1.    FSC Issues Order Authorizing Permitted Business Operation Under Article 4, Paragraph 3, Subparagraph 3 of the Securities Investment Trust and Consulting Act

To support the FSC's initiative to promote Taiwan as an Asian asset management hub and to generate added value for securities investment consulting enterprises (SICEs), the FSC, on 30 December 2024, issued an order under Article 4, paragraph 3, subparagraph 3 of the Securities Investment Trust and Consulting Act permitting SICEs (including securities investment trust enterprises concurrently operating SICE business) to apply, by submitting required documents, for approval to operate family office integration consulting business, and shall be operated in compliance with relevant legal requirements. 

2.    FSC Publicly Announces Japan as a recognized place for Offshore ETF registration and Fund Managers  

To meet the needs of the Taiwan public for global asset allocation, and after negotiation between the Taiwan Stock Exchange and the Japan Exchange Group, the two sides expressed a willingness to promote mutual ETF listings, the FSC on 19 December 2024 publicly announced that Japan is a recognized place for offshore ETF registration and fund managers. This recognition paves the way for cross-listing of Taiwan and Japan ETFs on each other's exchanges, which will expand opportunities for Taiwanese enterprises to pursue business in overseas markets and provide investors with more diversified product choices.

3.    FSC Opens Up Active ETFs and Passive Multi-Asset ETFs through Amendments to the Regulations Governing Securities Investment Trust Funds, the Regulations Governing Information to be Published in Prospectuses by Securities Investment Trust Enterprises Offering Securities Investment Trust Funds, and the Standards Governing Eligibility of Securities for Margin Purchase and Short Sale

In order to promote the development of Taiwan's asset management market, introduce diversified financial products, and provide investors with diverse investment products, the FSC amended and issued the above regulations on 25 December 2024, officially opening up active exchange-traded funds (active ETFs) and specifying related legal compliance requirements, as well as relaxing regulations on passive exchange traded funds (passive ETFs), which may now include both stocks and bonds among their underlying securities. Meanwhile, to harmonize with Article 156 of the Company Act, the FSC also amended relevant provisions of the Standards Governing Eligibility of Securities for Margin Purchase and Short Sale applicable to TWSE and TPEx listed shares with no par value or a par value other than NT$10 per share. 

4.    FSC Amends the Regulations Governing the Conduct of Discretionary Investment Business by Securities Investment Trust Enterprises and Securities Investment Consulting Enterprises

To increase the operational flexibility of Securities Investment Trust Enterprises and Securities Investment Consulting Enterprises in utilizing discretionary investment assets of customers, and to attract domestic and foreign institutional investors to place assets under discretionary investment arrangements with Taiwan enterprises and expand the scale of asset management business in Taiwan, the FSC, on 24 December 2024, amended Article 17 of the Regulations Governing the Conduct of Discretionary Investment Business by Securities Investment Trust Enterprises and Securities Investment Consulting Enterprises, deleting the pre-amendment restriction that the aggregate investment on behalf of all discretionary investment accounts of a securities investment trust enterprise or securities investment consulting enterprise in the shares of stock of any single company may not exceed 10 percent of the total number of shares issued by that company.

5.    FSC Issues Amendment to the Regulations Governing CPA Continuing Professional Education and Amended Order Regarding On-the-Job Training for CPAs and Dedicated Persons Under Article 5, Paragraph 2 of the Regulations Governing Anti-Money Laundering and Countering the Financing of Terrorism for Certified Public Accountants

To strengthen the self-regulation of CPAs and harmonize with international practice, the FSC issued an amendment to the Regulations Governing CPA Continuing Professional Education on 9 December 2024. The amendment requires CPAs, beginning from 1 January 2025, to take not less than 3 hours of continuing professional education in the CPA code of professional ethics every 2 years. The amendment also expands the channels available to CPAs for continuing professional education in anti-money laundering. The FSC also issued related supporting amendments on 25 December 2024 in an Order regarding on-the-job training for CPAs and dedicated persons under Article 5, paragraph 2 of the Regulations Governing Anti-Money Laundering and Countering the Financing of Terrorism for Certified Public Accountants.