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Financial Supervisory Commission

I. Preface

The Financial Supervisory Commission (FSC) was officially established on July 1, 2004, in part to stay in line with the rest of the developed world (where one nation after another in recent years has established a single financial supervisory authority to consolidate the oversight of banking, securities, and insurance), and to meet the needs of Taiwan's financial institutions operating in cross-sector businesses. As a result, Taiwan's former system of sector regulations, with different regulatory authorities in charge of supervision and examination for the separate arms of the financial sector, was replaced by a single unified system under the FSC. The FSC is now the competent authority of the Compulsory Automobile Liability Insurance. The establishment of the FSC signifies more than just the transfer or consolidation of financial regulation. It represents the birth of a new service-driven culture of financial supervision in Taiwan.

On February 3, 2010, the Organic Act of the Executive Yuan was amended and stipulated that the FSC is one of the Commissions belonging to the Executive Yuan. After that, the former organic act of the FSC was amended also and renamed as "the Organic Act of Governing the Establishment of the Financial Supervisory Commission" (the "FSC Organic Act"). It was passed by the Legislative Yuan on June 14, promulgated by the President on June 29, 2011, and implemented by the Executive Yuan on July 1, 2012.

II. Organizational structure

As required under the FSC Organic Act, the FSC has the chairperson, the vice chairpersons and the chief secretary, and holds the commissioners' councils.

The FSC comprises four departments, four offices, four bureaus, a government-owned business, and two Representative Offices, as follows:

  • Departments: Planning; International Affairs; Legal Affairs; Information Management.
  • Offices: Secretariat; Personnel; Accounting; Civil Service Ethics.
  • Bureaus: Banking; Securities and Futures; Insurance; Financial Examination.
  • Goverment-owned business: Central Deposit Insurance Corporation.
  • Representative Offices: Representative Office in New York, Representative Office in London.