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Amended Article

Title:

Numerical Standards for and Exceptions to the Irregularity Standards in Article 4 of the Taiwan Stock Exchange Corporation's Directions for Announcement or Notice of Attention to Trading Information and Related Dispositions  CH

Amended Date: 2021.07.26 
Categories: Market Supervision > Stock Market Surveillance
Article 10     The expression "a significant increase in the daily volume of trading for a given day or the most recent several days relative to the daily average volume of trade for the most recent period" as used in Article 4, paragraph 1, subparagraph 9 of the Directions shall mean that the particular security meets both of the following conditions on a given day:
  1. The daily average volume of trade for the most recent 6 business days (inclusive of the given day) is greater by five times or more than the daily average volume of trade for the most recent 60 business days (inclusive of the given day), while the increase is greater than the average value for the market as a whole, as calculated in accordance with this subparagraph, by a factor of four times or more.
  2. The volume of trade for the given day is greater by five times or more than the average daily volume of trade for the most recent 60 business days (inclusive of the given day), while the increase is greater than the average value for the market as a whole, as calculated in accordance with this subparagraph, by a factor of four times or more.
    Exceptions to the preceding paragraph are as follows:
  1. The daily transaction volumes of newly-listed ordinary shares during the period in which no price fluctuation limit is imposed shall not be included in the calculations for these standards under the preceding paragraph.
  2. The standards under the preceding paragraph shall not apply to convertible bonds, bonds with non-detachable share options, preference shares with non-detachable share options, certificates of entitlement to new shares from convertible bond, call (put) warrants, share options, ETF beneficiary certificates, ETNs, and real estate investment trust beneficiary securities.
  3. The standards under the preceding paragraph shall not apply when during the most recent 6 business days (inclusive of the given day), trading information for the given security has been announced according to Article 4, paragraph 1, subparagraph 3 of the Directions.
  4. The standards under the preceding paragraph shall not apply when the security is in one of the following circumstances on the given day:
    1. When turnover is less than 0.1 percent.
    2. When trading volume is below 500 trading units.
    3. When trading value is less than NT$30 million.
  5. The standards under the preceding paragraph shall not apply when a particular security for which attention to trading information has been announced pursuant to Article 4, paragraph 1, subparagraph 9 of the Directions for the 5 business days prior to the given day within the most recent 6 business days (inclusive of the given day) has met one of the following circumstances on the given day:
    1. Increase of average trading volume of the security for the most recent 6 business days (inclusive of the given day) ≦ numerical standards for increase of average trading volume for the most recent 6 business days (inclusive of the given day) x (1 + day trading volume of the security on the 6 business days prior the given day ÷ total trading volume for the 6 business days prior to the given day [exclusive of day trading volume]).
    2. Increase of trading volume of the security on the given day ≦ numerical standards for increase of trading volume on the given day x (1 + day trading volume of the security on the business day prior to the given day ÷ total trading volume on the business day prior to the given day [exclusive of day trading volume]).
    3. Trading volume on the given day is less than the day trading volume on each of the 5 business days prior to the given day.
Info
Article 11     The expression "a significantly high cumulative turnover rate for the most recent period" as used to in Article 4, paragraph 1, subparagraph 10 of the Directions shall mean that the particular security meets both of the following conditions on a given day:
  1. The cumulative total turnover rate for the most recent 6 business days (inclusive of the given day) exceeds 50 percent, while there is a difference of 40 percent or more between the cumulative total turnover rate and the average value for the market as a whole, as calculated in accordance with this subparagraph.
  2. The intraday turnover rate is 10 percent or more, while there is a difference of 5 percent or more between the turnover rate and the average value for the market as a whole, as calculated in accordance with this subparagraph.
    Exceptions to the preceding paragraph are as follows:
  1. The daily turnover rate of newly-listed ordinary shares during the period in which no price fluctuation limit is imposed shall not be included in the calculations for the standards under the preceding paragraph.
  2. These standards under the preceding paragraph shall not apply to convertible bonds, bonds with non-detachable share options, preference shares with non-detachable share options, certificates of entitlement to new shares from convertible bond, call (put) warrants, share options, ETF beneficiary certificates, and ETNs.
  3. The standards under the preceding paragraph shall not apply when during the most recent 6 business days (inclusive of the given day), trading information for the given security has been announced pursuant to Article 4, paragraph 1, subparagraph 4 of the Directions.
  4. The standards under the preceding paragraph shall not apply when the monetary value of confirmed transactions in the given security on the given day is less that NT$500 million.
  5. The standards under the preceding paragraph shall not apply when a particular security for which attention to trading information has been announced pursuant to Article 4, paragraph 1, subparagraph 10 of the Directions for the five business days prior to the given day within the most recent 6 business days (inclusive of the given day) has met one of the following circumstances on the given day:
    1. Accumulated turnover of the security for the most recent 6 business days (inclusive of the given day) ≦ numerical standards for accumulated turnover for the most recent 6 business days (inclusive of the given day) x (1 + day trading volume of the security on the 6 business days prior the given day ÷ total trading volume for the 6 business days prior to the given day [exclusive of day trading volume]).
    2. Turnover of the security on the given day ≦ numerical standards for turnover on the given day x (1 + day trading volume on the business day prior to the given day ÷ total trading volume on the business day prior to the given day [exclusive of day trading volume]).
    3. Trading volume on the given day is less than the day trading volume on each of the 5 business days prior to the given day.
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Article 14     For the purpose of Article 4, paragraph 1, subparagraph 13 of the Directions, “day trading volume accounting for a significantly high percentage of the total volume of trade of the most recent period” with respect to a particular security means the security meets both the following circumstances on the business day prior to a given day:
  1. Day trading volume of the most recent 6 business days (starting from the business day prior to the given day) accounts for more than 60% of the total volume of trade of the most recent 6 business days (starting from the business day prior to the given day).
  2. Day trading volume of the business day prior to the give day accounts for more than 60% of the total volume of trade of the given day.
    Exceptions to the preceding paragraph are as follows:
  1. Day trading volume of common shares of primary listed stocks with no price fluctuation limit shall not be included in the calculation of the standards in the preceding paragraph.
  2. The standards in the preceding paragraph shall not apply to ETF beneficiary certificates.
  3. The standards in the preceding paragraph shall not apply if the security has one of the following circumstances on the business day prior to the given day:
    1. When turnover is less than 5%.
    2. When trading value is less than NT$500 million.
    3. When day trading volume is below 5,000 trading units.
  4. The standards under the preceding paragraph shall not apply when a particular security for which attention to trading information has been announced pursuant to Article 4, paragraph 1, subparagraph 13 of the Directions for the five business days prior to the given day within the most recent 6 business days (inclusive of the given day) has a day trading volume of the business day prior to the given day less than the day trading volume on each of the most recent 5 business days (from the second business day prior to the given day).
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Article 15     The TWSE may adjust these Detailed Numerical Standards and Exceptions from time to time as it deems necessary depending on market conditions.
Article 16     These Detailed Numerical Standards and Exceptions shall take effect after having been submitted to and approved by the competent authority. Subsequent amendments thereto shall be effected in the same manner.