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Taiwan Stock Exchange Corporation Regulations Governing Applications by Securities Firms for Resumption of Business after Suspension  CH

Repeal Date: 2015.01.22
Article 1     These Regulations are specially promulgated in order to ensure the normal operation of any securities firm that has ceased operations or suspended trading (below referred to as "the suspended firm") and is resuming operations or trading (below referred to as "resume trading"), in order to maintain the security of transactions and settlements in the centralized securities exchange market.
Article 2     A suspended firm shall handle application for resumption of trading in accordance with these Regulations; other relevant laws and regulations shall apply with respect to matters not provided for herein.
Article 3     In applying to resume trading, a suspended firm shall conform to each of the following provisions:
  1. Where the suspended firm has provided a business guarantee fund in accordance with regulations of the Financial Supervisory Commission of the Executive Yuan (hereinafter referred to as "the competent authority"), if a court has executed a provisional attachment and there are creditors that enjoy the right of preferential payment under Article 55, Paragraph 2 of the Securities and Exchange Law, the suspended firm shall first make up any deficiency in the fund, provided that where the executing creditor does not enjoy the right of preferential payment, the deficiency may be made up subsequent to transfer of the fund to the executing court or collection of funds by the creditors.
  2. When creditors have attached the settlement and clearing fund provided to the Taiwan Stock Exchange Corporation (TWSE) in accordance with Article 2 of the TWSE Contract for Use of the Centralized Securities Exchange Market, the suspended firm shall first supplement an amount equal to the attached funds.
  3. The suspended firm shall conform to the provisions of Article 6 of the Standards Governing the Establishment of Securities Firms regarding the site and facilities of the operating venue.
  4. The suspended firm may not have a net worth less than one-half of its paid-in capital as prescribed under Article 142, Paragraph 1, Subparagraph 3 of the Operating Rules of the Taiwan Stock Exchange Corporation for a period of six successive months with no indication of improvement.
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Article 4     In applying to resume trading, a suspended firm shall make application to the TWSE with the standard form and stipulated attachments. The TWSE will in principle base review on the written application but may, where necessary, perform an on-site inspection.
    The criteria for judging conformance of the suspended firm's application with the provisions of the preceding article shall be the data contained in the application as of the date of receipt by the TWSE.
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Article 5     The suspended firm may resume trading when its application is in conformance with the provisions of these Regulations, and shall file a letter of report with the competent authority.
Article 6     Documents required in the application for resumption of trading may be submitted to the TWSE, at the latest, seven business days prior to the date planned for resumption of trading. If a late submission delays TWSE processing of the application, the TWSE may postpone resumption of trading by the suspended firm.
Article 7     Where a suspended firm applies to resume trading and upon review is found not in conformance with these Regulations, following correction and provision of formal notice to the TWSE, the TWSE may, depending on conditions, allow resumption of trading or delay resumption of trading by the suspended firm.
    Where a suspended firm applies to resume trading and upon review is found not in conformance with these Regulations, and when correction is not made, the TWSE may temporarily withhold approval for resumption of trading by the suspended firm.
    Where a suspended firm applies to resume trading, the conditions of the two preceding paragraphs are found during review, and resumption of trading is postponed or approval for resumption of trading is temporarily withheld, the TWSE shall report the matter to the competent authority for recordation.
Article 8     These Regulations and any amendments to them shall take force upon approval by the competent authority.