The Financial Supervisory Commission (FSC) of Taiwan announced plans to impose tougher penalties on securities companies that breach the Securities and Exchange Act. The plans include increasing the minimum fine from NTW4.8m (US173,486) to NTW6m. The increased penalty will be for those securities companies that breach the Act due to issues such as poor internal controls or professional negligence. Additionally, the plan also includes requiring anyone who acquires more than 5% of a listed company’s shares to report the purchase to securities regulators and make a public announcement. Currently, only those who purchase 10% of a company’s share are required to disclose.
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