I. Preface (Message from the Chairman)

Transcription

ANNUAL REPORT
CONTENTS
02
I.Preface (Message from the Chairman)
05
II. About the Trust Association
06
1. History of the Association
06
2. Purposes of Establishing the Association, its Objectives,
and Organization Chart
09
3. Board of Directors and Supervisors
11
4. Directors of Committees and Major Officials
12
III. Operations Outline of Trust Enterprises
13
1. Historic Development of Trust Industry in Taiwan
14
2. Introduction of Trust Business
17
3.Operations of Trust Enterprises in 2013
23 IV. Business Report
24
1. 2013 Association Activities
25
2. 2013 Business Activities
31
3. 2014 Business Highlights
33 V. Appendix: Directory of Members
2
P
I.Preface
(Message from the Chairman)
http://www.trust.org.tw
03
I.Preface (Message from the Chairman)
I. Preface (Message from the Chairman)
As international economic tensions ease after global financial turmoil, the financial supervision
system in Taiwan has improved significantly. The government continues to adopt liberalization policies
such as launching RMB denominated money management services after signing the memorandum
of cross-straits monetary settlement. Under these favorable conditions, trust enterprises have
grasped opportunities to promote new trust products and build stable relationships with clients and
beneficiaries.
The Trust Association of the Republic of China (TAROC) has made a proposal to the government
calling for relaxed restrictions on the businesses of Collective Investment Trust Funds and Collective
Trust Funds as well as improvement in taxation system of the former so that trust enterprises are able
to develop customized trust products for professional and non-professional investors of clients. Trust
enterprises have also benefitted from developing their assets management businesses.
2013 ANNUAL REPORT
Furthermore, the regulatory agency of trust-related businesses announced that the advance
payment paid for presale houses (either for service or product) is subject to regulations of the trust
system in order to protect consumers’ rights. To cope with this policy, TAROC has continuously
drafted self-regulation and formulated the reference template of “advance payment trust service
for commodity (service) gift certificate” contract, as well as the “Purchase Fund Trust” contract and
the “Real Estate Development Trust” contract regarding the contract-implementation guarantee
mechanism proposed for the standardized contract of presale house transactions, so that trust
04
enterprises can carry out internal risk control, in compliance with the laws governing the
obligations of goodwill managers.
In response to the U.S. Foreign Account Tax Compliance Act (FATCA), the regulatory agency
has helped TAROC to fully express its viewpoints to the U.S. government regarding exemption of
certain trust products from the U.S. new tax policy, including will trust, employee’s shareholding
trust, presale house purchase fund trust, real estate development trust, advance payment trust,
charity fund trust and others. This has greatly relieved the potential impact of FATCA on Taiwan’s
trust enterprises.
In order to promote competitiveness of Taiwan’s financial industry, the regulatory agency
would continue to push for financial liberalization and “overall opening; grading management”
policy for financial product sales. Meanwhile, liberalization allows greater flexibility for banks’
international departments to operate offshore banking units and offshore securities units so as to
provide investors with even more service choices and boost future development of Taiwan’s trust
industry.
TAROC will continue to make concrete suggestions in line with the government’s policy and
related regulations, propose self-regulation, strengthen research on trust businesses, and take
additional action to help TAROC Members expand their business range and promote the overall
competitiveness of Taiwan’s trust industry to secure long-term development of Taiwan’s trust
enterprises.
Chairman
A
A
06
1. History of the Association
On September 28, 2000, the competent authority published the "Regulations on the Operations of the Trust
Association" to govern the missions and operations of the Association. The Trust Association of the Republic
of China (TAROC) was formally established on March 7, 2001 when the Established Assembly was held. During
the Assembly, the Boards of Directors and Supervisors were elected, along with the chairman of the Association
and the Convener of the Board of Supervisors. While the tenure of the fourth boards of directors and supervisors
comes to an end on March 4, 2013, election for the fifth boards of directors and supervisors will be held on
March 5, 2013. It is composed of 53 members as of the end of 2013.
2. Purposes of Establishing the Association, its Objectives, and Organization
Chart
A. Purposes of Establishment
1. To promote the trust concept;
2. To streamline the operations of trust enterprises;
3. To promote the development of trust businesses;
4. To protect the interests of trustors and beneficiaries;
5. To coordinate relationships among members; and
6. To enhance the common interests of all the members.
▍Administrative Vice Chairperson Li-ling WANG of the Financial Supervisory Commission, speaks at the First Meeting of
the Fifth General Assembly of TAROC.
07
According to its Charter, the main objectives of TAROC are as follows:
1. To promote the functions of trust businesses in line with national economic development;
2. To assist the implementation of economic and financial policies as well as trust laws and regulations of the
government and to conduct research and make relevant suggestions;
3. To promote self-regulation by members and also to help improve and coordinate businesses jointly with
members;
B. Main Objectives
4 To coordinate, survey, research and develop trust businesses and to issue trust-related publications;
5. To protect the interests of members and their clients and also to settle business disputes;
6. To prepare and clarify common business regulations, fair trade rules and accounting principles among
members;
7. To conduct auditing and provide advisory services to members;
8. To provide assistance, guidance, and advisory services to members concerning their compliance with laws
and regulations and the development of sound business operations;
9. To publicize trust businesses and to conduct research and development for members;
10. To conduct management, test, registration, and qualification screening of members, member representatives,
and trust professionals;
11. To maintain business ethics among members;
12. To conduct disciplinary actions against members who violate laws and regulations, the Charter of the
Association, business guidelines or resolutions;
13. To sponsor public welfare activities;
14. To conduct professional training and business lectures for staff of members;
15. To conduct matters designated by the government or other groups;
16. To participate in social activities;
17. To participate in trust-related international organizations and to promote civilian diplomacy; and
18. To engage in other matters required by laws and regulations.
2013 ANNUAL REPORT
▍The TAROC is awarded by the Ministry of the Interior (MOI) as the best vocational association.
08
C. Organization Chart
Members’General
Assembly
Board of Supervisors
Board of Directors
Business Development Committee
Legal Affairs and Disciplines Committee
Chairman
Auditing and Advising Committee
Secretary General
Finance and Taxation Committee
Administration and Training Committee
Deputy Secretary General
Administration Division
Business Development Division
Education Division
Auditing and Advising Division
09
3. Board of Directors and Supervisors
A. Board of Directors
Title
Chairman of the Board
Name
Positon
Leon L. Shen
Chairman, Taiwan Cooperative Holdings
Taiwan Cooperative Bank
Jin-Der Chiang
President, First Financial Holding Co., Ltd.
Tien-Chang Huang
President, Taiwan Business Bank
Justin J.L. Wei
Executive Vice President, Bank of Taiwan
Jung-Cheng Kao
Executive Vice President, Hua Nan Commercial
Bank
Cheng-Ching Huang
Executive Vice President, Land Bank of Taiwan
Tswen-Chih Huang
Senior Vice President, Industrial Bank of Taiwan
C.W. Yang
Senior Vice President, Cathay United Bank
Yi Min Wang
Executive Vice President, Yuanta Securities Co.,
Ltd.
John S.C. Chen
Senior Executive Vice President,
Shanghai Commercial & Savings Bank
Simon Fang
Senior Vice President, Bank of Panhsin
Shih-Hua Huang
Executive Vice President,
Taipei Fubon Commercial Bank
Carol Lai
Chang Hwa Commercial Bank
Amy Yang
Senior Vice President, Chinatrust Commercial
Bank
Tim Liu
Director, Deutsche Bank AG, Taipei Branch
Managing Director
Director
As of December 31,2013
2013 ANNUAL REPORT
10
B. Board of Supervisors
Title
Name
Executive Supervisor
Kuang-Si Shiu
Positon
President ,Mega International Commercial Bank
Ming-Jye Chang President, Mega Securities Co., Ltd.
Supervisor
Herman Tu
Executive Vice President, Union Bank of Taiwan
Jason Huang
Master Link Securities Co., Ltd.
