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50-2
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The TWSE may publicly announce the delisting of beneficial 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, the TWSE may delist its beneficial certificates, and report to the Competent Authority for recordation:
- Any circumstance specified in Article 79, paragraph 2 or 3 of the Regulations Governing Securities Investment Trust Funds.
- 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.
- The total issued value of the securities investment trust fund falls below NT$800 million due to opening of redemption.
- Any material information on the net asset value per unit of beneficial interest on the most recent business day of the closed-end fund managed by the SITE as posted on the Market Observation Post System, being zero or negative.
- Where for any other reason the TWSE deems it necessary to delist the beneficial certificates.
Where any of the following circumstances exists with respect to an ETF managed by any SITE or FTE, the TWSE may delist its beneficial certificates and report to the Competent Authority for recordation:
- Any circumstance specified in Article 79, paragraph 2 or 3 of the Regulations Governing Securities Investment trust Funds or Article 83, paragraph 2 or 3 of the Regulations Governing Futures Trust Funds.
- Any circumstance stipulated in the securities investment trust contract or the futures trust contract of the listed beneficial certificate as grounds for termination of the contract, where the SITE or FTE has applied to the TWSE for delisting.
- Where the offshore ETF to which an ETF is linked as referred to in Article 37, paragraph 4 of the Regulations Governing Securities Investment Trust Funds has its approval voided by the competent authority of its place of registration or is delisted from the exchange where it was initially listed for trading, or the offshore ETF to which an ETF is linked has its permission terminated.
- Any material information on the net asset value per unit of beneficial interest of the ETF managed by the SITE or FTE as posted on the Market Observation Post System, being zero or negative.
- Where for any other reason the TWSE deems it necessary to delist the beneficial certificates.
Where any of the following circumstances exists with respect to an offshore ETF offered and sold by an offshore fund institution or the master agent entrusted by an institution appointed by such institution, the TWSE may delist its beneficial certificates, and report to the Competent Authority for recordation:
- The competent authority of the place of registration or Taiwan's Competent Authority has canceled the approval for the offshore ETF.
- Taiwan's Competent Authority has granted approval for termination of the offering and sale of the fund within Taiwan.
- The offshore ETF is delisted from the exchange on which it was first listed.
- Any material information on the net asset value per unit of beneficial interest of theoffshore ETF handled by the aforementioned offshore fund institution or entrusted master agent as posted on the Market Observation Post System, being zero or negative.
- There occurs any other cause of termination of the fund as specified in the fund's trust contract, the articles of association, or the prospectus, or if for legal or factual reasons, the offshore fund manager deems it necessary to terminate the listing and trading of the beneficial certificates, and the offshore fund institution, itself or through the master agent, has applied to the TWSE for delisting of its beneficial certificates.
- Any other circumstance in which the TWSE deems delisting necessary for purposes of protecting the public interest or the rights and interests of investors.
The TWSE may delist the additional beneficial certificates in other foreign currency managed by a SITE and report to the Competent Authority for recordation if any of the following circumstances applies:
- Any circumstance stipulated in the securities investment trust contract of the listed beneficial certificate as grounds for termination, where the SITE has applied to the TWSE for delisting.
- The TWSE has delisted the beneficial certificates of the additional exchange-traded securities investment trust funds.
- Where for any other reason the TWSE deems it necessary to delist the beneficial certificates.
Where a closed-end fund, ETF or offshore ETF shall be delisted in accordance with paragraph 2, subparagraph 4; paragraph 3, subpargraph 4; or paragraph 4, subparagraph 4, the TWSE will immediatley announce publicly the suspension of trading of its listed beneficial certificates until the delisting date. The same applies to foreign-currency beneficial certificates of an ETF if the circumstance for delisting in paragraph 3, subparagraph 4 applies to the underlying ETF.
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