2020 was the most challenging year the world economy has faced in many decades. The novel coronavirus which spread into a global pandemic exacerbated economic conditions and shook financial markets at a time when the global economy was already slowing. Due to effective leadership by the government and health authorities, Taiwan showed its tenacity and resilience in controlling the pandemic. As a result of the exemplary performance, Taiwan’s economy was one of the few in the world to see GDP growth.
To reduce the impact of the uncertain global conditions, the government has taken steps to liberalize Taiwan’s financial sector. For example, the Financial Supervisory Commission (FSC) promulgated “Regulations Governing Banks Conducting Financial Products and Services for High-Asset Customers” to develop wealth management services for such customers. The FSC also deserves credit for adopting policies aimed at upgrading the competitiveness of Taiwan’s financial sector by promoting financial technology (fintech), developing green finance, and boosting corporate governance to strengthen companies’ role in sustainable development.
We look forward to continued liberalization to attract more foreign institutions to participate in the market and bring more business opportunities to Taiwan from neighboring financial hubs.
The Committee particularly wishes to thank the Taiwan financial authorities for paying extra attention to our recommendations in last year’s Taiwan White Paper and taking meaningful follow-up actions. Gratifying progress was made on several issues. For instance, the FSC loosened affiliate trading restrictions on the sales and trading activities of banks and securities firms. It also relaxed the loan loss reserve and guarantee reserve requirements for foreign bank branches in Taiwan.
In this year’s paper, we have focused on four main points that are in line with major FSC objectives. These are 1) digitalization, 2) the relaxation of outsourcing guidelines, 3) the enabling of proceeds from foreign bank branch-issued TWD financial debentures to be used in sustainable finance, and 4) the start of regulatory planning for Taiwan’s sustainability-linked bonds (SLB) scheme.
We believe that all these objectives can be met within the coming year. In view of the FSC’s desire to expand Taiwan’s financial market and increase employment opportunities, the first step in that effort should be to allow more products to be made available to additional types of customers in Taiwan. In this way, Taiwan’s financial industry will become more competitive vis à vis neighboring financial markets such as Hong Kong and Singapore, and the ability to retain talent and develop the Taiwan industry will be enhanced.
Suggestion 1: Promote digitalization by adopting more flexible regulations on online corporate banking services, establishing a national data repository, and enabling e-signing and e-submissions.
1.1. Revise regulations on digitizing corporate banking services. The current online application processes for deposits and credit extensions are mainly open to consumer banking businesses only. As per the “Model Guideline for Processing an Online Deposit Account Opening Application” (the Model Guideline), the online account application for corporate banking is limited to “sole proprietorship” companies, registered under the Business Registration Act and owned by natural persons of ROC nationality over the age of 20.
The “Guidelines for Security Measures of Financial Institutions for Electronic Banking Services” state that new and existing customers may use online services to: 1) apply for personal loans, 2) increase housing or car loans within the amount secured by an existing mortgage, and 3) give consent for financial institutions to check credit information online with the Joint Credit Information Center. However, new corporate customers are unable to apply for corporate loans online and must go through a time-consuming, in-person application process.
In addition, under the Model Guideline the identity verification method that can be used to open a digital account does not accept international certificates or electronic signatures, which creates obstacles for non-residents and multinational corporate customers in opening digital accounts. In addition, the relevant approved certificate technology is limited to hardware devices and cannot be integrated with the current international mainstream certificate or electronic signature technology. As a result, multinational corporate customers have found it difficult to adopt this local solution.
The FSC has assigned the Bankers Association to draft relevant guidelines and management mechanisms for opening digital online corporate accounts and applying for corporate loans. We appreciate the Commission’s efforts. If this issue can be solved, it will help Taiwan stay abreast of the demand for digital financial services.
1.2. Create a national data repository to streamline financial processes.
Based on current business and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regulations, banks are required to collect various paper documents when implementing Know Your Customer/Client Due Diligence (KYC/CDD) measures. Certain paper documents are needed for tasks such as validating identities using reliable, independent source materials; witnessing signatures; opening corporate accounts; providing credit-extension services; and other transactions.
