Lenore Chen
The Financial Supervisory Commission promulgated the amendments to Articles 6 and 7 and deleted Article 9 of the Standards for Restrictions on Part-time Work and Compliance Matters of Representatives of Electronic Ticket Issuers (hereinafter, the “Standards”) via the Jin-Guan-Yin-Piao-10540000161 Directive of February 18, 2016
The amendments ease the restrictions on and clarify the scope of prohibition against pluralism of incumbent representatives of electronic ticket issuers to facilitate the business promotions of operators. Article 6 of the Standards as amended provides that except for investment relations of the issuer, the representative of an issuer shall basically not fill any concurrent position in any specially contracted entity of such issuer or any entity with financial or business transactions with such issuer which account for over 30% of the business revenue of such issuer in the previous year. However, this restriction shall not apply if the specially contracted entity is a foundation, non-profit seeking foundation or school. In addition, if such entity is a shareholder or an affiliate of the issuer or a shareholder or affiliate of a parent company holding 100% shares of the issuer, the directors or supervisors of the issuer may also be the representatives of the entities set forth in such two subparagraphs.
Since the adjustment period under the amendments for the issuers which have previously issued electronic tickets before the effective date of January 23, 2009 and have been approved by the competent authority is over, Article 7 and Article 9 are deleted. To wit, the amendments shall completely apply to managerial officers of issuers, who shall not fill any concurrent salaried position in any other company or entity except as directors or supervisors of subsidiaries invested by the issuers.