Chapter V Stock Exchange
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Section I General Provisions
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| Article 93 | Special permission or permission shall be obtained from the Competent Authority before the establishment of a stock exchange is registered. The application procedures and other necessary matters shall be prescribed by an order of the Competent Authority. |
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| Article 94 | A stock exchange may be organized as either a membership organization or a company organization. |
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| Article 95 | The standards for the establishment of stock exchanges shall be prescribed by the Competent Authority.
Each stock exchange shall be limited to establishing one centralized securities exchange market. |
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| Article 96 | Except as provided in this Act, no person may engage in the operation of a business similar to that of a centralized securities exchange market. This shall also apply to the provision of premises or facilities for such purposes. |
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| Article 97 | The name of a stock exchange shall explicitly bear the words "stock exchange." No person other than a stock exchange may use a name similar to that of a stock exchange. |
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| Article 98 | The business of a stock exchange shall be to operate and provide a centralized securities exchange market. A stock exchange shall not operate other businesses nor invest in any other enterprise without the approval of the Competent Authority. |
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| Article 99 | A stock exchange shall deposit an operation bond with the National Treasury, the amount of which shall be prescribed by an order of the Competent Authority. |
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| Article 100 | The Competent Authority may withdraw the special permission or permission of an established stock exchange if it is found that the stock exchange had made any false statement in its application or any document in connection therewith or has otherwise violated a law or regulation. |
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| Article 101 | (Deleted) |
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| Article 102 | Matters relating to the direction and supervision of the business operation of a stock exchange and the regulation of its responsible persons and associated persons shall be prescribed by an order of the Competent Authority. |
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Section II Membership Stock Exchange
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| Article 103 | A membership stock exchange is a non-profit association. Except as provided in this Act, a membership stock exchange shall be governed by the provisions of the Civil Code.
The members of a stock exchange referred to in the preceding paragraph shall be limited to securities dealers and securities brokers. |
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| Article 104 | The number of members of a membership stock exchange shall be no less than seven. |
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| Article 105 | The articles of association of a membership stock exchange shall contain the following particulars:
1. Objectives.
2. Name.
3. Location of the head office and the location of the centralized securities exchange market established by it.
4. Matters concerning eligibility for membership.
5. Matters concerning the number of memberships.
6. Matters concerning the discipline of members.
7. Matters concerning the membership contributions to the stock exchange.
8. Matters concerning applications for withdrawal from membership by members.
9. Matters concerning the directors and the supervisors.
10. Matters concerning meetings.
11. Matters concerning member deposits and the settlement and clearing fund.
12. Matters concerning the apportionment of membership expenses.
13. Matters concerning the execution of business.
14. Matters concerning the disposal of residual assets upon dissolution.
15. Matters concerning accounting.
16. Method of public announcement.
17. Any other matters as required by the Competent Authority. |
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| Article 106 | (deleted) |
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| Article 107 | A member may apply for withdrawal from membership in accordance with the articles of association or for any of the following reasons:
1. The member has lost its membership qualifications.
2. The corporate member dissolves or its company license is voided.
3. The member is expelled from the stock exchange. |
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| Article 108 | A member shall deposit with the stock exchange a contribution to the settlement and clearing fund and pay securities transaction charges in accordance with the provisions of the articles of association. |
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| Article 109 | A member shall provide membership contributions in accordance with the provisions of the articles of association. Except for sharing the membership expenses in accordance with the provisions of the articles of association, a member's liability to the stock exchange shall be limited to the amount of its membership contribution. |
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| Article 110 | If any of its members commit the following acts, the membership stock exchange shall impose upon the member a monetary penalty and may warn, suspend or restrict such member from trading securities on the centralized securities exchange market or may expel the member:
1. Violation of a law or regulation or administrative disposition made pursuant thereto.
2. Violation of the articles of association, business rules, brokerage contract regulations, or other rules of the stock exchange.
3. Violation of the principles of integrity and good faith in trading, sufficient to cause damage to another.
The provisions of the preceding paragraph shall be prescribed in the articles of association. |
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| Article 111 | If a membership stock exchange expels a member pursuant to the preceding Article, it shall report the expulsion to the Competent Authority for its approval. If the expulsion of the member is approved, the Competent Authority may withdraw the member's special permission for securities firm businesses. |
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| Article 112 | When any member withdraws from membership or is suspended from trading, the membership stock exchange shall, in accordance with the articles of association, require that member or designate another member to wind up and liquidate its trades on the centralized securities market. The member shall be deemed to have not yet withdrawn from membership or been suspended from trading within the scope of winding up and liquidating the trades.
