To Expand Bond Market Scale, FSC Allows International Bonds to Apply for Dual Listing

The Taipei Exchange (TPEx), referencing practices in major international bond trading markets, has adjusted Taiwan's professional board international bond listing system. It now allows foreign issuers to apply for listing in Taiwan for foreign currency-denominated government bonds, ordinary corporate bonds, or Islamic fixed-income securities that are partially or wholly issued offshore and sold only to professional investors. Foreign issuers can apply to TPEx for dual listing of international bonds based on their total issuance amount. The Financial Supervisory Commission (FSC) has also incorporated this into the promotion of the "Asia Innovation Capital (AIC)" plan.

Huang Chung-hao, Deputy Director-General of the FSC's Securities and Futures Bureau, stated that in the past, it was mainly domestic enterprises issuing international bonds, with some also listed overseas. Now, the reverse approach is also allowed, meaning foreign issuers can also list in Taiwan after issuing and raising funds overseas. In conjunction with TPEx's approach, the FSC has revised relevant regulations, hoping to attract more high-quality issuers to participate, enhance the development opportunities and international operational capabilities of intermediary institutions' underwriting businesses, and expand the scale of Taiwan's bond market.

According to FSC statistics, as of the end of February 2026, there were 1,833 international board bonds with a total value of US$361.9 billion. Among these, 93% were denominated in US dollars, and 35% were listed overseas.

Regarding the benefits of dual listing, Huang Chung-hao pointed out that it removes restrictions on the place of fundraising. Issuers can consider fundraising costs and issuance rates to decide the place of issuance, and listing decisions will also consider liquidity. The main goal this time is to increase issuance flexibility, which was implemented at the end of March, and six foreign financial groups have expressed interest.

In addition, the FSC previously announced revisions to relax the qualification requirements for securities firms applying for high-net-worth client businesses and to expand the sales targets for offshore structured products issued by their overseas subsidiaries to broaden their customer base. These revisions have been announced and will be implemented on April 9th.

Huang Chung-hao stated that the revisions to the "Regulations Governing Securities Firms' Entrusted Trading of Foreign Securities" and "Operational Guidelines for Securities Firms Handling Wealth Management Business" primarily involve two adjustments.

First, relaxing the qualification requirements for securities firms applying for high-net-worth client businesses. In terms of application qualifications, the original restrictions on net worth and specific commitments for attracting talent have been removed. However, new provisions have been added, such as the company having no accumulated losses and its financial status meeting relevant regulatory ratios of the Securities Firm Management Regulations (e.g., debt-to-equity ratio). These revisions are expected to enable five new firms to meet the relevant conditions.

Huang Chung-hao stated that the second adjustment is to expand the sales targets for offshore structured products issued by securities firms' overseas subsidiaries. In addition to existing high-net-worth clients, professional institutional investors, and high-net-worth corporate investors, the scope will now extend to "professional investors who are legal entities or funds, and professional investors who are natural persons," which will increase the number of eligible sales targets by approximately 13,000 people. Furthermore, securities firms are now allowed to conduct wealth management business through trusts, enabling them to offer foreign currency-denominated structured financial bonds issued by domestic banks to professional investors. (Edited by: Yang Kai-hsiang) 1150407