▍Secretary General Chun-Yi Wu
11
4. Directors of Committees and Major Officials
A. Directors of Committees
Title
Name
Positon
Director of Business
Development Committee
Jung-Cheng Kao
Executive Vice President, Hua Nan Commercial Bank
Director of Legal Affairs
and Disciplines Committee
Chih-Cheng Peng
Auditor General, Taiwan Cooperative Bank
Director of Auditing
and Advising Committee
Cheng-Ching Huang Executive Vice President, Land Bank of Taiwan
Director of Finance
and Taxation Committee
Paul H. C. Huang
Chang Hwa Commercial Bank
Director of Administration
and Training Committee
Bessie Y.C.Liu
Taiwan Financial Holding Co., Ltd.
B. Major Officials
Title
Name
Secretary General
Chun-Yi Wu
Deputy Secretary General
Rachel Hwang
Chief Officer, Administration Division
Sling Lin
Chief Officer, Education Division
Milly Chung
Chief Officer, Business Development Division
Chin-Yi Chen
Chief Officer, Auditing and Advising Division
Meng-Chun Lee
2013 ANNUAL REPORT
12
O
III. Operations Outline of Trust
Enterprises
13
1. Historic Development of Trust Industry in Taiwan
Given the popular application of trust services in the U.S., Europe, and Japan, as well as the longterm positive effect of trust business on national economic development and assets management of the
people in Taiwan, the ROC government published the “Trust Law” and “Trust Enterprise Act” in 1996
and 2000, respectively, marking a milestone for Taiwan’s trust industry. The “Trust Law” defines trust
III. Operation Outline of Trust Enterprises
III. Operations Outline of Trust Enterprises
business and interprets related legal relations, whereas the “Trust Enterprise Act” regulates operations
of trust enterprises. Both were formulated to promote development of Taiwan’s trust industry and
secure healthy operations of trust enterprises.
After the announcement of the “Trust Law,” the trust investment companies and the bankoperated trust divisions, which were previously set up and run in accordance with Chapter 6 on “trust
enterprises” and “trust business” of the Banking Act of the Republic of China, have been transformed
based on the government’s guidelines. The trust investment companies were either transformed
into commercial banks or applied trust enterprise certificate by the designated date. Meanwhile, the
banks with a trust division previously have also adjusted their trust business by the designated date
in accordance with the law. Both of them, nonetheless, were the pioneers of Taiwan’s trust industry,
paving a foundation for the development of the industry. From 2011, the securities firms with trust
division are also included into the list of trust operators.
During the 2000s, the wealth management and personal trust business saw rapid development in
Taiwan, thanks to the fast-growing global economy, the accumulated wealth of Taiwan’s people, and
the domestic low-interest investment environment at that time. Those banks and their trust divisions
previously possessed experience in using trust funds to make overseas securities investments. With the
advantage of their wide-ranging sales network, these banks soon developed the business of making
overseas securities investments by using the Mon-discretionary Money Trust (Specific Pecuniary Trust)
Fund, designated by their clients, and at the same time consequently opened new trust businesses
such as Collective Investment Trust Funds and Collective Trust Funds.
The “Financial Asset Securitization Act” and the “Real Estate Securitization Act” were announced
in 2002 and 2004, respectively, creating a market for securitized products. Because the entrusted
managers’ commitment for fulfilling their obligations have been highly trusted on the market, a trust
mechanism is applied to the market of securitized products where the trust enterprises play the role of
issuers, and it has paved a sound foundation for future development of Taiwan’s securitization market.
The “Securities Investment Trust and Consulting Act,” published in 2004, stipulates that the
custodian banking services for securities investment trust funds should be conducted by either trust
enterprises or those banks offering trust services. Regarding the gradual opening of Taiwan’s securities
market to foreign investors, the “Regulations Governing Investment in Securities by Overseas Chinese
provide custodian banking services to overseas Chinese and foreign investors. Trust enterprises are
highly counted on in Taiwan, taking the responsibilities of protecting various assets and funds for
investors.
2013 ANNUAL REPORT
and Foreign Nationals” also requires that only the government-approved financial institutions can
14
Observing the risk protection and security functions of trust services, the Consumer
Protection Foundation, Ministry of the Interior (MOI) and other related institutions have made
innovative application of the trust mechanism for risk protection, such as trust services for 9-21
disaster area assets management, pre-death contract of funeral service companies, advance
payment for goods (service), presale house purchase fund, and others. All of these are innovative
trust services, using the trust mechanism to protect the rights of consumers.
As of the end of 2013, money trust remained the major trust service in Taiwan, accounting
for 87%, or over NT$6.6 trillion, of the total trust market value in Taiwan. Within money trust, nondiscretionary money trusts takes the lion’s share with NT$2.9 trillion. However, real estate trust
grew the fastest, by 16% in 2013, with total trust value of over NT$500 billion.
2. Introduction of Trust Business
Most TAROC Members provide money trust as their primary business, of which the Nondiscretionary Money Trust (Specific Pecuniary Trust) takes the largest percentage. In recent
years, the money trust sector grew at a slower pace mainly because Taiwan’s investors turned
more conservative after the outbreak of the global financial crisis that led to shrinkage in the
securitization business.
Fortunately, international funds flow into Taiwan’s stock market, pushing up the business
of custodian banking service for international funds. Meanwhile, the self-regulations for advance
payment trust have been formulated and trust service, combining real estate trusts and bank
financing services, has become the fastest-growing business of most TAROC member companies.
The following is an outline of the major trust businesses in Taiwan:
A. Money Trust
Money trust is now the business focus of most trust enterprises in Taiwan. The Nondiscretionary Money Trust (Specific Pecuniary Trust) started from the 1980s when the Central
Bank of China (CBC) strictly controlled the forex market and, in a bid to direct the flow of domestic
excess funds, allowed government-designated financial institutions to make overseas securities
investments on behalf of their clients. Given the “Securities Investment Trust and Consulting Act”
that defines the legal trustees as fund sales outlets, Non-discretionary Money Trust (Specific
Pecuniary Trust) Fund has created a major channel for domestic investors to make overseas
securities investments, and thus become the major trust business of the banks with a trust
division.
Yet, under the impact of the 2008 global financial crisis, Taiwan’s trust market grew at a
slower pace over the past five years. In order to restore financial market order, countries around
the world re-examined their financial monitoring systems. Taiwan thus announced the “Financial
Consumer Protection Act” and built the legal framework for structured financial products, requiring
mandatory classification of clients, full understanding of clients, and introduction of proper financial
products to the right clients. Meanwhile, the government made amendments to the “Uniform
15
In order to cope with the government’s financial liberalization policy and to encourage
trust enterprises to introduce new trust products, TAROC requested the government to revise
the “Regulations on the Management of Common Trust Funds” and the “Regulations on the
Management of Collective Investment Trust Funds” in a bid to relax regulations on the two trust
businesses and broaden the investment scope for the collective investment trust funds so as
to create a favorable environment for TAROC Members to develop their assets management
businesses.
Guidelines for Disclosure of Information of Non-discretionary Money Trust” as well as related
regulations and self-regulations. To cope with all the new rules, TAROC Members have adjusted
their internal regulations and business frameworks. As a result, the market of Non-discretionary
Money Trust has seen slower growth. The TAROC will continue to help member companies solve
problems encountered in their businesses and at the same time propose suggestions to the
regulatory agency for greater flexibility within the legal framework.
B. Advance Payment Trust
With regards to many companies issue gift certificates, coupons, magnetic cards, chip cards,
electronic ticket certificates, etc. to collect advance payments from consumers and defer providing
of commodities or services, the regulatory agencies have required them to use advance payment
trust as one of the alternatives for protection of the rights of their consumers.
In order to help TAROC Members secure healthy operations, figure out rational costs and
budgets, and reinforce risk control, TAROC revised the guidelines for TAROC Members in doing
advance payment trust business and formulated reference template for the contracts to be used
for advance payment trust business, and providing consulting service to regulatory agencies for
their questions regarding how to use trust mechanism to protect rights of consumers.
