BNP Paribas and Deutsche Bank were fined by Taiwan's Financial Supervisory Commission (FSC) in June for marketing derivatives onshore without a licence, the latest signal that the regulator is tightening oversight of global banks' activities in the country, following a 12-month ban imposed last year on Barclays for a similar offence.
The onshore marketing of overseas financial products by non-local employees is prohibited in Taiwan, however market participants say for years it has been common
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