銀行辦理衍生性金融商品業務應注意事項

歷次修正總說明
《銀行辦理衍生性金融商品業務應注意事項修正總說明（96.11.06 修正）》

銀行承作衍生性金融商品，隨市場發展趨勢及配合客戶需求之多樣化，由匯率、利率
相關產品，逐漸擴及涉及股權及其他利益為標的商品，交易量除顯著成長外，其交易
型態及所涉風險亦日漸複雜，部分現行規範監理有必要隨之因應調整，以健全交易秩
序並保障消費者權益。
本次修正範圍，除就銀行申辦業務所應具備資格條件、風險管理制度等予以增修，以
符合監理需求及市場發展趨勢外，並參考部分本會對證券商規範，就銀行辦理台股股
權衍生性金融商品應遵守事項，於本應注意事項中予以增修，以強化對銀行承作該等
商品之管理。
本注意事項原有二十四點，本次修正十五點，新增五點，刪除五點，修正後共計二十
四點，修正重點如下：
一、增訂銀行取得信用評等機構長期信用評等達一定等級以上、自有資本與風險性資
產比率符合銀行法規定、無備抵呆帳提列不足、逾期放款比率低於一定標準及無
遭罰鍰處分情形等，始得檢具本會規定之書件，向本會申請辦理衍生性金融商品
業務之許可。（修正條文第三點）
二、增訂銀行董（理）事會應視商品及市場改變等情況，適時檢討辦理衍生性金融商
品之經營策略及作業準則，並應評估績效是否符合既定之經營策略，所承擔之風
險是否在銀行容許承受之範圍，且每年至少檢討一次。（修正條文第四點）
三、為強化銀行辦理本項業務風險管理之自律及配合衍生性金融商品變化迅速之特性
，就有關風險管理制度規定，增訂由銀行公會統一訂定自律規範，供銀行參考建
立本身之風險管理制度，俾強化銀行風險管理及配合實務所需。（修正條文第八
點）
四、鑑於銀行承作衍生性金融商品風險控管日趨成熟，故不再限制銀行承作商品及其
他利益為基礎之衍生性金融商品，原則須以配對方式為之，回歸銀行整體風險管
理，以利金融創新及商品自由化發展，爰刪除原條文第九點規定。
五、增訂銀行辦理台股股權相關業務交易，不得與銀行及股權連結股票發行公司之關
係人進行交易。（修正條文第十四點）
六、增訂銀行辦理台股股權結構型商品準用「財團法人中華民國證券櫃檯買賣中心證
券商營業處所經營衍生性金融商品交易業務規則」（以下簡稱業務規則）第二十
七條（交割方式）、第二十八條（集保戶之開立）、第三十一條（避險專戶設立
）、第三十一條之一（避險方式）、第三十一條之二（市場公正價格及投資人權
益維護）；及台股股權衍生性金融商品準用業務規則第三十四條（連結標的）、
第三十五條（股權選擇權賣方限制）、第三十六條（股權選擇權存續期間規定）
及第三十八條（交割方式及其他準用規定）。（修正條文第二十點）
七、增訂銀行辦理股權相關衍生性金融商品交易，不得有利用交易進行併購或不法交
易之情形。（修正條文第二十一點）



法規名稱 : 銀行辦理衍生性金融商品業務應注意事項 (民國 96 年 11 月 06 日修正)
1 一、銀行辦理衍生性金融商品業務，應依本注意事項辦理。

2 二、衍生性金融商品係指其價值由利率、匯率、股價、指數、商品或其他
利益及其組合等所衍生之交易契約。

3 三、銀行辦理衍生性金融商品業務，應檢具行政院金融監督管理委員會（
以下簡稱本會）規定之申請書件，向本會申請核准，並符合下列規定
：
（一）長期信用評等達下列標準之一：
1.中華信用評等股份有限公司評級 twBBB- 級以上。
2.Standard & Poor's Corp. 評級 BBB- 級以上。
3.英商惠譽國際信用評等股份有限公司台灣分公司 BBB- （twn）
級以上。
4.Fitch, Inc. 評級 BBB- 級以上。
5.穆迪信用評等股份有限公司 Baa3.tw 級以上。
6.Moody's Investors Service 評級 Baa3 級以上。
（二）銀行自有資本與風險性資產比率符合銀行法規定標準。
（三）無備抵呆帳提列不足情事。
（四）申請日上一季底逾放比率為百分之三以下。
（五）申請日上一年度無因違反銀行法令而遭罰鍰處分情事，或其違法情
事已具體改善，經本會認可。
銀行經本會核准辦理衍生性金融商品業務，應於本會銀行局網際網路
申報系統營業項目中登錄後，始得開辦。