C. Real Estate Development Trust
The trust services for real estate properties help facilitate fund raising and management, and
the funds are managed by the entrusted banks in order to have the funds kept in special accounts
for special-purpose usage, the means to secure smooth proceeding of a construction project
and protect the rights of purchasers. In 2011, the Ministry of the Interior (MOI) required that the
“Purchase Fund Trust” and “Real Estate Development Trust” be added to the fulfillment-guarantee
mechanism formulated for the “Standardized Contract Regarding Pre-sale Housing Transactions.”
2013 ANNUAL REPORT
In recent years, the real estate market saw a growing demand and that has accordingly
resulted in fast growth in real estate trust business. In order to help TAROC Members assess
hidden risks and sensibly define related obligations and responsibilities, TAROC will continue doing
research on how to use real estate trusts to secure completion of a construct project and remind
TAROC Members of the important matters that they should not neglect. In addition, the TAROC
proposed templates of the “Purchase Fund Trust” and “Real Estate Development Trust” contracts,
formulated to guarantee full execution of the “Standardized Contract Regarding Pre-sale Housing
Transactions” so that TAROC Members will have guidelines to follow. They help clearly define
obligations and interest of pre-sale house providers, buyers, as well as TAROC Members, and
meanwhile build a business operation model as a reference for TAROC Members.
16
As for development of the overall trust market, TAROC proposed suggestions to be included
in the 2013 Financial White Paper published by the Taiwan Financial Services Roundtable Co.
While the government made an overwhelming review of the pension fund management system
and introduced the “Labor Autonomic Investment” policy, TAROC proposed the labor autonomic
investment framework under a trust mechanism, and made suggestions regarding all prospects of
cash flow and information flow. To cope with the government’s “2nd-generation National Health
Insurance” policy, the TAROC have discussed with government’s officials about the difficulties
for trust enterprises to deduct fund from trust products for paying the supplementary insurance
premium, suggesting that some trust products or services should be exempt from the “2ndgeneration National Health Insurance” policy.
The trust is an assets management system which features a high trust relationship. In order
to protect the interest of clients and beneficiaries as well as help trust enterprises keep healthy
operations, the regulatory agency put much stress on self-discipline of TAROC Members. In
this regard, the TAROC will continue to act as a bridge facilitating communications between
the government and trust enterprises, publicize the trust concept, and promote mutual benefits
among trust enterprises so that the trust services of diverse functions will make contributions to
the development of Taiwan’s financial market and the welfare of the whole society.
17
A. Business Activities of Trust Enterprises
As of the end of 2013, there had been 53 members in the TAROC. There were 46 banks and 7 securities
firms doing trust business concurrently.
Among major trust businesses authorized by the competent authority, most trust enterprises conducted
money trust, securities trust, encumbrance and related security interests trust, real estate trust, and so forth.
Supplementary trust businesses conducted by trust enterprises included custody businesses, attestation for
the issuance of securities, advisory services for issuance and offering of securities, and acting as agents for the
issuance, transfer, registration, and payment of interests and dividends of securities. (See Chart 1)
3. Operations of Trust Enterprises in 2013
Chart 1：Statistics on Number of Entities Conducting Various Trust Businesses
53
Money Trust
44
Securities Trust
42
Custody Trust
42
Acting as Attesters for Issuance of Securities
Trust of Encumbrance and Related Security Interests
39
Real Estate Trust
38
Providing Consulting Services for Securities Issuance of Offering
36
Acting as Custodians of Securities Investment Trust
35
Acting as Trustees for Issuance of Bond and Providing Related Agent Securities
35
27
Acting as Trustees for Issuance of Bond and Providing
26
Other Trust Businesses Authorized by the Competent Authority
Land Right Trust
23
21
Conducting Discretionary Authorization Investment Business-by Means of Trust
18
Providing Advisory Services for Investment, Financial
Management, and Real Estate Development
Movable Property Trust
12
Acting as Executor of Wills and Managing Legacies
12
7
Conducting Wealth Management Business by Means of Trust
Money Trusts
6
Providing Safe Box Services
6
3
Acting as Bankruptcy Administrator and Supervisor of company Restructuring
3
Conducting Discretionary Authorization Investment Business-on Mandate Basis
2
Acting as Broker for Sales or Lease of Real Estate Relating to Trust Businesses
2
Conducting Labor Pension fund Business
1
Managing on Behalf of Another,
Hiring Out, Handing State-run Buildings and Farmland
1
2013 ANNUAL REPORT
Acting as Trust Supervisor under Trust Law
18
B. Major Categories of Trust Businesses
1. Major Categories of Trust Businesses
Since the Trust Enterprise Act was promulgated in 2000, the competent authority gave a lot of support
and trust enterprises made efforts to Taiwan’s trust market. As of the end of 2013, the total trust assets under
management stood at NT$6.6339 trillion, excluding securities investment trust fund and futures trust fund under
custody under management stood at NT$4.7280 trillion, up NT$48.1 billion from the previous year. The following
is the outline of operations of the major categories of trust business in Taiwan:
Taiwan's trust market was traditionally dominated by money trusts. In 2013, the annual business volume
of money trusts was NT$5.7837 trillion. It accounted for 87% of total trust assets in Taiwan. The second largest
trust category in Taiwan is real estate trust, which had annual business volume of NT$508.9 billion, accounting
for 7.67% of the total outstanding value of trust assets in Taiwan. The third largest trust category is securities
trust, and its annual business volume was NT$276.4 billion, accounting for 4.17% of the total outstanding value
of trust assets in Taiwan. (See Table 1 and Chart 2 )
Table 1 : Statistics of Major Businesses of Trust Enterprises
Unit: NT$ million
Amount
Category
2012
Year
Amount
2013
%
Amount
Change
%
%
Money Trust (excluding Securities Investment Trust
Funds and Futures Trust Funds under Custody)
3,864,314
60
3,877,764
58
0
Money Trust--Securities Investment Trust Funds under
Custody
1,808,136
28
1,901,640
29
5
3,350
0
4,300
0
28
78,944
1
55,311
1
(30)
Securities Trust
289,652
4
276,398
4
(5)
Real Estate Trust
436,960
7
508,949
8
16
10,089
0
9,619
0
(5)
6,491,445
100
6,633,981
100
2
Money Trust--Futures Trust Funds under Custody
Trust of Encumbrance and Related Securities Interests
Other Trust Businesses
Total
Chart 2：The Ratios of Volumes of Major Trust Business
29%
Money Trust--Securities Investment
Trust Funds under Custody
58%
Money Trust (excluding Securities Investment Trust Funds
and Futures Trust Funds under Custody)
Real Estate Trust
8%
Securities Trust
4%
Trust of Encumbrance
and Related Securities Interests
1%
19
In Taiwan, most money trusts (excluding securities investment fund trust and futures trust fund under
custody) are non-discretionary money trusts investing in foreign securities, which took up a market share of
74.48%, and stood at NT$2.8884 trillion under management. Investment targets are mostly the offshore funds.
The second largest sub-category of money trusts is that for making domestic securities investment, with a
market share of around 15.76%, at NT$ 611.4 billion under management. Its major investment target is the
mutual funds for making domestic securities investments (See Table 2 and Chart 3). As of the end of 2013, there
were 19 collective investment trust funds in Taiwan which have been in operations with NT$8.782 billion in assets
under management.
