1.The Securities and Investments Board of the United Kingdom ("
SIB") and the Securities and Exchange Commission in Taipei ("
SEC") ("the Signatories") recognise the increasing internatio-
nal activity in the futures and options markets of the United
Kingdom and Taiwan("derivatives markets"), and the correspond-
ing need for mutual co-operation between the Signatories.
2.The Signatories believe that, as international participation
in derivatives markets continues to grow, it becomes increasi-
ngly important to establish arrangements for the Signatories
to exchange supervisory, surveillance and investigatory infor-
mation in order to assist each other in securing compliance w-
ith the laws, regulations and rules of the United Kingdom and
Taiwan relating to derivatives markets, to the extent permitt-
ed by the law of each country. This should serve to improve t-
he protection of investors, to help to strengthen the adequat-
e supervision and effective regulation of the derivatives bus-
iness, to enhance the supervision of cross-border transactions
in derivatives products, and to prevent fraudulent and other
prohibited practices, thus protecting the integrity of the de-
rivatives markets.
3.The Signatories agree to consider carefully each request for
information from the other relating to supervision, surveilla-
nce, and investigation as described in paragraph 2 above. In
order to facilitate the timely processing of requests, the Si-
gnatories agree to appoint as contact persons those designated
in Appendix A.
4.This Memorandum represents an important step towards improving
co-operation between the Signatories in the supervision of th-
eir respective derivatives markets. The Signatories look forw-
ard to a productive relationship, and agree in principle to n-
egotiate in good faith additional measures relating to the ex-
change of information should such measures prove necessary or
appropriate.
Signed this 16th day of June 1993.

[Signed] [Signed]
Andrew Large Linin Day
Chairman Chairman
Securities and Investments Securities and Exchange
Board of the United Kingdom Commission in Taipei

Appendix A
Contact Points
■The Securities and Investments Board:
Group Director, Compliance and Enforcement
Gavrelle House
2-14 Bunhill Row
London EC1Y 8RA
Telephone: 44 71 638 1240
Fax: 44 71 382 5906
■The Securities and Exchange Commission in Taipei:
General Counsel
Securities and Exchange Commission
Ministry of Finance
12th Floor
3 Nan-hai Road
Taipei 10728
Taiwan, Republic of China
Telephone:886 2 356 0950
Fax: 88623948249 1