We suggest that the National Development Council establish a corporate version of the MyData service (scheduled to go live this year) in order to provide corporate customers with a more efficient customer experience, optimize banks’ client-identity management, and lower operating risk. Such a national data repository would allow corporate customers to download company information such as certified copies of certificates of registration/incorporation; articles of incorporation; lists of responsible persons, directors, supervisors, shareholders, or ultimate beneficial owners; lists of affiliates/groups; tax registrations; income tax payment certificates; financial statements; proof of payment of utility bills, and other relevant information. In addition, through online authorization, corporate customers could also allow government agencies or non-government agencies to access their company information and allow for customized digital services as required by the company.
Banks could use such a corporate version of MyData as a reliable source of information for identity verification when corporate customers open corporate accounts or apply for loans. This would further provide corporate customers with a seamless interface and enable digital identity verification. The replacement of paper documents for corporate account opening and loan applications through such a version of MyData would be a major step forward in enhancing banking efficiency in Taiwan.
1.3. Permit e-signing and e-submissions in the contract execution process. The COVID-19 pandemic has forced changes in the operations and working models of corporate customers, and some existing trends have been accelerated. Among them, remote working and the use of electronic signatures are the two most important changes. To sign and transmit documents, many large multinational corporate customers are using electronic signature platforms that are not restricted by working hours and locations. Many major international financial markets, in response to the needs of customers, have begun to use relevant electronic signature platforms to sign and deliver documents. This new working model is likely to become a mainstream trend in the future. The Committee offers two suggestions to help fulfill the needs of customers and follow the international trend:
- Allow recording-enabled video conferencing applications/tools as one of the approved channels for conducting identity verification and witnessing signatures – applicable for both new and existing customers (including both corporates and individuals).
- Allow financial institutions to adopt an electronic signature platform to sign and transmit documents with customers (including both corporates and individuals), in line with international trends and to support customers’ needs and behavior.
Suggestion 2: Relax guidelines and the relevant Q&A for foreign banks to outsource IT systems.
Foreign bank branches or subsidiaries’ IT infrastructure and back-office operations falling within the scope of the banking license or involving client data are generally outsourced to their head offices or regional offices to handle. Due to recent developments in regulators’ supervision of head office operations and in regional office resource-integration planning, foreign bank branches and subsidiaries have an increasing need for different types of outsourcing requiring application for FSC prior approval or post-notification to the FSC.
It is natural for foreign bank branches and subsidiaries to outsource IT systems to their head offices or regional offices. We therefore see the need to further clarify the concept of the “same outsourcing reason” given in the answer to Question 2.2 in the FSC’s Outsourcing Q&A. This approach is beneficial to both financial institutions and regulators because it allows financial institutions to expedite their outsourcing planning schedules while at the same time reducing the regulator’s outsourcing-application workload.
Currently Q2.2 is applicable only where the “the same outsourcing reason” 1) has been approved by the FSC or 2) complies with the 2012 remedial procedures, and 3) the service provider is the same. We wish to propose additional scenarios to be included in the Q2.2 Outsourcing Q&A to allow more flexibility. Here are two examples:
- Scenario 1: System A was previously approved by the FSC for the purpose of anti-money laundering (AML) transaction monitoring for corporate and institutional clients, with the head office as the service provider. One year later, the bank plans to roll out System B for wealth management clients using the same monitoring. As the service provider (the head office previously approved by the FSC) is the same, and the purpose of data-processing activity (AML transaction monitoring) is the same, the concept of “same outsourcing reason” should apply, obviating the need for FSC pre-approval.
- Scenario 2: System C was previously approved by the FSC for the purpose of PEP (politically exposed person) and sanctions name screening for corporate and institutional clients, with the head office as service provider. One year later, the bank plans to roll out System D, with the same screening, for wealth management clients. As the service provider (the head office previously approved by the FSC) is the same, and the data-processing activity (PEP and sanctions name screening) is the same, the case should not be subject to FSC pre-approval, considering that it is merely extending the client scope from corporate and institutional clients to wealth management clients.
