The 12th Asia-Pacific Mergers & Acquisitions Simulation Competition Successfully Concluded in 2025: National Taiwan University Team Wins the Highest Honor – “Best M&A Proposal Award”

The 12th Asia-Pacific Mergers & Acquisitions Simulation Competition concluded successfully in 2025, with the National Taiwan University (NTU) team standing out among 16 participating teams to win the highest honor of this year’s competition – the Best M&A Proposal Award.

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The competition, jointly organized by the China University of Political Science and Law and the China Mergers & Acquisitions Association, with National Chengchi University as co-organizer, was held from April 9 to 12. A total of 16 teams participated, representing leading universities across Taiwan, Hong Kong, Macau, and mainland China, including the University of Hong Kong, Tsinghua University, Peking University, China University of Political Science and Law, East China University of Political Science and Law, and Shanghai Jiao Tong University.

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Since the competition’s inception, NTU has participated under the initiative and leadership of Professor Wang-Ruu Tseng, Director of the Center. This year, the NTU team was coached by Professor Yueh-Ping Yang, Deputy Director of the Center, and included the following members: Hao-Wen Cheng (3rd-year, Graduate Institute of Law), Yu-Chi Lin (3rd-year, Graduate Institute of Law), Hsuan-Chun Lin (2nd-year, Graduate Institute of Law), Bing-Lin Hsieh (2nd-year, Graduate Institute of Law), Tsung-Yuan Jung (4th-year, Department of Accounting), and Chen-Hung Chao (3rd-year, Department of International Business).

On June 12, 2025, Deputy Director Professor Yueh-Ping Yang of CIEL was invited by the Finance Committee of the Legislative Yuan to attend the public hearing on the draft Virtual Asset Service Providers Act. Representing the research team commissioned by the Financial Supervisory Commission (FSC), Professor Yang shared key legislative considerations underlying the draft bill.

The hearing was convened by Legislator Lai Hui-Yuan, with representatives from the FSC, the Central Bank, and the Ministry of Justice in attendance. Several legislators, including Lin Szu-Ming, Huang Shan-Shan, Mai Yu-Chen, Chung Chia-Pin, Lai Shyh-Bao, and Ko Ju Chun, also delivered remarks.

In his presentation, Professor Yang emphasized that the draft Act is not a wholesale transplant of any single foreign model, but rather a comparative synthesis of frameworks from the EU, Japan, Hong Kong, and South Korea, adjusted for Taiwan’s market characteristics. The core principle is to classify virtual asset service providers (VASPs) as financial institutions subject to financial supervision, complemented by criminal liability provisions to address enforcement challenges where regulators currently lack inspection authority over unlicensed operators.

Regarding stablecoin regulation, Professor Yang noted that the draft bill applies only to fiat-backed stablecoins, while stablecoins pegged to other virtual assets or commodities are neither explicitly regulated nor prohibited. He also explained that, rather than attempting to regulate all emerging virtual asset businesses at once, the draft prioritizes higher-risk activities—such as lending services with established market presence—while granting regulators flexibility to expand oversight incrementally as needed.

Overall, Professor Yang highlighted that the draft Virtual Asset Service Providers Act serves as a “principles-based framework law”, providing a comprehensive supervisory structure while leaving room for subsidiary regulations and administrative orders to adapt dynamically to technological change, thus avoiding rigid rules ill-suited to the fast-evolving industry.

The full transcript of the public hearing is available here:
https://ppg.ly.gov.tw/ppg/SittingAttachment/download/2025060251/PPGB60500_2100_20988_1140618_0004.pdf

On March 4, 2025, the International AI Law Research Foundation hosted the International Symposium on AI Governance and National Security, bringing together representatives from international think tanks, government, industry, and academia. The symposium explored global trends in AI governance, policy challenges, and strategies for cross-border cooperation, aiming to strengthen Taiwan’s position in the global technology race. Deputy Director Yueh-Ping Yang of CIEL was invited to participate and share his insights on strategies for AI governance and transnational legal collaboration.