2. Money trust(excluding Securities Investment Trust Fund and Futures Trust Fund under Custody)
Table 2： Statistics of Money Trusts Businesses
(Excluding Securities Investment Trust Fund and Futures Trust Funds under Custody)
Unit: NT$ million
Amount
Category
Year
2012
Amount
2013
%
Amount
Change
%
%
Non-discretionary Money Trusts Investing on Foreign
Securities
2,892,715
75
2,888,498
75
0
Non-discretionary Money Trusts Investing on Domestic
Securities
628,450
17
611,455
16
(3)
Non-discretionary Money Trusts Investing on Domestic
Structured Products
422
0
104
0
(75)
Employee Benefit Trust
121,389
3
121,815
3
0
Insurance Claims Trust
279
0
310
0
11
Preened Funeral Service Advanced Payment Trust
7,041
0
8,114
0
15
Electronic Card Deposit Trust
3,401
0
3,477
0
2
13,851
0
21,259
1
53
Collective Investment Trust Funds
10,348
0
8,782
0
(15)
Semi-discretionary Individually Managed Funds
11,634
0
13,638
0
17
Real Estate Investment Trust
67,354
2
70,033
2
4
586
0
668
0
14
106,844
3
129,611
3
21
3,864,314
100
3,877,764
100
0
Other Advanced Payment Trust
Collective Trust Funds
Other Money Trusts Businesses
Total
Chart 3：The Ratios of Volumes of Money Trust Businesses
(Excluding Securities Investment Trust Fund and Futures Trust Funds under Custody)
16%
3%
Employee Benefit Trust
1%
Other Advanced
Payment Trust
2%
75%
Non-discretionary Money
Trusts Investing on Foreign
Securities
3%
Real Estate
Investment Trust
Other Money Trusts
Businesses
2013 ANNUAL REPORT
Non-discretionary Money
Trusts Investing on Domestic
Securities
20
C. Status of Supplementary Trust Businesses
1. Various Supplementary Trust Businesses
In Taiwan, the supplementary trust businesses are mostly custody business excluding trust funds of money
trusts, as well as the authentication for issuance of securities, and others. Detailed information about operations
of these businesses is shown in Table 3 and Chart 4.
Table 3：Statistics on Supplementary Trust
Businesses Conducted by Trust Enterprises
Unit:NT$ million
Amount
2012
Year
2013
Change
%
Category
Amount
Custody Business(excluding Securities Investment
Trust Fund and Futures Trust Fund under Custody)
9,613,152
84
10,456,861
86
9
Authentification for Issuance of Securities
1,123,804
10
941,415
8
(16)
167
0
147
0
(12)
Being Trustees for Issuance of Bonds
444,706
4
464,720
4
5
Payment of Interest
or Dividends of Securities
258,513
2
194,154
2
(25)
Taiwan Depository Receipt
40,517
0
31,045
0
(23)
11,480,859
100
12,088,342
100
5
Authentification for Beneficiary Certificates
Total
%
Amount
%
Chart 4：The Ratios of Volumes of Various Supplementary Trust Businesses
8%
Authentification for
Issuance of Securities
Being Trustees
for Issuance of Bonds
Payment of Interest or
Dividends of Securities
86%
Custody Business (excluding Securities Investment Trust
Fund and Futures Trust Fund under Custody)
2%
4%
21
The custody business maintained an expanding scale with assets under custody worth NT$10.4568 trillion
at the end of 2013. They are mostly the funds of Qualified Foreign Institutional Investors (QFII) and overseas
individual persons who account for 55% of the total funds under custody in Taiwan. (See Table 4 and Chart 5)
Table 4：Supplementary Trust Businesses
－ Statistics on Custody Businesses
Unit : NT$ million
Amoun
Category
Year
2012
Amount
QFII and Overseas Individual Persons
2013
%
Amount
Change
%
%
5,208,172
54
5,791,116
55
11
995,121
10
995,649
10
0
95,501
1
89,148
1
(7)
Other Custody Businesses
3,314,358
35
3,580,948
34
8
Total
9,613,152
100
10,456,861
100
9
Discretionary Authorization
Depositary Receipt
2. Custody Business (Excluding Securities Investment Trust Fund and Futures Trust Fund under Custody)
Chart 5：Supplementary Trust Businesses －
The Ratios of Volumes of Custody Business
10%
Discretionary
Authorization
34%
Other Custody
Businesses
1%
55%
Depositary
Receipt
QFII and Overseas
Individual Persons
2013 ANNUAL REPORT
22
D. Trust Manpower Status in 2013
Adhering to the "Guidelines for the Qualifications of Responsible Persons of Trust Business and Special
Knowledge or Experience Requirement," TAROC conducts the screening of expertise or experience of
operational and managerial personnel of trust enterprises.
In 2013, TAROC continued to authorize the Taiwan Academy of Banking & Finance (TABF) to administer
the 35th and 36th Professional Test on Trust Business for Trust Business Personnel, which were available in two
versions including a written exam and a computerized exam. For the three tests held in 2013, 8,789 persons
registered for the written exams and 7,055 persons actually took the test, with 2,763 persons passing the tests.
This yields a test-passing rate of 39.16%. Meanwhile, 15,527 persons registered for the computerized exams
and 11,791 persons actually took the tests, with 4,995 persons passing the test yielding a test passing rate of
42.36%.
As per Article 16 of the "Guidelines for the Qualifications of Responsible Persons of Trust Business and
Special Knowledge or Experience Requirement," those who would like to work as trust business representatives
could first take the securities investment trust qualification test held by any institution approved by the Securities
Investment Trust and Consulting Association (SITCA) and then take the "Test on Trust Law and Regulations"
arranged by TAROC-approved institutions.
TAROC authorized TABF to arrange the "Test on Trust Law and Regulations" in 2013, who held the 17th
and 18th tests in 2013. The 216 persons registered for the written exams and 202 persons actually took the
exams, with 162 persons passing the test and hitting a high test-passing rate of 80.2%. 848 persons registered
for the computerized exams and 762 persons actually took the test, with 604 persons passing the test giving a
test-passing rate of 79.27%.
Since June 2002, when such screening began, until the end of December 2013, 73,600 persons from
53 TAROC members (including 46 banks and 7 securities firms) passed the screening. Of these, 707 were
supervisory personnel, 20,203 managerial personnel, and 52,690 business personnel. According to statistics,
among those who passed the screening (including supervisory, managerial, and business staff) totaled
69,427 persons, or 94.33%, and held university or college degree or above. This attests to the high level of
professionalism of trust personnel. Not only do trust personnel deserve recognition and trust from the public, but
they also make positive contributions to the development of the trust sector. (See Table 5)
Table 5: Statistics on Trust Professionals
Unit : Person
Supervisory
Personnel
Managerial
Personnel
Business
Personnel
Total
Master’s Degree or Above
330
1,915
4,373
6,618
Bachelor’s Degree
324
10,664
32,597
43,585
Associate Degree
40
6,339
12,845
19,224
Senior High School
(Vocational School)
13
1,285
2,875
4,173
Total
707
20,203
52,690
73,600
Statisties as of December 31, 2013
IV. Business Report
B
23
2013 ANNUAL REPORT
24
IV. Business Report
1. 2013 Association Activities
A. Being selected by MOI as best vocational association for 7 consecutive years
Since its establishment of more than a decade ago, TAROC has adhered to the principles of member
service, actively engaging on various association businesses and activities of which a major part was to work
with the government for making amendments to laws and regulations, providing suggestions to regulatory
agencies, and acting as a bridge between the government and TAROC Members. With continuous improvement
to make its services more efficient and strengthen its overall performance, TAROC has been selected by the
Ministry of the Interior (MOI) as one of the best vocational associations nationwide for seven consecutive years.
B. Convening Regular Meetings
In 2013, TAROC held one General Assembly of Members as well as 12 Board of Directors Meetings and
seven Board of Supervisors Meetings, during which 57 projects of reports were approved, 36 proposals passed,
4 projects to be confirmed later, five kept for further check, and three elections held (105 projects in total).
Each project, proposed by either committees or ad hoc groups under TAROC, would receive final decision after
being approved at the meetings of board members or supervisors. TAROC would then report it to the regulatory
agencies, forward it to related institutions for their reference, or notify TAROC Members of it for them to follow.
For efficient implementation of association affairs, TAROC set up five committees including Business
Development, Legal Affairs and Disciplines, Auditing and Advising, Finance and Taxation, and Administration
and Training, each with a director, a deputy director, members, and secretariat staff. Each committee convenes
meetings, regularly or non-regularly based on the needs of operations.
C. Observing Trust Business
In order to learn about the practices and latest developments of Japan’s trust market, TAROC organized
a delegation to visit Tokyo for seven days, from Oct. 27 to Nov. 2, 2013. The delegation was composed of 17
board members, supervisors, and high-ranking officials of TAROC.
The main purpose of this trip was to visit Mitsubishi UFJ Trust and Banking Corporation (MUTB), which
gave a detailed introduction to the TAROC delegation of its Japanese Depositary Receipts (JDR) business and
the role that it played in this business. Both sides had full discussions and exchanged viewpoints. This sharing of
experiences increased the feasibility for Taiwan-Japan cooperation in trust business and created new directions
of thinking which are helpful for the overall development of trust business in Taiwan.
