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🇹🇼 Taiwan /Economy & Trade

Taiwan fines Taishin Securities record $3.6 million for merger system failures

From Liberty Times · () Chinese

Translated from Chinese, summarized and contextualized by DistantNews.

At a glance

News Sources not specified Outcome reported
  • Taiwan's Financial Supervisory Commission fined Taishin Securities NT$3.6 million for system issues following its merger with Yuanfu Securities.
  • The fine is the highest ever imposed on a securities firm in Taiwan, stemming from multiple system problems after the April 6 merger.
  • Taishin Securities accepted the penalty and pledged to review and improve its systems, apologizing to affected clients and employees.

Taishin Securities has accepted a NT$3.6 million fine from Taiwan's Financial Supervisory Commission (FSC) due to multiple system problems that arose after its merger with Yuanfu Securities on April 6. The penalty marks the highest fine ever levied on a securities firm in the country.

The FSC's decision cited significant system disruptions following the merger. In response, Taishin Securities issued a statement acknowledging the penalty and the commission's guidance. The company pledged to "actively review and improve" its systems in accordance with the FSC's instructions.

Taishin Securities also extended a "deepest apology" to clients and employees impacted by the "insufficient preparation" during the system integration following the merger. The firm committed to taking concrete actions to meet the expectations of regulators, customers, and staff, aiming to contribute to the stable development of Taiwan's securities market.

DistantNews Editorial

Originally published by Liberty Times in Chinese. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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