Important Measures in May 2008
PRESS RELEASE Release Date: June 12, 2008
Important Measures in May 2008
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank took the following measures in May 2008:
1. Approved The Shanghai Commercial & Savings Bank to commence internet banking business involving foreign exchange with the value equal to or over New Taiwan dollars 500,000.
2. Approved First-Aviva Life Insurance Co. to conduct both investment-linked insurance business settled in foreign currencies and foreign currency loans secured by investment-linked insurance policy.
3. Approved Shinkong Investment Trust Co. to act as a single master agent for DWS Investment S.A. in offering and selling offshore funds in Taiwan.
4. Allowed the following authorized banks to conduct foreign exchange derivatives business via the negative list approach:
（1）Taipei Fubon Commercial Bank ：FCY Structured Products composed of FCY Time Deposits linked to FCY Commodity Options, FCY Commodity Options and FCY Commodity Swaps respectively.
（2）Jih Sun International Bank：IRS Quanto Swaps without involving NTD.
5. Authorized 6 branches of 3 banking enterprises to operate the full range of foreign exchange business. As of the end of May 2008, there were 1,262 authorized foreign exchange banks, including 1,178 domestic banks and 84 foreign banks. In addition, 14 branches of 6 banking enterprises were approved to sell/buy foreign currency banknotes and traveler’s checks.