The FSC amended and issued Article 6-1 and Article 6-2 of the “Regulations Governing Securities Firms Accepting Orders to Trade Foreign Securities,” as well as partial requirements of the “Directions for the Conduct of Wealth Management Business by Securities Firms” to expand the development of the high-asset customer business for securities dealers so as to help Taiwan to become the Asia Asset Management Center
According to the Financial Supervisory Commission (the “FSC”), in line with the policy for Taiwan to become the Asia Asset Management Center, it will formulate the implementation strategy for an asset management center with Taiwanese features under the two core objectives, including “Focus on Capital Retention and Investment Attraction” and “Invest in Taiwan to Support Industry Development.” In particular, the development of the high-asset customer wealth management business (the “high-asset business”) is an important part of asset management. Therefore, the “Regulations Governing Securities Firms Accepting Orders to Trade Foreign Securities” and “Directions for the Conduct of Wealth Management Business by Securities Firms” were amended. The notice of draft has been completed, and it will be issued and implemented in a short period of time.
The FSC referred to content related to the amended “Regulations Governing Banks Conducting Financial Products and Services for High-Asset Customers” that it announced on March 3, 2025, and the emphasis of the amendments includes:
I.    Ease the qualifications and conditions for securities dealers to apply for the high-asset customer business, delete the substantive commitment requirements related to net value restrictions and conditions for investment attraction and talent recruitment in the financial conditions under the application qualifications of securities dealers, and added other requirements, including the absence of cumulative losses and the compliance of financial position with the relevant supervisory ratio restrictions (i.e., debt-to-equity ratio) in the Regulations Governing Securities Firms of companies.
II.    Ease the sales counterparties for offshored structured products issued by overseas subsidiaries of securities dealers. Except for “high-asset customers, professional institutional investors, and high net worth juristic person investors,” the scope is expanded to “juristic persons or funds of professional investors and natural persons of professional investors.” In addition, securities dealers are now allowed to engage in the wealth management business by way of a trust, and may offer structured financial bonds denominated in foreign currencies issued by banks in Taiwan to professional investors.
The FSC said that even though the amendment deleted the restrictions related to net value under the financial conditions of the application qualifications of securities dealers, the financial soundness (including the net value of a company) will be listed as an item for consideration when securities dealers apply for the organization of the high-asset customer business subsequently to implement graded management, which will be implemented to items of high-asset customer business that securities dealers can organize subject to the business development status.
With the relaxation of the regulations, the FSC encourages securities dealers to actively develop the high-asset customer business, improve securities dealers’ financial product design and sales capabilities, and provide diverse products to high-asset customers so as to improve the competitiveness of securities dealers in the high-end wealth management market. Furthermore, the customer base for securities dealers in organizing specific products of the high-asset business is expanded to professional investors and other potential customers, which helps expand financial product transactions and services, driving relevant investments and talent cultivation.

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