At the Taiwanese Executive Yuan meeting of February 21, the Financial Supervisory Commission (FSC) delivered a report on the recent meeting between securities regulators from Taiwan and mainland China, which Taiwanese Premier Jiang Yi-huah hailed as a breakthrough in financial supervisory cooperation. The January 29 meeting, held in Taipei by the FSC and the China Securities Regulatory Commission (CSRC), was the first of its kind on the cross-strait supervisory platform for securities and futures.
The premier asked the FSC to continue expanding financial exchanges with its mainland counterparts so as to build a robust and stable environment for securities and futures businesses on both sides. The FSC will also lay the groundwork and create conditions favorable to Taiwanese firms entering the mainland market.
In addition to regulatory cooperation, the premier asked the FSC to help facilitate cooperation between the two sides’ stock exchanges and futures exchanges.
With regard to negotiations on a trade in services pact under the Cross-Straits Economic Cooperation Framework Agreement, the FSC will add the items approved at the meeting to the pact’s schedule of specific commitments, and do so within the timetable set by the Ministry of Economic Affair (MOEA). Premier Jiang also asked the FSC to help amend regulations governing securities and futures transactions between Taiwan and the mainland, and to continue pushing for the listing of mainland-registered blue-chip Taiwanese businesses on Taiwan’s bourse.
The meeting was co-hosted by FSC Minister Chen Yuh-chang and CSRC Chairman Guo Shuqing with the chief purpose of implementing the cross-strait financial cooperation agreement and the memorandum of understanding on financial supervision. The two sides also agreed to meet on a regular basis to exchange views on market access policy coordination, securities and futures business operations, and supervisory laws and regulations.