Taiwan - Enactment Of The Act On Financial Technology Innovations And Experiments
Legal News & Analysis - Asia Pacific - Taiwan - Regulatory & Compliance
17 April, 2018
“Act on Financial Technology Innovations and Experiments” (the “Act”) was passed by the Legislative Yuan on December 29, 2017, and promulgated by the President on January 31, 2018. The implementation date of the Act will be determined by the Administrative Yuan.
Under the Act, the applicant for the financial technology experiments shall prepare the experiment plan for the Financial Supervisory Commission’s (the “FSC”) review and approval, and conduct the experiment within a definite term after the approval. After the expiry of the term of the experiment, the applicant shall submit written report of the experiment to the FSC.
Based on such report, the FSC will consider modifying the relevant financial regulations or providing necessary assistance.
While the competent authorities may exempt the experiment from the relevant financial regulations and other applicable administrative rules in full or in part and dispens with the applicant’s relevant administrative liabilities during the term of experiment, the provisions of the Anti-money Laundering Control Act and the Terrorism Financing Prevention Act, and the regulations, rules and order related thereto shall nonetheless remain applicable.
For further information, please contact:
Hector Chin, Tsar & Tsai Law Firm