April 28, 2006
The Securities and Futures Investors Protection Center (SFIPC) of Taiwan and the Securities Investor Protection Corporation (SIPC) of the US signed a Memorandum of Understanding. The MOU–the first of its kind signed by the SFIPC – paves the way for the two organizations to hold exchanges of relevant information designed to protect investors.
Taiwan's Financial Supervisory Commission stated on April 9 that it had given its consent to the signing of the MOU. Created under US investor protection laws, SIPC is a non-profit organization that represents customers of failed securities brokerage firms by acting as a trustee or liaison to recover lost funds.
The contents of the MOU include a call for regular bilateral exchanges and establishment of communications channels; cooperation in handling of cross-border compensation claims involving member-securities brokers; official and non-official authorization for both parties to represent each other in accordance with their respective investor protection laws; and third-party services for investors, insolvent businesses, and government agencies.
(Economic Daily News)
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