When another member is designated to wind up and liquidate trades under the preceding paragraph, a mandate contract relationship is deemed to exist between the withdrawing member and the designated member within the scope of the purposes of winding up and liquidating the trades. |
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| Article 113 | A membership stock exchange shall have at least three directors and one supervisor elected from among its members in accordance with the provisions of the articles of association. However, at least one-third of the directors and at least one supervisor shall be elected from related experts who are non-members.
The term of office of both directors and supervisors shall be three years. Successive terms in office are permissible upon re-election.
The directors shall organize a board of directors and shall elect the chairman of the board from among the non-member directors with the approval of the majority of the directors.
The board chairman shall serve on a full-time basis. However, this restriction shall not apply if the stock exchange has assigned another managerial officer vested with full authority to take charge of operations.
Standards and regulations governing the election of non-member directors and supervisors, as referred to in paragraph 1, shall be prescribed by the Competent Authority. |
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| Article 114 | The provisions of Article 53 shall apply mutatis mutandis to directors, supervisors, or managerial officers of a membership stock exchange.
The violation of the provisions of the preceding paragraph by any director, supervisor, or managerial officer shall result in their automatic discharge. |
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| Article 115 | The directors, supervisors, or managerial officers of a membership stock exchange shall not serve concurrently as a director, supervisor, or managerial officer of another stock exchange. |
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| Article 116 | A member director's or supervisor's representative, a non-member director, or any other employee of a membership stock exchange is prohibited from trading securities on the stock exchange for themselves under any name, whether on their own or by appointing any other person.
The persons referred to in the preceding paragraph are prohibited from providing funds to, sharing profits or losses with, or being involved in any other business interests with members of that stock exchange. However, this restriction shall not apply to the representatives of member directors or supervisors who perform such acts on behalf of the members they represent. |
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| Article 117 | In the event that the Competent Authority finds that any director or supervisor of the stock exchange was improperly elected or any director, supervisor, or managerial officer has violated any law or regulation, the articles of association, or an administrative disposition issued pursuant to law or regulation, the Competent Authority may notify the stock exchange to discharge such persons. |
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| Article 118 | Unless otherwise provided in this Act, the provisions of the Company Act relating to directors, supervisors, or managerial officers shall apply mutatis mutandis to the directors, supervisors, or managerial officers of a membership stock exchange. |
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| Article 119 | Except as set out in the following subparagraphs, a membership stock exchange shall not utilize the settlement and clearing fund in any manner unless otherwise approved by the Competent Authority:
1. Purchase of government bonds.
2. Deposit in banks or saving deposits with the postal administration. |
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| Article 120 | The directors, supervisors, or employees of a membership stock exchange shall not disclose confidential information relating to securities trades. |
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| Article 121 | The provisions of this section relating to directors and supervisors shall apply mutatis mutandis to the representatives of member directors and supervisors. |
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| Article 122 | A membership stock exchange shall be dissolved upon the occurrence of any one of the following causes:
1. Occurrence of any cause of dissolution specified in the articles of association.
2. Resolution of the general meeting of members.
3. The number of members falls to less than seven.
4. Bankruptcy.
5. Voidance of the permission for the establishment of the stock exchange.
Dissolution under subparagraph 2 of the preceding paragraph shall not become effective without approval by the Competent Authority. |
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| Article 123 | The qualifications of, and the dismissal of associated persons employed by a membership stock exchange shall be governed mutatis mutandis by the provisions of Articles 54 and 56. |
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Section III Company-Type Stock Exchange
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| Article 124 | The organization of a company-type stock exchange shall be limited to a company limited by shares. |
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| Article 125 | The articles of incorporation of a company-type stock exchange shall contain, in addition to those required under the Company Act, the following particulars:
1. The numbers and qualifications of brokers or dealers allowed to participate in centralized trading on the exchange.
2. Duration of existence.
The duration of existence referred to in subparagraph 2 of the preceding paragraph shall not exceed a period of ten years. However, depending on the development of local securities trading, an application for extension may be filed with the Competent Authority three months prior to the expiration of the duration of existence. |
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| Article 126 | Directors, supervisors, shareholders, or employees of a securities firm shall not serve concurrently as managerial officers of a company-type stock exchange.
