2012-03-05
Removal of Obstacle to Mergers Involving Government-owned Enterprises
In order to facilitate mergers and acquisitions of financial institutions, Taiwan’s FSC (Financial Supervisory Commission) recently submitted amendments to the Financial Institutions Merger Act to the Executive Yuan. The amendment remove the “second financial reform clause”, which currently requires financial institutions to make a special report to the Legislative Yuan regarding their mergers if 10% or more of the shares of such financial institutions are held by the Government.
The Minister of the Executive Yuan stated that the Government is obliged to create and maintain a better environment for mergers, and indicated that the current requirement does not facilitate the trend of more financial mergers. Therefore, the Minister asserted, the amendment is necessary for future development of Taiwan’s financial industry.
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