4 四、銀行辦理衍生性金融商品業務，應訂定經營策略及作業準則，報經董
（理）事會核准，修改時亦同，其內容如下：
（一）辦理衍生性金融商品業務之經營策略。
（二）作業準則內容，應包括下列事項：
1.業務原則與方針。
2.業務流程。
3.內部控制制度。
4.定期評估方式。
5.會計處理方式。
6.內部稽核制度。
7.風險管理措施。
董（理）事會應視商品及市場改變等情況，適時檢討前項之經營策略
及作業準則，並應評估績效是否符合既定之經營策略，所承擔之風險
是否在銀行容許承受之範圍，每年至少檢討一次。但外國銀行在台分
行依總行規定定期辦理檢討者，不在此限。

5 五、銀行已取得辦理衍生性金融商品業務之核准者（其中屬辦理期貨商業
務者，並應依期貨交易法之規定取得許可），除下列應經核准後始得
辦理之商品者外，得開辦各種衍生性金融商品及其商品之組合，並於
開辦後十五日內檢附商品特性說明書、法規遵循聲明書及風險預告書
報本會備查：
（一）涉及與適用台灣地區與大陸地區人民關係條例及依該條例所定之相
關法令有關之商品。
（二）涉及從事衍生自國內股價暨期貨交易所有關之現貨商品及指數等契
約。
（三）涉及須經中央銀行許可之外匯商品。
前項第一款及第二款商品，本會於核准第一家銀行辦理後，其他銀行
於申請書件、法規遵循聲明書及風險預告書送達本會之次日起十五日
內，本會未表示反對意見者，即可逕行辦理。但銀行不得於該十五日
期間內，辦理所申請之業務。
第一項第三款商品之許可逕向中央銀行申請。

6 六、銀行申請辦理前點之衍生性金融商品者，應檢送申請書連同下列文件
，向本會申請核准後辦理：
（一）法規遵循聲明書。
（二）總行自有資本與風險性資產比率不低於銀行法規定標準之證明文件
。
（三）董（理）事會或適當人員授權之證明文件。
（四）負責本業務人員相關從業經驗或專業訓練之證明文件。
（五）營業計畫書：
1.產品介紹。
2.辦理部門及內部組織分工。
3.風險管理措施。
4.會計處理及報表揭露方式。
5.內部稽核。

7 七、銀行辦理衍生性金融商品申報本會備查時，如備查書件不完備或未依
限補正者，本會得令於補正前暫停辦理。

8 八、銀行辦理衍生性金融商品業務，應參考中華民國銀行商業同業公會全
國聯合會擬訂，並報經本會核備之銀行辦理衍生性金融商品業務風險
管理規範，建立風險管理制度，對於風險之辨識、衡量、監控及報告
等程序落實管理，並應遵循下列規定辦理：
（一）銀行辦理衍生性金融商品，應經適當程序檢核，並由高階管理階層
及相關業務主管共同參考訂定風險管理制度。對風險容忍度及業務
承作限額，應定期檢討提報董（理）事會審定。
（二）辦理衍生性金融商品業務之交易及交割人員不得互相兼任，銀行應
設立獨立於交易部門以外之風險管理單位，執行風險辨識、衡量及
監控等作業，並定期向高階管理階層報告部位風險及評價損益。
（三）關於衍生性金融商品部位之評價頻率，銀行應依照部位性質分別訂
定；其為交易部位者，應以即時或每日市價評估為原則；其為銀行
本身業務需要辦理之避險性交易者，至少每月評估一次。
（四）銀行須訂定新種商品之內部審查作業規範，於辦理新種衍生性金融
商品前，應依上開規範審查之。銀行內部商品審查規範之內容至少
應包含以下各項：
1.商品性質之審查。
2.經營策略與業務方針之審查。
3.風險管理之審查。
4.內部控制之審查。
5.會計方法之審查。
6.相關法規遵循及所須法律文件之審查。