▍The TAROC delegation composed of board members, supervisors, and high-ranking executives make a trust business
inspection trip in Japan.
25
TAROC regularly arranges recreational and social activities for members to foster friendship and help
them relax from the pressures at work. The one-day trip to Zhishan Cultural & Ecological Garden, held on July
20, 2013, had nearly one hundred participants, including board members, supervisors, committee members,
member representatives, and working staff of the Association.
IV. Business Report
D. Sponsoring Recreational Activities for Members
2. 2013 Business Activities
A. Overall business
1. Made the following suggestions in support to the “2013 Financial White Papers” published by the Taiwan
Financial Services Roundtable Co.: to allow trust enterprises to serve as trustee for labor pension funds;
to levy tax on the benefits yielded by Collective Investment Trust Funds based on the time of benefitdistribution; to allow trust enterprise to use common Trust Funds to make securities investments without
having to apply for operating securities investment trust service first; to allow trust enterprises to serve as
trustee for the insurance premium defined in Article 138-2 of Insurance Law (regarding the insurance to have
other people as beneficiary); to allow the foreign company with shareholders from China to apply for FINI
status; to relaxed restrictions on the employee bonus systems of listed companies. All these suggestions
were proposed to activate Taiwan’s trust enterprise.
2. Compiled TAROC’s opinions on the government-proposed “Labor Self-managed Investment” policy, divided
into five categories: “Self-managed investment framework for labor retirement fund,” “Target types and
investment models of self-managed fund,” Investment target verification and supervision,” “Introduction of
proper investment targets and choices to laborers,” and “Related taxation issues,” and made suggestions
regarding the qualifications of the trust companies interested in serving as trusted institutions for the labor
self-managed investment fund and taking charge of building up the fund’s investment platform where the
investment targets and choices should be approved by the regulatory agencies, and reported it to the
Banking Bureau of the FSC.
3. Compiled TAROC’s opinions regarding the “Supplementary Insurance Premium of the National Health
Insurance (NHI) Program” published by the Ministry of Health and Welfare (MHW) and the proposed “2ndgeneration NHI Pamphlet” jointly drafted by the National Health Insurance Administration (NHIA) and the
2013 ANNUAL REPORT
▍The TAROC arranges social activity for members.
26
MHW, requesting that the custodian business for the securities investment trust fund and futures trust fund
should be exempted from this Program and that the income generated by Collective Investment Trust Funds
should not be subject to the requirement of the Supplementary Insurance Premium, and notified TAROC
Members of it after receiving the MHW’s agreement for adopting these opinions.
4. Proposed to request the FSC to refer to the Non-Reporting Products list stated in the U.S. FATCA
requirements and to add items of trust service such as the government fund (labor insurance fund, laborer
retirement fund) trust, charity fund trust, and employees’ shareholding trust among others.
B. Money Trust
1. Proposed revisions to the “Regulations on the Management of Common Trust Funds” to help TAROC
Members promote mutual fund trust business, suggesting the removal of the requirement that trust
companies should not provide these two trust services without operating mutual fund business and to relax
the requirement that each mutual fund should have at least one full-time manager authorized to manage
the fund, as well as made revisions to related regulations on fund’s investment targets and limitations, and
reported this issue to the FSC.
2. For proposing amendment to the “Regulations on the Management of Collective Investment Trust Funds” in
a bid to promote healthy development of the market, TAROC referred to the “Financial Consumer Protection
Act” and the “Regulations Governing the Scope of Business, Restrictions on Transfer of Beneficiary
Rights, Risk Disclosure, Marketing, and Conclusion of Contract by Trust Enterprises,” proposing to classify
clients (cosigners) into two types of non-professional investors and professional investors, and add extra
requirements on investments targets, limitations, as well as other related issues of fund’s liquid assets
holdings, and reported it to the FSC.
3. Compiled questions and opinions of fund custodian institutions on how to transmit electronic fund
management information to help TAROC Members facilitate their digitalized monthly fund management
report checking procedures as well as for TAROC to know the test result of fund custodian institutions’
digitized fund report checking procedures, and will continue to discuss with the Securities Investment Trust &
Consulting Association of the ROC (SITCA) how to improve this issue.
4. Compiled TAROC’s opinions on SITCA-drafted “Classification Criteria and Guidelines for fund’s Investment
Risks” in accordance with the FSC’s instruction, and replied to the FSC.
5. Regarding SITCA’s proposal in accordance with the FSC’s instruction to request the general agent of offshore
fund sales to make payment of sales bonus to domestic fund distributors rather than for offshore fund
institutions to directly make this payment, TAROC suggested that the offshore fund sales outlets, when
reporting sales bonus, should also inform the general agent, and notified TAROC Members of it after the
suggestion was adopted by the FSC.
6. Suggested improvements to SITCA regarding its letter inquiring about related enterprises and the difficulties
in forwarding meeting notices for securities investment fund beneficiaries and feasible solutions for raising
the effective feedback rate. SITCA forwarded these suggestions to the FSC for its review.
7. Proposed TAROC’s opinions as a reply to the request of the Insurance Bureau, FSC, regarding whether the
claim settlement payment could be considered as entrusted properties in the cases in which, according
to the new policy proposed by The Life Insurance Association of the Republic of China (LIAROC), a trust
company is allowed to pay insurance fees on behalf of its client, and notified TAROC Members of this after
the Insurance Bureau confirmed to adopted these opinions.
27
1. The TAROC Members, based on self-discipline rules, should figure out rational cost and expense for their
advance payment trust business. In accordance with the FSC’s instructions, TAROC proposed revisions
to the “Guidelines for TAROC Members in Doing Advance Payment Trust Business,” adding regulations on
calculating business’ profits and revising the conditions for terminating contracts before their expiration
dates, and notified TAROC Members of this after reporting to the FSC.
IV. Business Report
C. Advance Payment Trust
2. Revised reference template of the “Trust Contract for Advance Payment Collection for Commodity (Service)
Gift Certificate—(for total amount control) and the “Trust Contract for Advance Payment Collection for
Commodity (Service) Gift Certificate” (for installment management) based on the revisions of the Ministry
of Economic Affairs (MEA) to the “Requirements and Prohibited Items to Be Stated in Retailed Commodity
(Service) Gift Certificate” and the FSC’s instruction, and has notified TAROC Members of it after receiving the
FSC’s approval.
3. Regarding FSC’s reviewing of the legal efficacy and proper application of the “Trust Contract for Advance
Payment Collection for Commodity (Service) Gift Certificate,” the MOI is re-examining Chapters 35-36 of
“Regulations on Funeral Service Companies,” the Sports Administration under the Ministry of Education is
appraising the “Requirements and Prohibited Items to Be Stated in Formulated Contract of Health Center,”
and the Consumer Protection Foundation under the Executive Yuan is discussing the drafted amendment
to the “Requirements and Prohibited Items to Be Stated in Standardized Contract of Commodity (Service)
Gift Certificate issued by Alcohol and Tobacco Suppliers and Hotel Operators” as well as the appropriation
for a third party to issue such certificates, TAROC provided related information and requirements of the
trust mechanism as well as proposed trust solution packages to the involved regulatory agencies for their
reference.
D. Real Estate Trust
1. In accordance with the FSC’s instruction for effectively regulating the obligations and responsibilities of
presale house providers, consumers, and TAROC Members, TAROC formulated reference template of the
“Purchase Fund Trust” contract and the “Real Estate Development Trust” contract regarding the contractimplementation guarantee mechanism proposed for the standardized contract of presale house transactions,
and notified the MOI and TAROC Members of it after receiving the FSC’s approval.
2. Compiled TAROC’s opinions on questions about the “special account fund” of the “Purchase Fund Trust” and
the “Real Estate Development Trust” associated with the contract-implementation guarantee mechanism
proposed for the standardized contract of presale house transactions, and notified TAROC Members of it
after receiving the MOI’s approval.
