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Labor
1. Amendments to Enforcement Rules for Act of Gender Equality in Employment
On 17 January 2024, the Ministry of Labor announced to amend the "Enforcement Rules for Act of Gender Equality in Employment" including the amendment of its title to "Enforcement Rules for Gender Equality in Employment Act". We summarize below:
(1) It is in compliance with the regulations of the Gender Equality in Employment Act ("Act") to strengthen the prevention and control of sexual harassment in the workplace, and add the definitions of "collaborative work", "persistent sexual harassment " and the meaning of the timing when the employer "becomes aware of " of sexual harassment.
(2) It is stipulated that when a complaint of sexual harassment is received and the conclusion of sexual harassment is established by an investigation, the competent authorities in the location where the victim provides the service shall be informed by the employer.
(3) If the employer, employee or applicant is dissatisfied with the decision made by the Gender Equality in Employment Committee of the competent authority at the central level in accordance with Paragraph 2, Article 34 of the Act, the subsequent remedies are stipulated.
Reported by: David Tsai / Sean Tsai
Intellectual Property
2. Draft Amendment to Enforcement Rules of Trademark Act
On 18 January 2024, the Ministry of Economic Affairs (MOEA) announced the draft amendment to the “Enforcement Rules of Trademark Act” (the draft) in response to the amended Trademark Act announced on 24 May 2023. We summarize below:
(1) It is newly stipulated that applicants acting as unincorporated associations or businesses shall submit the certificate of establishment evidencing the applicant’s qualification.
(2) It is stipulated that trademark applicants should have actual intention to use the trademark in the goods or services as designated in the applications.
(3) The rules for handling the situations involving the inconsistence of the Chinese translations of a foreign applicant are added.
(4) In response to Article 6 of Trademark Act, the qualifications and requirements of “Agent” handling trademark affairs are specified, wherein the “Trademark Agent” excludes the professional who can handle trademark affairs under other laws and regulations, such as attorneys and certified public accountants.
(5) It is newly stipulated that proprietors of registered trademarks who are natural persons can apply for the non-disclosure of residential information in the Register;
(6) The requirements of request forms for accelerated examination, and the legal ramifications of non-payment are added, as well as the “necessity for seeking rights approval promptly” as defined in Trademark Act are supplemented.
(7) The format of trademark names as stated and the circumstances applicable for the drawings of a trademark represented with broken lines are added.
(8) It is newly stipulated that what information shall be specified in the third-party observations against applications for trademark registration, and the details regarding the notices of observations are supplementary provisions.
Reported by: Jolene Wang / Alex Miao
Food and Drug Administration
3. Amendment to Regulations on Good Hygiene Practices for Foods
On 18 January 2024, the Ministry of Health and Welfare announced the draft amendments to the Regulations on Good Hygiene Practices for Foods. We summarize below:
(1) The businesses which are subject to the requirements such as manufacturing process and quality control, inspection and measurement control, and document and record keeping are changed to all food businesses from food manufacturing businesses only.
(2) The regulations on low-temperature food management are strengthened by revising the refrigeration temperature to be not higher than 4 degrees Celsius above the freezing point. In addition, frozen storage equipment and refrigerated storage equipment shall be equipped with temperature abnormality alarm devices.
(3) It is newly stipulated that food businesses shall not change the original storage and transportation conditions unless there are reasonable reasons and basis.
(4) It is newly stipulated that for a transport equipment compartment with freezing and refrigeration functions used in the transportation of a food related product having a specified storage temperature, the ambient temperature inside the vehicle compartment or container shall be tested once a day, and the ambient temperature for frozen foods shall not be higher than minus 12 degrees Celsius.
(5) Tuberculosis is removed from the list of notifiable diseases for food handlers.
(6) Education and training during employment may be held by the food businesses themselves.
(7) It is newly stipulated that food businesses selling food additives shall store food additive products at a dedicated area, designate a specific personnel for management, and keep relevant information and records on a dedicated record book.
(8) The chapter title “Low-acid and Acidified Canned Foods Manufacturers” is amended to “Thermally sterilized and sealed container packaging low-acid food and acidified food manufacturers.”
(9) It is newly stipulated that for preparation of acidified foods, standard operating procedures for pH-value measurements and relevant regulations on acidification process management shall be established.
(10) It is newly stipulated that food manufacturers passed on-site evaluation by a professional sterilization institution may on their own set the sterilization conditions and important sterilization factors for low-acid foods packaged in thermally sterilized and sealed containers, and that the manufacturers may on their own set the sterilization conditions and important sterilization factors for acidified foods while keep their evaluation data for future reference.
(11) The regulations on management of manufacturers of plastic food utensils, containers or packaging shall also apply to those of non-plastic food utensils, containers or packaging.
(12) A new chapter is added, dedicated to the manufacturing businesses of food detergents.
Reported by: Jolene Wang / Crick Liang
Securities
4. Amendment to "Taiwan Stock Exchange Corporation Rules Governing the Preparation and Filing of Sustainability Reports by TWSE Listed Companies"
On 26 January 2024, the Taiwan Stock Exchange Corporation announced amendments to "Taiwan Stock Exchange Corporation Rules Governing the Preparation and Filing of Sustainability Reports by TWSE Listed Companies". We summarize below:
(1) To stipulate that the sustainability reports of the listed companies are advisable to be approved by the board of directors.
(2) To stipulate that the listed companies with a paid-in capital of twenty billion New Taiwan Dollars or less shall be required to prepare sustainability reports starting from the year 2025, with the option to reference information disclosed by the Sustainability Accounting Standards Board.