9 九、凡經核准辦理衍生性金融商品業務之銀行，有下列事項之一者，其辦
理之衍生性金融商品以避險為限：
（一）最近一季底逾期放款比率高於百分之三。
（二）本國銀行自有資本與風險性資產比率低於銀行法規定標準。
（三）備抵呆帳提列不足。
（四）長期信用評等未達第三點第一項第一款所定標準。

10 十、銀行辦理衍生性金融商品，應依據一般公認會計準則及相關法規辦理
。各項業務對交易雙方之各相關限制或規定，不得因組合而有放寬或
忽略之情形。

11 十一、銀行辦理衍生性金融商品有涉及新台幣及外幣之轉換部分，應依外
匯收支或交易申報辦法之規定辦理。

12 十二、銀行辦理衍生性金融商品，應建立防範利益衝突及內線交易行為之
管理機制。

13 十三、銀行不得利用金融衍生性商品遞延、隱藏損失或虛報、提前認列收
入或幫助客戶遞延、隱藏損失或虛報、提前認列收入等粉飾或操縱
財務報表之行為。選擇權交易應注意避免利用權利金（尤其是期限
長或極短期之選擇權）美化財務報表，進而引發弊端。

14 十四、銀行不得與具有下列關係者從事台股股權相關業務交易：
（一）銀行之董事、監察人、經理人或直接或間接持有其股份總額百分
之十以上之股東。
（二）第一款身分者之配偶、未成年子女及利用他人名義持有者。
（三）前二款身分者直接或間接持有股份總額百分之十以上之轉投資公
司。
（四）轉換標的、連結標的或股權衍生性金融商品標的之股票發行公司
及與該發行公司具前三款身分關係者。
銀行與交易相對人從事前項衍生性金融商品交易前，應由交易相對
人簽署出具切結書聲明非屬第一項所列之關係人。
銀行其已研擬內部作業規範，經董事會三分之二以上董事出席及出
席董事四分之三以上之決議概括授權經理部門依該作業規範辦理，
且其交易條件未優於其他同類對象者，得與專業機構投資人進行交
易，不受第一項第一款至第三款限制，進行避險交易不受第一項各
款所列規定限制。
前項所稱專業機構投資人，係指國內外之銀行、保險公司、票券公
司、證券商、基金管理公司、政府投資機構、政府基金、退休基金
、共同基金、單位信託、證券投資信託公司、證券投資顧問公司、
信託業、期貨商、期貨服務事業。

15 十五、銀行辦理衍生性金融商品業務之人員應具專業能力，並應訂定專業
資格條件、訓練及考評制度。

16 十六、銀行辦理衍生性金融商品業務，與客戶權益有關之應遵循事項：
（一）銀行辦理衍生性金融商品業務之推廣文宣，應清楚、公正及不誤
導客戶，讓客戶適當及確實瞭解產品所涉風險，並應訂定向客戶
交付商品說明書及風險預告書之作業程序。對機構投資人以外之
銷售對象，應由客戶聲明銀行已派專人解說，且在各項產品說明
書及風險預告書上具簽確認。
（二）前項風險預告書應於明顯處充分揭露各種風險，並應將最大之風
險或損失以粗黑體字體標示。惟銀行與金融同業交易者，因其應
具相當金融專業認知，得不提供風險預告書。
（三）銀行辦理衍生性金融商品業務，應制定瞭解客戶（Know your C-
ustomer） 制度，並確實瞭解客戶之財務狀況、投資經驗、投資
需求及承擔潛在虧損的能力等特性及交易該項衍生性金融商品之
適當性。
（四）銀行與客戶解除契約，如有約定違約金時，應本於公平合理原則
約定，不得收取過高之違約金。
（五）銀行辦理衍生性金融商品除應於交易契約與網站中載明交易糾紛
之申訴管道外，於實際發生交易糾紛情事時，應即依照銀行內部
客戶申訴處理程序辦理。