The event featured a keynote speech by Deputy Minister Ning Yeh of Taiwan’s Ministry of Digital Affairs. It also welcomed representatives from Stanford University’s Hoover Institution, the Hudson Institute, and Yale University’s Jackson School of Global Affairs as panel discussants.

Deputy Director Yang chaired the second roundtable discussion, titled “AI Governance and National Security (II): Strategies for Transnational Legal Coordination and Cooperation.” Together with U.S. and Taiwanese representatives, the session examined different models of AI regulation and the national security considerations underlying them.

For further details and coverage of the symposium, please refer to: https://intlailaw.org/article_d.php?lang=tw&tb=3&id=2612

Deputy Director Professor Yueh-Ping Yang of CIEL has contributed an English-language chapter entitled “Trusts and Fund Structures in Taiwan: Laws and the Boundaries of Trusts” to the newly published volume Asia-Pacific Trusts Law, Volume 3: Boundaries in Context, released by the international academic publisher Bloomsbury.

In this study, Professor Yang uses Taiwan’s investment fund regime as a case study to analyze the advantages and limitations of trusts as an “asset segregation mechanism” for investment funds. He highlights that the predominance of trust structures in Taiwan’s public funds is fundamentally linked to the institutional design of the Securities Investment Trust and Consulting Act (SITCA). By contrast, private funds in Taiwan tend to adopt corporate or limited partnership structures, a pattern also shaped by the relatively limited regulatory oversight under the SITCA.

Through his analysis of Taiwan’s differentiated regulatory design and practical operation of asset segregation mechanisms, Professor Yang demonstrates that the advantages of trusts are not absolute but instead depend heavily on the relative flexibility of a country’s trust law and business organization law, underscoring the strong contextual dependence on the legal system.

For more information about this publication, please refer to:
https://www.bloomsbury.com/uk/asiapacific-trusts-law-volume-3-9781509972951/

On May 26, 2025, the College of Law at National Taiwan University hosted a special lecture featuring Professor Shinsaku Iwahara, a leading authority on Japanese banking law, who spoke on “The Current Status and Challenges of Japanese Banking Regulation.”

Professor Iwahara’s lecture addressed a wide range of financial regulatory issues, including the separation of banking and commerce, foreign exchange business supervision, stablecoins, and central bank digital currencies (CBDCs). Deputy Director Professor Yueh-Ping Yang of CIEL was invited as the discussant, engaging in a cross-national dialogue with Professor Iwahara.

The two professors conducted an in-depth discussion on the similarities, differences, and distinctive features of regulatory frameworks in Japan, the United States, and Taiwan. Deputy Director Yang particularly raised questions regarding Taiwan’s ongoing regulatory developments in electronic payments, stablecoins, and digital currencies, inviting Professor Iwahara to share Japanese perspectives and experiences in these areas.

On May 22, 2025, the Legislative Yuan held a public hearing on the draft “Financing Companies Act,” bringing together scholars, experts, and regulatory agencies to discuss potential frameworks for the regulation of financing and leasing companies. Professor Chao-Hung Chen, Deputy Director of CIEL, was invited as a panelist to share his observations and recommendations.

Deputy Director Chen emphasized that before drafting a specialized law for financing companies, it is crucial to first clarify the underlying policy objectives. He noted that many social concerns—such as usury, fraud, and exploitative lending practices—are already addressed under existing laws, including the Civil Code, Criminal Code, Money Laundering Control Act, as well as the recently enacted “Four Anti-Fraud Laws.” He cautioned that if legislation targets only specific misconducts such as fraud, the result may be piecemeal and incomplete regulation. Worse, it could restrict the space for inclusive finance and drive those with genuine funding needs toward underground lenders.

Rather than hastily enacting a new specialized law, Deputy Director Chen suggested strengthening the use of existing legal and regulatory tools to enhance oversight of interest rates, disclosure requirements, borrower suitability, and fair trading practices. He recommended a gradual, evidence-based approach: observing market developments first, and only then determining whether a comprehensive and dedicated legal framework is truly necessary.