These proposed examples conform to the spirit of Q2.2 of the Outsourcing Q&A since the foreign banks’ regional or head office are the majority service providers and the security control and business continuity plans remain unchanged.
Suggestion 3: Allow the proceeds of foreign bank branch-issued TWD financial debentures to be used in sustainable finance.
Sustainable finance is developing quickly in the world, and Taiwan is no exception.
The rapid development of green and transition finance, or sustainable finance in general, has been well noticed in recent years. Taking bond issuance as an example, the aggregate amount of new green, social, sustainability, and sustainability-linked bond offerings has reached US$482.3 billion in 2020, and the supply of these types of bonds is expected to collectively reach US$725.5 billion in 2021 for year-on-year growth of 55%.
In Taiwan, the FSC announced its Green Finance Action Plan 2.0 in August 2020. Initiatives under the updated scheme help better define green finance in Taiwan and bring sustainable investment practices on par with global standards. Specifically, Plan identifies such action items as:
- Encouraging financial institutions to extend credits to sustainable development projects;
- Encouraging financial institutions to invest in sustainable development projects;
- Developing sustainability bonds in reference to the issuance framework and administration mechanism for green bonds; and
- Studying the scope of sustainable finance in reference to international practices.
There is real need for sustainable finance in Taiwan, and it is becoming more and more urgent. At the same time, Taiwan is well positioned for development of this sector. It has a diversified borrower base that is increasingly serious about climate neutrality commitments, as well as an increasing number of local investment and lending institutions answering the call for responsible investment and lending.
However, current regulatory limits on the usage of TWD bond issuance proceeds discourages foreign banks from supporting sustainable finance activities in Taiwan, which in turn hinders development of the sector. Article 4 of the “Regulations Governing Issuance of TWD Bank Debentures by Foreign Bank Branches” provides that “The funds raised from the New Taiwan Dollar bank debentures shall be used for relevant financing of major public construction, offshore wind power (OSW) construction, and other construction of green energy industries in Taiwan as a general rule, and may not be exchanged to foreign currency.”
This clause effectively confines use of TWD bond issuance proceeds to financing major public borrowing or green energy projects, and blocks use of bond-issuance proceeds for lending to borrowers who want to use the money for ESG (Environmental, Social and Governance) or sustainable projects that are not “major” in scope or related to green energy.
This limitation directly affects the funding flexibility for foreign bank branches in Taiwan, and indirectly dampens their appetite for supporting non-energy-related green, social, or more general sustainable development projects in Taiwan. If banks want to support those sectors, they need to find TWD funding from other sources, adversely affecting foreign banks’ support for the Green Finance Action Plan 2.0.
Many foreign banks are experienced participants in the global ESG/sustainable finance market. Expanding the scope of use of bond proceeds will help banks bring global best practices to the local market.
Foreign bank branches in Taiwan have fully supported the Taiwan government’s renewable energy policies by providing billions of TWD loans to domestic OSW projects. Given their extensive experience in sustainable finance, these foreign banks would love to be even more active in this market, going beyond green energy to engage in financing all kinds of ESG initiatives.
Accordingly, we suggest expanding Article 4 of the Regulations to include “financing to entities for sustainability-related investment or expenditure.”
To define sustainability, regulators may refer to benchmarks they are familiar with, such as investments or expenditures needed to meet domestic or globally recognized sustainable finance frameworks. For example, under the Taipei Exchange’s sustainability bonds scheme launched in October 2020, the major constituents of sustainability related financing have been well established and made public. As a result, there seems to be little likelihood that the proposed expanded usage of bond proceeds would lead to inconsistent regulatory governance or regulatory arbitrage.
Suggestion 4: Begin regulatory planning for Taiwan’s sustainability-linked bonds scheme.
