1. TWSE's TIB and TPEx's PSB to Be Officially Launched and Open for Listing as of the Third Quarter of 2021
To assist the development of innovation industries, improve business fundraising channels, and expand the scale of Taiwan's capital market, the Financial Supervisory Commission (FSC) announced on 3 December 2020 that the Taiwan Stock Exchange Corporation (TWSE) and the Taipei Exchange (TPEx) will respectively launch the Taiwan Innovation Board (TIB) and the Pioneer Stock Board (PSB) under the Emerging Stock Market structure within Taiwan's multi-tiered capital market framework. The FSC, TWSE, and TPEx are currently in the process of drafting amendments to relevant laws, regulations, and rules, and the TWSE and TPEx will implement relevant system setups. These new boards are scheduled to be officially launched and in operation as of the third quarter of 2021.

2. Partial Amendment to the Regulations Governing Securities Investment Trust Enterprises
To strengthen the supervision of securities investment trust enterprises ("SITEs"), the FSC on 17 December 2020 issued amendments to the Regulations Governing Securities Investment Trust Enterprises. Key points of the amendments are as follows:
(1)To improve the business operations of SITEs and protect the rights and interests of investors, new provisions are added requiring SITEs to collect or pay fees in a reasonable manner for the conduct of business and not to use unreasonable fees to solicit or engage in business.
(2)Strengthening SITEs' management of domestic, foreign, and Mainland Area enterprises in which they invest:

To strengthen SITEs' management of such invested enterprises and provide a clear regulatory framework, provisions are prescribed that a SITE's total amount of investment in domestic, foreign, and Mainland Area enterprises may not exceed 40% of the SITE's net worth, that SITEs shall in their internal control systems establish management and risk assessment mechanisms for the invested enterprises, and that the competent authority is authorized to specify the scope, investment ratio, and qualifications with respect to SITEs' investment in domestic and foreign enterprises and relevant procedures.

Existing provisions are amended regarding the documents SITEs are required to submit when applying to invest in foreign enterprises, and new provisions are added regarding the documents they are required to submit for a subsequent application to increase the investment amount. SITEs are also required to report material changes and to regularly report the financial, business, and other relevant information of the invested foreign and Mainland Area enterprises.

3.  Amendment to the Regulations Governing Anti-Money Laundering and Countering the Financing of Terrorism for Certified Public Accountants, with Strengthened Requirements for CPAs' CDD Measures (Date of Issuance: 24 December 2020)
To strengthen requirements for CPAs' customer due diligence (CDD) measures, the Regulations Governing Anti-Money Laundering and Countering the Financing of Terrorism for Certified Public Accountants were amended. Key points of the amendments include the following. By reference to Recommendation 10 of the FATF (Financial Action Task Force) Recommendations, new provisions are added as to when CPAs are required to verify the identity of the customer. Also, by reference to the Regulations Governing Anti-Money Laundering of Financial Institutions, new provisions are added requiring CPAs to carry out watch list filtering procedures on customers and connected parties of transactions.