E. Research on Trust Market Development
2. In order to clarify the working platforms and capital sources of the “Real Estate Development Trust” and “The
Purchase Fund Trust” to be provided for the “presale house” business to secure completion of the presale
houses and solve related problems as a means to promote healthy development of the “presale house trust”
market, TAROC made a study on “Real estate development and purchase fund trust service and related legal
issues for presale houses,” and made a report as reference for regulatory agencies and TAROC Members.
2013 ANNUAL REPORT
1. In order to clarify the means for gaining the “full understanding of clients,” and at the same time respect
client’s right in accordance with law for the young clients (consignors) who are defined as the minors in Civil
Law, TAROC conducted a study on “How to ensure complete understanding of juvenile clients” and made a
report as reference for regulatory agencies and TAROC Members.
28
3. Regarding Taiwan’s trust market now being in a period of transforming, TAROC referred to the development
and experiences of Britain, Japan, and Singapore, and made a report on “Development strategies for
Taiwan’s trust market” as reference for regulatory agencies and TAROC Members.
4. Regarding the international trend of making it rational to define the trustee’s responsibilities for the parties to
a contract, TAROC referred to the regulations and major cases ruled by courts in the U.S., Britain, and Japan
and made a study on “Trustee’s responsibilities of trust business”. TAROC is scheduled to complete a report
of the study in January 2014.
5. In order to understand the unlisted structured product governance and screening mechanism in Singapore
and Hongkong, TAROC made a report on “Unlisted structured product governance and screening mechanism
in Singapore and Hongkong” as reference for regulatory agencies, related associations, and TAROC
Members.
F. Providing Services and Conducting Publicity, Education, and Training on Trust
1. Screening the Qualifications of Trust Personnel
a. Under the "Guidelines for the Qualifications of Responsible Person of Trust Business and Special
Knowledge or Experience Requirement," any new trust worker won't be qualified to execute duties unless
they have registered with TAROC. In 2013, the Association reviewed and approved a total of 12,453
registration applications.
b. According to Article 12 of the "Guidelines for Trust Personnel Hiring, Job Suspension, as Well as
Registration Withdraw or Renewal”, TAROC dealt with the violation cases which were against Article 16-1
of the "Guidelines for the Qualifications of Responsible Person of Trust Business and Special Knowledge or
Experience Requirement".
2. Providing Education and Training
a. As stated in the "Guidelines for the Qualifications of Responsible Person of Trust Business and Special
Knowledge or Experience Requirement," the supervisor and manager personnel can earn credits to obtain
a certificate by giving trust-related lectures at university or taking TAROC designated training courses. They
will be able to obtain the certificate after completing the training program. In 2013, TAROC approved a total
of 163 training courses arranged by the Taiwan Academy of Banking and Finance, Securities & Futures
Institute, and Taipei Foundation of Finance. In 2013, a total of 5,463 persons completed these courses and
obtained qualification certificates. These courses provide multiple opportunities for training for those who
would like to build a career in trust business.
b. Under the "Guidelines for the Qualifications of Responsible Persons of Trust Business and Special
Knowledge or Experience Requirement," any new trust workers should take both pre-job and on-the-job
training courses. In 2013, 6,081 trainees and 11,225 trainees participated in these respectively.
3. Conferences, seminars, presentations, and trust promotion activities
a. To promote international exchange of trust enterprises as well as disseminate information about trust
business and international monitoring system, TAROC held the Institution visit of Japan Federation Shihoshoshi Lawyers’ Association; Presentation on “How Financial Dispute Resolution Centre solves financial
disputes in Hong Kong” with The bankers Association of the Republic of China jointly held, Seminar on
“Introduction of annuity system and application of annuity’s assets trust in Japan”, and Workshop on
“Auditing for Trust Enterprises (2013)”
29
IV. Business Report
b. To introduce the new amendments of trust-related regulations, TAROC and Financial Ombudsman
Institution jointly held the Presentation on “Case analysis of court’s ruling and Financial Ombudsman
Institution’s decision on cases of using trusted assets to make investment on financial products”; TAROC
held the presentation on “Personal Information Protection Act and related enforcement rules” and
“Formulated template for presale house contract”.
c. In order to help TAROC Members promote their business, TAROC provided a series training of courses for
specialized trust staff workers, covering Section 1 course on “Introduction and practice of real estate trust
business” and Section 2 course on “Introduction and practice of advance payment trust business” to the
“Customized Trust Products and Application of Trust mechanism Conference” co-sponsored by the Taiwan
Academy of Banking and Finance, School of Law of Chinese Culture University, as well as Law School’s
Civil and Commercial Law Research Center/Financial & Economic Law Research Center of the National
Chung Cheng University.
▍Presentation on “How Financial Dispute Resolution Centre Solves Financial Disputes in Hong Kong”
▍Seminar on “How ‘Real Estate Development Trust and
Purchase Fund Trust’ for Presale Houses Help Solve
Continued Construction Issues”
2013 ANNUAL REPORT
▍Presentation on “Major Points and Prospect of
Amendment to Honk Kong Trust Law in 2013”
30
▍Seminar on “Practice of Advance Payment Trust
Business”
▍Presentation on “Personal Information Protection Act
and Related Enforcement Rules”
d. To promote the trust concept and social care activities on university campuses and to support to the
Taiwan Financial Services Roundtable Co. (TFSR), TAROC arranged lectures on “Introduction of Trust” for
the “Financial Lecture” series arranged for university students and co-sponsored two “Financial service &
social welfare” carnivals with Chiayi County Government and Hsinchu County Government, respectively;
and held a presentation on “Trust business and related regulations” for graduate students of National Taipei
University, a move to encourage graduate students to make studies on trust-related topics.
e. In order to help government agencies and social welfare institutions to apply the trust mechanism, TAROC
held “Introduction of Trust Services for Government Agencies and Social Welfare Organizations”, and
assigned lecturers to introduce trust service about assets management for senior citizens or mentallyhandicapped people of Wen-shan Senior Service Center in Taipei, Health Center of Tatung District in Taipei,
Social Welfare Department of Taitung County Government, Shin Kong Wu Ho-su Memorial Hospital, and
Wanfang Hospital.
f. To encourage graduate students to do research on trust business and promote trust development in
Taiwan, TAROC continued to offer awards and subsidies for trust research projects conducted by graduate
students at universities. In 2013, the Master’s thesis which won the subsidy was on the topic of "Legal
System and Practice of Will Trust Acts In Taiwan and Japan" by a graduate student at the Chung Yuan
Christian University.
G. Auditing Finance and Business of Members
Under the "Regulations on the Operations of the Trust Association," TAROC should make audits of
members’ financial condition and business. In accordance with the government-approved "Regulations
on Auditing Finance and Business of TAROC Members and Regulations on Special Auditing and Advisory
Assistance to TAROC Members", TAROC should regularly check members’ financial condition and provide
assistance to help them establish an internal control system.
TAROC has made annual inspections of members' operations and financial conditions and provided
advisory assistance. The annual inspection consists of two parts including reviewing financial reports and
making field examinations.
1. Review of Financial Reports: under the reinforcement rules of the Trust Enterprise Act, trust enterprises
should make business and financial reports within two months after a six months of operation and make
annual business and financial reports within four months after one-year of operation. TAROC will review their
financial reports based on the Main Points on Financial Report Inspection for TAROC Members. In 2013, it
reviewed 53 annual reports for 2012 and 53 semi-annual reports for the first half of 2013, and then submitted
review results to the FSC.
2. Field Examination: in 2013, TAROC randomly selected 8 members for the field examination at either their
headquarters or branch offices. It made the inspection to ensure that members operate under reliable internal
control system and provided advisory assistance if necessary. TAROC reported inspection result to the FSC.
Most inspected members have made improvement to their internal control systems.
31
The “trust” market system developed in Taiwan for over the last 10 years. The operational platform of the
IV. Business Report
3. 2014 Business Highlights
trust system has gradually grown from the early stages, emerging to now become an integral part of wealth
management and of assets portfolios of the people in Taiwan, closely integrated into the daily life of the people
in today’s society.
