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Article 7
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When any one of the following circumstances applies to an issuer that has applied for accreditation as a qualified issuer of call (put) warrants, the FSC may deny accreditation; for an issuer that has obtained accreditation, the FSC may void or revoke the accreditation:
- It has made incomplete submission of required application documents, and has failed to supplement those documents by the deadline prescribed by the FSC.
- Particulars of the application do not conform to laws and regulations, or the application contains misrepresentations or nondisclosures.
- There is a major loss of creditworthiness which has yet to be settled, or four years have not elapsed since settlement.
- There is a lack of appropriate risk management measures.
- The issuer has been incapable of meeting obligations in connection with a previous issue of call (put) warrants.
- In the most recent year the issuer has failed to comply with TWSE or TPEx regulations applicable to call (put) warrants, and improvement within a specified time period was not possible.
- The issuer fails to prepare financial reports in accordance with generally accepted accounting principles, or effective enforcement of its internal control system is not possible.
- The issuer violates the preceding Article, or an assessment shows that its filed particulars might have material impact on its financial status.
- There is a major dispute with respect to rights and interests that could influence the issuer's finances or business, and there is no resolution or improvement.
- There is factual evidence of material irregularities with the issuer's finances or business.
- The issuer does not comply with the conditions Article 5, paragraph 2 or 3.
- The FSC otherwise considers it necessary to deny accreditation in order to protect the public interest.
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