The Financial Supervisory Commission (hereinafter, the “FSC”) promulgated the amendments to Articles 6 through 8 of the Guidelines for Restriction on Concurrent Positions Held by Representatives of Electronic Stored Value Card Issuers and Matters for Their Compliance (hereinafter, the “Guidelines”) via the Jin-Guan-Yin-Piao-10802721690 Directive of July 11, 2019. These amendments are highlighted below:
1. With respect to the restriction on concurrent positions held by the representative of an issuer under Article 6 of the Guidelines, these amendments ease the original restriction that the representative of an issuer shall not hold any position at a specially contracted institution of the issuer and only restrict the representative of an issuer from holding any concurrent position at an institution which has financial or business dealings with the issuer in an amount that reaches at least 30% of the business revenue of the issuer in the previous year.
2. With respect to the concurrent positions held by a manager of an issuer under Article 7 of the Guidelines, these amendments additionally provide that if the paid-in capital of an issuer is more than NT$2 billion, its chairman and general manager basically shall not be the same individual, and if an issuer is subject to such circumstances and fails to rectify within a rectification period imposed by the competent authority, the individual holding the concurrent positions should be removed from the position of general manager.
3. With respect to the requirement that there shall not be any conflict of interest caused by the behavior of holding concurrent positions under Article 8 of the Guidelines, it is additionally and specifically stipulated in Article 8 that with respect to the number of concurrent positions, the representative of an issuer who holds concurrent positions shall ensure effective execution of his/her original and concurrent job duties in order to accommodate the eased requirement for concurrent positions held by the representative of an issuer under Article 6 as amended.