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1.Signed on October 2 and September 15, 2006; Entered into force on October 2, 2006.

 
1. INTRODUCTION
1.1 The Financial Services Board of South Africa (FSB) was
established under section 2 of the Financial Services Board
Act, 1990, to supervise the activities of non-bank financial
institutions and other financial services in South Africa
and to advise the Minister of Finance on matters concerning
financial institutions and financial services. The functions
of the FSB include the regulation and supervision of the
activities of South African licensed exchanges, clearing
houses, intermediaries investing on behalf of clients,
central securities depositories, collective investment
schemes and provident institutions (which include all types
of insurance and retirement fund activities). The FSB's
mandate is to protect investors and to maintain the
integrity, efficiency and financial soundness of the
financial markets and provident institutions. The FSB
strives to ensure that the financial markets and provident
institutions fulfil their regulatory responsibilities in
relation to all trading and member-related matters in a
professional and impartial manner.
1.2 The Financial Supervisory Commission of Taiwan (FSC) is a
single national financial regulator in Taiwan and was
established on July 1, 2004 under the Organic Act of the
Establishment of the Financial Supervisory Commission. The
FSC is responsible for regulation and supervision of
banking, insurance, securities and futures markets and
industries and has the ability to exercise powers to obtain
evidence on financial institutions or similar bodies
governed by the Banking Act, the Insurance Act, the
Securities and Exchange Law, the Futures Trading Law and
relevant legislation.
1.3 The FSB and the FSC recognise the importance of
international co-operation to the development and
maintenance of an open, fair, ordered and sound domestic
financial services industry in South Africa and Taiwan
respectively, and the increasing international activity in
the supply of financial services and the corresponding need
for mutual co-operation and the sharing of information in
the administration and enforcement of laws, regulations and
rules concerning the financial services industry (excluding
banking sector) in South Africa and Taiwan and have reached
the following understanding.

2. DEFINITIONS
"Authority" means the FSB or the FSC, as the case may be;
"Authorities" means the FSB and the FSC;
"Financial institutions" means the institutions, persons and
markets or any other securities and derivatives market
regulated or supervised by the Authorities respectively;
"Financial products" means long-term and short-term insurance
contracts or policies, benefits provided by retirement funds,
shares, debentures, bonds and other forms of securitised
debt, futures and derivative products including commodity
derivatives, participatory interests in collective investment
schemes and other securities traded in the respective states
of the Authorities;
"Issuer" means a person making an offer to the public or
seeking listing of a security;
"Jurisdiction" means the country, state or other territory,
as the case may be, in which the Authority has legal
authority, power and/or jurisdiction by law;
"Laws or regulations" means any laws or regulations in force
in the respective jurisdictions of the Authorities;
"Person" means a natural person, body corporate, partnership,
or unincorporated association, government or political
subdivision, agency or instrumentality of a government;
"Requested Authority" means the Authority to whom a request
is made pursuant to this Memorandum of Understanding; and
"Requesting Authority" means the Authority making a request
pursuant to this Memorandum of Understanding.

3. INTENTION
3.1 This Memorandum of Understanding ("MOU") sets forth a
statement of intent of the Authorities to establish a
framework for mutual assistance and to facilitate the
exchange of information between the Authorities to enforce
or secure compliance with the governing laws, regulations
and rules of their respective jurisdictions and facilitate
the fulfilling of their supervisory responsibilities.
3.2 The Authorities intend to assist each other under this MOU
to the full extent permitted by the laws, regulations and
rules of their respective jurisdictions.
3.3 This MOU will serve to promote the integrity, efficiency and
financial soundness of the financial institutions in the
financial services industry by improving the effective
regulation, enhancing the supervision of cross border
transactions, and preventing fraudulent and other prohibited
practices in Taiwan and South Africa.
3.4 This MOU does not create any binding legal obligations upon
the Authorities.
3.5 The Authorities will use their best endeavours to provide
each other with any information that they reasonably suspect
may be in breach or anticipated breach of laws, regulations
or rules in the jurisdictions of the Authorities.

