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Summary: An Explanation Related to Regulations Governing the Implementation of Internal Control and Audit Systems by Financial Holding Companies
Issuing Agency: Financial Supervisory Commission, Executive Yuan
Date of Issue: January 9, 2007
Ref. No.: Jin-Kuan-Yin-(6)-Zi-09560006250
Content:
1. The term, “competent authority-designated institution[s]”, mentioned in Paragraph 1 of Article 20 of the “Regulations Governing the Implementation of Internal Control and Audit Systems by Financial Holding Companies” applies mutatis mutandis to institutions respectively designated (sanctioned) by the competent authorities in the fields of banking, insurance, securities and futures for holding professional training of internal audit personnel.
2. If internal audit personnel of a financial holding company participate in the professional training of internal audit personnel in the fields of banking, insurance, securities or futures held by the institution(s) designated (sanctioned) by the competent authority in accordance with the “Regulations Governing the Implementation of Internal Control and Audit Systems by Financial Holding Companies”, “Regulations Governing the Implementation of Internal Control and Audit Systems by Bills Houses“, “Regulations Governing Responsible Persons and Associated Persons of Securities Investment Trust Enterprises”, “Regulations Governing Responsible Persons and Associated Persons of Securities Firms”, “Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises” or “Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises”, and the number of hours of their participation has reached the limit provided in Paragraph 2 of Article 20 of the “Regulations Governing the Implementation of Internal Control and Audit Systems by Financial Holding Companies”, they are deemed to comply with the provision of the aforesaid regulations, that concerns mandatory annual participation in professional training. |