2020 年 11 月 1 日

The “responsible person of an act” under Article 125, Paragraph 3 of the Banking Law refers to the responsible person involved in decision-making and execution and causing the juristic person to commit a crime through his/her dominant role (Taiwan)

Elva Chuang The Supreme Court rendered the 109-Tai-Shang-2077 Decision of May 21, 2020 (hereinafter, the “Decision”), holding that Article 125 of the Banking Law imposes penalties for illegal acceptance of deposits and the business subjects targeted for the penalties should […]
2020 年 10 月 1 日

When an actor intends to cover up the sources of a specific crime through direct consumption or to have other joint principal offenders hide illegal money flows through the appearance of false transactions, it is difficult to conclude that this is simply a disposal of loot after a crime is committed (Taiwan)

Elva Chuang The Supreme Court rendered the 109-Tai-Shang-1641 Decision of April 16, 2020 (hereinafter, the “Decision”), in which an explanation was provided concerning the application of Article 14, Paragraph of the Money Laundering Control Law, which came into effect on […]
2020 年 10 月 1 日

Provisions of the Supreme People’s Court on Issues Concerning Representative Litigation in Securities Disputes (Mainland China)

Karl Zhang The Provisions of the Supreme People’s Court on Issues Concerning Representative Litigation in Securities Disputes (the “Provisions”) were adopted at the 1808th meeting of the Judicial Committee of the Supreme People’s Court on July 23, 2020, and has […]
2020 年 10 月 1 日

If the holder of a check asserts that it was issued and delivered due to a loan provided to the drawer, while the drawer contends that no loan was received, the holder shall assume the burden of proof for the fact that the loan has been provided (Taiwan)

Oli Wong The Supreme Court rendered the 109-Tai-Shang-Zi-47 Decision of May 6, 2020 (hereinafter, the “Decision”), holding that if the holder of a check asserts that it was issued and delivered due to a loan provided to the drawer, while […]
2020 年 9 月 1 日

Determination criteria for the non-arm’s length transactions that “cause significantly harm to the company” under the Securities and Exchange Law (Taiwan)

Elva Chuang The Supreme Court rendered the 108-Tai-Shang-789 Decision of March 26, 2020 (hereinafter, the “Decision”), holding that when the amount of damage sustained by a company is calculated for the commission of the offense of non-arm’s length transaction under […]
2020 年 8 月 1 日

Provisions on the Administration of the Domestic Securities and Futures Investment Funds of Foreign Institutional Investors (Mainland China)

Karl Zhang On May 7, 2020, the People’s Bank of China and the State Administration of Foreign Exchange promulgated the Provisions on the Administration of the Domestic Securities and Futures Investment Funds of Foreign Institutional Investors (the “Provisions”), which came […]
2020 年 8 月 1 日

Guiding Opinions on the Transfer of Companies Listed on the National Equities and Exchange Quotations for Listing on Other Boards (Mainland China)

Joyce Wen On June 3, 2020, the China Securities Regulatory Commission (the “CSRC”) promulgated its Guiding Opinions on the Transfer of Companies Listed on the National Equities and Exchange Quotations for Listing on Other Boards (the “Guiding Opinions”).  The Guiding […]
2020 年 8 月 1 日

Since the commissions and securities transaction taxes are necessary costs for an investor’s trading of stocks, it is not appropriate to elect to conclude that there is a causal relationship between such costs and an illegal speculative act and to include such costs in the damages incurred by the investor (Taiwan)

Angela Wu The Supreme Court rendered the 108-Tai-Shang-863 Decision of February 27, 2020 (hereinafter, the “Decision”), holding that since the commissions and securities transaction taxes are necessary costs for an investor’s trading of stocks, it is not appropriate to elect […]
2020 年 7 月 1 日

The obvious incomparability with the principal under the Banking Law includes the situation that the agreement obviously exceeds the normal fixed deposit rate quoted by a typical bank (Taiwan)

Elva Chuang According to the facts underlying the 108-Tai-Shang-3339 Decision of March 11, 2020 (hereinafter, the “Decision”) rendered by the Supreme Court, the Defendants obviously were aware that N Online Bank in the United Kingdom (hereinafter, “N”) was not a […]
2020 年 7 月 1 日

The Civil Code, the Company Law, the company’s Articles of Incorporation, and the contract should be considered for the qualifications of a manager who has committed the offense of special breach of trust under Securities and Exchange Law. (Taiwan)

Nora Shih The Supreme Court rendered the 108-Tai-Shang-778 Decision of January 16, 2020 (hereinafter, the “Decision”), since the Securities and Exchange Law does not expressly provide for the qualifications of a manager who has committed the offense of special breach […]
2020 年 6 月 1 日

In case an actor distributes a stock via false information, even if such actor does not sell the stock to a victim personally, the fact of a joint fraud is still constituted (Taiwan)