At least one-third of the directors and supervisors of a company-type stock exchange shall be appointed by the Competent Authority from among relevant experts who are not shareholders. The provisions of paragraph 1 of Article 192 and paragraph 1 of Article 216 of the Company Act shall not apply.
Standards and regulations governing the election of non-shareholder directors and supervisors as referred to in the preceding paragraph shall be prescribed by the Competent Authority. |
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| Article 127 | The stock of a company-type stock exchange shall not be listed for trading on its own centralized securities exchange market or one established by any other person. |
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| Article 128 | A company-type stock exchange shall not issue bearer stock. Transferees of its shares shall be limited to the securities firms incorporated with permission under this Act.
The shareholding percentage that each securities firm may hold in the stock exchange shall be prescribed by the Competent Authority. |
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| Article 129 | Securities brokers or securities dealers that trade on a company-type stock exchange shall enter into a contract with the stock exchange for the usage of the centralized securities exchange market, and the stock exchange shall file the contract, together with other relevant materials, with the Competent Authority for its recordation. |
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| Article 130 | In addition to the grounds for termination specified in the contract referred to in the preceding Article, such contract shall also be terminated upon the dissolution of either party to the contract or the voidance of the special permission or the cessation of business of the securities broker or dealer. |
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| Article 131 | (Deleted) |
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| Article 132 | The contract prepared by a company-type stock exchange for the usage of its centralized securities exchange market shall contain provisions regarding deposits to the settlement and clearing fund and payment of securities transaction charges by the securities broker or dealer.
The standards governing the amount of settlement and clearing funds shall be prescribed by an order of the Competent Authority.
The rates for the securities transaction charges referred to in the first paragraph of this Article shall be jointly drafted by the stock exchange and the securities association and filed with the Competent Authority for its approval. |
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| Article 133 | A company-type stock exchange shall specify in the contract that when there is any violation of Article 110 by a securities broker or a securities dealer that uses the centralized securities exchange market, it shall require the broker or dealer to pay a monetary penalty or suspend or restrict its trading rights or terminate the contract. |
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| Article 134 | The provisions of Article 111 shall apply mutatis mutandis in the event a company-type stock exchange terminates its contract with a securities broker or dealer in accordance with the preceding Article. |
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| Article 135 | A company-type stock exchange shall, in line with the provisions of Article 112 of this Act, expressly include in the contract for the usage of its centralized securities exchange market provisions requiring that a securities broker or dealer designated to wind up and liquidate the trades of other securities brokers or dealers shall have the contractual obligation to perform that duty. |
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| Article 136 | A securities broker or dealer whose contract is terminated or is suspended from trading pursuant to Article 133 shall have the obligation of winding up and liquidating its trades on the centralized securities exchange market. |
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| Article 137 | The provisions of Articles 41 and 48, subparagraphs 1 through 4, and subparagraph 6 of Article 53, Articles 58, 59, 115, 117, 119 through 121, and 123 shall apply mutatis mutandis to a company-type stock exchange. |
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Section IV Listing and Trading of Securities
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| Article 138 | A stock exchange shall, in addition to setting various rules, specify in detail in its business rules or operating rules the following particulars:
1. Listing of securities.
2. Use of the centralized securities exchange market.
3. Trading orders of securities brokers or securities dealers.
4. Closing and suspension of the market.
5. Types of trades.
6. Procedures for trading securities among securities dealers or securities brokers and the methods by which trading contracts are established.
7. Trading units.
8. Price fluctuation units (ticks) and price limits.
9. Clearing and settlement times and methods.
10. Real-time disclosure of trade information for securities trading, including order quantity, price, and the status of matching and execution.
11. Other matters related to trading.
The determination of matters prescribed in the preceding paragraph shall not violate any law or regulation. In matters affecting the interests of securities firms, opinions shall be solicited in advance from the securities association. |
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| Article 139 | An issuer of securities publicly issued under this Act may file an application with a stock exchange for its listing.
