Financial Supervisory Commission (Taiwan)

Financial Supervisory Commission
金融監督管理委員會
Jīnróng Jiāndū Guănlĭ Wěiyuánhuì
Logo
FSC office is located inside the Banqiao station building
Agency overview
Formed 1 July 2004
Jurisdiction Republic of China
Headquarters Banqiao, New Taipei
Agency executives
Website www.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 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
1 Kong Jaw-sheng (龔照勝) 1 July 200412 May 2006[7]680 Yu Shyi-kun
Frank Hsieh
Su Tseng-chang
— Lu Daung-yen (呂東英) 12 May 20064 August 200684 Su Tseng-chang
2 Shih Jun-ji (施俊吉) 4 August 200612 January 2007[8]161 Independent Su Tseng-chang
— Susan Chang (張秀蓮) 12 January 200725 January 200713 Su Tseng-chang
3 Hu Sheng-cheng (胡勝正) 25 January 20071 July 2008523 Democratic Progressive Party Su Tseng-chang
Chang Chun-hsiung II
Liu Chao-shiuan
4 Gordon Chen (陳樹) 1 July 20081 December 2008153 Kuomintang Liu Chao-shiuan
5 Sean Chen (陳冲) 1 December 200817 May 2010532 Kuomintang Liu Chao-shiuan
Wu Den-yih
6 Chen Yuh-chang (陳裕璋) 17 May 201029 July 20131169 Kuomintang Wu Den-yih
Sean Chen
Jiang Yi-huah
7 Tseng Ming-chung (曾銘宗) 29 July 201331 January 2016[9]916 Kuomintang Jiang Yi-huah
Mao Chi-kuo
8 Wang Li-ling (王儷玲) 1 February 201620 May 2016109 Chang San-cheng
9 Ding Kung-wha (丁克華) 20 May 20163 October 2016136 Lin Chuan
— Huang Tien-mu (黃天牧) 3 October 201619 October 201616 Lin Chuan
10 Lee Ruey-tsang (李瑞倉) 19 October 20168 September 2017324 Lin Chuan
11 Wellington Koo (顧立雄) 8 September 2017Incumbent399 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.
  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.
  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.
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