Important Measures in April 2007
PRESS RELEASE Release Date: May 14, 2007
Important Measures in April 2007
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank announced the following measures in April 2007:
1.Against the backdrop of the globalization and liberalization of the financial services industry in Taiwan, non-bank financial institutions also have the need to engage in the foreign exchange business. Given the size and scope of the insurance industry, the Bank promulgated "Regulations Governing Foreign Exchange Business of Insurance Enterprises" on April 23, 2007, covering both foreign currency investment-linked insurance policies and foreign currency non investment-linked insurance policies (also known as traditional insurance policies in Taiwan).
2.Approved Mega International Commercial Bank to commence internet banking business involving foreign currencies.
3.Approved Bank of America, Taipei Branch to commence foreign exchange business through internet instructions.
4.Authorized banks are allowed to operate foreign currency dominated domestic equity-related derivatives business effective April 16, 2007.
5.Approved Citigroup Global Markets Inc. to act as offshore funds' domestic trustee to manage the sale of funds to specific clients privately.
6.Autorized 4 branches of 4 banking enterprises to operate the full range of foreign exchange business. In addition, 2 branches of 2 banking enterprises were approved to sell/buy foreign currency banknotes and traveler's checks. As of the end of April 2007, there were 1,161 authorized foreign exchange banks, including 1,094 domestic banks and 63 foreign banks.