Regulatory Alerts2004-10-20
Added · Updated
Regulations Governing The Discretionary Foreign Currency Margin Trading Business Conducted By Authorized Banks
These regulations establish the framework for Authorized Banks to conduct discretionary foreign currency margin trading, requiring them to obtain prior approval from the Central Bank of the Republic of China (Taiwan) by submitting a business plan, board minutes, and compliance declarations. The rules mandate the creation of a dedicated unit separate from treasury and trust departments, enforce strict conflict of interest prohibitions, and require signed agreements with risk disclosures and a mandatory seven-day review period for clients. Operational conduct is further governed by guidelines developed by the Taipei Foreign Exchange Market Development Foundation in consultation with the R.O.C. Bankers Association, with disputes subject to mediation by the BAROC.
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