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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!

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.