The FSC has completed the advanced notice for the draft amendments to Article 5 of the “Regulations Governing Qualification Requirements and Concurrent Serving Restrictions and Matters for Compliance by the Responsible Persons of Banks," Article 6 of the "Regulations Governing Qualification Requirements for the Founder or Responsible Persons of Financial Holding Companies and Concurrent Serving Restrictions and Matters for Compliance by the Responsible Persons of a Financial Holding Company," Article 4 of the "Regulations Governing Required Qualifications for Responsible Persons and Required Trust Expertise or Experience for Operations and Managerial Personnel of Trust Enterprises," Article 6 of the "Regulations Governing the Responsible Persons and Business Staff Members of Bills Houses," and Article 13 of the "Regulations Governing the Qualifications and Election/Appointment of Membership Representatives, Directors, Supervisors and Managerial Officers of Credit Cooperatives" (hereinafter referred to as the "Regulations") which shall soon be promulgated and implemented.
The FSC explained that to help banks, financial holding companies, trusts, bills houses, and credit cooperatives increase their efficiency in the recruitment of diverse and multi/inter-disciplinary talents, the FSC has studied and referenced opinions of different sectors for the amendment of the Regulations governing the qualification requirements of responsible persons of banks, financial holding companies, trusts, bills houses, and credit cooperatives. The key points of the amendments included additional provisions on the qualification requirements of related responsible persons of financial institutions. Candidates with at least 10 years of experience working in professional field such as information science, technology, law, e-commerce, digital economy, finance and accounting, marketing, and human resources shall not require prior approval of the competent authority. However, the appointment of such professionals as responsible persons shall be restricted to work that involves their original field(s) of expertise. In addition, the amendment also adopted comments on the draft amendments and included the professional disciplines "finance and accounting, marketing, and human resources" into the provisions for compliance by the enterprises.
The FSC stated that the continuous innovations of emerging technologies have enhanced digitalization development in the finance industry. The increased importance of financial consumer protection has also broadened the scope of talent demand of financial institutions.
The amendment focuses mainly on the qualification requirements of related responsible persons of financial institutions and added the aforementioned professional disciplines with the aim of helping financial institutions recruit high-level financial professionals across different fields and disciplines, promoting the innovative development of financial institutions, and increasing competitiveness.
The general explanation of the amended articles and the table of comparison of the amended articles are provided.