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Disclosure of Administrative Fines Imposed by the Banking Bureau on Financial Holding Companies, Banks, Bills Finance Companies, Trust Investment Companies, Credit Cooperatives, and Credit Card Companies
(23 November 2004)
Letter Ref. Jin-Kuan-Yin-(VI)-0936000660
Subject: When the FSC makes an administrative disposition to impose an administrative fine on a financial institution for violating a financial act or regulation, the FSC will immediately publish on its website the name of the financial institution subject to the disposition and a summary of the case. Please be advised and inform member institutions.
Statement:
1.Under the current rules for disclosure of administrative fines imposed on financial institutions for violation of a financial act or regulation, the FSC shall, for any major penalty measures resolved upon at an FSC Board of Commissioners meeting, publish the relevant information on its website during the next business day following the date on which the Board of Commissioners makes such disposition, as required by the Regulations Governing Public Disclosure by the Executive Yuan Financial Supervisory Commission of Major Penalty Measures for Violations of Financial Acts and Regulations adopted on 1 July of this year (2004) per Order No. Jin-Kuan-Fa-0930000010; in addition, the financial institution for its part shall, among matters requiring special notation, disclose any matter with respect to which "an administrative fine was levied on it for violation of a law or regulation" or for which it was subject to a "serious official reprimand," as required both by the current regulations governing information to be published in annual reports of financial institutions and by the provisions set out in the Ministry of Finance 23 February 2004 Order No. Tai-Tsai-Rong-(VI)-0936000140 requiring banks to make quarterly disclosures of relevant material financial and business information.
2.To further enhance the information transparency and market discipline of financial institutions, and to strengthen the mechanisms for compliance by financial enterprises with acts and regulations, if an administrative fine is imposed on a financial holding company, bank, bills finance company, trust investment company, credit cooperative, or credit card company for violation of any financial act or regulation, even if such fine is not a major penalty measures referred to in point 1 above, the FSC will at the time of making the administrative disposition immediately disclose the name of the financial institution subject to the disposition and a summary of the case on the FSC Banking Bureau's website. Please inform all member institutions and remind them to be attentive to compliance with acts and regulations.
In the event of any discrepancy between this English translation and the original Chinese text, the original text will take precedence. |