li-ling (王儷玲) 1 February 2016 20 May 2016 109 Chang San-cheng
style="background:Template:Non-partisan/meta/color; color:black;" | 9 Ding Kung-wha (丁克華) 20 May 2016 3 October 2016 136 Lin Chuan
style="background:Template:Non-partisan/meta/color; color:black;" | — Huang Tien-mu (黃天牧) 3 October 2016 19 October 2016 16 Lin Chuan
style="background:Template:Non-partisan/meta/color; color:black;" | 10 Lee Ruey-tsang (李瑞倉) 19 October 2016 8 September 2017 324 Lin Chuan
style="background:Template:Democratic Progressive Party/meta/color; color:white;" | 11 Wellington Koo (顧立雄) 8 September 2017 Incumbent 2436 Democratic Progressive Party William Lai

Overseas representative offices

See also

References

  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. ^ "Hu appointed chairman of FSC". Taipei Times. 2007-01-26. Retrieved 2007-07-04.
  4. ^ "Financial Supervisory Commission - Annual Report 2004". Financial Supervisory Commission. 31 May 2005. Retrieved 22 March 2016.
  5. ^ 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. {{cite conference}}: Unknown parameter |booktitle= ignored (|book-title= suggested) (help)
  6. ^ "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. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  7. ^ Removed from his position on charges of corruption.
  8. ^ Resigned due to a run on Rebar Chinese Bank
  9. ^ Left office to take office as a Member of the Legislative Yuan.

External links

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