on financial supervisory cooperation having taken effect last weekend, Chinese qualified domestic institutional investors (QDIIs) can now invest in Taiwan's stock market. More importantly, the MOUs also open the way for Taiwanese financial service providers to venture into China, the world's fastest growing market. The Financial Supervisory Commission, however, has failed to promulgate, as originally scheduled, a raft of regulations governing cross-strait financial exchanges. The commission said the promulgation has been delayed because it is working to produce a set of well-devised regulations. We hope the commission will honor its promise and that it will be worth the wait. In drafting the regulations, the commission should keep in mind that the cross- strait financial opening could be a double-edged initiative that may make or break our goal of expanding our economic might through gains from the booming Chinese market. If the commission cannot lay out proper regulations, Taiwan's financial stability could be disrupted or jeopardized. As the MOUs only provide the groundwork for cross-strait financial market opening, follow-up negotiations on the proposed economic cooperation framework agreement (ECFA) are far more important in defining market access terms. We must remind the commission that if its MOU-related regulations are too stringent, this may affect ECFA talks. The commission should determine first what business opportunities are most needed to help Taiwanese financial companies gain a footing in China. The commission has so far not articulated its goal in this regard. We look forward to the commission's active strategies rather than passiveness or defensiveness in formulating regulations for cross-strait financial exchanges, as opportunities tend to be fleeting and may therefore disappear soon. 