Important Measures in August 2007
PRESS RELEASE Release Date: September 13, 2007
Important Measures in August 2007
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank took the following measures in August 2007:
1. In accordance with the recommendations made by FATF (Financial Action Task Force) to relax rules on remitter information, amendments to government regulations, and expansion of settlement methods of indirect trade between Taiwan and Mainland China, the Bank amended a number of articles of Directions Governing Banking Enterprises for operating foreign exchange business, effective on August 1, 2007.
2.Allowed Taishin International Bank to conduct FCY Commodity Forward Agreements via the negative list approach.
3.Approved Morgan Stanley Securities, PeiCheng Securities and AIG Securities to handle consigned trading of foreign securities.
4.Approved Aegon Life Insurance (Taiwan) Inc. and Manulife (International) Limited, Taiwan Branch to operate foreign currency loans secured by investment-linked insurance policy settled in foreign currencies.
5.Authorized 5 branches of 3 banking enterprises to operate the full range of foreign exchange business. As of the end of August 2007, there were 1,187 authorized foreign exchange banks, including 1,126 domestic banks and 61foreign banks. In addition, 3 branches of Taipei Fubon Commercial Bank were approved to sell/buy foreign currency banknotes and traveler's checks.