Taiwan

The amendments raise the limits on compensation that can be awarded in consumer disputes without being subject to appeal.

The new rules allow banks to use biometric authentication methods to fulfill identity authentication requirements for internet-based applications.

Under a new mechanism, listed companies would be able to secure approval for multiple batches of share issuances at once without having to apply for each one individually.

Banks have until 1 January to comply with the new rules, which seek to prevent the theft of client money by customer relationship managers.

The Finance Ministry reportedly called senior bank executives to suggest they buy shares to support the stock market, which fell for 9 days straight.

Securities firms will be allowed to offer foreign currency custody services at overseas branches with a net value of TWD 4 billion, compared to TWD 10 billion previously.

Three governmental agencies have agreed to extend the transaction tax cut for day trading after it expires at year-end.

The FSC will raise the compensation ceilings under which financial companies have to automatically accept settlement decisions.

In 2022, some listed companies will have to start disclosing uncertainties about their ability to continue as a going concern based on unaudited financial information.

The FSC says a key objective of the guidelines is to introduce innovative technology including big data analysis into the inspection process.