On 13 September 2023, TAI FSC regulated cross shareholding by financial firms.
- TAI FSC, TAI Justice stipulated rules on article 28 of Securities and exchange act.
- TAI FSC also published letter to abolish relevant previous order as well as letter.
- Cross-shareholdings are strictly prohibited according to Financial holding company act.
- If an originally listed/OTC listed financial firm purchased shares of a financial holding firm before converting into its subsidiary, they shall be transferred within 3 yrs.
- If the shares are not transferred within expiration date, they shall deemed as unissued shares of the financial holding company and be subject to deregistration.
- The three-year period starts from the date when financial firm purchased the shares.
- The shares of financial holding company held by the subsidiaries are treasury shares and shall comply with the relevant provisions; no shareholder rights before transfer.
- The order is effective from September 2023; abolished previous orders at the same time.