During Huang Tianmu's tenure as chairman of Taiwan's Financial Supervisory Commission, the Financial Supervisory Commission made some important regulatory adjustments and policy releases in the cryptocurrency field. In 2021, the Financial Supervisory Commission implemented stricter regulatory measures for cryptocurrency exchanges, including forcing exchanges to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations. In addition, the Financial Supervisory Commission has also strengthened its monitoring of virtual currencies, aiming to prevent related financial crimes and protect the interests of investors. The Financial Supervisory Commission will also introduce a new system, and unregistered exchanges will bear criminal liability as part of Taiwan's anti-fraud policy. .
Huang Tianmu, who will step down from office on May 19, reviewed his tenure at the Financial Supervisory Commission and his financial supervision career over the past four decades at the Finance Committee.
Huang Tianmu attended the Finance Committee for the last time
Huang Tianmu, chairman of the Financial Supervisory Commission, will officially step down on May 19, ending his four-year term as chairman and his forty-year career in financial supervision. On May 15, he attended the Legislative Yuan Finance Committee, which was also the last Finance Committee meeting during his term. Legislators sent their blessings and expressed the hope that Huang Tianmu could "come back again" in the future.
The Finance Committee reviewed multiple bills and passed the first review
According to reports, the Finance Committee reviewed the draft amendments to some provisions of the Securities Investment Trust and Advisory Act and the draft amendments to some provisions of the Real Estate Securitization Ordinance that day. In the end, under the resolution of DPP convener Guo Guowen, the bill passed the preliminary review and was sent to the chamber for discussion. Some provisions were submitted to the party group for negotiation before being submitted to the chamber.
REITs investment controversy: Should social housing be included?
During the review process, legislators focused on the amendments to Article 49-3 of the Securities Investment Trust and Advisory Act. This provision prohibits real estate investment trusts (REITs) from investing in dwellings covered by the Housing Act, including social housing. Some legislators believe social housing should not be excluded. DPP legislator Wang Shijian pointed out that social housing is an important part of social welfare and relief, and financial participation should be expanded.
In this regard, Huang Tianmu explained that REITs mainly invest in real estate with commercialization and profit potential. If they are allowed to invest in social housing, it may cause concerns about housing price fluctuations. He said that opening up funding sources to invest in residential or social housing may have an impact on the stability of housing prices, so he has reservations.
However, Wang Shijian countered that social housing has never been regarded as a target for speculation, and local governments have invested a lot of time and money in building social housing, and opening up REITs investment will help expand construction. In the end, there was no clear conclusion on this article and it was left to the party group for negotiation.
Huang Tianmu’s four-year term makes him the longest-term chairman
According to reports, Huang Tianmu took over as chairman of the Financial Supervisory Commission in May 2020, becoming the longest-serving chairman. In four years, it has experienced major events such as the outbreak of the new coronavirus, the epidemic prevention policy crisis in the property and casualty insurance industry, and the transition of the life insurance industry to the new system in 2026.
In the epidemic prevention policy incident, the property and casualty insurance industry suffered a huge loss of 270 billion yuan. Industry players criticized the Financial Supervisory Commission for failing to consider changes in epidemic prevention policies and succumbing to populist and legislator pressure, resulting in out-of-control claims. In addition, the issue of the life insurance industry's integration with the two major international systems IFRS17 and ICS has also caused dissatisfaction in the industry. It is believed that the Financial Regulatory Commission did not take into account the differences in the size of each company and placed an excessive burden on some companies.
Huang Tianmu said in his response that the epidemic prevention policy incident did pay a huge price, but the decision-making at that time had its own background and process, and it is now inconvenient to evaluate. He emphasized that financial supervision is not a job to please, and any decision will affect stakeholders.
Huang Tianmu: I have no regrets during my term of office
Huang Tianmu mentioned that May 13 was the last time he presided over the business meeting of the Financial Supervisory Committee, and he expressed "no regrets" to all supervisors. He pointed out that there was uncertainty in the past chairmanship, so since taking over, he has tried his best to do his best to complete the work of financial stability and promote financial development since he took over.
Talking about his plans after leaving office, Huang Tianmu said that he would go home to spend time with his family first, but also mentioned that his superiors reminded him not to stay idle at home for a long time, so he might take a period of rest before coming out to contribute to society.
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This article Huang Tianmu, chairman of the Financial Supervisory Commission, resigned on May 19: ending his forty-year financial supervision career first appeared on Lian News ABMedia.
