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Article 16
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When applying for issuance and listing of additional ETNs, if the average number of issued units during the five business days prior to the application date accounts for more than eighty percent (80%) of the number of units in valid issues, the securities firm may submit the application form for issuance and listing of additional ETNs and the application form for issuance of (additional) ETNs by securities firm, published by the competent authority, stating the particulars to be specified, and complete the payment of the performance bond, if required, and the enclosed documents to the TWSE. The TWSE may issue an approval letter for listing, which will be forwarded to the competent authority.
When applying for listing of additional ETNs to be issued, a securities firm shall meet the following requirements:
- More than one million additional units will be issued.
- The securities firm shall not have the circumstances under Article 11.
When a securities firm is to issue additional ETNs, if, between the date of its most current financial report and balance sheet it has submitted and when the application takes effect, the securities firm has an event which has a material impact on shareholders' rights and interests or securities prices under Article 36, paragraph 3, subparagraph 2 of the Securities and Exchange Act, has major changes to its finance or business, or there are changes to the information contained in the application or documents attached thereto which would have a major impact in the issuance plan, the securities firm shall ask the CPA, providing him or her with expert opinion as appropriate for the nature of the changes, to indicate the impact on the issuance plan and notify the TWSE of the impact in writing. The TWSE will issue its opinion letter, indicating its comments, to the competent authority.
A securities firm which applied for listing of additional ETNs to be issued and is required to deposit a performance bond shall deposit the performance bond in accordance with the Regulations Governing Performance Bond Required for Issuance and Additional Issuance of Exchange Traded Notes by Securities Firm in the preceding paragraph.
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