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Operating principles for carrying out subscription and sellback of ETNs:
- After the TWSE refers to the number of units of subscription and sellback applied for by the issuer and accepts qualified applications for subscription and sellback, the TWSE will compile and forward the application information for the issuer's review. The results will be made available on the TWSE computer system for securities firms' inquiries, and the securities firm shall then accordingly notify the applicants of results for confirmation. Securities firm shall retain the aforesaid applications and review results for future reference. The issuer accepting the applications for subscription or sellback forwarded by the TWSE shall notify the TWSE of its decision, regardless the applications are approved or not, before the expiry of the prescribed time period on the application date so such information may be available for securities firms' inquiries.
- The TWSE will accept applications for sellback of ETNs and forward the applications to CSD to proceed with earmarking. Upon receiving the earmark results from CSD, the TWSE will compile and forward the results to the issuer. The results will be made available on the TWSE computer system for securities firms' inquiries.
- If an application for subscription is determined to meet the requirements, the securities firm shall confirm the subscription details before 12:00 on the business day following the application date and, in accordance with the statement of amount payable provided by the TWSE at 12:30, transfer the funds to the TWSE before 14:30; on the second business day following the application date, CSD will complete the transfer of the ETNs and the TWSE will forward the aforesaid payment in aggregate to the issuer.
- If an application for sellback is determined to meet the requirements, the issuer shall confirm the sellback details before 12:00 on the business day following the application date and, in accordance with the statement of amount payable provided by the TWSE at 12:30, transfer the funds to the TWSE before 14:30; on the second business day following the application date, CSD will complete the cancellation of the ETNs and the TWSE will forward the aforesaid payment in aggregate to the securities firm, which will then forward to the applicants.
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