(3) To stipulate that the listed companies in specific industries with a paid-in capital of twenty billion New Taiwan Dollars or more shall enhance the disclosure of sustainability indicators in accordance with their respective sectors.
(4) Amendments have been made to the relevant information regarding greenhouse gas inspection and confirmation.
(5) To stipulate that listed companies shall complete their sustainability reports by the end of August each year.
Reported by: Jeffrey Liu / Winnie Su
Financial
5. Amendment to "Regulations Governing Anti-Money Laundering and Countering the Financing of Terrorism for the Third-Party Payment Enterprises"
On 22 January 2024, the Ministry of Digital Affairs announced the amendment to the "Regulations Governing Anti-Money Laundering and Countering the Financing of Terrorism for the Third-Party Payment Enterprises". We summarize below:
(1) To add that, the Ministry of Digital Affairs may, where necessary, designate or request enterprises to engage professionals for inspection on their own and report to the Ministry of Digital Affairs in order to perform the anti-money laundering compliance obligation, and to specify the cooperation obligation which requires enterprises to submit relevant information when the Ministry of Digital Affairs conducts inspection; and
(2) To add that, third-party payment enterprises shall apply for anti-money laundering service energy registration with the Ministry of Digital Affairs in accordance with the procedure and method designated by the Ministry of Digital Affairs.
Reported by: Stacy Lo / Henry Ku
Internal Control Systems
6. Proposed Amendments to "Regulations Governing Establishment of Internal Control Systems by Public Companies" and "Regulations Governing the Establishment of Internal Control Systems by Service Enterprises in Securities and Futures Markets"
On 23 January 2024, the Financial Supervisory Commission (FSC) announced the draft amendments to Article 8, Article 13, and Article 47 of the "Regulations Governing Establishment of Internal Control Systems by Public Companies," as well as Article 8, Article 14, and Article 39 of the "Regulations Governing the Establishment of Internal Control Systems by Service Enterprises in Securities and Futures Markets." for public consultation. The key revisions include requiring listed companies and securities service related enterprises to incorporate the management of sustainability information into their internal control systems and to designate it as an annual mandatory audit item. Additionally, a grace period will be provided, with the new regulations set to take effect from 1 January 2025.
Reported by: Jeffrey Liu / Jason Su
Securities
7. Amendment to "Regulations Governing the Declaration of Acquisition of Shares in Accordance with Paragraph 1, Article 43-1 of the Securities and Exchange Act"
On 30 January 2024, the FSC amended the "Regulations Governing the Declaration of Acquisition of Shares in Accordance with Paragraph 1, Article 43-1, of the Securities and Exchange Act" ("Regulation"), which will become effective on 10 May 2024. We summarize below:
(1) To reduce the declaration and public disclosure threshold for major shareholding from 10% to 5%, and the declaration may be completed by uploading the declaration documents through the Market Observation Post System;
(2) To add that if the acquirer is a pension fund or insurance fund managed by the government, the special declaration mechanism shall apply and the declaration and public disclosure shall be made on a semi-annual basis;
(3) To add that the FSC may make an administrative commission with the Taiwan Stock Exchange and Taipei Exchange for accepting the acquirer's declaration and public disclosure in accordance with the Regulation; and
(4) If the acquirer (including the pension fund and insurance fund managed by the government) has acquired the outstanding shares of any public company for over 5% but not exceeding 10%, and keeps such shareholding till the effective date of the Regulation, it shall conduct the initial declaration and public disclosure within 10 days after the effective date.
Reported by: Stacy Lo/ Henry Ku
Financial
8. Amendment to "Risk Management Regulations for Securities Business Conducted by Banks"
On 3 January 2024, the FSC announced the amendment to the "Risk Management Regulations for Securities Business Conducted by Banks". We summarize below:
(1) Basic customer information (including name, date of birth, national ID number, phone number and address) may only be utilized after entering into an agreement with the customer or obtaining the customer's written explicit consent.
(2) Terms related to the mutual utilization of customer data shall be highlighted in conspicuous font, with clear reminders to customers and shall be explicitly communicated or agreed upon that customers have the right to request the cessation of mutual utilization of their relevant information at any time.
Reported by: Stacy Lo / Sunny Lan
SICE/SITE
9. Amendment to SITCA Guidelines for Advertisements and Business Activities Performed by Members and Their Sales Agents.
On 16 January 2024, the Securities Investment Trust and Consulting Association of the R.O.C (SITCA) issued a ruling (Ref No: 1130050205) to amend the SITCA Guidelines for Advertisements and Business Activities Performed by Members and Their Sales Agents (Guidelines). We summarize below:
(1) Add equity ETFs shall be subject to the same provisions of the current dividend distribution advertising regulations for equity funds.
(2) The annualized distribution yield shall not be disclosed. The competent authority provides a six-month grace period for such amendment. Therefore, such amendment shall be complied with by 16 July 2024.
(3) Where the dividend of ETFs may involve income equalization:
(a) A disclaimer shall be added after the fund name
(b) Securities investment trust enterprises (SITE) shall publish the net asset value composition on the its website daily in accordance with the template of Attachment 6 of the Guidelines.
(c) SITE shall establish an income equalization section on its website for relevant disclosure.
(4) The calculation basis for comparing fund performance with benchmark of the fund shall be consistent.
Reported by: Jeffrey Liu / Lia Wang
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2024-02-07