Nora Shih The Taichung Branch of the Taiwan High Court rendered the 108-Su-Yi-68 Decision of November 29, 2019 (hereinafter, the “Decision”), holding that in case an actor distributes a stock via false information, even if such actor does not sell […]
2020 年 6 月 1 日

The so-called confiscable proceeds of crime under Article 136-1 of the Banking Law refer to unlawful gains such as exchange rate differences, management fees, handling fees or other remuneration actually received by the operator, excluding remittance payments received (Taiwan)

Alex Liao The Supreme Court rendered the 108-Tai-Shang-2465 Decision of August 15, 2019 (hereinafter, the “Decision”), holding that the so-called confiscable proceeds of crime under Article 136-1 of the Banking Law refer to unlawful gains such as exchange rate differences, […]
2020 年 6 月 1 日

Interim Measures for the Administration of Insurance Asset Management Products (Mainland China)

Karl Zhang On March 18, 2020, the China Banking and Insurance Regulatory Commission (the “CBIRC”) promulgated the Interim Measures for the Administration of Insurance Asset Management Products (the “Measures”), which will come into effect on May 1, 2020.  The Measures […]
2020 年 5 月 1 日

Article 29-1 of the Banking Law is not limited to the solicitation of funds from a massive number of unspecified individuals in a format of a pyramid scheme (Taiwan)

Tiffany Hsiao The Supreme Court rendered the 108-Tai-Shang-2403 Decision of January 9, 2020 (hereinafter, the “Decision”), holding that Article 29-1 of the Banking Law is not limited to the solicitation of funds from a massive number of unspecified individuals in […]
2020 年 5 月 1 日

Even though supervisors do not sign financial reports before leaving office, still it is not appropriate to directly conclude that they are not liable for any falsehood of the financial reports (Taiwan)

Sean Tsou The Supreme Court rendered the 108-Tai-Shang-132 Decision of October 23, 2019 (hereinafter, the “Decision”), holding that before supervisors’ substantive review of financial reports or the lack of such review is confirmed, it is not appropriate to conclude directly […]
2020 年 4 月 1 日

An offense of non-arm’s length transaction is preconditioned by material damage to the company as a result of the legal violation, and the amount of damage sustained by the company should be compared with the size of the company to determine the materiality of the damage (Taiwan)

Jhen-Yi Chen The Supreme Court rendered the 107-Tai-Shang-518 Decision of August 15, 2019 (hereinafter, the “Decision”), holding that an offense of non-arm’s length transaction is preconditioned by material damage to the company as a result of the legal violation, and […]
2020 年 3 月 1 日

Whether false information in financial documents meets the “materiality” criteria under the Securities and Exchange Law should be comprehensively determined by qualitative and quantitative indicators (Taiwan)

Fang-Wei Lin The Supreme Court rendered the 108-Tai-Shang-1547 Decision of July 25, 2019 (hereinafter, the “Decision”), holding that whether false information in financial documents meets the “materiality” criteria under the Securities and Exchange Law should be comprehensively determined by “quantitative […]
2019 年 12 月 31 日

Measures for the Administration of Net Capital of Wealth Management Subsidiaries of Commercial Banks (Trial Implementation) (Mainland China)

Joyce Wen The China Banking and Insurance Regulatory Commission promulgated on November 29, 2019 the Measures for the Administration of Net Capital of Wealth Management Subsidiaries of Commercial Banks (Trial Implementation) (the “Measures”), which will go into effect on March […]
2019 年 12 月 31 日

If a company endorse a negotiable instrument with an intent to provide an implied guarantee, even though the holder of the negotiable instrument is obviously aware of this, the company should still be liable based on the literal meaning of the negotiable instrument (Taiwan)

Tiffany Hsiao The Taiwan High Court issued the 108-Zai-9 Decision of May 14, 2019 (hereinafter, the “Decision”), holding that in case a company endorses a negotiable instrument with an intent to provide an implied guarantee, if the holder of the […]
2019 年 12 月 31 日

If a company elects to decide the salaries and compensation of the directors, supervisors and managerial officers without individual assessment by the compensation committee in violation of Article 14-6 of the Securities and Exchange Law, this merely gives rise to the issue of whether the competent authority may impose any administrative sanction upon such company, and it does not force such decision to be invalid (Taiwan)

Elva Chuang The Supreme Court rendered the 108-Tai-Shang-538 Decision of May 23, 2019 (hereinafter, the “Decision”), holding that if a company elects to decide the salaries and compensation of the directors, supervisors and managerial officers without individual assessment by the […]
2019 年 11 月 30 日

Article 125, Paragraph 3 of the Banking Law penalizes the de facto legal representative of a juristic person who has engaged in the actual act and is not limited to the legal representative or managerial officers indicated in the company registration data (Taiwan)

