According to a press release jointly issued by FSC and the Ministry of Finance (“MOF”) on April 2, 2013, in response to the implementation of the Foreign Account Tax Compliance Act in the U.S. (“FATCA”), FSC, MOF, the Ministry of Justice, and Ministry of Economic Affairs have organized a FATCA Taskforce and conducted various discussions with the U.S. Department of Treasury, reaching a common understanding with the U.S. about implementation of FATCA under the framework of cooperation between two governments.  Under such framework, a financial institution does not have to sign an agreement with foreign financial institutions individually and may provide to the U.S government the total number of customer’s accounts maintained in the institution and the total amount in the accounts, so as to reduce the cost of compliance by Taiwan financial institutions with FATCA and to conform to the Personal Data Protection Act in Taiwan.