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Article NO. Content

Title:

Taiwan Stock Exchange Corporation Rules Governing Purchase of Listed Securities by Reverse Auction  CH

Amended Date: 2015.04.02
Article 17     For successfully executed trades, by 3:30 p.m. of the day of the transaction the securities broker that was engaged by the purchaser in the reverse auction shall transfer payment to a bank account designated by the TWSE. The TWSE will then instruct the central depository to transfer the purchased securities to the securities finance enterprise's dedicated account at the central securities depository on the day of the transaction, and then on the business day following the transaction will give instruction to transfer payments to the securities brokers that submitted the bids to sell. The latter shall then transfer payments to the principals on that same day.
    Where a securities firm that handles an order fails to settle in accordance with the provisions of the preceding paragraph, the TWSE may impose a delinquency fine of NT$30,000 if settlement is made no more than an hour late, and if settlement is more than an hour late may increase the fine by an additional NT$10,000 per hour.
    Where the securities firm that handles an order fails to make settlement within the required time period, it shall be deemed in default of its settlement obligations, provided that this does not apply if settlement is completed during banking hours on that same day.