Elva Chuang The Supreme Court rendered the 107-Tai-Shang-3554 Decision of April 11, 2019 (hereinafter, the “Decision”).  According to the facts underlying this Decision, the Appellant (or the Defendant) was the chairman and de facto legal representative of the company that […]
2019 年 11 月 30 日

With respect to the operation of the securities business, it is not appropriate to conclude that there is an act of securities trading operation merely based on the actor’s single resale of shares to specific persons (Taiwan)

Tiffany Hsiao The Taiwan High Court rendered the 107-Jin-Shang-Yi-8 Decision of August 22, 2019 (hereinafter, the “Decision”), holding that the operation of the securities business requires the actor to schedule and repetitively carry out the same type of business with […]
2019 年 10 月 31 日

The requirement that a person who acquires a negotiable instrument in bad faith shall not enjoy any rights in the negotiable instrument under Article 14, Paragraph 1 of the Negotiable Instruments Law refers to the circumstance where the ownership of the negotiable instrument is originally obtained from a person without a disposal right; and the rights over the negotiable instrument may be enjoyed only if the negotiable instrument is assigned by a person with a legitimate disposal right (Taiwan)

Elva Chuang The Supreme Court rendered the 108-Tai-Chien-Shang-9 Decision of July 25, 2019 (hereinafter, the “Decision”).  According to the facts underlying this Decision, the Appellant, a shareholder and employee of Guang Da Xing International Co., Ltd. (hereinafter, “GDX Co.”), issued […]
2019 年 10 月 31 日

Although an investor purchases a stock before a false financial report is released, still the investor may be injured for failure to sell the stock after the purchase due to misbelief in the financial report; and therefore, it is still inappropriate to draw a conclusion unfavorable to the investor on such basis (Taiwan)

Teresa Huang The Supreme Court rendered the 107-Tai-Shang-846 Decision of March 27, 2019 (hereinafter, the “Decision”), holding that although an investor purchases a stock before a false financial report is released, still the investor may be injured for failure to […]
2019 年 8 月 31 日

FSC decides that “security tokens” shall be deemed securities under the Securities and Exchange Law and is preparing relevant regulations (Taiwan)

Debby Yu ICOs (Initial Coin Offering) are a fund-raising action developed based on blockchain technologies.  Tokens issued through ICOs consist of payment type, function type and securities type tokens based on their characteristics.  The primary function of payment type tokens […]
2019 年 8 月 31 日

The Securities and Exchange Law is amended to require that financial reports to be signed and sealed by actual supervisors and certified by certified public accountants (Taiwan)

Jhen-Yi Chen The President promulgated the amendments to Article 14-5 and Article 36 of the Securities and Exchange Law (hereinafter, the “Law”) via the Hua-Zhong-One-Jing-1080063491 Decree of June 21, 2019.  The amendments are highlighted below. Firstly, for most companies, actual […]
2019 年 8 月 31 日

The FSC formulated the Operating Guidelines for Application for Trial Business by Banks (Taiwan)

Elva Chuang The Financial Supervisory Commission (hereinafter, the “FSC”) promulgated the Operating Guidelines for Application for Trial Business by Banks (hereinafter, the “Guidelines”) via the Jin-Guan-Yin-Kong-10802700400 Directive of June 19, 2019.  Consisting of 6 points, the Guidelines came into effect […]
2019 年 7 月 31 日

Formulation of Regulations Governing Innovative Financial Technology Experiments to Prevent Money Laundering and Suppress Terrorist Financing (Taiwan)

2019.5.15 Jhen-Yi Chen The Financial Supervisory Commission promulgated the Regulations Governing Innovative Financial Technology Experiments to Prevent Money Laundering and Combat Terrorist Financing (hereinafter, the “Regulations”) via the Jin-Guan-Ke-10801082660 Directive of May 15, 2019 and the Ministry of Justice’s Fa-Jian-10804515840 […]
2019 年 7 月 31 日

The definition of an offense of conducting domestic and overseas foreign remittance business by any person other than a bank (Taiwan)

2019.1.23 Sean Tsou The Supreme Court rendered the 108-Tai-Shang-24 Criminal Decision of January 23, 2019 (hereinafter, the “Decision”) to elucidate the definition of the “foreign remittance business” in the “offense of conducting domestic and overseas remittance business” under the Banking […]
2019 年 6 月 30 日

The FSC deregulated the switch from private placement for real estate securitization to public offering to promote private investment in public infrastructure (Taiwan)

2019.4.8 Jhen-Yi Chen The Financial Supervisory Commission (hereinafter, the “FSC”) promulgated the amendments to the Guidelines for Handling the Issuance of Beneficial Securities by Trustee Institutions and the Issuance of Asset-Backed Securities by Special Purpose Companies (hereinafter, the “Guidelines”) and […]