The Financial Supervisory Commission’s organizational structure changed on 1 July this year. Modeled in part on the UK’s Financial Services Authority, the Commission had been run on a committee system made up of the chairman, two vice-chairman and six committee members. The nine commissioners voted on major policy decisions.
As of 1 July, the Commission’s major policy decisions will be made by the Chairman on advice from 6-12 Commissioners who will be appointed for their expertise on financial services. The name of the Commission was also slightly changed in Chinese from the 行政院金融監督管理委員會 to the 金融監督管理委員會.