Taiwan

Eleven overseas firms offering securities investment trust funds in Taiwan will need to set up a local risk management department by end-2022.

The FSC says standardising the breach reporting time at 72 hours will improve the efficiency of managing fraud and data theft.

Greater flexibility is provided for securities investment trust funds to invest in IPO stocks, CoCo bonds and TLAC bonds.

Under two separate initiatives, eight foreign fund managers and four investment trust companies will receive preferential treatment for one year.

Eight crypto exchanges were asked to submit AML compliance statements to the regulator by the end of November.

The practice of allowing companies to go public without any actual business or revenue is in conflict with practices in Taiwan, said the FSC's Kuo Chia-chun.

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.