SERVING NOTICE:William Tseng said that the commission has developed a 12-step plan to bolster the financial industry. It includes some carrots and some bigger sticks
Date: May 13, 2015
By: Amy Su / Staff reporter
In a bid to maintain market order and improve the financial industry’s quality,
the Financial Supervisory Commission (FSC) is set to amend the Banking Act (銀行法) to add penalty provisions on domestic banks that launch price wars.
The move is part of a plan proposed by the commission yesterday to strengthen the nation’s financial infrastructure and raise the industry’s competitiveness.
“Under the fast-changing external environment, domestic financial institutions have to improve their conditions to further develop in Asia,” commission Chairman William Tseng (曾銘宗) told a news conference in Taipei.
The commission’s plan has 12 initiatives, which include various expectations for local players and a few mandatory regulations. [FULL STORY]