The complete record of the hearing is available at:
https://ppg.ly.gov.tw/ppg/SittingAttachment/download/2025051668/PPGB60500_2100_20988_1140603_0004.pdf

NTU CIEL Inauguration Ceremony｜Corporate Law in the Era of Geopolitical Economy

May 12, 2025 – NTU College of Law, Tsai Lecture Hall, International Conference Hall

On May 12, 2025, the “Center for Innovation in Enterprise Law” (CIEL) was officially inaugurated at the International Conference Hall of the Tsai Lecture Hall, College of Law, National Taiwan University (NTU). The ceremony marked the unveiling of NTU’s first university-level legal research center and featured a thought-provoking roundtable forum on corporate legal innovation in an era shaped by geopolitical and economic shifts. Let us look back on the highlights of this landmark event.

The second roundtable session was moderated by Deputy Director Dr. Yueh-Ping Yang of the Center. He was joined by three distinguished experts from the public, private, and academic sectors:

Mr. Cheng-Chang Tung, Director General of the Banking Bureau at the Financial Supervisory Commission;

Mr. Kuo-Chu Ma, Chief Advisor at Chien Yeh Law Offices; and

Mr. Tzu-Yang Chen, Managing Director and Head of Investment Banking at Goldman Sachs Taiwan.

The session began with a keynote address by Director General Chen-Chang Tung of the Banking Bureau, Financial Supervisory Commission, who offered insights from the perspective of a financial regulator. Director Tung emphasized that in the face of global volatility and increasing challenges in financial supervision, Taiwan—being a densely populated island with limited natural resources—relies heavily on international trade as the backbone of its economy. Against this backdrop, Taiwanese banks have established nearly 650 overseas branches worldwide, ensuring that wherever Taiwanese businesses go, regulatory support follows. A robust legal framework, he stressed, is the foundation of stable banking operations.

He went on to explain that international regulatory standards must align with global norms. Taiwan is currently implementing Basel IV reforms to enhance the resilience of its banking sector and improve capital adequacy ratios. The government encourages banks to maintain sound capital structures and efficient capital turnover. Director Tung underscored the FSC’s commitment to supporting industries through all economic conditions, with a firm stance against “withdrawing the umbrella when it rains.” He reaffirmed continued support for SMEs, including the extension of existing loans.

Furthermore, Director Tung shared the FSC’s ongoing efforts to position Taiwan as a leading asset management hub in Asia. He noted that, driven by the strong performance of the shipping and semiconductor industries, total bank deposits in Taiwan have surged from NT$34 trillion in 2015 to NT$60 trillion in 2025. With many SMEs now entering second- or third-generation succession, the financial sector has a crucial role to play in facilitating stable wealth transfer. He concluded by highlighting the government’s dual strategy of retaining capital and attracting investment, aimed at strengthening Taiwan’s economy and upgrading its industries. The goal, he said, is to deliver visible results within two years, noticeable transformation in four, and substantial achievement in six.

Chief Advisor Kuo-Chu Ma of CHIEN YEH Law Firm drew on his extensive experience as a certified public accountant to share insights into the strategic planning of entrepreneurs, while offering a macro-level analysis of global economic trends and competitive dynamics. Approaching the topic from a political economy perspective, he explored the future of industrial chain integration, touching on key issues such as the tightening and loosening of monetary policy, the resurgence of nationalist capitalism, the rebalancing of functional currencies, the emergence of new economic barriers driven by ESG standards, the evolution of responsible and sovereign tax regimes, and the reconstruction of taxing rights.

Mr. Ma emphasized that enterprises should proactively adjust the structure of their balance sheets and income statements, rather than shifting the burden entirely onto central banks or financial regulators. He urged Taiwanese companies to build transnational operational and legal alliances with strategic flexibility to stay competitive. Given that Taiwan’s economy is largely composed of family-owned businesses, where most business leaders are more accustomed to domestic legal frameworks, he stressed the importance of professional advisors providing forward-looking strategies and tailored solutions to help navigate the changing global landscape.

Mr. Tzu-Yang Chen, Managing Director and Head of Investment Banking at Goldman Sachs (Taiwan), shared practical insights based on industry observations. In the face of escalating geopolitical tensions and rising trade barriers, he emphasized that companies must adopt proactive strategies, such as strengthening their capital structures and pursuing mergers and acquisitions, to enhance both competitiveness and scale.