The International Capital Markets Association (ICMA) defines a sustainability-linked bond (SLB) as “any type of bond instrument for which the financial and/or structural characteristics (i.e., coupon, maturity, repayment amount) can vary depending on whether the issuer achieves predefined Sustainability/Environmental, Social, and Governance (ESG) objectives within a predefined timeline, and which are aligned with the five core components of the Sustainability-Linked Bond Principles (SLBP).”
As this definition highlights, SLBs provide financing to support improved sustainability and/or the ESG objectives of the issuers. However, unlike traditional Use of Proceeds Instruments (such as green bonds, social bonds, and sustainability bonds) where an issuer must commit the proceeds of bond issuance to specific purposes, SLBs do not limit the usage of bond issuance proceeds. Instead, pay-out on the bonds is linked to pre-defined sustainability targets set by the issuers (KPIs), or to the issuer’s ESG ratings, to encourage issuers to disclose the ESG KPIs at a corporate level (rather than project level) and have publicly disclosed targets to work toward.
The unique features of the SLB make it an important financing tool for issuers in Taiwan, and Taiwan is well positioned to develop this debt instrument. The vast majority of bonds issuers in Taiwan are not eligible to issue green bonds, sustainability bonds, or social bonds, due to the nature of their operations. These include companies engaged in fossil-fuel electricity generation, air and marine transportation, petrochemical production, and electronics manufacturing that consumes large volumes of energy. These issuers may wish to enhance their sustainability/ESG-related performance either voluntarily or under pressure from investors, but the traditional sustainable finance market does not allow financing to support those ambitions. As increasing numbers of local institutional investors look to make responsible investments, demand for sustainable bonds will pick up while that for non-sustainable bonds will decline. At some point in the future, the aforementioned issuers may find it more difficult to tap the bond market, presenting them with funding challenges.
As stated above, the proceeds of SLBs can be used for the general purposes of the issuers. Hence, SLB instruments, along with transition bonds, may become important future funding channels for companies aiming to create a more sustainable environment for their operations.
Potential changes in the bond financial and/or structural characteristics and the trigger events leading to such a change in SLBs was viewed in the past as a primary hurdle for efficient monitoring of bond payments for regulators, issuers, and investors. However, market developments in recent years have gradually addressed this problem. The underlying concept for SLBs is borrowed from that of structured notes, where investors may receive (i.e., issuers must pay) payments linked to an assessment of the issuers’ performance. Now more and more institutional investors are becoming acquainted with structured payments from their structured-note investments. At the same time, Taiwan regulators and issuers are building up experience with variable or step-up/step-down coupons and/or bonus payments upon maturity being linked to certain “events.”
With the available schemes for green bonds (2017) and sustainability bonds (2020) already in place, and the forthcoming launch of social bonds issuances (expected in 2021), SLBs appear to be the last piece needed to complete Taiwan’s sustainable-bond market roadmap. Together, all these instruments can further develop the key role that debt markets can play in funding and encouraging companies that contribute to sustainability (from an environmental, social, or governance perspective).
Considering Taiwan’s industrial composition, we are convinced that SLBs will play an even more important role than in other markets, and we urge regulators to start planning for this now.
