Financial Supervisory Commission Chairman Huang Tien-mu to step down? Insider: New chairman to be a highlight of the cabinet, never reported by the media

Storm Media reported that Financial Supervisory Commission Chairman Huang Tien-mu may be removed from the new cabinet lineup due to the previous Regent Taipei Luncheon scandal, and a young and previously unreported individual is expected to take his place. It is understood that the new chairman will prioritize key tasks such as "integration of life insurance internationally," "financial penalty formulation," and "combatting financial fraud" in the future.

Disclaimer: This information is sourced from Storm Media and should be treated as speculative until the new cabinet lineup is officially announced.

Financial Supervisory Commission (FSC) Chairman Huang Tien-Mu May Resign

A source quoted by New News indicated that the uncertainty surrounding the reappointment of Financial Supervisory Commission (FSC) Chairman Huang Tien-Mu, as deliberated by senior officials in the Presidential Office, seems to have been decided following the recent Shangri-La Banquet incident last month.

The source revealed that Huang Tien-Mu might be forced to resign, and the new chairman will be a young dark horse candidate who has not been reported by the media:

The new FSC chairman will become a highlight in the cabinet of Premier Su Tseng-Chang, bringing a new atmosphere.

At the age of 66, Chairman Huang Tien-Mu has become the longest-serving FSC chairman to date, with a term of 3 years and 11 months, and is also the only chairman in the 20-year history of the FSC to oversee all four bureaus: the Banking Bureau, the Insurance Bureau, the Securities and Futures Bureau, and the Examination Bureau.

Three Major Tasks for the New Chairman

The source further stated that the new FSC chairman will face three major tasks, including aligning the life insurance industry with international standards, revising financial penalties, and combating financial crimes.

• Life Insurance Alignment: Ensuring that the 21 domestic life insurance companies, which vary greatly in nature and scale, can effectively comply with and align with the two major international standards: IFRS17 and ICS.
• Penalty Revision: Adjusting the inspection and penalty methods for financial crimes, rather than just imposing high fines that indirectly penalize shareholders.
• Fraud Prevention: Effective prevention of financial fraud and other criminal activities in the next one to one and a half years.

Shangri-La Banquet Incident

It is understood that during the luncheon held at Shangri-La on March 26, Chairman of the Legislative Yuan's Finance Committee, Lo Ming-Tsai, intervened and requested the Insurance Bureau of the FSC to invite life insurance company chairpersons to have lunch with members of the Legislative Yuan, even leading to situations where political and business circles introduced each other.

The above content was confirmed during the Finance Committee questioning on April 1 from 11:04 to 11:08 am, which raised doubts about the independence of the FSC and whether it properly fulfills its regulatory responsibilities:

From the standpoint of the FSC, the committee's request for us to arrange for life insurance industry representatives to meet with new committee members, I think we should try to handle this opinion as much as possible.

As FSC Chairman, Huang Tien-Mu's foreknowledge and assistance in organizing the luncheon were deemed inappropriate interventions. On one hand, it exposed potential issues in the FSC's relationship with political figures, and on the other hand, it eroded public trust in the FSC, thus becoming one of the catalysts for Huang Tien-Mu's resignation.

Impact on the Cryptocurrency Act?

Last month, Huang Tien-Mu revealed that the FSC is expected to propose a special law for cryptocurrencies in September this year. The aim is to more effectively regulate the cryptocurrency market and ensure that investors are protected from fraud risks.

FSC Chairman announces the introduction of a cryptocurrency law in September, could Taiwanese investors expect a "Bitcoin ETF"?

Now, as the resignation date of May 20 approaches, internal personnel changes at the FSC will inevitably affect the enactment of cryptocurrency-related legislation.

However, with the formal establishment of the Virtual Currency Business Association and the previous recruitment notices for research talents by the FSC's Securities and Futures Bureau, it is evident that the FSC is facing the rapidly developing cryptocurrency field and is working on strategies to address emerging regulatory challenges.