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Paperless reporting for securities firms begins
Taiwan News, Staff Writer
2014-09-02 03:36 PM

The Taiwan Stock Exchange stated, the planning program for paperless submission of monthly financial information reports by securities firms has been approved by supervisory authorities and officially announced for implementation on September 30, 2014.

In response to government energy saving policies and trends of the times, TWSE plans for complete electronic transmission and paperless processing of reports such as securities firms’ monthly reports and capital adequacy ratio has been completed. The TWSE has considered that currently, in addition to hard copy reports, monthly reports, revenue and expenditures, various attachments, and capital adequacy ratio details are already being submitted through electronic media. In addition, when auditing securities firm financial reports, accountants already obtain externally confirmed proof of bank deposit. In order to reduce securities firms’ costs and respond to environmentally friendly paperless policies, the delivery process of relevant hard-copy securities firm documents has been simplified. The TWSE has, therefore, removed regulations relating to operating details requiring hard-copy submission of relevant reports and the acquisition of proof of bank deposit. Implementation has been announced for September 30, 2014 with official adoption for October’s submission of September financial information.

The TWSE indicated, in order to assist securities firms in understanding paperless reporting, the TWSE will hold four guidance meetings from September 5 to 11 in Taipei, Taichung, and Kaohsiung. In addition, to allow operators to familiarize themselves with the amended media reporting process, the TWSE has built a testing system. Starting immediately, securities firms can use the testing system to participate in testing.

After the implementation of this paperless program, approximately 7,000 pieces of paper will be saved per month with over 90,000 pieces of paper and a massive amount of bank deposit documents saved per year. In addition to paper, this program will also save securities firms time and fees associated with monthly delivery of reports with extremely significant overall benefits expected.

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