Capital Markets 彙整 - Lee, Tsai & Partners

2017 年 10 月 31 日

The FSC amended the Regulations Governing Public Tender Offers for Real Estate Investment Trust Beneficiary Securities(Taiwan)

2017.8.11 Jenny Chen The Financial Supervisory Commission (hereinafter, the “FSC”) promulgated Articles 8, 10, 14, 15, 19, 20, 22, 24, 29 through 33 as amended and Article 38-1 as added of Regulations Governing Public Tender Offers for Real Estate Investment […]

2017 年 10 月 31 日

The FSC explained about the streamlined investment procedure and matters that shall be noted with respect to commissioning transactions to overseas investment trust enterprises by domestic investment trust enterprises(Taiwan)

2017.8.21 Sophia Tsai The Financial Supervisory Commission (hereinafter, the “FSC”) issued the Jin-Guan-Zheng-Tou-1060033837 Circular of August 21, 2017 (hereinafter, the “Circular”) to provide relevant explanation and communicate matters that shall be noted with respect to streamlined investment procedures under which […]

2017 年 9 月 30 日

Circular on Specific Measures for Promoting Foreign Investment Growth(Mainland China)

2017.8.8 Yenchu Chen Recently, the State Council issued the Circular on Specific Measures for Promoting Foreign Investment Growth (the “Circular”) to deepen the structural reform on the supply side, streamline administration, delegate powers and optimize services to further enhance the […]

2017 年 9 月 30 日

Opinions on Further Guidance and Regulation of the Direction of Outbound Investment(Mainland China)

2017.8.4 Yenchu Chen On August 4, 2017, the General Office of the State Council forwarded the Opinions on Further Guidance and Regulation of the Direction of Outbound Investment (the “Opinions”) of the National Development and Reform Commission, the People’s Bank […]

2017 年 9 月 30 日

Regulation on the Supervision and Administration of Financing Guarantee Companies(Mainland China)

2017.8.2 Yenchu Chen Financing guarantee is a critical element of a financial inclusion regime. The financing guarantee industry plays a major role in developing finance inclusion and promoting capital financing, particularly in resolving financing difficulties encountered by micro-enterprises and agriculture, […]

2017 年 9 月 30 日

Circular of the Supreme People’s Court Concerning Opinions on Providing Judicial Safeguards to Improve the Business Environment(Mainland China)

2017.8.7 Yenchu Chen On August 7, 2017, the Supreme People’s Court issued a circular concerning its Opinions on Providing Judicial Safeguards to Improve the Business Environment (the “Opinions”) to all court levels. According to the explanation in the Opinions, this […]

2017 年 9 月 30 日

The Financial Supervisory Commission amended rules concerning the re-election nomination and participation of independent directors in board meetings and the audio or video recording of audit committee meetings(Taiwan)

2017.7.28 Teresa Huang The Financial Supervisory Commission amended part of the provisions of the Regulations Governing Exercise of Authority by the Audit Committee of Publicly Offered Companies, the Regulations Governing the Procedure for Board of Directors Meeting of Publicly Offered […]

2017 年 9 月 30 日

When operating six specific types of business (e.g., tendering services), a property insurance enterprise may replace the affixation of the signatures and seals of the applicant and the insured to an insurance application document with relevant evidence sufficient to prove the applicant‘s willingness to obtain the insurance(Taiwan)

2017.7.28 Grace Chiang The Financial Supervisory Commission rendered the Jin-Guan-Bao-Chan-10602524241 Circular of July 28, 2017 (hereinafter, the “Circular”) to interpret that when operating six specific types of business specified by the Circular, a property insurance enterprise may replace the affixation […]

2017 年 9 月 30 日

FSC relaxed the conditions for allowing a futures commission merchant to be retained to engage in foreign futures transactions(Taiwan)

2017.7.27 Sophia Tsai The Financial Supervisory Commission (hereinafter, the “FSC”) issued the Jin-Guan-Zheng-Qi-1060023566 Directive of July 27, 2017 (hereinafter, the “Directive”) to relax the conditions for allowing a futures commission merchant to be retained to engage in foreign futures transactions. […]

2017 年 8 月 31 日

The Rules for Anti-money Laundering for Financial Institutions were prescribed to confirm the identity of customers and retention of records in consolidated manners(Taiwan)

2017.6.28 Oli Wong The Financial Supervisory Commission promulgated the Rules for Anti-money Laundering for Financial Institutions (hereinafter, the “Rules”), which consist of 16 articles, via the Jin-Guan-Yin-Fa-10610003100 Directive of June 28, 2017. The Rules came into effect on the day […]

2017 年 8 月 31 日

If a securities investment trust fund engages in the trading of credit default swap indexes to enhance its investment efficiency, the total nominal principal shall not exceed 40% of the net asset value of such fund (Taiwan)

