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Recent Regulatory Amendments

Amendments to Article 3 and 4 of the "Regulations Governing the Establishment and Compliance Matters of Offshore Banking Branches" and Article 11 of the "Offshore Banking Act Enforcement Rules"

The FSC amended Article 3 and 4 of the aforementioned Regulations along with the Central Bank of the Republic of China (Taiwan) on November 11, 2019 in order to align with the amendments to the Company Act that removed the provisions governing the criteria for recognition of foreign companies in Taiwan, which were introduced on November 1, 2018. According to the amendments, the text “the agents designated for litigious and non-litigious matters in the R.O.C.” in Articles 3 and 4 of the Regulations is replaced by “responsible person designated as the representative in the R.O.C.” and the text “(shall) apply for recognition according to the Company Act” is removed. Meanwhile, the FSC has also introduced the amendment to Article 11 of the aforementioned Enforcement Rules for removal of the text about the requirement for recognition of the R.O.C. government.

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Visitor: 2606   Update: 2020-01-14