Taiwan premier asks regulators to brief lawmakers on MOU -paper - News

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Taiwan premier asks regulators to brief lawmakers on MOU -paper

By: AFX | 10 Nov 2009 | 04:36 AM ET

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TAIPEI, Nov 10 (Reuters) - Taiwan's premier wants regulators to explain the details of the much-anticipated financial pact with China to the island's legislators before they sign it, a local evening newspaper reported on Tuesday. The memorandum of understanding (MOU), which will mainly cover cross-border financial supervision, will allow Taiwan's banks to tap the huge Chinese market and pave the way for banks on both sides to invest in each other. The island's premier, Wu Den-yih, also returned The Financial Supervisory Commission's review of the MOU, and asked the commission to amend details including a rule about the number of branches Chinese banks could establish in Taiwan, the United Evening News said in a front-page story. China and Taiwan should not hold a signing ceremony in a single location in order to expedite the pact's completion, the Chinese-language paper quoted Wu as saying. The timetable and location for the signing ceremony of the MOU was still uncertain, commission chairman Sean Chen said in a legislative session on Monday. Taiwan's government spokesman Su Jun-pin was not immediately available for comment. ($1=T$32.3) (Reporting by Faith Hung; Editing by Joseph Chaney and Chris Lewis) ((faith.hung@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging: faith.hung.reuters.com@reuters.net)) Keywords: TAIWAN CHINA/MOU (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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