Under the proposed rules, Taiwanese banks will no longer have a monopoly on the $232 billion trust industry, Asian Investor reports.
August 2008 has been a truly auspicious month for the Taiwanese fund management scene. Never mind that global markets continue to slide.
In yet another move towards deregulation, Taiwans Financial Supervisory Commission (FSC) is about to end the monopoly of Taiwanese banks on the trust business and open up the industry to the islands fund players. Towards this end, the FSC has published Wednesday a set of 14 draft rules for industry consultation.
Under the proposed new framework, fund product manufacturers and fund distributor agents will both be allowed into the industry, provided that they meet the regulators licensing requirements, operational experience and investment manager qualifications.
The full story is available at the Asian Investors web-site.