He noted that while Taiwan enjoys ample liquidity and an active secondary stock market, the primary market’s fundraising momentum remains relatively weak—an area he suggested should be a focus for future development. Additionally, consolidation within the financial sector is another effective avenue for improving structural resilience. He pointed out that the recent wave of overseas acquisitions by Taiwanese companies reflects a concrete response to shifting international dynamics.

Mr. Chen also highlighted the rapid growth of private equity funds in South Korea and Japan, which is reshaping corporate operations by enabling businesses to refocus, restart, and gain renewed market recognition—offering a potential path forward for Taiwanese enterprises.

However, he identified a key challenge in the regulatory approval process for mergers and acquisitions. Prolonged review periods may result in companies experiencing multiple market cycles during the waiting phase, amplifying uncertainty and risk. He called on the government to review and improve these regulatory procedures. In conclusion, Mr. Chen encouraged businesses to continue enhancing their competitiveness and expressed hope that financial regulators would provide meaningful support. He affirmed that the establishment of the NTU CIEL Center presents an excellent opportunity to engage in dialogue on these critical issues.

Deputy Director Yueh-Ping Yang concluded the session by reflecting on the insightful discussions. He emphasized that while the Center focuses on innovative and emerging topics—such as developments in technology—fundamental issues in corporate law, including corporate governance, mergers and acquisitions, and fundraising, remain timeless and continually relevant. Though shaped by different historical and geopolitical contexts, these core themes consistently deserve in-depth thought and rigorous academic exploration.

The event concluded with a closing ceremony, during which Deputy Directors Chao-Hung Chen and Yueh-Ping Yangof the Center delivered remarks.

Deputy Director Chen expressed his sincere gratitude to all the guests for their participation. He noted that the roundtable forum featured both an international perspective—with discussions on how the Trump era has influenced corporate legal systems—and insightful contributions from domestic experts representing academia, regulatory authorities, and the business sector. These included viewpoints on global academic research, Taiwan’s financial regulatory landscape, and cross-border mergers, acquisitions, and investments.

He expressed his hope that the Center will continue to invite scholars and professionals from home and abroad, bringing together diverse perspectives and fresh thinking to inspire new ideas and contribute to the continued development of Taiwan’s legal system.

Deputy Director Yang noted that the Center’s acronym, “CIEL,” means “sky” in French. He expressed the hope that the Center’s research will continue to reach new heights, making the NTU Corporate Legal Innovation Research Center not only a purely academic institution but also a collaborative platform for industry, government, and academia. Through ongoing exchanges, the Center aims to serve as a neutral hub, bringing together representatives from various fields to jointly foster the advancement of corporate legal systems.

With this, the inauguration ceremony and roundtable forum have successfully concluded. We sincerely thank all the distinguished guests for their insightful contributions and engaging discussions, and we are deeply grateful for the presence and support of all participants. The Center will continue striving to advance innovation in corporate legal systems, and we look forward to working hand in hand with more partners in the future to explore new possibilities together!

NTU CIEL Inauguration Ceremony｜Corporate Law in the Era of Geopolitical Economy

May 12, 2025 – NTU College of Law, Tsai Lecture Hall, International Conference Hall

On May 12, 2025, the Center for Innovation in Enterprise Law (CIEL) at National Taiwan University (NTU) was officially inaugurated at the International Conference Hall of the NTU College of Law’s Tsai Lecture Hall. The inauguration was followed by two compelling roundtable forums that explored the evolving landscape of corporate legal systems in response to geopolitical challenges. As a continuation of our recap of the inauguration ceremony, we now turn to the highlights of the first forum session.

The first roundtable discussion was moderated by CIEL Deputy Director Dr. Chao-Hung Chen and brought together four distinguished legal scholars from around the world:

• Professor Dan W. Puchniak from Singapore Management University (SMU)

• Professor Manabu Matsunaka from Nagoya University, Japan

• Professor Akshaya Kamalnath from the Australian National University (ANU)

• Professor Pasha Hsieh (謝笠天), also from SMU

This session focused on “The Impact of the Trump Doctrine on Corporate Governance and Legal Compliance.” Drawing on diverse legal systems and academic backgrounds, the panelists examined the institutional and practical challenges that modern geopolitics pose to global enterprises.

