碩士 / 東吳大學 / 法律學系 / 102 / Since the Offshore Banking Act (the Act) was amended in 2013, securities firms in Taiwan are able to conduct international securities business in accordance with the Act in the same manner as banks. The purpose of the Act is to establish a regional financial center, which makes it a policy act to facilitate a government policy. The objective of this study is to explore potential problems arising from firms being governed by the Act and related laws as well as administrative orders. The focus of the study is the adequacy of the laws and regulations in practice.
The study compares domestic and foreign laws in terms of legislative background and explores the Act from the aspects of financial regulations and regulatory trends. It also analyzes the advantages and disadvantages of the clauses through direct comparison. Financial laws need to complement the financial environment. As the scope of financial services and the number of institutions grow, administrative orders are needed at times to provide supplemental information regarding the laws. Hence, certain principles of administrative law are also applied in the study.
The Act does not differentiate between the characteristics of banks and those of securities firms. Adding international securities business to the Offshore Banking Act, which formerly applied only to banks, is similar to imposing regulations on entities with different attributes and may cause controversy over the issue of fairness. In addition, the range of international securities business made available to onshore investors is not significantly different from the existing domestic range. Most of the counterparts of the international securities business under the Act in Japan, Korea, Hong Kong and Singapore have been deregulasted with respect to foreign exchange controls. These countries also allow securities firms to conduct omnibus account management services, affording the firms a broader range of business. Onshore and offshore investors will be able to choose better investment vehicles as capital flows freely across borders. Government agencies’ failure to take aggressive action and imposing too much interference in economic activities, combined with an unclear scope of the applicability of the law, are preventing the Act from achieving effective results.
Financially developed countries such as the United Kingdom and the United States do not reject financial innovation despite the recent financial crises, and are continuing with financial reform regardless. They are also putting more emphasis on coordination and communication among regulators. In addition, an approach to financial reform that moves away from direct controls to indirect controls can provide a basis of jurisprudence for legislative changes in Taiwan. Under the current legislative and administrative frameworks in Taiwan, most of the laws are devised narrowly for specific issues, and it is difficult to establish a set of complete and systematic financial regulations. Furthermore, the Act is jointly regulated by the Financial Supervisory Commission and the Central Bank of the Republic of China, which can cause inconsistency in communication or regulatory objectives.
There is a need to create a market-based, risk-oriented regulatory system in Taiwan, which will “impose differentiated regulatory measures based on size, relevance and complexity” on financial institutions. This study recommends that regulators establish a clearly defined hierarchy of authority, reclassify professional investors, and reinforce functions of self regulatory organizations. Reducing government interference is the only effective way to achieve financial deregulation.
Key words: Financial Regulations, Financial Supervision, Offshore Banking Act, Offshore Financial Center, International Securities Business
| Identifer | oai:union.ndltd.org:TW/102SCU00194093 |
| Date | January 2014 |
| Creators | Lin, Te Jen, 林德仁 |
| Contributors | Ta-wei Kuo, 郭大維 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 116 |
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