On May 19, 2016, the Financial Supervisory Commissory (“FSC”) issued a ruling allowing directors and supervisors of securities investment trust enterprises in domestic banks, financial holding companies, securities and futures firms and insurance companies to engage in derivative transactions involving stocks and equity-like securities.  The ruling exempts directors and supervisors from the restrictions contained in Article 77 of the Securities Investment Trust and Consulting Act and Article 14 of the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises.  The ruling has been in force since May 19, 2016.