17 十七、結構型商品係結合固定收益商品（例如定期存款或債券）與衍生性
金融商品（例如選擇權）的組合型式商品交易，本商品可連結之標
的眾多，包括利率、匯率、股價、指數、商品、信用事件或其他利
益及其組合等所衍生之交易契約。銀行銷售結構性商品時，不得以
存款之名義銷售。

18 十八、銀行辦理結構型商品，對客戶風險揭露之交易契約及相關文件內容
，應至少包括：
（一）交易條件。
（二）商品所涉主要風險之性質與內容，如流動性風險、匯兌風險、利
率風險、稅賦風險及提前解約風險等。
（三）說明達成銀行所承諾收益率之來源及方式。
（四）以年報酬率揭露，說明商品之可能最大損失及列表量化在不同情
境下之可能損益。
（五）應以明顯之粗黑字體於契約名稱下列示保本比率。
（六）如遇交易糾紛情事時，客戶之申訴管道。

19 十九、銀行與客戶承作結構型商品交易，客戶得就其交易請銀行提供市價
評估及提前解約之報價資訊。如屬大量標準化之結構型商品，且銷
售對象多為個人者，銀行應於其網站揭露報價資料，提供客戶市價
評估及提前解約之報價資訊。

20 二十、銀行辦理台股股權結構型商品準用財團法人中華民國證券櫃檯買賣
中心證券商營業處所經營衍生性金融商品交易業務規則第二十七條
、第二十八條、第三十一條、第三十一條之一及第三十一條之二規
定。
銀行辦理台股股權衍生性商品準用前項業務規則第三十四條至第三
十六條及第三十八條規定。
銀行辦理前二項商品應於財團法人中華民國證券櫃檯買賣中心網際
網路申報系統申報相關資料。

21 二十一、銀行辦理股權相關衍生性金融商品交易不得有為自身或配合客戶
利用本項交易進行併購或不法交易之情形。

22 二十二、銀行辦理衍生性金融商品，應將其商品項目及其重要內容，於本
會銀行局網際網路申報系統及本會指定之機關申報。

23 二十三、外國銀行在台分行辦理衍生性金融商品業務，本注意事項規定之
董（理）事會義務得由其總行授權人員負責。

24 二十四、銀行辦理衍生性金融商品業務，如違反本注意事項之規定，本會
得依銀行法第六十一條之一規定，依其情節輕重為適當之處分或
停止辦理特定商品或本項業務。



Directions for Banks Conducting Financial Derivatives Business( 2005.11.21 Amended )


