Amendments to the Directions Governing Banking Enterprises for Operating Foreign Exchange Business
On 30 July 2015, the Central Bank announced amendments to the Directions Governing Banking Enterprises for Operating Foreign Exchange Business ("Directions"). Pursuant to new Directions, foreigners and national of People's Republic of China ("PRC") who do not hold resident certificate but open foreign currency deposit account with Designated Foreign Exchange Bank in accordance with relevant regulations of Financial Supervisory Commission are now qualified to apply for, as the trustor, foreign-currency non-discretionary trust funds for investment in foreign securities.
This amendment enables overseas visitors to purchase financial products and attracts funds into Taiwan. As it is relatively difficult for nationals of PRC to purchase offshore funds in PRC, tourists from PRC will be the one of the major target customer segment for Taiwanese banks.
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