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77-1
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Securities brokers accepting account opening applications from the domestic agent of a depositary institution for an overseas depositary receipt shall ensure that the account name clearly states its relation with and the rights and obligations of the securities of such listed company, and shall further supply the following documents:
- Copy of the approval to issue overseas depositary receipts issued by the Competent Authority.
- Copy of the power of attorney executed by a depositary institution appointing a domestic agent.
- Photocopies of the National Identity Card, Alien Resident Certificate, or company registration (or amendment registration) certification of the domestic agent or representative of the depositary institution. Provided, if such documentation for the same domestic agent or representative has already been submitted to and placed on file by the broker, it need not be resubmitted.
The trading account referred to in the preceding paragraph may be used only to execute sales orders unless the issuance plan of such depositary receipt, the depositary contract, and the custodian contract specifies that the depositary institution may purchase and then re-issue securities from the centralized exchange market, and such depositary institution files an application, containing copies of the above purchase and issuance documents (including abstract translations), with the TWSE; upon the filing of such application, the securities broker may accept purchase orders for the securities indicated on the depositary receipt.
When holders of overseas depositary receipts acquire shares of a TWSE listed company as a result of a demerger and capital reduction conducted by a company that has sponsored the issuance of overseas depositary receipts, the depositary institution shall designate a domestic agent to submit the documents listed below to open a collective custody account at a securities firm on behalf of the holders of the overseas depositary receipts:
- Photocopy of the previous letter of approval to issue overseas depositary receipts issued by the competent authority.
- Photocopy of the meeting minutes of the demerged company's shareholders meeting that approved the demerger.
- Photocopy of the power of attorney executed by the depositary institution appointing the domestic agent.
- Photocopy of the national identity card, alien resident certificate, or company registration (or amendment registration) certification of the domestic agent or representative of the depositary institution. However, if such documentation for the same domestic agent or representative has already been submitted to and placed on file by the securities broker, it need not be resubmitted.
The trading account referred to in the preceding paragraph may not be used for any securities trading except the brokered sale of the TWSE listed company's stock obtained as a result of a demerger and capital reduction.
Domestic agents applying for account opening on behalf of overseas Chinese or foreign nationals that have invested in overseas depositary receipts and desire to redeem such depositary receipt into the underlying securities shall carry out registration and account opening in accordance with Article 77-4; provided, if approval has been obtained and an account opened prior to redemption of the overseas depositary receipts, it need not be done anew.
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