The Committee greatly appreciates the effort of the Financial Supervisory Commission (FSC) in shaping a more flexible yet resilient investment market in Taiwan. We believe that the close collaboration between AmCham Taipei and the FSC helps reflect the market’s need for further development of Taiwan’s asset management industry while maintaining the regulator’s expectation and responsibility to protect the general public.
The Committee thanks the FSC for its response to our suggestions in 2019, in particular its willingness to consider relaxing the restriction on opposite transactions when the investment decision of the relevant onshore fund is delegated to a third party. This change would grant investment managers of onshore funds more flexibility in portfolio management and better align Taiwan’s market practice with the global market.
To continue to develop the investment environment in Taiwan, the Committee has collected proposals from its members that would increase the variety of investment products and services provided to investors in Taiwan. Suggestions 1 and 2 below are aimed precisely at accomplishing that vision. As described in more detail below, the Committee requests that the FSC consider relaxing the restriction on onshore bond funds investments in contingent convertible bonds and loosening existing laws and regulations governing certain asset management-related businesses.
The Committee also recognizes the various innovative approaches that the FSC and the relevant authorities have adopted, such as the existing “Happy Retirement Experimental Project for Voluntary Investments,” to allow more investment options for those preparing for retirement. In addition to the existing approaches, the Committee recommends granting tax incentives to Taiwan nationals to promote active engagement by each individual in his or her own retirement investments as prescribed in Suggestion 3.
Lastly, as elaborated in Suggestion 4, the Committee requests that the FSC consider allowing a certain level of leeway for investment managers when setting up internal control systems with respect to marketing materials.
All in all, the Committee looks forward to continuing to collaborate with the FSC to create a resilient and vibrant investment market in Taiwan, bringing greater benefits to domestic and international investors.
Suggestion 1: Relax the restriction on onshore bond fund investments in contingent convertible bonds (CoCo) so as to be aligned with offshore funds’ investment practice.
CoCos are an increasingly used type of bank capital with characteristics of both equity and debt. With the tightening of capital requirements under Basel III, the market for this type of security has developed rapidly. Due to CoCos’ fixed-income nature and higher dividend yield, the investment opportunities and value generated cannot be overlooked in managing a fixed-income fund in global investment practice. CoCos have become a common type of investment object for offshore funds.
Unlike investors in general fixed-income securities, investors in CoCos assume certain equity risks as well as additional risks related to the characteristics, structure, and various maturities of CoCos. However, assessment of a CoCo’s risk profile and investment opportunities are already covered in the existing structure of analyzing the issuing bank’s credit risks and bond risks, which means that CoCos do not create an entirely new type or scope of risk. In other words, most professional investment institutions have sufficient capability and tools to analyze the risk profile of CoCos.
In this regard, we suggest that the FSC relax the prohibition on onshore bond fund investment in this growing type of bank capital security so as to be aligned with global investment practices for offshore funds and to enable the investment strategy and universe of an onshore fixed-income portfolio to be more flexible and diversified.
Suggestion 2: Loosen existing laws and regulations governing asset management-related businesses, including privately placed funds and investment instruments.
The changes set out in this suggestion are in line with the Taiwanese government’s objective of promoting diversified policies to revitalize Taiwan’s financial markets as indicated in the government’s “New Wealth Management Plans Comparable to Singapore and Hong Kong.”
2.1 Allow portfolio managers of publicly offered securities investment trust enterprise (SITE) funds to concurrently act as portfolio managers of privately placed SITE funds, as long as measures are adopted to prevent conflicts of interest. Portfolio managers of discretionary investment management funds are currently permitted to act concurrently as the portfolio managers of privately placed funds. However, pursuant to an FSC ruling, concurrently holding the roles of portfolio manager of a publicly offered fund and a privately placed fund has been prohibited for more than 10 years due to concerns over market manipulation and conflict of interest. However, as internal controls have expanded over the years, it is well established that such risks can be addressed without limiting concurrent management of publicly offered and privately placed funds. Relaxing the restriction would benefit SITEs by enabling them to make the most efficient use of portfolio managers having expertise in the same types of funds. It would also provide SITEs with more flexibility in developing diversified business to improve operating results and performance.
2.2 Permit privately placed SITE funds to issue “multi-currency funds including classes denominated in NTD and other foreign currencies.” The offering of multi-currency (including NTD) publicly offered funds has been permitted since 2012. Generally speaking, the laws and regulations applicable to privately placed funds should be less (not more) stringent than those for publicly offered funds. We therefore recommend that SITEs also be permitted to issue privately placed “multi-currency funds including classes denominated in NTD and other foreign currencies.”