Professor Dan W. Puchniak opened the discussion by framing the topic around three emerging dimensions shaped by geopolitics: Identity, Isolation, and Inspiration.

Under the theme of Identity, Professor Dan noted that corporate nationality, once a relatively clear-cut classification, has become increasingly complex as multinational companies adapt to geopolitical risk by operating across multiple jurisdictions. He used TSMC and TikTok as illustrative cases, showing how factors such as shareholder composition, operational hubs, and board structures can lead to conflicting interpretations of a company’s national identity.

On the topic of Isolation, he observed that the Trump administration’s policies had contributed to an increasingly insular U.S. stance, pushing global supply chains toward regionalization. As a result, distinct regional industrial ecosystems are beginning to operate independently of one another.

Lastly, in discussing Inspiration, Professor Dan argued that while geopolitics has introduced substantial challenges, it also presents opportunities. He emphasized that such conditions compel nations and corporations to reevaluate their strategic positions within the global order from a broader, more regionalized perspective—a shift he believes will become pivotal in both business decision-making and policy design.

Following that, Professor Manabu Matsunaka offered insights from Japan’s experience. One major impact of the Trump administration on Japan, he explained, was the shift in energy policy. Additionally, Trump’s tepid stance on Diversity, Equity, and Inclusion (DEI) policies created barriers to advancing related initiatives in certain regions. The disparity in regional DEI standards, he noted, presents a regulatory challenge for multinational corporations as they navigate inconsistent compliance frameworks. While Trump’s policies did have negative implications for Japan’s stock market and manufacturing sector, Professor Matsunaka suggested they may also have increased market activity and opened new opportunities for activist shareholders.

Next, Professor Akshaya Kamalnath shared her perspective, emphasizing that corporations have always been influenced by political forces—today more than ever. She stressed that modern corporate responsibilities and policymaking are not only shaped by governmental pressure but are also increasingly driven by a broad spectrum of stakeholders, including shareholders, employees, consumers, and civil society.

The session concluded with Professor Pasha Hsieh, who highlighted the declining effectiveness of the WTO’s dispute resolution mechanism, exacerbated by the Trump administration’s aggressive tariff policies. This has added layers of uncertainty to the global trade environment. He then reviewed a number of trade and investment agreements between the U.S. and Taiwan—most notably the U.S.-Taiwan Initiative on 21st-Century Trade—and analyzed how similar bilateral and multilateral negotiations, including recent ones between the U.S. and the U.K., could reshape global industrial structures and compliance obligations.

Following the conclusion of the initial round of remarks, the session moderator, Deputy Director Dr. Chao-Hung Chen, posed a key question to the panel: In the face of the various impacts brought about by geopolitical shifts, how should legal systems around the world respond?

In response, Professor Dan emphasized that legal reform should not rely on the wholesale transplantation of foreign legal models, but must instead be grounded in a deep understanding of domestic industrial structures and local contexts. Citing corporate ownership structures as an example, he noted that Western firms are typically dominated by institutional investors, while in many Asian countries such as Taiwan and Singapore, family-owned businesses and state-owned enterprises are more prevalent. These differing governance models naturally lead to very different legal and regulatory needs. He further reiterated that, as supply chains become increasingly regionalized, legal frameworks should be strategically designed and adapted to reflect the unique risks and opportunities within each region.

Professor Akshaya added that just as businesses restructured their supply chains in response to the COVID-19 pandemic, they must now reassess and strengthen their risk management systems and operational models in light of current geopolitical uncertainty.

Building on this, Professor Pasha observed that while legal systems have historically looked to the U.S. and Germany as dominant models, the current geopolitical climate is prompting a greater emphasis on regional legal frameworks. From the perspective of international trade law, he argued that regional trade agreements—beyond those led by the United States—are becoming increasingly vital. Ultimately, he stressed that only legal systems that effectively address real-world issues—such as trade and sustainable development—will wield meaningful influence in shaping global governance.