4. SCOPE
The purpose of this MOU is to provide a framework for the
Authorities to:
4.1 Exchange information on and take necessary action against
persons engaging in fraudulent practices in the financial
products field, whose activities they regulate. The
Authorities will provide each other with the fullest mutual
assistance in any matters falling within the competence of
the Authorities, including in particular the following
areas:
(a) investigations and enforcement in connection with
applicable laws or regulations relating to insider
dealing, market manipulation and other fraudulent or
manipulative practices in the financial products field;
(b) investigation and enforcement of, and monitoring
compliance with, applicable laws and regulations
relating to dealing in, advising on and the management,
administration and safekeeping of financial products;
(c) ensure that all those persons doing business in the
financial services sector are properly registered or
qualified;
(d) checking that the conditions for the taking up of (or
continuing in) business as a financial institution are
met (including e.g. the enforcement of requirements to
be authorised);
(e) enforcement and monitoring of compliance with applicable
laws and regulations relating to the disclosure of
interests in financial products, take-over bids or the
acquisition of influence over financial institutions;
(f) supervision of the financial markets, including the
clearing and settlement, the monitoring and surveillance
of transactions in listed financial products;
(g) enforcement or monitoring of compliance with applicable
laws relating to the duties of issuers and offerors of
financial products in relation to the disclosure of
information, and maintain high standards of fair dealing
and integrity in their conduct of business; and
(h) any other activity as agreed between them from time to
time.
4.2 In cases where the information requested may be maintained
by, or available to, another authority within the
jurisdiction of the Requested Authority, the Authorities
will endeavour to provide full assistance in obtaining the
information requested, to the extent permitted by law.
4.3 If the request for assistance is made on the basis of
regulations as enforced in the respective jurisdiction, it
must be in line with these regulations.
4.4 To the extent permitted by their respective law and
procedures and without prior request, each Authority should
provide the other Authority with unsolicited information
available to it and which it believes to be helpful to the
other Authority for the discharge of its functions and for
the purposes, which it may specify in the communication.

5. REQUESTS FOR ASSISTANCE OR INFORMATION
5.1 This MOU does not affect the ability of the Authorities to
obtain information from the relevant persons on a voluntary
basis, provided that proper procedures in the jurisdiction
of the other Authority for obtaining such information are
observed.
5.2 To facilitate smooth communication and ensure continuity in
the co-operation between the Authorities, each Authority
will designate the contact persons set forth in the Appendix
attached hereto. Request for assistance will be made in
writing and addressed to the contact person of the Requested
Authority.
5.3 In urgent circumstances, the response to requests for
assistance may be effected by telephone or facsimile,
provided such communication is confirmed within five
business days through an original, signed document.
5.4 To the extent available to the Requesting Authority and in
order to facilitate the Requested Authority's work, the
request should specify the following:
(a) a general description of both the subject matter of the
request and the purpose for which the Requesting
Authority seeks the assistance or information;
(b) a description of the specific information, documents or
assistance requested by the Requesting Authority;
(c) any information in the possession of the Requesting
Authority that might assist the Requested Authority in
identifying the persons, bodies or entities believed by
the Requesting Authority to be in possession of the
information sought, or the places where the Requested
Authority may obtain such information;
(d) in so far as the request concerns information relating
to transactions in specific financial products the
Requesting Authority should provide at least, but not
limited to the following:
- A description of the financial products in question
(including e.g. the relevant code);
- The names of those firms with whose transactions in
financial products the Requesting Authority is
concerned;
- The dates between which transactions in the financial
products are considered relevant for the purposes of
the request, and
- The names of any firms and persons on whose behalf
relevant transactions in the financial products are
believed or suspected to have been entered into;
(e) in so far as the request relates to information
concerning the business or the activities of any person,
such precise information as the Requesting Authority is
able to provide so as to enable such persons to be
identified;
(f) an indication of the sensitivity of the information
contained in the request and whether the Requesting
Authority is content with the facts that it has made
available in the request being disclosed to persons whom
the Requested Authority may need to approach for
information;
(g) whether the Requesting Authority is or has been in
contact with any other authority or law enforcement
agency in the jurisdiction of the Requested Authority
that it may need to approach for information;
(h) any other Authority whom the Requesting Authority is
aware has an active interest in the subject matter of
the request;
(i) the legal provisions concerning the subject matter of
the request;
(j) whether any other authorities, governmental or
non-governmental, are co-operating with the Requesting
Authority or seeking information from the confidential
files of the Requesting Authority and to whom onward
disclosure of information is likely to be necessary; and
(k) the period of time within which the reply or response
needs to be made.

