FSC issued a press release on April 1, 2013 announcing that the “Cross-Strait Banking Supervision Cooperation Platform” reached agreement on relaxing restrictions imposed on Mainland banks’ investments in banks in Taiwan.  For a single Mainland bank: (1) the permissible percentage of shares held by it in TWSE/GTSM listed Taiwan banks and financial holding companies in Taiwan, upon application, will be increased from 5% to 10% (or from 10% to 15% if QDII is included); (2) the permissible percentage of shares in non-listed banks and financial holding companies in Taiwan held by it will be increased from 5% to 15%; and (3) the permissible percentage of shares in a financial holding company’s subsidiary bank in Taiwan held by it will be increased from 5% to 20%.