On November 9, 2016, the FSC issued a ruling stating that where an independent director of a listed/TPEx-listed investment holding company concurrently serve as an independent director of the holding company’s publicly traded, wholly-owned subsidiary, such concurrent service shall not be counted toward the number of concurrent directorships of publicly traded companies allowed under Article 4 of the “Regulations Governing Appointment of Independent Directors and Compliance Matters for Public Companies”; however, the said director may only serve as an independent director of one such wholly-ownedsubsidiary.