6. EXECUTION OF REQUESTS FOR ASSISTANCE
6.1 To the extent permitted by law, the Requested Authority will
take all reasonable steps to obtain and provide the
information sought.
6.2 The Requested Authority will use the relevant means at its
disposal for the execution of the request. The Authorities
will consult and agree on the types of enquiry that may be
necessary for the execution of the request.
6.3 To the extent permitted by law, the Requesting Authority
will provide the Requested Authority with such further
assistance as may reasonably be required for the efficient
execution of the request including the provision of further
information as to the circumstances surrounding the request,
staff or other resources.
6.4 Without prejudice to the provisions set forth by the
Authorities' respective legislation relating to the
inspection of financial institutions, the Authorities will
consider (to the extent permitted by law) conducting joint
investigations in cases where the request for assistance
concerns violations of laws or regulations and where it
would assist in the effective investigation of the alleged
violations. The Authorities should consult to define the
procedures to be adopted for conducting any joint
investigation, the sharing of work and responsibilities and
the follow up actions to such investigations.

7. PERMISSIBLE USES OF INFORMATION
7.1 Any assistance or information provided in terms of this MOU
will be used by the recipient only for the purpose of
performing its regulatory and supervisory functions. The
Requesting Authority shall use the information exchanged
solely for the purposes of:
(a) securing compliance with or enforcement of domestic laws
or regulations specified in the request;
(b) initiating, conducting or assisting in criminal,
administrative, civil or disciplinary proceedings
resulting from the violation of the laws or regulations
specified in the request; and
(c) any of the particular purposes specified in paragraph
4.1 (a-h) to the extent that they are administered by
the Requesting Authority.
7.2 The Authorities to which unsolicited information is supplied
will use this information solely for the purposes stated in
the transmission letter or for the purposes of criminal or
administrative proceedings or for the discharge of the
obligation to report to judicial authorities.
7.3 To the extent permitted by law, each Authority will keep
confidential any request for assistance made under this MOU,
the contents of such requests and the information received
under this MOU as well as the matter arising in the course
of its operation, in particular consultations between
Authorities.
7.4 If an Authority intends to use or disclose information
furnished under this MOU for any purposes other than those
stated in this MOU and in the request, it must obtain the
prior consent of the Authority which provided the
information. If the Requested Authority consents to the use
of information for purposes other than those stated, it may
subject it to certain conditions.
7.5 Where the Requesting Authority believes that sharing
confidential information with an authorised third party is
necessary, it must inform the Requested Authority of the
third party's interest in this information and it must
provide the Requested Authority with the opportunity to
oppose the sharing of confidential information with the
third party.
7.6 The Requesting Authority may consult with the Requested
Authority on the reasons for the objection where the
Requested Authority opposes such use.
7.7 If an Authority decides to make public an administrative or
a disciplinary sanction within the course of its duties it
may, with the consent of the Authority providing the
information, indicate that a successful outcome of the case
has been achieved with the aid of the international
co-operation mechanisms provided for in this MOU.

