| Organisation |
| Organisation |
Order of the Financial Supervisory Commission |
| Issue No. |
| Issue No. |
Financial-Supervisory-Securities-Corporate 10703452331CH
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| Issue Date |
| Issue Date |
2018/12/19 |
| Content |
| Content |
Order of the Financial Supervisory Commission
Issue date: 19 December 2018
Issue no.: Financial-Supervisory-Securities-Corporate-10703452331
- Pursuant to Article 14-4 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 with paid-in capital of NT$2 billion or more, shall establish audit committees in lieu of supervisors. TWSE or TPEx listed non-financial-sector companies with paid-in capital of less than NT$2 billion shall, beginning from 1 January 2020, establish audit committees in lieu of supervisors. However, if all of the issued shares of an aforesaid financial-sector company are fully held by a financial holding company, the financial-sector company may choose either to establish an audit committee or to appoint supervisors.
- Pursuant to Article 181-2 of the Securities and Exchange Act, for companies at which the terms of the current directors and supervisors have not yet expired, the schedule for application of the preceding point shall be as follows:
- TWSE or TPEx listed non-financial-sector companies with paid-in capital of NT$2 billion or more but less than NT$10 billion shall have established audit committees by the end 2019.
- TWSE or TPEx listed non-financial-sector companies with paid-in capital of less than NT$2 billion shall, beginning from 1 January 2020, establish audit committees in lieu of supervisors. If the terms of the company's current directors and supervisors have not yet expired in 2020, this requirement may be applied from the time of expiration of the terms currently being served.
- This order is effective from this day forward. FSC Order No. Financial-Supervisory-Securities-Corporate-10200531121 of 31 December 2013 is repealed from this day forward.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
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