萬國法律事務所

Taiwan’s Financial Supervisory Commission (FSC) and National Communications Commission (NCC) have worked on proposing guidelines for stock market advisory TV programs. These guidelines were discussed by the Legislative Yuan’s Finance Committee on 27 September 2011.

According to FSC’s Securities and Futures Bureau Director-General Lee Chi-hisen (李啟賢), the stock market advisory TV program will be required to show warning sentences every 5 minutes. Lee said that the warning sentences would state: “The analyses offered here are simply a reference and investors should use their own judgment,” “Investors should be cautious about their investment and be aware of possible risks,” and “The program does not provide any analyses that aim to yield its own financial gains.”

The new guidelines also regulate the guests that will be invited to the program between 8AM and 2:30 PM, one hour before the stock exchange opens and one hour after the stock exchange closes. Only certificated securities analysts can be invited to the TV program during this period of time. Furthermore, the analysts’ names and qualifications will be disclosed on the viewer’s television screen.

Director Lee also announced that if an investment consultant violates these guidelines, a fine of up to NT$ 120,000 will be imposed. Moreover, if an individual violates the guidelines, such individual will be ordered to suspend further business.