2017.6.29 Angela Wu The Financial Supervisory Commission issued the Jin-Guan-Zheng-Tou-1060023388 Directive of June 29, 2017 (hereinafter, the “Directive”) to communicate that if a securities investment trust fund engages in the trading of credit default swap indexes to enhance its investment […]

2017 年 8 月 31 日

Restrictions on an investment trust enterprise’s investment funds are relaxed so that its own capital may serve as a seed capital(Taiwan)

2017.6.30 Grace Chiang The Financial Supervisory Commission (hereinafter, the “FSC”) rendered the Jin-Guan-Zheng-Tou-1060021744 Directive of June 30, 2017 (hereinafter, the “Directive”) to relax the restrictions on an investment trust enterprise’s investment funds to allow its own capital to be used […]

2017 年 8 月 31 日

Relevant requirements are eased so that the term of lease of a securities firm’s idle assets may be negotiated between the securities firm and the lessee on their own with no reporting requirement(Taiwan)

2017.6.15 Melanie Lo The Financial Supervisory Commission issued the Jin-Guan-Zheng-Chuan-1060015654 Circular of June 15, 2017 (hereinafter, the “Circular”) to ease relevant requirements so that the term of lease of a securities firm’s idle assets may be negotiated between the securities […]

2017 年 8 月 31 日

With respect to trading of non-structural derivative financial products by non-professional investors, a bank is required to issue hedging and non-hedging transaction limits separately(Taiwan)

2017.6.20 Teresa Huang The Financial Supervisory Commission issued the Jin-Guan-Yin-Wai-10600064741 Circular of June 20, 2017 (hereinafter, the “Circular”) to require that with respect to trading of non-structural derivative financial products by non-professional investors, a bank is required to issue hedging […]

2017 年 8 月 31 日

Rules and guidelines for anti-money laundering for certified public accountants were prescribed to specifically stipulate seven suspicious types of transaction which shall be reported by certified public accountants (Taiwan)

2017.6.26 Sophia Tsai The Financial Supervisory Commission promulgated the Rules for Anti-money Laundering for Certified Public Accountants (hereinafter, the “Rules”), which consist of nine articles, via the Jin-Guan-Zheng-Shen-1060023292 Directive of June 26, 2017; and the Guidelines for Anti-money Laundering for […]

2017 年 8 月 8 日

Amendments to the Administrative Rules for Public Tender Offers for Securities of Public Companies (Taiwan)

Jenny Chen The Financial Supervisory Commission promulgated Articles, 14, 14-1 and 18 of the Administrative Rules for Public Tender Offers for Securities of Public Companies as amended (hereinafter, the “Rules”) via the Jin-Guan-Zheng-Jiao-1040051241 Directive of December 25, 2015. The amendments […]

2017 年 8 月 8 日

If both parties have agreed to the key provisions of a merger and acquisition agreement and if the subsequent process of executing the agreement and adopting a resolution is merely part of the gradual steps to complete the merger and acquisition procedure, it should be deemed that the determination criteria for material information and specificity and clarity thereof are met(Taiwan)

Teresa Huang The Supreme Court rendered the 104-Tai-Shang-3877 Criminal Decision of December 17, 2015 (hereinafter, the “Decision”), which contained the following facts. WK Associates Ltd. (hereinafter, “WK”) actually operated and controlled by Wen-Chang Ko was a juristic shareholder of Taiwan […]

2017 年 8 月 8 日

Investment-linked insurance sold by offshore insurance units is limited to products denominated by foreign currencies(Taiwan)

Melanie Lo The Financial Supervisory Commission issued the Jin-Guan-Bao-Shou-10400954511 Directive of December 23, 2015 (hereinafter, the “Directive”) to interpret the requirement that the investment-linked insurance sold by offshore insurance units, the linked investment objects, and the scope of the utilization […]

2017 年 8 月 8 日

Since the insured had sought to obtain insurance indemnity to resolve her economic difficulties by hiring a killer to murder her, she died of suicide rather than any accident(Taiwan)

Lenore Chen The Taiwan High Court rendered the 103-Bao-Xian-Shang-5 Civil Decision of December 23, 2015 (hereinafter, the “Decision”), holding that since the insured had sought to obtain insurance indemnity to resolve her economic difficulties by hiring a killer to murder […]

2017 年 8 月 8 日

Official Reply of the State Council to the Overall Proposal for the Pilot Reform Program to the Separate of Business Certificates and Licenses in the Shanghai Municipality(Mainland China)

James Cheng On December 22, 2015, the State Council adopted its official reply to the Overall Proposal of the Pilot Reform Program to the Separation of Business Certificates and Licenses in the Shanghai Municipality the ” Proposal”), in which the […]

2017 年 8 月 8 日

Circular of the Shanghai Branch of the State Administration of Foreign Exchange on Issuing Detailed Rules to Further Promote the Implementation of Pilot Foreign Exchange Reform Progra in the China (Shanghai) Pilot Free Trade Zone(Mainland China)

