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Article NO. Content

Title:

Directions for the Conduct of Wealth Management Business by Securities Firms  CH

Amended Date: 2015.01.21 
34     For an application for a securities firm's head office or branch unit to conduct wealth management business by means of trusts, the securities firm shall apply for reissuance of the permission license within 6 months from the date the permission is granted. If the securities firm fails to apply for reissuance within the time period, the FSC may revoke the permission license. Notwithstanding the foregoing, where there is a legitimate reason, an application may be filed with the FSC before expiration of that period, for an extension of 6 months, to be granted only once.
    When applying for reissuance of the permission license, the securities firm shall submit the registration particulars of its head office or branch unit, together with other documents as required by FSC regulations, to the TWSE, which shall review them and forward a report to the FSC.
    A securities firm conducting wealth management business by means of trust shall, in addition to applying for reissuance of its permission license, complete the registration of its added lines of business in the FSC-designated Internet reporting system, pursuant to the requirements of the Regulations Governing the Concurrent Operation of Trust Business. Prior to the registration, the securities firm shall have both the general manager and the person in charge of legal compliance to verify that the lines of business to be registered comply with applicable laws and regulations, and shall prepare documentary proof of admission to membership in the Trust Association and that it has set aside compensation reserve fund pursuant to provisions of the Trust Enterprise Act. Concurrent operation of trust business shall be commenced only after the TWSE has reviewed the aforementioned documentation and forwarded a report to the FSC.
    Where the head office or branch unit of a securities firm fails to commence operations within 3 months from its receipt of the permission license, or where it has commenced operations but subsequently suspends them of its own accord for 3 months or longer, the FSC may revoke the permission license. However, this restriction shall not apply where there is a legitimate reason, and an extension has been approved by the FSC.