We expect the Trust business to grow based on the strengthened legal framework so as to develop local
financial products, and to enhance the international asset management capabilities and innovate into a more
resilient and flexible business model. Therefore, we will continue our efforts to pave a sound foundation for
long-term development of the trust market in Taiwan and will promote its operations in the following directions
in the coming year:
A. Association Affairs
1. To strengthen training of specialized trust staff workers :
Currently, these TAROC Members are either the banks or securities firms with trust divisions where the working
staff usually should be rotated with those of other divisions. In order to help the new trust division workers
become professional, acquire practice and legal framework for trust business, and build communication
channels, TAROC plans a series of trust training courses. Through lectures of legal concepts as well as
discussions at workshops and seminars, these courses cover a broad range of trust knowledge including
money trust, securities investment trust, personal trust (including public charity trust), application and practice
of trust law and regulations, and so on.
2. Arranging proficient promotional activities:
In order to introduce “trust” to the people of special needs in an even more concrete and specific way, TAROC
will continue to cooperate with government agencies, charity organizations, medical institutions, and social
welfare units, arranging professional trust lectures for them and holding other trust promotional activities.
Meanwhile, TAROC will create various promotional publications for the elderly people, physically-handicapped
people, children, and other special groups of people, and distribute them to interested institutions and
individuals. These efforts are made to help those interested better understand the benefits of trusts and bring
more benefits to the society through “trust” services.
2013 ANNUAL REPORT
32
B. Business Activities
1. To draft revisions to guidelines and related regulations of “Collective Investment Trust Funds” and “Collective
Trust Funds”
In order to promote the assets management service of trust enterprises, TAROC will draft revisions to
the “Regulations on the Management of Collective Investment Trust Funds” and the “Regulations on the
Management of Common Trust Funds” as reference of the regulatory agency, and will continue to draft
revisions for other related FSC-published regulations.
2. To draft standard procedures for trust enterprises to process trust beneficiary right transfer
In order to protect the rights of trust clients, the FSC wrote an instruction letter to TAROC, stating that the
trust enterprises, which provide advance payment trust service with contract-implementation guarantee
mechanism, should not agree to transfer related beneficiary rights. The FSC also asked TAROC to draft
standard procedures for the cases where the trust enterprises could transfer trust beneficiary rights for the
trust service without contract-implementation guarantee mechanism in accordance with Article 19, paragraphs
1-3, of the “Regulations Governing the Scope of Business, Restrictions on Transfer of Beneficiary Rights,
Risk Disclosure, Marketing, and Conclusion of Contract by Trust Enterprises.” TAROC will make standard
procedures for the beneficiary right transfer for TAROC Members to follow.
3. To help TAROC Members conduct research on legal frameworks and practices of trust business
a. In Taiwan, there are increasing cases where the government proposed development plans for the stateowned land which is not open for use of the public. In this regard, TAROC would make a “Study on surface
right trust and its practices” on the role of trust enterprises as well as their rights and guidelines of their
services in the beginning, middle, final, and post-construction periods, or even the period after termination
of trusteeship for land development trust projects.
b. In response to the government’s policy by establishing Free Economic Pilot Zones and Taiwan’s trust
enterprises could develop similar businesses in the OBU and OSU, TAROC would refer to the related
regulations and practices of Hong Kong and Singapore, and make a “Feasibility study of offshore trusts
Development” on regulations, operational model, and current development.
c. To enable the legal system which defines the guardianship, guardianship order, and assistance order be
efficiently implemented, the TAROC will make a “Study on relationship among guardian, assistant, and trust
supervisor defined in Civil Law for trust cases” to research the legal issues involved with the trust cases
where the clients (cosigners) or beneficiaries who are without capacity or with limited capacity to perform
judicial acts, as well as how to formulate the legal framework and contract template for such trust services.
4. To continue to help TAROC Members follow self-discipline regulations and secure healthy internal control
In accordance with the "Regulations on the Operations of the Trust Association," TAROC will oversee and
inspect the financial condition of members and set up a self-discipline committee which will examine the
news and advertisements published by members on mass media, as well as watch over other related issues.
It's helpful to raise the overall competitiveness of the trust enterprises in Taiwan.
P
IV. Business Report
V. Appendix: Directory of Members
P
33
2013 ANNUAL REPORT
34
Bank of Taiwan / Jih-Chu Lee
120 Chungching South Road, Section 1, Taipei, Taiwan 10007, R.O.C.
Tel:(02)23493456
Website: www.bot.com.tw
Land Bank of Taiwan / Yao-Shing Wang
46 Kuanchien Road, Taipei, Taiwan 10047, R.O.C.
Tel:(02)23483456
Website: www.landbank.com.tw
Taiwan Cooperative Bank / Leon L. Shen
77 Kuanchien Road, Taipei, Taiwan 10047 , R.O.C.
Tel: (02)23118811
Website: www.tcb-bank.com.tw
First Commercial Bank / Ching-Nain Tsai
Tel:(02)23481111
Website: www.firstbank.com.tw
Hua Nan Commercial Bank / Ming-Cheng Lin
Tel: (02)23713111
Website: www.hncb.com.tw
Chang Hwa Commercial Bank / Julius Chen
38 Zihyou Road, Section 2, Taichung, Taiwan 40045, R.O.C.
Tel: (04)22222001
Website: www.chb.com.tw
The Shanghai Commercial & Savings Bank / Hung-Ching Yung
2 Minchuan East Road, Section 1, Taipei, Taiwan 10452, R.O.C.
Tel: (02)25817111
Website: www.scsb.com.tw
Taipei Fubon Commercial Bank / Daniel Tsai
169 Jenai Road, Section 4, Taipei, Taiwan 10689, R.O.C.
Tel: (02)27716699
Website: www.taipeifubon.com.tw
Cathay United Bank / Tsu-Pei Chen
1F, 7 Sungjen Road, Taipei, Taiwan 11073, R.O.C.
Tel: (02)87226666
Website: www.cathaybk.com.tw
Bank of Kaohsiung / Toong-Min Chen
168 Po-Ai Second Road, Kaohsiung, Taiwan 81357, R.O.C.
Tel:(07)5570535
Website: www.bok.com.tw
Mega International Commercial Bank / Mckinney Y.T. Tsai
123 Jhongsiao E. Road., Section 2, Taipei, Taiwan 10058 R.O.C.
Tel: (02)25633156
Website: www.megabank.com.tw
Agricultural Bank of Taiwan / Chao Hui Chen
1~3F, 71, 7~8F, 65, Guancian Road, Taipei, Taiwan 10047, R.O.C.
Tel: (02)23805100
Website: www.agribank.com.tw
Citybank Taiwan / Victor Kuan
1F,2F,12F,14F,15F,16F, 1 Songzhi Road, Taipei, Taiwan 11047 R.O.C. Tel:
(02)87297100
Website: www.citibank.com.tw
ANZ (Taiwan) Bank / Alistair Bulloch
12F,16F,17F,18F, 7 Sungjen Road, Taipei, Taiwan 11073, R.O.C.
Tel: (02)87225000
Website: tw.anz.com
China Development Industrial Bank / Mu-Tsai Chen
125 Nanking East Road, Section 5, Taipei, Taiwan 10504, R.O.C.
Tel: (02)27638800
Website: www.cdibank.com
Industrial Bank of Taiwan / Kenneth Lo
99, Tiding Blvd. Section 2, Taiper, Taiwan 11493, R.O.C.
Tel: (02)87527000
Website: www.ibt.com.tw
Taiwan Business Bank / Tsan-Chang Liao
30 Tacheng Street, Taipei, Taiwan 10341, R.O.C.
Tel: (02)25597171
Website: www.tbb.com.tw
Standard Chartered Bank(Taiwan) / Katherine King-Suen Tseng
106 Chung Yong Road, Hsinchu, Taiwan 30041, R.O.C.
Tel: (03)5245131
Website: www.standardchartered.com.tw
35
King's Town Bank / Terence Tai
506 His Men Road, Section 1, Tainan, Taiwan 70007, R.O.C.
Tel: (06)2139171
Website: www.ktb.com.tw
HSBC Bank(Taiwan) / Jayant Rikhye
13F,14F, 333, Keelung Road., Section 1, Taipei, Taiwan 11012, R.O.C.