全球經濟在 2020 年面臨了數十年以來最大的挑戰。COVID-19 疫情迅速漫延至世界多國,成為全球性的大瘟疫,同時亦引發金融市場動蕩,讓原本已走緩的全球經濟狀況雪上加霜。面對COVID-19 疫情衝擊,台灣政府展現領導力,在抗疫過程中果斷處理危機,因應疫情彈性管理,於積極防疫和經濟發展中取得平衡。台灣堪稱各國表率的抗疫作為,造就其成為全球為數不多GDP 仍增長的國家之一。
政府針對台灣金融業自由化所做的努力,已減輕不少全球經濟的不確定性為業者所帶來的衝擊。舉例來說,金融監督管理委員會(FSC)發布《銀行辦理高資產客戶適用之金融商品及服務管理辦法》,發展高資產客戶理財業務,為產業帶來新商機。此項措施將鼓勵金融機構針對高資產客戶之理財需求,提供多樣化金融商品等理財服務。委員會肯定金管會現行推廣數位金融科技(FinTech)、發展綠色金融與推動公司治理以強化企業致力於永續發展等政策,將可有效改善本地銀行業環境與強化競爭力。
委員會期待,台灣政府持續推動台灣金融環境之自由化,吸引更多外國金融機構參與本地市場,並從鄰近的金融中心為台灣拓展更多商機。
我們感謝政府關注去(2020)年銀行業委員會所提的建議,議題如「放寬銀行/證券商與海外關係企業自行買賣有價證券業務之限制」、「放寬外國銀行在台分行授信資產之備抵呆帳及保證準備之提列」皆已取得具體進展。
今年度所提出的四項議題,(1)訂定更具彈性之的企業金融數位化相關法規與建立政府開放資料庫並啟用電子簽章以促進金融數位化、(2)建議放寬《金融機構作業委託他人處理內部作業制度及程序辦法》、(3)允許外國銀行在台分行將其發行之新台幣金融債券所得資金收益用於永續金融發展項目及(4)推動台灣永續目標連結債券發行與監管制度。委員會相信與金管會當前的政策方向一致,可望於今年獲得解決。
我們相信上述目標能於明(2022)年獲得妥善的解決。綜觀金管會擴展金融市場及增加就業機會之目標,委員會敦促主管機關考量進一步鬆綁提供予各類型投資人之產品範疇,以期能將商機留在台灣,並可藉此提升台灣本地金融產業與鄰近金融市場(如香港、新加坡)的競爭力。身為台灣金融業界盡責的成員,委員會將持續致力於銀行業永續發展,協助打造台灣成為亞洲重要的金融市場。
建議一:訂定更具彈性之企業金融數位化相關法規,與建立政府開放資料庫並啟用電子簽章以促進金融數位化
1.1 修訂企業數位化金融服務相關規範,以提升企業金融數位化競爭力
現行存款業務、授信業務開放之銀行線上服務多側重於消費金融業務,就企業金融數位化,目前《銀行受理客戶以網路方式開立數位存款帳戶作業範本》僅開放依本國《商業登記法》登記之獨資組織,且負責人限本國國籍之成年自然人( 20 歲以上)申請開立數位存款帳戶,未及於其他公司型態。
其次,《金融機構辦理電子銀行業務安全控管作業基準》授信業務僅開放既有客戶及新戶申辦(1)個人貸款、(2)限於原抵押權擔保範圍內增貸之房貸及車貸、(3)同意金融機構查詢聯徵中心信用資料,惟尚未開放法人線上授信業務,致企業客戶多需透過線下作業申辦有關業務耗時費日。鑑於 COVID-19 疫情衍生之零接觸生活新常態,驅動數位化及線上交易成為趨勢。為兼顧交易安全及提供民眾便捷服務,數位化申辦管道、產品與作業流程需求都變得更明確。
此外,依據《銀行受理客戶以網路方式開立數位存款帳戶作業範本》,開立數位帳戶得使用之身分驗證方式,不含國際型的憑證或電子簽章公司所提供之憑證,造成非我國居民及跨國企業客戶開立數位帳戶之障礙。且相關憑證技術限縮在硬體載具,亦無法與當前國際主流憑證或電子簽章技術接軌,也因此形成對跨國企業客戶實際使用上的困難。
委員會感謝金管會委託銀行公會,研擬企業戶開立數位帳戶暨/或線上貸款服務相關規範及管理機制。倘若此問題能夠解決,將能夠協助台灣補足金融數位化發展之缺口。
