Chairman Huang Tianmu of the Financial Supervisory Commission to step down? Insider reveals: New chairman to become a highlight of the cabinet, media never reported.
News Report: FSC Chairman Huang Tien-mu May Step Down Due to Previous Sheraton Banquet Incident, to Be Replaced by a New Face Who Has Never Been Reported by the Media. It is understood that the new chairman will prioritize key tasks such as “international convergence of life insurance”, “financial penalty formulation”, and “fight against financial fraud”.
Warning: This news is sourced from New News Report and can only be considered as a reference until the new cabinet member list is announced.
Table of Contents:
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FSC Chairman Huang Tien-mu May Step Down
Three Major Tasks for the New Chairman
Sheraton Banquet Incident
Will it Affect the Enactment of the Cryptocurrency Act?
According to sources quoted by New News, the high-level officials at the Presidential Office, who were originally undecided about whether to reappoint FSC Chairman Huang Tien-mu, seem to have made a decision on this matter after the Sheraton banquet incident last month.
He revealed that Huang Tien-mu may be forced to step down due to this incident, and the new chairman will be a young and previously unreported candidate. The new FSC chairman will become a highlight in Premier Su Tseng-chang’s cabinet, bringing a new atmosphere.
At the age of 66, Chairman Huang Tien-mu has become the longest-serving FSC chairman in history, with a term of 3 years and 11 months. He is also the only chairman in the 20-year history of the FSC to supervise all four bureaus (Banking Bureau, Insurance Bureau, Securities and Futures Bureau, and Inspection Bureau).
The source further stated that the new FSC chairman will face three major tasks, including resolving the international convergence of the life insurance industry, formulating financial penalties, and combating financial crimes.
Life Insurance Convergence: It is necessary to ensure that 21 domestic life insurance companies with different natures and scales can effectively comply with and converge with the two major international systems IFRS17 and ICS.
Penalty Formulation: Adjustment of inspection and penalty measures for financial crimes, rather than just imposing high fines that indirectly penalize shareholders.
Financial Fraud: Effective prevention of financial fraud and other criminal activities in the next one to one and a half years.
It is understood that during the luncheon held at Sheraton on March 26th, the convener of the Legislative Yuan Finance Committee, Luo Ming-cai, intervened and asked the Insurance Bureau of the FSC to invite chairpersons of life insurance companies to have lunch with members of the Legislative Yuan. During the banquet, there were even situations of introducing connections between politicians and business people.
The above content was confirmed during the Legislative Yuan Finance Committee’s inquiry session held on April 1st from 11:04 am to 11:08 am, which raised questions about the independence of the FSC and its proper execution of regulatory responsibilities:
From the perspective of the FSC, the convener requested us to arrange for (life insurance companies) to meet with the new members of the Finance Committee. I think we should try to handle this opinion.
As the FSC chairman, Huang Tien-mu’s prior knowledge and assistance in organizing the luncheon were deemed as inappropriate intervention. On the one hand, it exposed possible issues in the FSC’s relationship with political figures, and on the other hand, it damaged public trust in the FSC, becoming one of the triggers for Huang Tien-mu’s resignation.
Last month, Huang Tien-mu revealed that the FSC plans to propose a cryptocurrency-specific law in September this year. The aim is to more effectively regulate the cryptocurrency market and ensure that investors are protected from fraud risks.
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FSC Chairman announces the proposal of a cryptocurrency law in September, is it possible to have a “Bitcoin ETF”?
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Now, with the end of the term nearing on May 20th, the internal reshuffle at the FSC will inevitably also affect the enactment of cryptocurrency-related laws.
However, with the official establishment of the Virtual Currency Business Association and the previous recruitment notice for research talents by the FSC’s Securities and Futures Bureau, it is not difficult to see that the FSC is working on strategies to deal with the rapidly developing cryptocurrency field and the emerging regulatory challenges.
Taiwan cryptocurrency law
FSC
Huang Tien-mu
Further reading:
Taiwanese legislators propose national-level AI warning system to strengthen virtual asset supervision, Executive Yuan to propose anti-fraud law in April.
“Buffett buys back TSMC” April Fools’ joke by internet celebrity sparks international controversy, FSC: The maximum fine is 200 million.