During the Q&A session, an audience member posed the following question:

Amid increasing geopolitical uncertainty, how should businesses adjust their operational strategies and respond to the evolving regulatory landscape from a corporate governance perspective?

Professor Dan responded by emphasizing that this question extends beyond corporate law itself and touches on the foundational role of the rule of law. Geopolitical shifts, he noted, may fundamentally reshape our traditional understandings and standards of key legal concepts, with corporate identity being a prime example. In this context, businesses must increasingly recognize that political influences on corporate governance are becoming the norm, and should proactively develop adaptive governance mechanisms.

Professor Manabu added that in light of rapidly changing external environments, businesses must adopt jurisdiction-specific governance strategies that are tailored to the policy environments of each country in which they operate.

Professor Akshaya echoed this view, noting that companies will likely come to rely more heavily on regional political ties to ensure the stability and regulatory feasibility of their global operations.

Professor Pasha, approaching the issue from the perspectives of international trade and sustainable development, stressed the importance for businesses to closely monitor developments in trade agreements and to integrate environmental considerations into their business models as part of a more comprehensive compliance and risk management strategy.

At the conclusion of the forum, Deputy Director Dr. Chen posed a forward-looking question:

As corporations increasingly adopt multi-jurisdictional identities, can legal systems effectively respond to and adapt to this emerging trend?

Professor Dan answered that legal frameworks can serve as crucial tools for clarifying corporate identity, particularly in cases where national affiliation and regulatory boundaries are blurred. A well-designed legal mechanism can provide a transparent and legitimate means of determination.

Professor Manabu, drawing on practical experiences from Japan, observed that corporate identity will likely become a latent governance concern, and that proactive legal preparations could mitigate risks arising from such uncertainty.

Professor Akshaya further highlighted the law’s potential to act as a bridge for cross-cultural understanding and institutional alignment, which in turn can enhance the coherence and resilience of corporate governance.

Finally, Professor Pasha emphasized that the influence of international legal regimes on domestic enterprises is growing, and that in the future, corporate compliance behavior will be increasingly shaped by international law and cross-border regulatory standards.

In his closing remarks, Deputy Director Dr. Chen noted that in today’s turbulent geopolitical climate, countries across Asia are facing unprecedented challenges. However, he emphasized that this moment also presents a valuable opportunity to strengthen regional collaboration and deepen transnational connections. Within this context, corporate legal systems are poised to evolve, giving rise to new institutional frameworks and modes of practice.

This concluded the first roundtable session. Sincere thanks to all the distinguished speakers for their insightful contributions and thought-provoking discussions.

For those interested, the content of the next roundtable session is also available on our center’s official website. We warmly invite you to revisit the highlights of the event online!

NTU CIEL Inauguration Ceremony｜Corporate Law in the Era of Geopolitical Economy

May 12, 2025 – NTU College of Law, Tsai Lecture Hall, International Conference Hall

On May 12, 2025, the “Center for Innovation in Enterprise Law” (CIEL) was officially inaugurated at the International Conference Hall of the Tsai Lecture Hall, College of Law, National Taiwan University (NTU). The ceremony marked the unveiling of NTU’s first university-level legal research center and featured a thought-provoking roundtable forum on corporate legal innovation in an era shaped by geopolitical and economic shifts. Let us look back on the highlights of this landmark event.

The ceremony opened with remarks by Professor Wang-Ruu Tseng, Director of CIEL and Vice President of NTU. She expressed deep gratitude to Mr. Hong-Tu Tsai, Chairman of Cathay Financial Holdings, and President Wen-Chang Chen of NTU, for jointly witnessing this important milestone in the university’s history. Vice President Tseng particularly thanked Chairman Tsai for his longstanding support of legal education and research at NTU. She voiced her hopes that the College of Law will continue to meet the high expectations placed upon it by both the Chairman and President, and will generate outstanding academic achievements.

Vice President Tseng also expressed her vision for the Center to address key legal challenges faced by businesses and industries through interdisciplinary and international research. She hoped that, by organizing academic conferences, industry roundtables, and similar initiatives, the Center would contribute concrete legislative and regulatory proposals that could exert a meaningful social impact and bring Taiwan’s corporate legal environment closer to international standards.

