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Enforcement Letter

 
Organisation: Financial Supervisory Commission
Issue No.: Financial-Supervisory-Securities-Corporate-1070345233 
Issue Date: 2018/12/19
Content:     Order of the Financial Supervisory Commission

    Issue date: 19 December 2018
    Issue no.: Financial-Supervisory-Securities-Corporate-1070345233

  1. Pursuant to Article 14-2 of the Securities and Exchange Act, any financial holding company, bank, bill finance company, insurance company, securities investment trust company, or integrated securities firm, that has issued stock in accordance with the Act, and all TWSE or TPEx listed futures commission merchants, as well as all TWSE or TPEx listed non-financial-sector companies, shall provide in their articles of incorporation for the appointment of independent directors. Non-financial-sector Emerging Stock companies shall, beginning from 1 January 2020, provide in their articles of incorporation for the appointment of independent directors. The aforesaid companies required to appoint independent directors shall have independent directors numbering not fewer than two, and furthermore not fewer than one-fifth of the number of directors' seats.
  2. Pursuant to Article 181-2 of the Securities and Exchange Act, in the case of an Emerging Stock company that is required to appoint independent directors beginning from 1 January 2020 under the preceding point, if the terms of the company's current directors and supervisors have not yet expired in 2020, the requirement of the preceding point may be applied from the time of expiration of the terms currently being served.
  3. This order is effective from this day forward. FSC Order No. Financial-Supervisory-Securities-Corporate-1020053112 of 31 December 2013 is repealed from this day forward.

    Originals: To be posted on the public notice boards of the Financial Supervisory Commission (FSC) and the Securities and Futures Bureau of the FSC
    Copies: Legal Affairs Committee, Executive Yuan; FSC (Department of Legal Affairs; Department of Information Management); FSC Banking Bureau; FSC Insurance Bureau; FSC Financial Examination Bureau; Taiwan Stock Exchange Corporation; Taipei Exchange; Lex Data Information Inc.; Root International Information Co., Ltd.; Winkler Partners, Attorneys at Law