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10-1
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Asecurities underwriteron whom demerit points are imposed by the TWSE in accordance with Article 9 may, within 20 days from the day following the date of issuance of the TWSEletter, submit an appeal to the TWSE stating its reasons for the appeal, with relevant materials submitted.The reasons for appeal shall be limited to whether the reasons for the decision to impose demerit points are erroneous.
The disposing department imposing the penalty shall, upon entertaining an appeal, specify its opinion on the reasons for the appeal and, for the purpose of redeliberation, hold a managerial department meeting to be chaired by the listing supervisory vice president. The results of deliberation shall be presented in writing to the President of the TWSE for approval.
If the appeal is meritorious, the results of deliberation in the preceding paragraph shall be reported in writing to the competent authority for reference, with a copy provided to relevant units, in accordance with the preceding article. The appeal shall be rejected if it is meritless or if the penalty is otherwise found sustainable based on the relevant materials.
A securities underwriter is deemed not to lodge an appeal if it withdraws its appeal in the course of the appeal proceeding.
No appeal shall be entertained if the securities underwriter fails to lodge it within the prescribed time limit in paragraph 1, the appellant qualifications are not met, the reasons for appeal do not relate to the penalty imposed, documents or data missing are not provided within the time limit prescribed by the TWSE, or another appeal is filed against the same penalty.
Enforcement of penalty will not be suspended by filing of an appeal.
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