1.2 建立政府開放資料庫,介接金融服務,提高客戶與金融產業往來便利性
依現行業法及洗錢防制/打擊資恐相關規範(AML / CFT),銀行辦理企業開戶、授信或各類交易須徵提多樣證明文件、以可靠獨立來源之文件資料或資訊辨識及驗證客戶身分、辦理見簽對保等作業以進行「認識你的客戶(KYC / CDD)」盡職調查。
為提供企業戶更流暢便捷之客戶體驗、優化銀行客戶身份管理及降低作業風險,委員會提出以下建議:
- 建議國家發展委員會(NDC)除數位服務個人化(MyData)之創新服務,並且促進建置企業版之MyData開放資料庫(預計於 2021 年上路),使企業戶得依其需求自行下載公司資料(如公司登記/變更登記卡、公司權力文件、負責人/董監事/股東名冊、公司最終受益人、關係企業/集團、稅籍、營業所得、納稅證明、財報、水電繳費證明等相關資料),或是透過線上服務授權方式,由企業戶授權政府機關或民間業者取得其公司資料,使金融機構得以透過串接 MyData 取得企業客戶資料,提供客製化的數位金融服務。
- 據此,銀行得信賴 MyData 作為企業客戶銀行開戶或申貸時所需之身分識別及驗證之可靠獨立來源,提供企業客戶無縫隙之介面設計及落實數位身分認證。此舉將有助於上述企業線上開戶與授信業務之開展。
1.3 允許使用電子簽章平台簽署及傳輸開戶申請文件
COVID-19 疫情迫使企業及個人之運作及工作方式相應改變,並加速了一些現有的趨勢;而其中,遠距工作、電子簽章就是最主要的兩項改變,許多大型跨國企業已廣泛使用不受工作時間及地點限制之電子簽章平台來簽署及傳輸文件,而許多個人的工作及生活方式也轉變為線上會議及溝通。目前許多主要國際金融市場之金融服務機構,亦因應其客戶需求,開始廣泛使用相關電子簽章平台簽署並交付文件,即使疫情過後,前揭新型態之工作模式亦會持續且為未來主流趨勢。委員會提供以下兩點建議,以順應國際趨勢並滿足客戶需求:
- 援用具備錄音功能之視訊會議技術作為與客戶(包含法人客戶及自然人客戶)之核對親簽及對保的管道之一,適用範圍包含一般新戶及既有客戶。
- 允許金融機構得利用電子簽章平台與客戶(包含法人客戶及自然人客戶)進行文件簽署及傳遞,以符合國際趨勢和客戶運作模式與行為。
建議二:放寬《金融機構作業委託他人處理內部作業制度及程序辦法》及相關問答集之適用範圍
委員會已多次提出此議題。緣外銀在台分行或子行主要之資訊系統,或涉及營業項目及客戶資料處理等後勤作業,多委託總行或區域總部建置或處理;為因應總行主管機關監管新措施或區域整合後勤作業中心等種種原因,致外銀在台分行或子行依照目前《金融機構作業委託他人處理內部作業制度及程序辦法》(下稱委外辦法)之規定,多有不同形態之委外案件之申請。
外銀在台分行或子行主要之資訊系統多委託總行或區域總部建置或處理,因此委員會建請金融監督管理委員會(FSC)放寬委外問答集第二題之二資訊系統資料處理有關同一事由適用的範圍,以俾金融業者可加速其相關委外作業之規劃時程,亦同時減輕主管機關審理作業之負荷量。
現行委外問答集第二題之二資訊系統資料處理有關同一事由適用的範圍僅限於(1)前經貴會核准或依(2)2012 年補正程序或(3)同一事由且受委託機構不變。委員會擬建請金管會放寬委外問答集第二題之二資訊系統資料處理有關同一事由適用的範圍納入下列情形,舉例如下:
情境一:為機構法人以及公司法人客戶所建置之洗錢交易監控系統A前經金管會核准,受委託機構為總行。一年後,為財富管理客戶建置之洗錢交易監控系統B,基於(1)受委託機構都是總行及(2)同一資料處理目的(即洗錢防制交易監控目的),系統B應亦可適用同一事由之範圍而無須另行取得貴會事前核准。