Tel: (02)27230088
Website: www.hsbc.com.tw
Taichung Commercial Bank / Jin-Fong Soo
87 Minshuan Road, Taichung, Taiwan 40341, R.O.C.
Tel: (04)22236021
Website: www.tcbbank.com.tw
Bank of Taipei / Julie S.M. Chen
133, Yanping N. Road., Section 2, Taipei, Taiwan 10346, R.O.C.
Tel: (02)25575151
Website: www.bankoftaipei.com.tw
Hwatai Bank / Po-Yi Lin
1-3F, 6F, 11F, 246 Tsan-An East Road, Section 2, Taipei, Taiwan 10492, R.O.C.
Tel: (02)27525252
Website: www.hwataibank.com.tw
Taiwan Shin Kong Commercial Bank / Tseng-Chang Lee
26~28F, 30F, 66 Chunghsiao West Road, Section 1, Taipei, Taiwan 10018, R.O.C.
Tel: (02)23895858
Website: www.skbank.com.tw
Sunny Bank / Pong-Long Lin
255 hongjheng Rd., Shihlin District, Taipei, Taiwan 11162, R.O.C.
Tel: (02)28208166
Website: www.sunnybank.com.tw
Bank of Panhsin / Ping-Hui Liu
No.68, Sec. 2, Xianmin Blvd., Banqiao Dist., New Taipei City 22065, Taiwan (R.O.C.)
Tel: (02)29629170
Website: www.bop.com.tw
Cota Commercial Bank / Kuo-Chao Hsiao
32-1 Kung Yuan Road, Taichung, Taiwan 40046, R.O.C.
Tel: (04)22245171
Website: www.cotabank.com.tw
Union Bank of Taiwan / Shiang-Chang Li
1-3F,105 Chengde Road, Section 1, Taipei, Taiwan 10351, R.O.C.
Tel: (02)25568500
Website: www.ubot.com.tw
Far Eastern International Bank / Ching-Ing Hou
26-27F, 207 Tunhwa South Road, Section 2, Taipei, Taiwan 10602, R.O.C.
Tel: (02)23786868
Website: www.feib.com.tw
Yuanta Commercial Bank / Rong-Jou Wang
1~3F, 8F, 66, 1~2F, 68, Tunhwa South Road, Section 1, Taipei, Taiwan 10557, R.O.C.
Tel: (02)21736699
Website: www.yuantabank.com.tw
Bank SinoPac Company Limited / Paul C. H. Chiu
36 Nanking East Road, Section 3, Taipei, Taiwan 10489, R.O.C.
Tel: (02)25063333
Website: www.banksinopac.com.tw
E.Sun Commercial Bank / Gary Tseng
117 Minsheng East Road, Section 3, Taipei, Taiwan 10546, R.O.C.
Tel: (02)27191313
Website: www.esunbank.com.tw
DBS Bank(Taiwan) Ltd. / Jeanette Wong Kai Yuan / Wong Kai Yuan.
15F~17F, No.32,No 36, Songren Rd., Xinyi Dist., Taipei City 11073, Taiwan (R.O.C.)
Tel:(02)66128362
Website:www.dbs.com.tw
Tai Shin International Bank / Thomas T.L. Wu
B1, 1F, 44 Chungshan North Road, Section 2, Taipei, Taiwan 10448, R.O.C.
Tel: (02)25683988
Website: www.taishinbank.com.tw
Ta Chong Commercial Bank / Chien Ping Chen
B1,1-2F, 5-6F, 8-10F, 13-15F, No 2, Hsinyi Road, Section 5, Taipei, Taiwan 11047, R.O.C.
Tel: (02)87869888
Website: www.tcbank.com.tw
2013 ANNUAL REPORT
Cosmos Bank / Peter Berger (Acting)
B1, 1~2F, 364 Tunhwa South Road, Section 1, Taipei, Taiwan 10684, R.O.C.
Tel: (02)27011777
Website: www.cosmosbank.com.tw
36
Jih Sun International Bank / Ching-Tang Huang
1F, 10 Chungching South Road, Section 1, Taipei, Taiwan 10044,R.O.C.
Tel: (02)25615888
Website: www.jihsunbank.com.tw
EnTie Bank / Mark Zoltan Chiba
16、40~42F, 7, Xin Yi Road, Section 5, Taipei, Taiwan 11049, R.O.C.
Tel: (02)81012277
Website: www.entiebank.com.tw
CTBC Bank / Chao-Chin Tung
3 Sungshou Road, Taipei,
Taiwan 11051,R.O.C.
Tel: (02)27222002
Website: www.chinatrust.com.tw
State Street Bank and Trust Company Taipei Branch / Ilona Chen
19F, 207, Tunhwa South Road, Section 2, Taipei, Taiwan 10602,R.O.C.
Tel:(02) 27351200
Website: www.statestreet.com
Deutsche Bank Taipei Branch / Chun-Pang Wu
10F, 296, Jenai Road, Section 4, Taipei, Taiwan 10633,R.O.C.
Tel:(02)21924666
Website: www.db.com/taiwan
The Bank of East Asia, Taipei Branch / Jenny Wen
10F,No.88, Dunhua N. Rd., Songshan Dist., Taipei, Taiwan 10551, R.O.C.
Tel:(02)81612888
Website: www.hkbea.com.tw
JP Morgan Chase Bank,N.A., Taipei Branch / Chien Carl Kuo Wei
3.8~9F, No 106, 3.8F,No.108, Hsinyi Road, Section 5, Taipei, Taiwan 11047,R.O.C.
Tel: (02)27259800
Website: www.jpmorgan.com
BNP Paribas, Taipei Branch / Olivier Rousselet
72F, 7 Xinyi Road, Section. 5, Taipei, Taiwan, 11049, R.O.C.
Tel: (02)87583101
Website: www.bnpparibas.com.tw
UBS AG, Taipei Branch / Tien-Cheng Lee
1F, 5F, 13F, 21-23F,No.7 Sungjen Road, Taipei, Taiwan 11073, R.O.C.
Tel: (02)87227888
Website: www.ubs.com
HongKong and Shanghai Banking Corp. Taipei Branch / Tina Lin Yuan-Ting
13F, 333 Keelung Road, Section 1, Taipei, Taiwan 11012, R.O.C.
Tel: (02)27230088
Website: www.hsbc.com.tw
BEA Wealth Management Services(Taiwan) Limited / Jim Bo-Shing Wang
9F-2, 10F, No.88, Dunhua N. Rd., Taipei, Taiwan 10551, R.O.C.
Tel:(02)81615000
Website:www.beawms.com.tw
President Securities Corporation / A-Hua Teng
No.8, Dongxing Rd.,
Taipei, Taiwan, 10570 R.O.C.
Tel:(02)2747-8266
Website:www.pscnet.com.tw
MasterLink Securities Co., Ltd / Chun-Hong Chen
22F., No.97, Sec. 2, Dunhua S. Rd., Taipei, Taiwan, 10682, R.O.C.
Tel:(02)2325-5818
Website:www.masterlink.com.tw
Mega Securities Co., Ltd / Kevin Chien
3F., No.95, Sec. 2, Zhongxiao E. Rd., Zhongzheng Dist., Taipei, Taiwan, 10053, R.O.C.
Tel: (02)33227689
Website:www.emega.com.tw
Capital Securities Corporation / Jiunn-Chih Wang
4F., No.101, Songren Rd., Xinyi Dist., Taipei Taiwan. 11073, R.O.C.
Tel:(02)87898888
Website: www.capital.com.tw
KGI Securities Co., Ltd / Pao-Sheng Wei
No.700, Mingshui Road, Taipei, Taiwan, 10462, ROC
Tel:(02)21818888
Website:www.kgi.com.tw
Yuanta Securities Co., Ltd. / Ting-Chien Shen
13、14F., No.225, Sec. 3, Nanjing E. Rd., Zhongshan Dist., Taipei, Taiwan, 10488, R.O.C.
Tel:(02)27181234
Website:www.yuanta.com.tw

I. Preface (Message from the Chairman)

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