1 1.A bank conducting financial derivatives business shall comply with these Directions.
2 2.The term "financial derivatives" as used herein shall mean trading contracts the value of which derives from an interest rate, exchange rate, stock, index, commodity, or other interest, or from a combination thereof.
3 3.A bank conducting financial derivatives business shall adopt an operational strategy and administrative guidelines as follows:
(1) An operational strategy for its conduct of financial derivatives business.
(2) Administrative guidelines, which shall include:
(i) Business principles and policies.
(ii) Operating procedures.
(iii) An internal control system.
(iv) Methods of periodic evaluation.
(v) Methods of accounting treatment.
(vi) An internal audit system.
(vii) Risk management measures.
4 4.A bank that has obtained approval to conduct financial derivatives business (approval must also be obtained in accordance with the Futures Trading Act if the business in question is futures trading business) may trade in any financial derivatives and combinations thereof, provided that within 15 days after commencement of business it shall submit a description of each product's characteristics, a declaration of compliance, and a risk disclosure statement to the Financial Supervisory Commission (FSC) for recordation. The only exceptions are the products listed below (which require prior approval):
(1) Products involving, and subject to, the Act Governing Relations Between Peoples of the Taiwan Area and the Mainland Area, as well as regulations and directions adopted under this Act.
(2) Products involving trading in contracts derived from either exchange-traded commodities or indexes related to domestic share prices or a domestic futures exchange, approval for which requires consultation with the FSC Securities and Futures Bureau.
(3) Foreign exchange products that require permission from the Central Bank.
Once the FSC has granted prior approval for the first bank to offer a type of product falling under subparagraphs 1 or 2 of the preceding paragraph, another bank may submit application documents, a declaration of compliance, and a risk disclosure statement to the FSC and proceed directly to offering of the same type of product so long as the FSC does not raise any objection within 15 days counting from the day next following the date of said submission. However, such bank may not conduct the business under application until that 15-day period has elapsed.
Banks shall apply directly to the Central Bank for permission to offer the products referred to in paragraph 1, subparagraph 3.
5 5.To apply to offer the financial derivatives mentioned in the preceding point, a bank shall apply to the FSC by submitting an application together with the following documents, and may not offer the product until after the granting of prior approval:
(1) A declaration of compliance.
(2) Documents evidencing that the ratio of the bank's equity capital to risk-weighted assets is not lower than the level prescribed in the Banking Act.
(3) Documentary proof of authorization by the board of directors (or trustees) or other appropriate persons.
(4) Documentary proof that the personnel in charge of the business in question have relevant experience or professional training.
(5) A business plan, which must cover the following:
(i) A product description.
(ii) The department that will handle the operations, and the division of labor of the internal organization.
(iii) Risk management measures.
(iv) Accounting treatment and statement disclosure methods.
(v) Internal auditing.
6 6.When a bank files information on its offering of financial derivatives for recordation by the FSC, if the filing documents are not complete or are not supplemented within a specified period of time, the FSC may order the bank to suspend its offering of such products until supplementation is completed.
7 7.The board of directors (or trustees) of a bank shall act in accordance with the following principles to strengthen its supervision of the bank's conduct of financial derivatives business:
(1) Before conducting financial derivatives business, a bank shall evaluate the risks and returns. It shall also adopt an operational strategy and administrative guidelines, to be implemented only after they have been submitted to the board of directors (or trustees) and approved thereby; the same applies to any amendment thereto.
(2) The board of directors (or trustees) of a bank shall periodically evaluate whether the performance of the financial derivatives business meets the previously adopted operational strategy and whether the risk assumed falls within what a bank is permitted to assume.
When the ROC branch of a foreign bank conducts financial derivatives business, the aforementioned duties of the board of directors (or trustees) shall be performed by the person(s) authorized by the head office of such bank.
8 8.A bank conducting financial derivatives business shall ensure that the relevant risk management measures are compliant with the following:
(1) The bank's conduct of its financial derivatives business shall be subject to appropriate review and approval procedures, and senior management shall work together with officers involved in the relevant business matters to study and adopt a risk management regime. Policies and procedures governing the conduct of financial derivative transactions may be adjusted in response to changes in products and market conditions. Limits on risk tolerance and the use of derivatives shall be regularly reviewed and submitted to the board of directors (or trustees) for consideration.
(2) A bank conducting financial derivatives business shall adopt a risk management regime, and shall implement and oversee procedures for identifying, measuring, monitoring, controlling, and reporting transaction risks.