情境二:為機構法人以及公司法人客戶所建置之政治人物(PEP)或制裁姓名檢核系統C前經金管會核准,受委託機構為總行。一年後,系統C將擴大至財富管理客戶,基於(1)受委託機構皆為總行及(2)同一資料處理目的(即政治人物或制裁姓名檢核目的),政治人物或制裁姓名檢核系統C僅是擴大適用客戶範圍,應亦可適用同一事由之範圍而無須另行取得金管會事前核准。
上述之提案係基於(1)外銀在台分行或子行之受委託機構多為總行或區域總部(2)受委託機構之資安管控及緊急應變計畫等均是依照集團內一致的政策,故委員會認為上述建議鬆綁之範圍仍符合現行委外問答集第二題之二資訊系統資料處理有關同一事由適用的範圍之精神。
建議三:允許外國銀行在台分行將其發行之新台幣金融債券收益用於永續金融
永續金融於全球範圍內快速發展,台灣亦不例外。
綠色金融和過渡金融,或統稱永續金融的急速發展,在過去幾年中廣為人知。以債券發行為例,2020 年新發行之綠色債券、社會債券、可持續發展債券以及永續目標連結債券(sustainability-linked bonds)總量達到 4,823 億美元,且預估 2021 年將達到 7,255 億美元,年成長率約 55%。
在台灣,金管會於 2020 年 8 月發布「綠色金融行動方案 2.0」,不僅更具體定義台灣綠色金融之願景,也藉此拉近台灣與國際永續發展投融資機構在實務上之標準。具體而言,綠色金融行動方案 2.0 列出以下相關措施:
- 鼓勵金融機構辦理永續發展領域之融資;
- 鼓勵金融機構辦理永續發展領域之投資;
- 研議參酌綠色債券之發行架構及管理機制,發展可持續發展債券;
- 參酌國際作法,研究永續金融涵蓋範圍。
台灣確實有發展永續金融之需求,且日益迫切。同時,台灣極具發展永續金融之優勢,其擁有多元的發行人基礎,這些企業對氣候中和的承諾日漸重視。此外,隨著台灣機構投資者陸續響應責任投資政策,對這類融資的需求自然也會快速增加。
然而,現行法規對外國銀行在台分行新台幣債券發行所得資金之使用限制使其無法支持永續金融之項目,阻礙此一領域之發展。《外國銀行在台分行發行新台幣金融債券辦法》第四條規定:「依本辦法發行之新台幣金融債券,所募集之資金應使用於我國境內重大公共建設、離岸風電建設及其他綠能產業建設之相關投融資為原則,並不得兌換為外幣使用。」
該條款限制外國銀行在台分行新台幣債券發行所得資金僅能用於重大公共建設借款或綠能融資,排除了將債券發行所得資金借予非屬重大公共建設或綠色能源之借款人的可能性,即便該借款人計畫將該筆資金用於與環境、社會及治理(ESG)相關或可持續發展之項目。
此限制直接影響外國銀行在台分行融資的靈活性,並間接削弱其支持台灣非能源相關的綠色、社會責任或一般的可持續發展項目之意願。倘若銀行對前述領域有支持意願,則需要從其它管道取得新台幣,這將不利於外國銀行對綠色金融行動方案 2.0 的支持。
許多外國銀行是全球 ESG /永續金融市場的積極參與者;擴大債券發行收益的可使用範圍將有助於外國銀行將國際最佳實務作法引入台灣。
外國銀行在台分行積極支持台灣政府的再生能源政策,截至目前已提供數百億新台幣的貸款給國內的離岸風電計畫。這些外國銀行在永續金融領域擁有豐富的經驗,也願意像其支持再生能源一樣,積極參與 ESG 相關之融資。
有鑑於此,我們建議將「提供融資予永續相關之投資或支出」納入《外國銀行在台分行發行新台幣金融債券辦法》第四條之募集資金可運用範圍中。
關於上述永續的範疇與定義,主管機關可參照其熟悉之基準,例如要求相關投融資項目必須符合台灣或全球公認的永續金融框架。舉例而言,證券櫃檯買賣中心於 2020 年 10 月推出之可持續發展債券機制,十分完善地定義可持續發展融資相關的主要架構並經公開檢視。前述擴大資金運用範圍的建議應不至於引起監管標準不一致,甚或監管套利的機會。
