AmCham Taiwan Healthy Aging Forum:
2025健康台灣樂齡論壇:公私協力促進全人健康
AmCham Taiwan Healthy Aging Forum:
2025健康台灣樂齡論壇:公私協力促進全人健康
Committee Events & Luncheons
The Committee extends its sincere appreciation for the government’s significant role in advancing Taiwan’s asset management industry. We are especially grateful for the time and effort invested by the National Development Council and the Financial Supervisory Commission (FSC) in coordinating and considering our 2023 White Paper suggestions.
The government has demonstrated great leadership and vision in creating a competitive, fair, and conducive environment for domestic and foreign investors. The Committee looks forward to continuing our fruitful partnership with the government and supporting its efforts to strengthen Taiwan’s position as a regional asset management hub.
Suggestion 1: Lift offshore fund investment restrictions on Rule 144A securities.
U.S. Rule 144A bonds, issued by major corporations such as Microsoft and Apple, are efficient financing tools deployed by many UCITs (Undertakings for Collective Investment in Transferable Securities) and offshore funds registered in Hong Kong and Singapore, without specific holding limits. Fund managers are required to rigorously consider issuer credit risk and bond conditions when managing these funds.
Imposing holding limits on the proportion of Rule 144A bonds restricts investment managers’ flexibility and undermines the professional investment capabilities of managers. Such limits are also unnecessary because fund managers are required to rigorously consider issuer credit risk and market conditions when managing these funds. Furthermore, the existing limitations on holding Rule 144A bonds obstruct Taiwan’s harmonization with global bond market trends. The Committee notes that markets like the EU and Hong Kong do not impose constraints on offshore funds such as UCITs investing in Rule 144A securities.
To afford Taiwanese investors opportunities for improved investment outcomes and increased flexibility by providing them with qualified and globally recognized offshore funds, the Committee suggests that the Securities and Futures Bureau (SFB) increase the maximum investment limit in bonds compliant with U.S. Rule 144A. The suggestion is to increase the limit for each category of the following offshore funds:
Suggestion 2: Remove the restriction on investment in NGBFs through investment-linked insurance policies.
Taiwan is the only country of which the Committee is aware that bans investment-linked insurance policies (ILPs) from linking to NGBFs. The Committee strongly suggests relaxing the restriction on investments in NGBFs through ILPs as this limitation diverges from international standards as well as the standards applied to retail investors directly investing in Taiwan-registered NGBFs. Such restrictions do not serve the best interest of Taiwanese investors.
NGBFs, formerly known as high-yield bond funds, play an important role in ILP policyholders’ long-term investment planning. Such funds are integral to holistic investment asset allocation and essential for developing a diversified portfolio.
In all major markets, general retail investors are permitted to subscribe to NGBFs, as these are not categorized as special fund types. These funds have several characteristics that make them a sensible choice for ILPs. For example, there is a significant difference in risk exposure between investing in a single non-investment-grade bond and an NGBF. Typically, NGBFs have lower risk ratings and historical volatility compared to most equity and multi-asset funds. Additionally, the default risks of non-investment-grade bonds are effectively reduced through the diversified portfolio of an NGBF.
In times of market volatility, incorporating NGBFs into policyholders’ portfolios can balance risks and enhance returns. Current laws that prevent such bonds from being used as underlying assets of ILPs significantly affect policyholders’ reasonable risk allocation and investment options. Such regulatory restrictions also hinder long-term investment strategies and risk diversification, potentially driving policyholders toward higher-risk investments.
A fair and reasonable financial regulatory environment is essential for attracting more foreign financial intermediaries to the Taiwan market. The Committee urges the FSC to lift the restrictions on NGBFs, especially as no other countries or jurisdictions have set similar restrictions.
對於政府推動改善台灣資產管理產業所扮演的重要角色,委員會表達誠摯的感謝。我們特別感謝國家發展委員會和金融監督管理委員會在協調,並採納我們於2023年白皮書中提出的建議所投入的時間和努力。在打造一個具有競爭力、公平及有利於國內外投資者的環境方面,台灣政府展現了卓越的領導力和遠見。委員會期待與政府繼續保持良好的合作關係,為提升台灣作為區域資產管理中心的地位一同努力。
建議一:放寬境外基金對美國Rule 144A債券的投資限制
建請調整境外基金得投資於符合美國Rule 144A債券之比重上限,為台灣投資人提供更好的投資成果和更大投資彈性的機會。像微軟和蘋果這樣的大型企業所發行的Rule 144A債券,係許多UCITs在香港和新加坡註冊的境外基金所配置的高效金融工具,而且Rule 144A債券沒有特定的投資限制。基金經理人在管理資金時需嚴謹的考量發行機構之信用風險和債券條件,對Rule 144A債券的持有比例進行限制無疑將削弱此債券的靈活性和經理人的專業投資能力。爰此,目前對Rule 144A債券的持有限制阻礙了台灣與主流國際債券市場接軌;委員會謹建議放寬對此類境外基金的投資限制,為台灣投資人提供更好的投資成果與更多的彈性。
我們的建議:
為能提供台灣投資人合格且受全球認可的境外基金,委員會謹建議金管會證券期貨局考慮提高符合美國Rule 144A債券的投資上限,每類型基金增加10%,種類如下:
建議二:取消非投資等級債券基金不得作為投資型保單連結標的之限制
台灣是唯一禁止投資型保單連結非投資等級債券基金的國家。本委員會強烈建議鬆綁投資型保單不得連結非投資等級債券基金之限制,因上開限制背離國際標準且不符合台灣投資人之最佳利益。
「非投資等級債券基金(原稱高收益債券基金)」在保戶長期投資規劃中扮演重要的角色,同時也是金融資產配置中不可或缺之一環,其對於投資組合之多元布局亦至關重要。
「非投資等級債券基金」於全球主要市場均係一般散戶投資人得申購之產品,因上述市場並未歸類非投資等級債券基金為特殊類型基金。「非投資等級債券基金」具有多項優點,使其成為投資型保單中明智的選擇。例如,投資單一「非投資等級債券」與投資「非投資等級債券基金」所面對之曝險程度有顯著差異。一般而言,比起大部分股票型基金與多重資產型基金,「非投資等級債券基金」之風險評級與過往波動度較低。此外,非投資等級債券之違約風險亦在多元投資組合下能夠有效降低。
過去面對市場波動,於保戶之投資組合中納入「非投資等級債券基金」可平衡風險並增加投資收益。現行法規禁止投資型保單連結「非投資等級債券基金」為投資標的,將嚴重影響保戶之合理風險配置與投資選擇。此項法令限制將阻礙長期投資策略與投資風險之分散,進而驅使保戶追逐其他更高風險之投資標的。
一個公平合理的金融環境係吸引外資繼續投資台灣的重要因素,資產管理委員會衷心期盼金管會鬆綁對於非投資等級債券基金之限制,特別是其他國家或地區並未有類似之限制。