8. CONFIDENTIALITY
8.1 The Authorities will, to the full extent permitted by the
laws, regulations and rules of their respective
jurisdictions, keep confidential:
(a) any request for assistance or information pursuant to
this MOU;
(b) any information received pursuant to this MOU; and
(c) any matter arising during the operation of this MOU,
including consultations and unsolicited assistance.
8.2 Notwithstanding the provisions of paragraph 7 above, the
confidentiality provisions of this MOU will not prevent the
Authorities from informing the law enforcement agencies or
regulatory bodies within their jurisdictions, i.e. the
Registrar of Companies or the exchanges, of the request or
from passing information received pursuant to a request
provided that -
(a) such agencies or bodies have responsibility for
prosecuting, regulating or enforcing laws, regulations
and rules falling within the scope of this MOU;
(b) the purpose of passing on such information to such an
agency or body falls within the scope of this MOU; and
(c) an undertaking has been obtained from the recipient by
the Requested Authority that it will maintain the
confidentiality of the information, except when
disclosure is required pursuant to a legally enforceable
instruction.
8.3 If an Authority becomes aware that information passed under
this MOU may be subject to a legally enforceable instruction
to disclose, it will to the extent permitted by laws,
regulations and rules of its jurisdiction, inform the other
Authority of that instruction. The Authorities will then
consult on the appropriate course of action.
8.4 (a) The Authorities' confidential treatment of assistance
and information will continue when either Authority gives
notice of its intent to cease co-operation under this MOU.
(b) The Authorities understand that the laws, regulations
and rules of their respective jurisdictions place
limitations on use and disclosure of non public
information obtained pursuant to this MOU.

9. RIGHTS OF REQUESTED AUTHORITY
9.1 The Requested Authority may deny requests for assistance -
(a) where the request would require the Requested Authority
to act in a way that would violate its governing laws,
regulations and rules;
(b) where judicial proceedings for the imposition of
criminal penalties have already been initiated in the
jurisdiction of the Requested Authority, in respect of
the same actions and against the same persons, or on the
grounds that the provision of assistance might result in
a judicial or administrative sanction being imposed,
where a non-appealable judicial or administrative
sanction has already been imposed in the jurisdiction of
the Requested Authority in respect of the same actions
and against the same persons;
(c) where the request is not in accordance with the
provisions of this MOU; or
(d) on the grounds of public interest.
9.2 Where the Requested Authority denies or opposes a request
for assistance, or where assistance is not available under
the laws, regulations and rules of the Requested Authority,
it will provide the reasons for not granting the assistance.
The two Authorities may then be required to consult pursuant
to paragraph 10 of this MOU.
9.3 The Authorities recognise that they intend nothing in this
MOU to either limit or enhance the powers of the Authorities
under their respective laws to investigate or gather
information or to take measures otherwise than as provided
in this MOU to obtain information, whether or not concerning
a request.

10. CONSULTATIONS
The Authorities will review the implementation of this MOU
regularly and conduct consultations in order to improve its
operation and to resolve possible difficulties.
11. COSTS OF INVESTIGATION
Where substantial imbalance has arisen in the cumulative
costs incurred, the Requested Authority may require the
Requesting Authority to make a contribution to costs.
12. AMENDMENTS TO THE MEMORANDUM OF UNDERSTANDING
The Authorities may by common consent make amendments and
add further Annexes to this MOU they consider necessary.
13. TERMINATION OF MEMORANDUM OF UNDERSTANDING
13.1 This MOU shall come into effect on the date of its
signature, and shall remain valid indefinitely unless it is
terminated by either party giving the other party thirty
(30) day's written notice of its intention to terminate it.
13.2 Upon giving the required notice, the requests for
assistance made by the Authorities prior to the
notification will continue to have effect until they have
been fully executed.

14. DISPUTE SETTLEMENT
Any dispute or controversy arising from the implementation
or application of this MOU will be settled by negotiation,
with a view to an amicable settlement.


FOR THE FINANCIAL SUPERVISORY COMMISSION OF TAIWAN:

_______________________
Mr Jun-ji Shih
Chairman


FOR THE FINANCIAL SERVICES BOARD OF SOUTH AFRICA:

_______________________
Mr RJG Barrow
Executive Officer
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