Zoe Qiao On December 17, 2015, the Shanghai Branch of the State Administration of Foreign Exchange issued the Circular on Issuing Detailed Rules to Further Promote the Implementation of Pilot Foreign Exchange Reform Progra in the China (Shanghai) Pilot Free […]

2017 年 8 月 8 日

Opinions of the State Administration for Industry and Commerce on the Administrative Work in Expanding Deregulation on the Application of Taiwan Residents for Registration as an Individual Industrial/Commercial Business Owner(Mainland China)

Zoe Qiao On December 28, 2015, the Administration for Industry and Commerce promulgated the Opinions on the Administrative Work in Expanding Deregulation on the Application of Taiwan Residents for Registration as an Individual Industrial/Commercial Business Owner (hereinafter, the “Opinions”) primarily […]

2017 年 8 月 8 日

Securities firms which are licensed to handle bond underwriting business (including operators operating such business concurrently) may elect to conduct financial planning, assessment and consulting business concerning the placement and issuance of international bonds(Taiwan)

Melanie Lo The Central Bank issued the Tai-Yang-Wai-Seven-1050012223 Circular of March 15, 2016 (hereinafter, the “Circular”) to communicate the requirement that securities firms which are licensed to handle bond underwriting business (including operators operating such business concurrently) may elect to […]

2017 年 8 月 8 日

Preferred shares with no equity characteristics which are offered and issued under the Taipei Exchange Regulations Governing the Conduct of Equity Crowdfunding by Securities Firms are other marketable securities within the meaning of Article 22, Paragraph 1 of the Securities and Exchange Act(Taiwan)

Angela Wu The Financial Supervisory Commission issued the Jin-Guan-Zheng-Fa-10500083701 Circular of March 31, 2016 (hereinafter, the “Circular”) to communicate the stipulation that preferred shares with no equity characteristics which are offered and issued under the Taipei Exchange Regulations Governing the […]

2017 年 8 月 8 日

If a contract is renewed based on an automatic renewal provision in the original contract, the applicant is no longer required to fulfill the obligation to state the facts truthfully upon execution of the contract after the information communicated by the applicant when the original contract is executed is accepted by the insurer(Taiwan)

Teresa Huang The Tainan Branch of the Taiwan High Court rendered the 104-Bao-Xian-Shang-Yi-7 of March 24, 2016 (hereinafter, the “Decision”), holding that if a contract is renewed based on an automatic renewal provision in the original contract, the applicant is […]

2017 年 8 月 8 日

Based on the principle of fairness, the burden of proof on the beneficiary of an accident injury insurance contract should be reduced. As long as the insured does not die of aging, illness and bacterial infection, the cause of death should basically be accident.(Taiwan)

Lenore Chen The Taiwan High Court rendered the 103-Bao-Xian-Shang-1 Civil Decision of March 8, 2016 (hereinafter, the “Decision”), holding that based on the principle of fairness, the burden of proof on the beneficiary of an accident injury insurance contract should […]

2017 年 8 月 8 日

The Ministry of Economic Affairs interpreted the relevant requirements for a shareholder’s request that the company should purchase his/her shares upon the merger or acquisition of the company((Taiwan)

Angela Wu The Ministry of Economic Affairs rendered the Jing-Shang-10502016270 Circular of March 21, 2016 (hereinafter, the “Circular”) to interpret Article 12 of the Business Mergers and Acquisitions Act to address issues relating to a shareholder’s request that the company […]

2017 年 8 月 8 日

If an insurance agent can freely decide the specifics of the insurance solicitation service to an insurance company and receive compensation based on the completion such service, the relationship between the insurance agent and the insurance company shall be considered that of a contractor(Taiwan)

Ankwei Chen The Taiwan High Court rendered the 104-Zhong-Lao-Shang-27 Civil Decision on February 2, 2016 (the “Decision”), in which it held that if an insurance agent can freely decide the specifics of the insurance solicitation service to an insurance company […]

2017 年 8 月 8 日

To determine if a security is purchased for a high price illegally, attention should be paid to the bid price of the actor and the purchase price in the market rather than a comparison with the market selling price(Taiwan)

Teresa Huang The Taiwan High Court rendered the 104-Jin-Shang-Su-44 Criminal Decision of January 12, 2016 (hereinafter, the “Decision”), holding that to determine if a security is bought for a high price illegally, attention should be paid to the bid price […]

2017 年 8 月 8 日

Relevant Provisions of the Financial Supervisory Commission on Investment in Overseas Real Estate Investment Trust Funds (Taiwan)

Young Zheng The Financial Supervisory Commission prescribed the relevant provisions on investment in foreign real estate investment trust funds relating to the objects “which may be invested or used subject to the approval of the competent authority” under Article 17, […]