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Approved foreign exchange business in July 2019

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                Release Date: August 12, 2019

                                

Approved foreign exchange business in July 2019

In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:

1.     MUFG Bank Taipei Branch and Mizuho Bank Taipei Branch to authorize designated branches to recommend foreign exchange derivatives.

2.     Taishin International Bank to engage in principal protected callable structured products composed of foreign currency interest rate swaps, foreign currency interest rate swaptions, and foreign currency equity options linked to foreign currency principals.

3.     KGI Securities to engage in wealth management business by means of NTD or foreign currency semi-discretionary individually managed money trust.

4.     Waterland Securities to engage in foreign securities trading business provided such trading is neither an investment of proprietary funds nor done to meet hedging purposes.

5.     Taiwan Cooperative Securities Investment Trust Co., Ltd. to act as a single master agent in offering and selling offshore funds in Taiwan.

6.     UBS Asset Management (Taiwan) Ltd. to handle public offers or private placement of funds denominated in foreign currencies (including Renminbi).

7.     Jih Sun Futures Co., Ltd. to accept the designation of overseas Chinese and foreign nationals to conduct foreign currency discretionary investment business.

8.     Five branches of two banks to operate foreign exchange business. As of the end of July 2019, there were 3,455 authorized banks, including 3,417 domestic banks, 3 Mainland banks, and 35 foreign banks.