September 8, 2004
The Securities & Futures Bureau of the Financial Supervisory Commission (FSC) has issued a public announcement that says foreign investors commission local securities companies or financial institutions to administer a custodial account through which to sell and purchase Taiwan stocks.
Funds deposited in such an account will not be included in the total of amount of funds remitted into Taiwan by an investor. The new rules are expected to alleviate some of the risk involved in the remitting funds for the purchase of Taiwan stocks, and will stabilize the market.
The Bureau also indicated that the opening of accounts through local agents would simplify procedures as well as the documentation that domestic financial institutions require foreign investors to supply, such as records of boards of directors meetings.
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