Taiwan - The FSC Promulgated The Regulations Governing The Securities Businesses of Offshore Banking Unit (“RGSBOBU”) On November 27, 2017, Effective Immediately.
Legal News & Analysis - Asia Pacific - Taiwan - Regulatory & Compliance
2 February, 2018
Said Regulations require that offshore banking unit (“OBU”) obtain permits for also engaging in the foreign currency securities business prescribed in the Offshore Banking Act, and that the securities involved in such business neither denominate in Taiwan Dollars (“TWD”), nor link to TWD exchange rates or interest rate indicator or to commodities denominated in TWD.
Unless an OBU who has been engaging in foreign currency securities business before the promulgation of said Regulations has already obtained permits for also engaging in foreign currency securities business pursuant to the Securities Exchange Act, it must file a supplemental application with the FSC within 6 months of the promulgation of said Regulations.
As for those non-complied foreign currency securities transactions made before the promulgation of said Regulations, the Regulations allow them to continue under the original terms until their respective due date.
For further information, please contact:
Leonard Chen,Tsar & Tsai Law Firm