(3) Personnel shall not concurrently engage in both trading and settlement of financial derivatives transactions. An appropriate unit and personnel shall be assigned responsibility for identification, measurement, monitoring, and control of the risks associated with such transactions. A bank shall establish a risk management unit outside of and independent from its trading division to carry out such tasks as identifying, measuring, monitoring, and controlling risks. The risk management unit shall regularly report position risks and valuations of gains and losses to senior management.
(4) Risk identification: Risk identification shall at the very least cover market risk, credit risk, liquidity risk, operational risk, and legal risk, and shall categorize the risk factors affecting each type of risk so as to facilitate systematic management.
(5) Risk measurement: After identifying the risk factors of different products, it is advisable for a bank to adopt appropriate risk measurement methods, including risk analysis and assessment, to serve as the basis of risk management. For the purpose of financial derivative risk management, different quantitative or other feasible substantive methods shall be adopted for measurement of different types of risks.
(6) Risk monitoring and control: In order to monitor and control limits on the use of various types of derivatives, a bank shall adopt a full set of monitoring and control procedures for reporting of the overuse of derivatives and for implementation of response measures. These operations are best carried out on an ongoing basis in the course of regular business activities, or (and) after completion of the operations, the bank is advised to take special steps to observe and understand the situation. All problems discovered in the course of monitoring and control operations shall be duly reported upward within the organization .
(7) Risk reporting: A bank conducting financial derivatives business shall adopt administrative rules for the preparation and internal reporting of various trading reports and risk management reports. The division responsible for risk management shall work in accordance with the aforementioned rules to provide senior management with regular internal reporting on position risks assumed by the bank within its area of authority, to serve as a basis for management.
(8) On the basis of the aforementioned procedures for risk identification, measurement, monitoring and control, and reporting, a bank shall adopt measures for the management of market, credit, liquidity, operational, and legal risks.
(9) At a bank that conducts financial derivatives business, the financial product pricing model and assessment system used by the trading division must be reviewed and approved by the division responsible for risk management before they may be used. The risk management division shall also backtest the risk management model as necessary and perform stress tests in the event of any irregularities or events of material significance. The risk management division shall also expressly set forth procedures, methods, and schedule to facilitate compliance.
(10) The frequencies of financial derivative position assessments shall be set individually by a bank in light of the nature of each type of position. In the case of trading positions, assessments shall in principle be carried out in real time or based on a daily market price evaluation. For hedging transactions conducted for the purposes of a bank's own business requirements, assessments shall be carried out at least once per month.
(11) A bank must adopt administrative rules for internal review of new products, and before launching a new financial derivative shall perform a review in accordance with the aforementioned rules.
A bank's rules for internal product review shall cover at least the following items:
(i) Review of the nature of the product.
(ii) The operational strategy and business policy.
(iii) Review of risk management.
(iv) Review of internal controls.
(v) Review of accounting methods.
(vi) Review of relevant compliance matters and required legal documents.
(12) Because the impact of risk on business frequently changes in response to changes in the objective environment, the unit responsible for risk management or another appropriate unit shall regularly evaluate risk management priorities, costs, fitness, and choice of tools.
9 9.When trading in derivatives (other than credit derivatives) that derive from a commodity or other interest as referred to in point 2, a bank shall in principle fully hedge the risks on a match basis to transfer and mitigate risk.
10 10.If any of the following occurs with respect to a bank that has obtained [approval] to conduct financial derivatives business, such bank shall use financial derivatives transaction for hedging purposes only:
(1) Its nonperforming loan ratio for the most recent quarter is above 3%.
(2) It is a domestic bank, and its ratio of equity capital to risk-weighted assets is lower than the level prescribed in the Banking Act.
(3) It has not set aside sufficient allowances for bad debt.
11 11.A bank offering financial derivatives shall do so in accordance with generally accepted accounting principles and related acts and regulations, and any restrictions or provisions applying to the two parties in any given deal may not be eased or disregarded due to the combination of underlyings. In its financial statements or the notes thereto, moreover, such a bank shall disclose at least the following matters as appropriate for the type of financial product involved:
(1) The face value or contract amount (or notional principal, if there is no face value or contract amount).
(2) The nature and conditions of the product (to include at least the product's credit and market risk, the cash requirement for the product, and related accounting policies).
12 12.Any conversion of New Taiwan Dollars and foreign currencies connected with a bank's offering of financial derivatives shall be dealt with in accordance with the provisions of the Regulations Governing the Declaration of Foreign Exchange Receipts and Disbursements or Transactions.
13 13.A bank offering financial derivatives shall establish management mechanisms to prevent conflict of interest and insider trading.