When a company whose stock is listed issues new shares, the new shares shall be listed for trading on the stock exchange from the day they are delivered to the shareholders. The Competent Authority may, however, impose restrictions on their trading on a stock exchange in case any of the items provided in paragraph 1 of Article 156 is applicable.
Any company that lists new shares as referred to in the preceding paragraph shall forward the relevant documents to the stock exchange within ten days after the listing of new shares. |
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| Article 140 | A stock exchange shall adopt rules governing the review of securities listings and rules governing listing contracts and file such rules with the Competent Authority for its approval. |
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| Article 141 | A stock exchange shall enter into a securities listing contract with a company whose securities will be listed. The contents of the contract shall not contradict the rules governing listing contracts, and such contracts shall be filed with the Competent Authority for recordation. |
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| Article 142 | Securities publicly issued by an issuer may be traded on the centralized securities exchange market of a stock exchange only after the issuer and the stock exchange have entered into a securities listing contract. |
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| Article 143 | The securities listing fees shall be specified in the listing contract. A stock exchange shall file fee rates with the Competent Authority for approval. |
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| Article 144 | A stock exchange may, pursuant to laws and regulations or the provisions of the listing contract, delist securities, and such delisting shall be filed with the Competent Authority for recordation. |
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| Article 145 | An issuer of securities publicly listed on a stock exchange may, pursuant to the provisions of the listing contract, file an application with the stock exchange for delisting.
The stock exchange shall draft procedures for handling applications for delisting and submit the procedures and any subsequent amendments thereto to the Competent Authority for approval. |
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| Article 146 | (Deleted) |
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| Article 147 | A stock exchange shall file a report with the Competent Authority for recordation whenever it suspends or resumes the trading of listed securities pursuant to laws or regulations, the provisions of the listing contract, or for the protection of public interest. |
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| Article 148 | When a company whose securities are listed on a stock exchange violates this Act or any order promulgated hereunder, the Competent Authority may, for the purpose of protecting the public interest or the interests of investors, order the stock exchange to suspend the trading of or delist those securities. |
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| Article 149 | The listing of government bonds shall be effected by an order of the Competent Authority, and the listing requirements of this Act shall not apply. |
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| Article 150 | The trading of listed securities shall be conducted on a centralized securities exchange market established by a stock exchange. However, this restriction shall not apply in the following circumstances:
1. Trading of government bonds.
2. Due to the operation of a law or regulation, it is impossible to acquire or dispose of the ownership of the securities through trading on the centralized securities market.
3. Direct transfer of securities between private persons, the quantity of which does not exceed one trading unit of the securities, with an interval between any two such transfers of not less than three months.
4. Other circumstances as prescribed by the Competent Authority. |
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| Article 151 | Persons who trade on a centralized securities exchange market shall be limited, on a membership stock exchange, to members, and on a company-type stock exchange, to securities dealers or securities brokers that have entered into a contract for usage of the centralized securities exchange market. |
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| Article 152 | A stock exchange shall be required to file a report with the Competent Authority in the event the centralized securities exchange market is suspended due to any event of force majeure. The same shall apply when the market reopens. |
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| Article 153 | In trading on the stock exchange market by stock exchange members or securities brokers or securities dealers, when either party to a trade fails to fulfill its delivery obligation, the stock exchange shall designate another member or securities broker or securities dealer to perform delivery in place of the non-performing party. For any resultant price difference and all expenses incurred, the stock exchange shall first utilize the settlement and clearing fund for indemnification. If the fund is insufficient, the stock exchange shall advance the payment. In all such cases, recovery shall be pursued from the party that failed to perform delivery. |
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| Article 154 | A stock exchange may set aside a compensation reserve out of its securities transaction fees to cover the payments specified in the preceding Article. The method of setting aside the reserve, the rate at which it is set aside, the conditions for suspension of setting aside the reserve, and the method of custody and utilization of the reserve shall be prescribed by an order of the Competent Authority.
Claimants in cases arising from trading on the centralized securities exchange market shall have the preferential right to the satisfaction of their claims from the settlement and clearing fund specified in Article 108 and Article 132 in the following order of priority:
1. The stock exchange.
2. The principal in a brokerage trade.
3. Securities brokers and securities dealers.
When the settlement and clearing fund is insufficient to satisfy such claims, the unsatisfied portion of the claims may be satisfied in accordance with the provisions of paragraph 2 of Article 55 of this Act. |
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| Article 155 | The following acts are prohibited with respect to securities listed on a stock exchange:
1. Placing an order to trade or a quote to trade on a centralized securities exchange market and failing to perform settlement after the trade is executed, where sufficient to affect the market order.