建議四:推動台灣永續目標連結債券發行與監管制度
國際資本市場協會(ICMA)將永續目標連結債券(Sustainability-linked Bond)定義為「債券支付及結構特徵(利息、到期日及還款金額等)會隨發行人是否在預定的期間內達到事先設定之可持續發展、環境、社會及治理(ESG)目標而變動,並符合永續目標連結債券原則(SLBP)五大核心要求的各種債券工具」。
如上述定義所強調,永續目標連結債券仍以提供發行人資金,促進其在永續發展項目的推進及/或 ESG 表現為目的。與傳統的限定資金用途綠色金融工具(如綠色債券、社會債券、可持續發展債券等,這類債券發行所得資金必須直接用於發行人承諾的特定專案)不同的是,永續目標連結債券並不限制債券發行所得資金的使用。該類債券是將債券的支付金額連結到預先設定、與永續發展相關的關鍵績效指標(KPIs)達成情形,或 ESG 評等結果,以鼓勵發行人在公司層面(而非僅在特定項目層面)披露其 ESG 目標,並努力達成公開的 ESG 目標。
永續目標連結債券之特色將使其成為台灣債券發行人的重要工具,且台灣具備永續目標連結債券領域的發展潛力。多數台灣的債券發行人因其產業特性與營運性質(如化石燃料發電、空中和海上運輸、石化產品生產、消耗大量水電的電子產品製造),可能並不具備發行綠色債券、可持續發展債券或社會債券之資格。即使發行人出於自願或因投資者之要求,有意提高其在可持續發展及 ESG 相關領域的績效表現,傳統的可持續金融市場仍可能限制這些企業為此目標籌集資金。隨著愈來愈多的台灣機構投資者響應責任投資,預計對可持續債券的需求將會持續增加,而對非可持續債券的需求也將下降。上述發行人未來可能面臨難以有效利用債券市場籌集資金的挑戰,導致潛在的流動性衝擊,並影響其營運和財務狀況。
由於發行人可以將永續目標連結債券發行所得資金使用於一般用途,資金的使用並不影響對永續目標連結債券的認定。永續目標連結債券及過渡債券(transition bonds)在未來可能因此成為願意以環境可持續性為目標,改變營運方式之企業的重要籌資管道。
對於主管機構、發行人及投資者而言,各種目標連結債券在其支付及結構上的可能變化,以及導致這些變化的觸發事件之監控,在過去被視為是有效管理及計算這些債券支付(債券收入)的主要障礙。但是,近年來,隨著台灣資本市場的發展,這些障礙已經逐漸摒除。永續目標連結債券與傳統上的結構型債券在支付條件和型態上相類似。投資者能夠收到(發行人必須支付)的款項係與發行人在相關指標的評估結果連結(結構型債券的支付則與發行人或市場指標連結)。多數的機構投資者已隨著其在結構型債券上的投資,建立關於變動支付的管理制度。主管機關及台灣發行人也因近期陸續開放的結構型債券發行規則(目前用於銀行及證券業推動財富管理新方案的配套),逐漸熟悉連結至特定事件的變動利息、利息遞增/遞減,及到期日額外支付等債券支付設計。
台灣已陸續完成綠色債券(2017 年)、可持續發展債券(2020 年)及社會債券(預計於 2021 年)發行及交易的相關規範,並持續見證相關債券的發行。我們認為永續目標連結債券是完成台灣可持續債券市場發展計畫的最後一塊拼圖。這些所有的債券工具將可進一步強化債券市場在籌募資金及鼓勵企業從環境、社會及治理等面向、投入可持續發展計劃方面的功能。
有鑑於上述所提及的台灣債券發行人及產業結構,我們認為永續目標連結債券在台灣所能扮演的角色將比其在其他市場突出,建請主管機關研究及推動此一債務工具。
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