14 14.A bank may not use financial derivatives to embellish or manipulate financial statements by, for example, deferring or concealing losses, falsely reporting earnings, or recording earnings early, or helping a customer to defer or conceal losses, falsely report earnings, or record earnings early. In options transactions, a bank shall take care to avoid using premiums (especially for long-term or extremely short-term options) to embellish financial statements and lead to improprieties.
15 15.Bank personnel engaged in conducting financial derivatives business shall have professional ability, and the bank shall adopt professional qualification requirements as well as a system for training and performance evaluation.
16 16.A bank conducting financial derivatives business shall comply with the following matters pertaining to the rights and interests of customers:
(1) In conducting financial derivatives business, a bank shall use promotional materials that are clear, fair, do not mislead customers, and afford customers an appropriate and thorough understanding of product risks, and the bank shall adopt administrative procedures governing the provision of prospectuses and risk disclosure statements to customers. Where the buyer is not an institutional investor, the customer shall make a declaration that the bank has dispatched a specific individual to explain the product, and shall sign each prospectus and risk disclosure statement as confirmation.
(2) The risk disclosure statements referred to in the preceding paragraph shall fully disclose each risk in a conspicuous place, and shall indicate the greatest possible risk or loss in bold black letters. However, the bank need not provide any risk disclosure statement to another bank or other financial enterprise because they can be expected to have considerable professional financial expertise.
(3) A bank conducting financial derivatives business shall formulate a "Know your Customer" system, and shall develop a thorough understanding of the customer's financial status, investment experience, investment needs, ability to assume potential losses, and other such characteristics, as well as the suitability of a transaction involving the financial derivatives in question.
(4) When offering deposit-linked financial derivatives including the word "deposit" in the product name, a bank shall comply with Article 5-1 of the Banking Act and shall not put the customer's deposit principal at risk.
(5) Where a bank and customer have stipulated a breach penalty for cancellation of contract, such stipulation shall be made on a fair and reasonable basis, without setting an excessively high breach penalty.
17 17.A bank offering financial derivatives shall specify in trading contracts and on its website a channel for lodging of complaints in the event of disputes. And when a dispute actually arises the bank shall deal with the matter in accordance with its internal customer complaint handling procedures.
18 18.A structured instrument is a blend of fixed-income products (e.g. time deposits or bonds) and financial derivatives (e.g. options), and can be linked to a wide range of instruments, including trading contracts deriving from interest rates, exchange rates, stock prices, indexes, commodities, credit events or other interests, or from a combination thereof.
19 19.The content of the risk disclosures, trading contracts, and related documents provided to customers by a bank offering structured instruments shall include at least the following:
(1) Transaction terms and conditions.
(2) The nature and content of the product's key risks, such as liquidity risk, exchange risk, interest rate risk, tax risk, and cancellation risk.
(3) An explanation of how the yield pledged by the bank will be achieved, and where the yield will come from.
(4) An explanation of the greatest possible loss on the product and a table showing various possible losses and gains under different conditions (with all figures expressed in terms of annual rate of return).
(5) The guaranteed-principal ratio shall be shown in conspicuous, bold black letters beneath the name of the contract.
(6) The channel via which a customer may lodge a complaint in the event of a transaction dispute.
20 20.When a bank and a customer undertake a transaction involving a structured instrument the customer may, with respect to the transaction in question, ask the bank to provide a market price assessment and price quote for early cancellation. If the derivatives are mass standardized and sold primarily to individual investors, the bank shall disclose price quote information on its website and provide customers with a market price assessment and a price quote for early cancellation.
21 21.A bank may not trade in structured equity product transactions with a director, supervisor, manager, or 10-percent or greater shareholder of its own head office or of the issuer of any stock to which the products are linked, or with a spouse or minor child of the aforementioned persons, or with such a 10-percent or greater shareholder whose shares are held under the names of other persons, or with a company in which the bank's head office is a 10-percent or greater shareholder.
22 22.A bank that has not obtained approval to offer financial derivatives shall not do so until it has applied for FSC approval by submitting the documents set out in point 3, obtained approval therefrom, and registered the business items on the FSC Banking Bureau's Financial WEB Service System.
23 23.A bank offering financial derivatives shall report the products and important contents thereof by entering the information into the FSC Banking Bureau's Financial WEB Service System, and by filing it with the government agency designated by the FSC.
24 24.If a bank violates any provision of these Directions in the course of financial derivatives business, the FSC may, in accordance with Article 61-1 of the Banking Act, make appropriate dispositions or suspend the bank from offering certain products or conducting financial derivatives business according to the seriousness of the violation.