TAIPEI, April 30 Taiwan's financial regulator
said on Wednesday it will penalise three more banks due to
improper foreign currency derivative sales, after already
punishing one bank for failing to disclose risks associated with
The Financial Supervisory Commission (FSC) made the comments
in a legislative session, though it did not disclose which banks
would be punished or the nature of the punishment.
The FSC said on Monday it would bar Bank SinoPac, a unit of
SinoPac Financial Holdings Co Ltd, from issuing new
foreign-currency derivative products for one year.
Bank SinoPac had not properly hedged against foreign
currency falls or warned clients of the potential for
depreciation, the FSC said earlier.
The move comes as client complaints about losses mounted
amid the recent sharp fall in the Chinese yuan.
(Reporting by Emily Chan; Writing by Michael Gold; Editing by