2.3 Relax the investment restrictions on domestic SITE funds using offshore non-deliverable forwards (NDFs) as an exchange rate hedging instrument. SITE funds currently are only allowed to use foreign exchange swaps to hedge relevant risks associated with investments in foreign securities. Such hedging transactions require that there be sufficient NTD or USD cash positions to adjust the hedge ratio. However, making such adjustments is more costly and less flexible in terms of timeliness than would be the case if SITE funds were permitted to use offshore NDFs. If SITE funds, like life insurance companies, are permitted to use a certain amount of offshore NDF transactions, SITEs could more effectively use the fund assets to conduct exchange rate hedging for NTD and USD. This would enable SITEs to better control investment fluctuations in a timely fashion and pursue the best interests of the underlying investors.
Suggestion 3: Encourage Taiwanese citizens to prepare for their retirement as early as possible through long-term investments.
The Committee proposes that the government grant each fund investor an income tax deduction of not more than NT$24,000 per year as a tax incentive to make investments for retirement, along the same lines as the tax deduction for life insurance premiums. As Taiwan’s saving rate is relatively high, this tax incentive will not only help the general public voluntarily prepare for retirement by encouraging them to start savings planning at an early stage, but also make up for the underfunding of relevant government pension payments, thereby benefiting the entire society. The tax incentive would also help promote the government’s “Happy Retirement–Experimental Project for Voluntary Investments by Nationals for Retirement.”
Suggestion 4: Allow marketing materials to be reviewed by an independent dedicated department.
According to Article 20 of the “Securities Investment Trust and Consulting Association Guidelines for Advertisements and Business Activities Performed by Members and Their Sales Agents,” if a company has established a Compliance Department, that is then the only department allowed to review marketing materials prior to public use. However, review of marketing materials prior to public use is also a part of the activity necessarily performed in substance within the business function. Since the regulation allows marketing materials to be reviewed by the head of a responsible department if no compliance department has been established, it would be reasonable for the Guidelines to be revised to give companies the option to either use the compliance department or establish an independent dedicated department to perform appropriate reviews of marketing materials.
With such a proposed change, depending on a firm’s organizational structure, responsibility for reviewing marketing materials could rest with a newly established independent, dedicated department or remain with the compliance department.
This alternative would allow flexibility for each firm to accommodate its practical needs in consideration of the differing size and scale of asset management firms in Taiwan. The wording of Article 20 could be revised as follows:
