Taiwan Signed MOU with Luxemburg for Opening Markets Reciprocally.

The Financial Supervisory Commission (FSC) of Taiwan signed a memorandum of understanding (MOU) with the Commission de Surveillance du Secteur Financier (CSSF) of Luxemburg on 23 August 2010.  On the basis of principal of reciprocity, both sides are able to cooperate even more closely regarding enhancing bilateral supervisory cooperation on funds and bilateral market opening after carrying out regulatory mapping and signing of the MOU

The fund size of all offshore funds sold in Taiwan amounts to NT$2 trillion, among which 77% (or NT$1.6 trillion) were registered in Luxembourg.  With the signed MOU, if FSC has any doubt regarding the fund-management institution, they can request the governing authority of Luxemburg for assistance in investigating the institution in issue.  Therefore, the rights and interests of Taiwan investors will be better protected.  Taiwan fund issuing institutions can get their issued funds listed in Luxemburg for sale after singing the subject MOU with Luxemburg.

The FSC has already signed MOU with 42 supervisory authorities in 36 countries or territories respectively.  The FSC will continue its efforts to work on cross industries cooperation or cooperation with other financial supervisory authorities.  (2010.08)
/DC