In addition to launching the “Corporate Governance 3.0–Sustainable Development Roadmap” on August 25 earlier this year, the FSC is currently developing a roadmap for Taiwan‘s capital markets in response to capital market developments and the three main trends of ESG, digital technologies, and an aging society. To forge forward-looking and globally competitive capital markets, the new roadmap aims to create an ecosystem for market participants and achieve shared wellbeing and prosperity, thereby fulfilling the vision of fair, efficient, diverse, and internationalized capital markets with a focus on innovation and openness. In its commitment to enhancing sound market development, safeguarding the rights of investors, and maintaining orderly markets, the FSC is currently laying out the major strategies, key items, and related specific measures under the three-year Capital Market Roadmap, focusing on the four main objectives of “sustainable development,” “financial inclusion,” “enhanced competitiveness,” and “investor protection.” The roadmap, expected to be rolled out by the end of this year, seeks to enhance capital market functions and stimulate Taiwan‘s economic growth.

The FSC‘s Capital Market Roadmap will serve as guidelines for policymaking. To achieve the four main objectives, the roadmap currently includes five major strategies and 25 key items as follows:

1.Strengthen primary market functions to support real economic development: Establish a new innovation board, optimize IPO and SPO financing regulations, enhance supervision and information transparency of TWSE/TPEx-listed companies, expand responsibilities and management of securities market specialists, and improve audit quality.

2.Activate the market and increase efficiency and liquidity: Promote intraday odd lot trading, develop the market-making system, enhance the clearing and settlement fund system, improve market transparency and investor risk management, and establish investment-friendly taxation.

3.Attract foreign investment and improve international visibility: Improve convenience and efficiency for foreign investment, promote and strengthen international cooperation, increase investor protection and education, continue to attract domestic capital, and achieve status of Qualifying Central Counterparty (QCCP) under the Basel III framework.

4.Boost the functions and competitiveness of financial intermediaries: Integrate fintech to promote digital transformation and RegTech, support securities firms to develop investment banking in line with international trends, encourage expanded operations of investment trust and consulting, stimulate development in futures operations, enhance information security, and cultivate financial professionals.