2. (Deleted)
3. Conspiring with another party in a scheme in which one party sells or buys a certain security at an agreed price while the other party buys or sells it in a corresponding trade(s), with the intent to inflate or deflate the trading price of that security on the centralized securities exchange market.
4. Continuously buying a certain security at high prices or selling it at low prices oneself or under the name of another with the intent to inflate or deflate the trading price of that security on the centralized securities exchange market, with a likelihood that market prices or market order will be affected.
5. Continuously placing orders for trades or quotes for trades and completing corresponding trades oneself or under the name of another, with the intent to create an impression of brisk trading in a certain security on the centralized securities exchange market.
6. Spreading rumors or false information with the intent to affect the trading prices of securities traded on the centralized securities exchange market.
7. Directly or indirectly engaging in any other act of manipulation to affect the trading prices of securities traded on the centralized securities exchange market.
The provisions of the preceding paragraph shall apply mutatis mutandis to trades conducted on the over-the-counter market.
Persons who violate the preceding two paragraphs shall be liable to compensate the damage suffered by bona fide buyers or sellers of the securities.
The provisions of paragraph 4 of Article 20 of this Act shall apply mutatis mutandis to the preceding paragraph. |
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| Article 156 | In the occurrence of any of the following events with respect to securities listed on the stock exchange, when there is a likelihood that the event will affect market order or damage the public interest the Competent Authority may issue an order suspending the trading of the securities in whole or in part, or restricting the quantity of trading thereof by securities dealers and securities brokers:
1. The company that issued the securities becomes involved in litigation or other non-litigious matters, which is sufficient to result in the company's dissolution or changes in its organization, capital, business plans, financial condition, or suspension of production.
2. The company that issued the securities becomes involved in a major disaster, signs a major agreement, experiences an exceptional event, changes to the material content of business plans, or dishonors of a negotiable instrument, the result of which is sufficient to cause a significant material change in the financial condition of the company.
3. The company that issued the securities engages in any deceptive, dishonest, or illegal act, the result of which is sufficient to affect the prices of its securities.
4. The market price of the securities has undergone continuous major rises or major declines, resulting in abnormal fluctuations in the prices of other securities.
5. The company that issued the securities is involved in any material public hazard or food or drug safety event.
6. Other events of material significance. |
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| Article 157 | In the event that any director, supervisor, managerial officer, or shareholder holding more than ten percent of the shares of a stock issuing company sells listed stock of the company within six months after acquiring it, or repurchases listed stock of the company within six months after selling it, the company shall claim for the disgorgement of any profit therefrom.
If the board of directors or the supervisors of the company fail to exercise the right of claim for disgorgement under the preceding paragraph on behalf of the company, its shareholders may request the directors or supervisors to exercise the right of claim within thirty days. If the directors or supervisors do not exercise that right within that deadline, the requesting shareholders may exercise the right of claim under the preceding paragraph on behalf of the company.
If the directors or supervisors fail to exercise a claim under paragraph 1, they shall be jointly and severally liable to the company for compensation for any resultant damage suffered by the company.
The right of claim under paragraph 1 shall be extinguished if not exercised within two years from the date on which the profit is obtained.
The provisions of paragraph 3 of Article 22-2 hereof shall apply mutatis mutandis to paragraph 1 of this Article.
This Article shall apply mutatis mutandis to other securities with equity characteristics issued by a company. |
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| Article 157-1 | Upon actually knowing any information of a company that issues stock that would have a material impact on its stock price, after the information is precise, and prior to the public disclosure of such information or within 18 hours after its public disclosure, the following persons shall not buy or sell, themselves or in the name of another, any stock or other securities with equity characteristics of that company that are listed on an exchange or traded over-the-counter:
1. A director, supervisor, or managerial officer of the company, or a natural person designated to exercise powers as representative pursuant to Article 27, paragraph 1 of the Company Act.