She further noted the recent establishment of a regulatory sandbox by the government for startups, which highlights the urgency of innovation in legal and industrial development. In this context, CIEL can serve as a crucial academic partner—collaborating with government and industry to shape a more adaptable and forward-looking corporate legal framework.

Addressing the rapidly changing global geopolitical and financial landscape, Vice President Tseng emphasized the need for both businesses and legal systems to respond swiftly. She noted that the theme of the forum—corporate law amid geopolitical shifts—was highly relevant to this dynamic environment, and she looked forward to the diverse insights and creative perspectives that the invited speakers would bring.

In closing, Vice President Tseng once again thanked Chairman Tsai, President Chen, and all distinguished guests for their presence, expressing her hope that attendees would gain valuable insights from the day’s discussions.

Following Vice President Tseng’s remarks, Chairman Hong-Tu Tsai of Cathay Financial Holdings delivered a speech. He expressed his great pleasure in attending the inauguration and, as an NTU Law alumnus, fondly recalled his four years at the university, which he described as a time of great academic freedom. After graduating, he pursued legal studies in the United States, became licensed to practice law in Washington, and later returned to Taiwan to enter the business world. While he did not practice as a lawyer, he emphasized his deep appreciation for the crucial role of law in both society and enterprise.

Chairman Tsai pointed out that every aspect of business operations is subject to legal regulation, but the law often lags behind the pace of enterprise development. Despite many calls for legal reform, gaps remain. He therefore highlighted the importance of establishing a permanent platform for dialogue—one where academia, government, and industry can jointly explore and address emerging challenges.

He expressed his hope that the Center would serve as a collaborative hub for business development and legal scholarship, acting as a private-sector think tank to tackle pressing legal issues. He offered examples such as cybersecurity risks brought about by IT advancements, and the transformative impact of AI on finance and technology—issues that may be difficult to address from a traditional legal perspective but could inspire innovative thinking when approached from fresh angles.

Chairman Tsai concluded by expressing his wish that future events organized by the Center would go beyond legal and regulatory participants to also include voices from investment institutions, IT, and AI industries. Through collective input, he envisioned a broader exploration of future solutions for corporate development and legal frameworks.

At the conclusion of the inauguration ceremony, NTU President Wen-Chang Chen delivered closing remarks, expressing his sincere gratitude to all the distinguished guests for attending and witnessing this major milestone in NTU’s journey in legal research—the launch of the Center for Innovation in Enterprise Law (CIEL).

President Chen highlighted the rapid advancements in emerging technologies and the shifting geopolitical and economic landscape, noting that businesses today require new legal frameworks to navigate such transformations. He acknowledged that, in addition to supporting the establishment of a research center at his alma mater, Singapore Management University (SMU), Chairman Tsai also recognized the importance of establishing a similar institution at NTU. Thus, the founding of CIEL was both timely and essential.

He further emphasized that CIEL is poised to become one of NTU’s most significant research centers—not only in terms of its contributions to legal scholarship and the broader legal system, but also as a foundation for international collaboration. He expressed hope that the center would offer constructive policy recommendations and grow into a globally leading institution in corporate legal studies.

President Chen concluded by once again thanking Chairman Tsai for his generous donation that enabled the creation of both CIEL and the College of Social Sciences building. Notably, the roundtable forum took place in the  Tsai Lecture Hall (Lin Ze Building), named in honor of Chairman Tsai’s father—a fact that lent profound symbolic meaning to the inauguration. This, President Chen noted, reflects Chairman Tsai’s deep commitment to advancing legal education and scholarship. He also extended heartfelt thanks to all CIEL team members for their hard work, expressing his aspiration that the center will serve not only as a globally recognized hub for corporate legal research, but also as a policy think tank contributing meaningfully to national development.

Following the inspiring remarks delivered by the three distinguished guests, Vice President Tseng, Chairman Tsai, President Chen, and the three Deputy Directors of the Center jointly officiated the unveiling ceremony. As the red cloth was gracefully lowered, the inauguration was officially completed, symbolizing the formal launch of the NTU Center for Innovation in Enterprise Law (CIEL).

