The Financial Supervisory Commission is an independent government agency subordinate to the Executive Yuan

Executive Yuan

The Executive Yuan is the executive branch of the government of the Republic of China , commonly known as "Taiwan".-Organization and structure:...

 of the Republic of China

Republic of China

The Republic of China , commonly known as Taiwan , is a unitary sovereign state located in East Asia. Originally based in mainland China, the Republic of China currently governs the island of Taiwan , which forms over 99% of its current territory, as well as Penghu, Kinmen, Matsu and other minor...

. It is responsible for regulating

Financial regulation

Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system...

 securities markets (including the Taiwan Stock Exchange

Taiwan Stock Exchange

The Taiwan Stock Exchange Corporation is a financial institution, located in Taipei 101, in Taipei, Taiwan. The TSEC was established in 1961 and began operating as a stock exchange on 9 February 1962...

 and the Taiwan Futures Exchange

Taiwan Futures Exchange

The Taiwan Futures Exchange was established in 1998. It offers futures and options on major Taiwan stock indices, government bond futures, equity options and 30-day CP interest rate futures....

), banking, and the insurance sector.

Its main office is located in Banqiao District

Banqiao District

Banqiao District is the city seat of New Taipei in northern Taiwan . It has the third highest population density in Taiwan. It was formerly the 22nd densest city in the world, with over 24,000 people per square km...

, New Taipei City.

The commission has faced frequent changes in leadership in its short history, due to scandals and crises which began when its first chairperson was removed from his position due to corruption.

History

It was created on 1 July 2004 to unify several previously separate regulatory authorities which separately supervised different sectors of the finance industry. Prior to the actual creation of the commission, several alternative structures for regulatory agency reform had been proposed, including a purely non-governmental commission, as well as the establishment of both a governmental regulatory agency and non-governmental supervisory commission; the choice of a purely governmental commission was finalised in 2003 by the Legislative Yuan

Legislative Yuan

The Legislative Yuan is the unicameral legislature of the Republic of China .The Legislative Yuan is one of the five branches of government stipulated by the Constitution of the Republic of China, which follows Sun Yat-sen's Three Principles of the People...

.

The reasons for the creation of the umbrella independent financial regulator was due to:

1. Financial convergence and cross-market business - market has evolved and became more complex to manage
2. Single financial regulator - one stop shop for regulating all securities and investments.
3. Independent Authority at Cabinet Level - experts in their field without political interference
4. Stronger Law Enforcement - cross referencing cases and building stronger case for misconduct

Bureaus

• Banking Bureau
• Securities and Futures Bureau
• Insurance Bureau
• Financial Examination Bureau

Departments

• Department of Planning
• Department of International Affairs
• Department of Legal Affairs
• Department of Information Management

Other support units

List of commissioners

Present commissioners as of 9 July 2010:

• Chairperson Chen, Yuh Chang
• Political Vice Chairperson Lee, Jih-Chu
• Administrative Vice Chairperson Wu, Tang-Chieh
• Hsieh,Yi-Hong
• Lin, Jan-Juy
• Yang, Ya-Hwei
• Yeh, Yin-Hua
• Tsai, Tzong-Rong
• Liu, Chi-Chun

Former chairpersons:

• Kong Jaw-sheng (1 July 2004 - 12 May 2006), who was removed from his position on charges of corruption
• Lu Daung-yen (acting chairperson, 12 May 2006 - 4 August 2006)
• Shih Jun-ji (4 August 2006 - 22 January 2007), resigned due to a run
  Bank run
  A bank run occurs when a large number of bank customers withdraw their deposits because they believe the bank is, or might become, insolvent...
  
   on Rebar Chinese Bank
  Rebar (Taiwan)
  The Rebar Group of Taiwan is a large corporation involved in domestic textiles, construction, hotel/real estate, retail services, vehicle/building insurance, banking, and media....
  
  

Department Heads

Director General of Banking Bureau

• Kuei, Hsien-Nung

Director-General of Securities and Futures Bureau

• Lee, Chi-Hsien

Director General of Insurance Bureau

• Huang, Tien-Mu

Director General of Financial Examination Bureau

• Jong, Huey-Jen

See also

• Economy of Taiwan
  Economy of Taiwan
  Taiwan has a developed capitalist economy that ranks as the 19th largest in the world by Purchasing power parity and 24th in nominal GDP of investment and foreign trade by the Republic of China government which governs Taiwan. In keeping with this trend, most large government-owned banks and...
  
  
• List of financial regulatory authorities by country
• Regulatory agency
• Securities Commission
  Securities Commission
  Securities Commission a statutory body entrusted with the responsibility of regulating and systematically developing the capital markets in Malaysia.-History:...
  
  
• Statutory authority
  Statutory authority
  A statutory authority is a body set up by law which is authorised to enforce legislation on behalf of the relevant country or state. They are typically found in countries which are governed by a British style of parliamentary democracy. They are common in the UK, Australia, New Zealand etc but...
  
  

External links

• Official homepage (Chinese)
• Official homepage (English)