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Operating Rules of the Taiwan Stock Exchange Corporation(2007.12.21) |
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Article 28-1
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Where the total of brokerage or dealer trading orders placed by a securities firm in a single day exceeds twenty times its net funds available for use, this Corporation may suspend the placing of additional trading orders.
Where the net worth of a securities firm is less than its paid-in capital but more than fifty percent thereof, the multiple referred to in the preceding paragraph may be adjusted to ten times. Where the net worth is less than fifty percent of the paid-in capital, the multiple may be adjusted to five times. Where the net worth is less than fifty percent of the paid-in capital for three consecutive months, the multiple may be adjusted to two times. If a securities firm uses a capital reduction to raise the ratio of its net worth to its paid-in capital, it must meet and maintain for 3 months the required conditions for the multiple that it wishes reinstated for its brokerage trading before that multiple may be adjusted pursuant to the preceding provisions.
If the regulatory capital adequacy ratio of a securities firm meets the requirements of Article 65 of the Regulations Governing Securities Firms, the multiple referred to in the preceding paragraph may be adjusted to 15 times. If the regulatory capital adequacy ratio of the securities firm falls into the circumstances specified in Article 66 of the Regulations Governing Securities Firms, further downward adjustment may be made. The adjustment standards shall be separately prescribed by this Corporation.
If the monthly statements filed by a securities firm show that the reason for an adjustment under paragraph 2 or paragraph 3 has been eliminated to some degree, successive adjustments to the multiple may be made according to the degree to which the reason has been eliminated.
The method of calculation of the net funds available for use referred to in paragraph 1 shall be prescribed by this Corporation.
If for three consecutive months, the financial ratio as shown in the monthly accounting summaries of a securities firm fails to satisfy the requirements of Article 13 or Article 16 of the Regulations Governing Securities Firms, and the Competent Authority issues the first notice of improvement to be made within a time period, but no improvement is made, this Corporation may adjust the multiple referred to in paragraph 1 to fifteen times; upon the second notice of the Competent Authority to improve within a time period, but no improvement is made, the multiple may be adjusted to ten times; for each additional notice by the Competent Authority to improve within a time period, but no improvement is made, the multiple may be adjusted to half the previous multiple as the total limit on trading for customers' account and its own account. After the above adjustments, the highest allowable amount shall not exceed four times the net worth. Once improvement is made, the original multiple shall be restored.
In the event any securities firm falls within any of the categories under Article 3 of the Rules for Assistance to and Examination of Securities Firm of this Corporation, or subsequent to assistance, improvements cannot be made, this Corporation may lower the multiple referred to in paragraph 1. Where improvement has been made, the original multiple shall be restored.
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Article 46
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Where a listed company suspends changes to the shareholders roster in accordance with Article 165 of the Company Act, it shall, before the last date the shareholders roster may be changed and within the time period required by this Corporation, publicly announce on the website reporting system designated by this Corporation the reason for the suspension, date of suspension, amount of dividends and bonuses to be distributed, and allocation of rights. However, in special circumstances, where the reasons are stated, the company may simply publicly announce in advance the reasons for convening a shareholders meeting and the date of the meeting. In such cases, it shall follow up, at least 40 days prior to the date of the shareholders meeting, with a public announcement on the above-mentioned website designated by this Corporation of the amount of dividends and bonuses to be distributed or rights to be allocated.
If there is subsequently any change in information publicly announced by a listed company under the preceding paragraph, or the public announcement is not made by the listed company within the time period specified by this Corporation, then the listed company shall bear full liability for any resultant trade dispute or damage suffered by a party to a trade.
The provisions of paragraph 2 of this Article shall apply mutatis mutandis to SITEs setting a time period for changes to the beneficiaries list or date of distribution of profits when handling matters set forth in Article 64, Article 68, and Article 77 of the Regulations Governing Securities Investment Trust Funds.
The provisions of paragraphs 1 and 2 of this Article shall apply mutatis mutandis to the time period during which the shareholders list, the beneficiaries list, and the foreign bond holders list may not be changed due to the distribution of stock dividends, bond interests, profits, or other interests in accordance with the laws of its local jurisdiction, in respect of stocks or bonds issued by foreign issuers and their agents, or foreign securities represented by Taiwan Depositary Receipts that is issued by foreign issuers and their depositary institution.
The provisions of paragraphs 1 and 2 shall apply mutatis mutandis when a trustee institution sets a record date for suspension of changes to entries in the register of beneficiaries or for distribution of income because of the convening of a beneficiaries meeting or distribution of profit on a special purpose trust, or when a special purpose company sets a record date for suspension of changes to entries in the register of holders of asset-backed securities or a record date for distributions because of the convening of a meeting of holders of asset-backed securities or distribution or repayment of principal, profit, interest, or other income rights in accordance with an asset securitization plan.
The provisions of paragraphs 1 and 2 shall apply mutatis mutandis when a securitization trustee institution sets a record date for suspension of changes to entries in the register of beneficiaries or for distribution of income because of the convening of a beneficiaries meeting or distribution of income.
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Article 50-2
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This Corporation may publicly announce the delisting of beneficiary certificates when the period of validity of a securities investment trust fund has expired, or when the securities investment trust contract has terminated.
Where any of the following circumstances exists with respect to a closed-end fund managed by any SITE, this Corporation may report to and obtain the approval of the Competent Authority to delist its beneficiary certificates:
1. Any circumstance specified in paragraph 2 or 3 of Article 79 of the Regulations Governing Securities Investment Trust Funds.
2. Change to an open-ended investment fund upon the resolution of the meeting of the beneficiaries, and reported to and approved by the Competent Authority, or in accordance with the terms of the securities investment trust contract.
3. The total issued value of the securities investment trust fund falls below 800 million New Taiwan Dollars due to opening of redemption.
4. Where for any other reason this Corporation deems it necessary to delist the beneficiary certificates.
Where any of the following circumstances exists with respect to an exchange traded fund managed by any SITE, this Corporation may report to and obtain the approval of the Competent Authority to delist its beneficiary certificates:
1. Any circumstance specified in paragraph 2 or 3 of Article 79 of the Regulations Governing Securities Investment trust Funds.
2. Any circumstance stipulated in the securities investment trust contract of the listed beneficiary certificate as grounds for termination of the contract, where the securities investment trust enterprise has applied to this Corporation for delisting.
3. Where for any other reason this Corporation deems it necessary to delist the beneficiary certificates.
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