2. A shareholder holding more than ten percent of the shares of the company.
3. Anyone who has learned the information based on occupation or a control relationship.
4. Anyone who has lost the status under any of the preceding three subparagraphs for a period of less than six months.
5. Anyone who has learned the information from any of the persons in the preceding four subparagraphs.
Upon actually knowing any information of a company that issues stock that would have a material impact on its ability to pay principal or interest, after the information is precise, and prior to the public disclosure of such information or within 18 hours after its public disclosure, the persons listed in the preceding paragraph shall not sell, themselves or in the name of another, any non-equity corporate bonds of that company that are listed on an exchange or traded over-the-counter.
Persons in violation of the provisions of paragraph 1 or the preceding paragraph shall be liable, to trading counterparties who on the day of the violation made an opposite trade with bona fide intent, for damages in the amount of the difference between the buy or sell price and the average closing price for ten business days after the date of public disclosure. The court may also, upon the request of the trading counterparty who made an opposite trade with bon fide intent, treble the damages payable by the violator if the violation is severe. The court may reduce the damages if the violation is minor.
The persons referred to in subparagraph 5 of paragraph 1 shall be jointly and severally liable with the persons referred to in subparagraphs 1 through 4 of paragraph 1 who provided the information for the damages referred to in the preceding paragraph. However, if the persons referred to in subparagraphs 1 through 4 of paragraph 1 who provided the information had good cause to believe the information had already been publicly disclosed, they shall not be liable for damages.
The phrase "information that would have a material impact on its stock price" in paragraph 1 shall mean information relating to the finances or businesses of the company, or the market supply and demand of those securities, or to a public tender offer, the specific content of which would have a material impact on its stock price, or would have a material impact on the investment decision of a reasonably prudent investor. Regulations governing the scope of the information, the means of its disclosure and related matters shall be prescribed by the Competent Authority.
Regulations governing the scope of information that would have a material impact on the ability of the issuing company to pay principal or interest as mentioned in paragraph 2, the means of its disclosure, and related matters shall be prescribed by the Competent Authority.
The provisions of paragraph 3 of Article 22-2 shall apply mutatis mutandis to subparagraphs 1 and 2 of paragraph 1 of this Article; the same shall apply with respect to those who have lost the status for a period of less than six months. The provisions of paragraph 4 of Article 20 shall apply mutatis mutandis to the trading counterparty referred to in paragraph 2 of this Article. |
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Section V Securities Brokerage Transactions
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| Article 158 | Brokerage contracts between a securities broker and its customers for trading on a centralized securities exchange market shall be prepared in accordance with the regulations governing brokerage contracts prescribed by the stock exchange.
The main content of the brokerage contract regulations referred to in the preceding paragraph shall be prescribed by an order of the Competent Authority. |
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| Article 159 | A securities broker shall not accept any discretionary authorization that allows them to determine the type, quantity, or price of securities to be bought or sold on behalf of the principal. |
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| Article 160 | A securities broker shall not accept orders for securities trades in premises other than its principal place of business and its branches. |
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Section VI Supervision |
| Article 161 | To protect the public interest and the interests of investors, the Competent Authority may, by order, notify a stock exchange to amend its articles of association/incorporation, business rules, operating rules, brokerage contracts regulations, and any other rules or suspend, prohibit, amend, or void resolutions or dispositions of the stock exchange. |
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| Article 162 | The provisions of Article 64 shall apply mutatis mutandis to the Competent Authority's inspection of a stock exchange and ordering it to furnish information. |
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| Article 163 | When a stock exchange takes any action in violation of a law or regulation or of an administrative disposition issued pursuant to a law or regulation, or detrimental to the public interest or disrupting the social order, the Competent Authority may impose any of the following dispositions:
1. Dissolution of the stock exchange.
2. Suspension or termination of the business of the stock exchange in whole or in part. However, the period of suspension shall not exceed three months.
3. Issuance of orders to discharge directors, supervisors, or managerial officers of the stock exchange.
4. Reprimands.
When the Competent Authority imposes any dispositions specified in subparagraph 1 or 2, it shall report to the Executive Yuan for approval in advance. |
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| Article 164 | The Competent Authority may station supervisory personnel at any stock exchange. Regulations governing such supervision shall be prescribed by an order of the Competent Authority. |
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| Article 165 | A stock exchange, its members, and securities dealers and securities brokers that have contracted to use the centralized securities exchange market of the stock exchange shall comply with the instructions given by supervisory personnel pursuant to laws or regulations. |
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