“The information prepared by members of SITCA and their sales agents for advertisements, public seminars, or other business activities shall be incorporated under the company’s internal control system and shall be appropriately reviewed before public use by the Compliance Department or an independent dedicated department, or by the head of a responsible department if no Compliance Department or independent dedicated department is established, to ensure that the content is appropriate with no fraud and violation against relevant laws and rules…”
本委員會誠摯感謝金融監督管理委員會(「金管會」)為台灣創造靈活且富有彈性的投資市場所做的努力。我們相信透過台北市美國商會與金管會的密切合作,可以同時協助政府維持監管機關的期待與保護大眾利益的責任,亦能呼應台灣資產管理業的市場發展需求。
本委員會感謝金管會對我們2019年的建議所做出的回應,尤其是願意考慮放寬投信基金投資決策委外時反向交易的限制。此項變革將賦予境內投資經理人更多管理投資組合的彈性,並使台灣境內的市場實務與全球市場接軌。
為持續提升台灣的投資環境,本委員會收集了會員為提供台灣投資人更多元投資產品及服務的相關建議。為此,正如以下建議案一及建議案二的說明,本委員會建請金管會開放境內投信債券型基金投資應急可轉債,並鬆綁現行資產管理業務的相關法規。
本委員會肯定金管會及相關主管機關為提供勞工退休準備時更多投資選擇所做的諸多革新措施,例如現行的「好享退-全民退休自主投資實驗專案」。除現行方案外,本委員會於建議案三中進一步提議可提供國人稅務誘因,以鼓勵民眾主動為其個人退休進行投資規劃。
最後,如同建議案四所做說明,本委員會建請金管會考慮適當給予投資經理人在廣告資料覆核的內部控制系統設計上的調整空間。
綜上,本委員會期待透過與金管會的持續合作,共同為台灣打造一個靈活且活絡的投資市場,為國內外投資人創造更大利益。
建議一:建請金管會開放投信債券型基金投資應急可轉債,以與境外基金之全球投資實務發展接軌
應急可轉債(Contingent Convertible Bond, 下稱CoCo Bond)為同時包含股、債性質之新型態銀行資本,隨著Basel III資本協定的導入與實施,該型態證券迅速發展,其市場規模日益成長;同時由於該型態證券通常具有提供較高殖利率之固定收益特性,在全球投資實務上,CoCo Bond所提供之投資機會與投資價值已成為固定收益投資組合佈局不可忽視的一環,亦成為一種境外基金投資標的。
有別於一般的固定收益證券,投資人在投資CoCo Bond的同時,亦承擔了特定與股權相關的風險,以及源於CoCo Bond本身特徵、結構及個別期限的額外風險等,然而這些風險屬性與投資機會之評估,大多已涵蓋於既有之銀行信用風險與債券風險等已發展成熟之分析架構中,並非全新之風險領域或範疇,故一般專業投資機構多已充分具備分析該等投資風險報酬特性所需的能力與工具。
準此,建請主管機關針對此類迅速發展、成長之銀行資本證券,開放國內債券型基金投資該類證券資產,以與境外基金之全球投資實務發展接軌,俾增加國內固定收益投資佈局之彈性及多樣性。
建議二:為提升資產管理業者之競爭力,建議就資產管理類包括:私募基金、投資工具等現行法規鬆綁
配合政府推動多元政策活絡台灣金融市場,並響應政府「媲美星港財富管理新方案」:
2.1 建議在符合相關利益衝突之配套措施下,開放公募基金經理人得與私募證券
投資信託基金經理人相互兼管現行全委基金經理人與基金經理人(包括:私募基金或公募基金)已開放可兼管,而公募基金經理人不得與私募基金經理人兼管乙事,因擔心可能有市場操縱或利益衝突之因素,受限於現行金管會函令限制已長達10多年之久。
惟考量主管機關對於業者內部控制管控近來已趨嚴,該等風險得透過相關配套措施而無須禁止公私募基金經理人相互兼任。如放寬此一相互兼管之限制,除有利於投信事業經理人就具同類型基金之專長管理上更有效率,該等開放亦得幫助業者有多元發展業務彈性,以提高經營成效。
2.2 建議開放私募證券投資信託基金亦得發行「含新臺幣及其他外幣級別之多幣別基金」
公募基金多幣別(含新台幣)計價之發展,自2012年開放至今已有7年之久,一般而言,私募基金所適用之法令相較公募基金之監理強度應較為寬鬆。
現行主管機關既已允許公募基金得發行「含新臺幣多幣別基金」,建請金管會開放私募基金亦得發行「含新臺幣及其他外幣級別之多幣別基金」。
2.3 建請放寬境內投信基金運用境外無本金交割遠期外匯(NDF,Non-Delivery Forward)作為匯率避險工具之投資限制
因應美元兌新台幣匯率之大幅波動,目前投信基金投資外國有價證券僅能利用換匯交易(FX Swap)之工具避險,其交易需有足夠之台幣或美元現金部位始得調整避險比例,基金調整成本較高且時效上較無彈性,如得比照壽險公司開放一定境外NDF交易額度予投信事業,除得有效運用基金資產進行台幣和美元之匯率避險操作,以即時管控投資波動,並追求投資人最大利益。
建議三:鼓勵國人透過長期投資儘早為退休預作準備,以建立自主投資意識
建議比照人身保險之保險費,給予基金投資人,每人每年以不超過新台幣二萬四千元為限之所得稅扣除額作為稅賦誘因。因應國人儲蓄率偏高,除可鼓勵民眾及早自願定額投資,預為個人退休自主準備之規劃,同時也可緩解政府相關退休金給付之缺口,對整個社會相對有利。該等稅賦誘因,亦有利於延續政府推動之「好享退-全民退休自主投資實驗專案」。
建議四:廣告文宣相關資料亦得由獨立專責部門覆核
依照現行「中華民國證券投資信託暨顧問商業同業公會會員及其銷售機構從事廣告及營業活動行為規範」第20條規定,廣告文件對外使用前,公司如有設置法令遵循部門,法令遵循部為唯一適當覆核廣告文件之單位。然廣告文件對外使用前之審核工作,核屬業務性質工作之一環,所以亦規定如無法令遵循部門之設置,則回歸由權責部門主管為之。準此,非僅限法令遵循部門能覆核廣告文件,應得允許公司另設獨立專責部門,負責適當覆核廣告文件之工作。
爰建議各公司得視自身組織情況決定設置獨立專責部門,或由法令遵循部適當覆核廣告文宣資料,以保留彈性並兼顧業界實際需求,建議原條文修改如下:「本公會會員、基金銷售機構從事廣告、公開說明會及其他營業促銷活動而製作之有關資料,及本公會會員以所屬全部銷售機構為對象舉辦之贈品活動,應列入公司內部控制制度管理,並於對外使用前,經公司法令遵循部門或獨立專責部門適當覆核,若無法令遵循部門或獨立專責部門之設置,則由權責部門主管為之,確定其內容無不當、不實陳述、誤導投資人、違反本行為規範及相關法令之情事,…。」
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台美科技產業合作的最佳基地-桃園
SDG Luncheon with Taoyuan City Mayor Cheng Wen-tsan
The Future Enterprise: Digitalization, Dematerialization, Sustainability, Global Workforce
與台北市長柯文哲午餐會
Meet the Mayor: Luncheon with Taipei City Mayor
AmCham Taiwan
Phone: +886-2-2718-8226