We extend our sincere gratitude to Chairman Hong-tu Tsai and President Wen-Chang Chen for their generous support and encouragement, as well as to all distinguished guests who contributed to this meaningful event. Moving forward, the NTU Center for Innovation in Enterprise Law (CIEL) will continue to promote research and innovation in the field of enterprise law.

Following the unveiling ceremony, the Center also hosted two engaging roundtable forums that explored the challenges and opportunities of enterprise law in an era shaped by geopolitics. A detailed recap of these thought-provoking discussions is available on our official website—we warmly invite you to revisit the event highlights online!

6th YCC Workshop on Comparative Business and Financial Law

Organized by the Younger Comparativists Committee of the American Society of Comparative Law

Date: May 9–10, 2025

Venue: Room 1710, Tsai Lecture Hall, College of Law, National Taiwan University

The YCC Workshop on Comparative Business and Financial Law, hosted by the Younger Comparativists Committee (YCC) of the American Society of Comparative Law (ASCL), has been held since 2014. This closed-door academic workshop is designed to provide in-depth feedback on the research of emerging scholars in comparative law, fostering scholarly growth and intellectual exchange.

Due to the global COVID-19 pandemic, the workshop was suspended after 2020. In 2025, with the appointment of Associate Professor Yueh-Ping Yang, Deputy Director of the Center for Enterprise Law at NTU, as Co-Chair of the YCC, the workshop was successfully revived and held at the College of Law, National Taiwan University—marking the first time this workshop has taken place outside of the United States. The Center played a key role in organizing the event, with both Deputy Directors, Associate Professor Yueh-Ping Yang and Associate Professor Chao-Hung Chen, actively participating throughout the workshop as hosts and discussants.

This year’s workshop featured seven selected papers by scholars from around the world:

• Davide Luigi Totaro, Lecturer, Hitotsubashi University, Japan

• Yung-Cheng Lin, Ph.D. candidate, University of Pennsylvania, USA

• Samreen Ahmed, Ph.D., and Mohammad Nasir, Assistant Professor, Aligarh Muslim University, India

• Takuma Kumashiro, Associate Professor, Kobe University, Japan

• Akshaya Kamalnath, Associate Professor, Australian National University

• Kwanghyuk (David) Yoo, Assistant Professor, Kean University, USA

• Vanessa Villanueva Collao, Adjunct Professor, Bocconi University, Italy

Topics explored included:

comparative studies on AI insurance regulation (Japan–Italy), Taiwan–U.S. insurance product supervision, corporate privacy (U.S.–India), ESG enforcement in Japan, governance of emerging tech companies (U.S., EU, China, India), antitrust and consumer protection standards (U.S.–EU), and comparative legal perspectives on decentralized autonomous organizations (DAOs).

Distinguished discussants included:

• Associate Professor Tao Xie, Oklahoma City University, USA

• Associate Professor Liwen Lin, University of British Columbia, Canada

• Visiting Professor Christopher Gulinello, National Taiwan University

• Associate Professor Toshiaki Yamanaka, University of Tsukuba, Japan

• Senior Lecturer Zehra G Kavame Eroglu, Deakin University, Australia

• Associate Professors Yueh-Ping Yang and Chao-Hung Chen, National Taiwan University

Each presentation was allocated 45 minutes, including a 10-minute commentary by the designated discussant, a 5-minute response by the author, and an open Q&A session. These sessions fostered rich exchanges and provided young scholars with substantial feedback to refine and strengthen their research.

This workshop highlighted the diverse and interdisciplinary developments in the field of business and financial law, emphasizing the growing demand for innovative legal scholarship. As corporate legal frameworks continue to face challenges from technological shifts and globalization, comparative understanding of legal systems is essential for informed reform and cross-jurisdictional dialogue.

Looking ahead, the Center for Enterprise Law at NTU remains committed to promoting the internationalization of corporate law scholarship. We will continue to collaborate with the American Society of Comparative Law and its Younger Comparativists Committee, advancing comparative legal research and global academic exchange—offering fresh perspectives to shape the future of corporate law worldwide.