Taiwan FSC Signs MOU with the CSSF
Yuh Chang Chen, Chairman of the Financial Supervisory Commission (FSC), signed a memorandum of understanding (MOU) with the Commission de Surveillance du Secteur Financier (CSSF) of Luxemburg on August 23, 2010.
Due to the need for internationalization of our financial industry and the fact that our citizens increasingly seek to make financial investments overseas, as a regulator, the FSC never forgets to make all possible efforts to actively overcome diplomatic obstacles and enhance bilateral supervisory cooperation with its worldwide counterparts.
All offshore funds sold in Taiwan, 77% (or NT$1.6 trillion) were registered in Luxembourg. We anticipate that the signing of the MOU will enhance bilateral supervisory cooperation and also protect our investors. In the future, the two sides will be able to cooperate even more closely after carrying out regulatory mapping and signing an MOU dealing specifically with supervision of offshore funds
Including this MOU, the FSC has signed MOUs with 42 supervisory authorities in 36 countries or territories. The FSC will continue its efforts to work on bilateral cooperation with other financial authorities.