The first meeting of the financial supervisory platform for securities and futures across the Taiwan Strait concluded on Tuesday in Taipei, with multiple measures in cooperation and the opening of each side's market.

Jointly held by Guo Shuqing, chairman of the mainland securities regulatory commission, and Taiwan's top financial supervisor Chen Yu-chang, officials from the two sides discussed several key issues.

These concerned strengthening cooperation of capital markets of the two sides, the mainland's regulatory body said in a press release after the meeting.

Regulators from the two sides confirmed the financial supervisory platform and its operation mechanism, and reached various detailed measures for further opening the capital market to each other under the framework of the cross-Strait Economic Cooperation Framework Agreement (ECFA).

The mainland will further expand the opening of its capital market to Taiwan with measures including considering a pilot project of Renminbi Qualified Foreign Institutional Investor (RQFII) program with a quota of 100 billion yuan, amendment of regulation policies of QFII, facilitating Taiwan financial institutions in their applying for qualification of QFII in the mainland.

In addition, the shareholding ratio of Taiwan capital in mainland-based mainland-Taiwan joint venture fund management companies will be raised from the current no more than 49 percent to 50 percent and higher.

The mainland will also allow qualified mainland-Taiwan joint ventures to establish one full license securities company in Shanghai, Shenzhen and Fujian province, respectively, with the ceiling shareholding ratio for Taiwan capital as 51 percent.

The mainland will allow joint ventures to set full license securities in other reform pilot field cities, with a ceiling shareholding ratio for Taiwan capital as 49 percent.

The mainland's regulatory body is also considering to allow the citizens of Taiwan, Hong Kong and Macao working and living in the mainland to invest directly in the mainland's A-share market with renminbi.

For Taiwan's part, the island will raise the investment ceiling on the amount mainland's QDII funds may invest in Taiwanese shares from 500 million U.S. dollars to 1 billion U.S. dollars.

Taiwan will adjust the qualification of mainland-based financial institutions establishing representative offices in the island from five years of international securities and futures experience (except Hong Kong and Macao) to two years of the experience, including in Hong Kong and Macao.

Taiwan's financial regulatory body is considering increasing the shareholding ratio of mainland-based securities and futures institutions joining stock in their Taiwan counterparts, as well as allowing qualified mainland natural persons to invest in Taiwan's capital market.

The two sides will also promote high-quality mainland-based enterprises to go public in Taiwan's stock market. The mainland regulatory body said that no legal or policy obstacles exist in mainland's companies going public in Taiwan's stock market.