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Title:

Taiwan Stock Exchange Corporation Procedures for Review of Securities Listings  CH

Amended Date: 2021.03.31 (Articles 5, 6, 7, 7-1, 11, 18, 28 amended,English version coming soon)
Current English version amended on 2020.12.08 
Categories: Primary Market > Review
   Chapter 2 Receipt of Applications and Delegation of Review Cases
Article 3    When applying for a listing, the issuer shall fill out an application for the listing of shares and assemble a complete set of the necessary documents listed in the attachments column; with respect to other documents to be made available for inspection, the TWSE will request them as needed for review purposes. After the administering department has ascertained that all required documents are included, the application shall be submitted through the general receiving and dispatch office of the TWSE for signed acceptance, after which it will be assigned a serial number and delegated to the appropriate case handler of the administering department for the respective reviews pursuant to procedural order.
    Companies applying for securities listing pursuant to Article 5 of the TWSE's Regulations for Review of Securities Listings may not file its application for securities listing until it has received the assessment opinion of the central competent authority in charge of the respective industry by following the procedure as described in one of the subparagraphs below:
  1. File an application with the TWSE in conformity with the laws and regulations adopted by the central competent authority in charge of the respective industry. At the same time, the applicant company shall pay to the TWSE the assessment fee payable to the central competent authority in charge of the respective industry and file a copy of the application and supporting documents with the central competent authority in charge of the respective industry. After receiving the documents, the administering department shall submit a written request for an opinion to the central competent authority in charge of the respective industry. After having obtained the assessment opinion, indicating an approval, of the central competent authority in charge of the respective industry in a letter, the TWSE has notified the applicant company of the opinion.
  2. Have obtained the assessment opinion of the central competent authority in charge of the respective industry in accordance with Article 3, paragraph 2 of the Taipei Exchange Procedures for Review of Securities Listings.
    An applicant company shall file its application within 1 year from the date of the assessment opinion granted by the central competent authority in charge of the respective industry as in the preceding paragraph. An applicant company that fails to file an application within this period shall re-apply to the TWSE for an assessment opinion.
    The TWSE will prescribe provisions pertaining to the reporting by a lead securities underwriter, when serving as advisor for the listing of shares, of basic identifying information on the advisory client.
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Article 4    For initial stock listing applications, after receiving the application and supporting documents, the administering department shall form a task force consisting of two or more persons (depending on the overall current status of the human resources of the department) to assess each application. For applications by already-listed companies for issuance of new shares for capital increase, or for corporate bonds or other securities listings, the administering department shall designate a person to handle such applications. In addition to keeping the application and supporting documents in safe custody, for initial stock listing applications, the designated person shall also submit one copy each of the prospectus and the draft underwriter assessment report for public display.
    After accepting the application for processing, the managing department shall retain an outside reviewer with field-specific expertise to give a consulting opinion on the matters provided in the Table of Consultation Matters. If questions arise relating to financial, accounting, or legal matters, the case-handling unit may also retain outside financial, accounting, and/or legal professionals to give a written opinion. Solicitation of written opinions shall be handled in accordance with the TWSE "Rules for Solicitation of Opinions in Reviews of Initial Applications for TWSE Listing by Public Companies." The aforesaid Rules will be separately adopted. The above regulations in regard to outside reviewers shall not apply to cases that, pursuant to Article 7-1, are exempt from review by the Review Committee. A company referred to in Articles 53-8, 53-18, 53-21 and 53-24 of the TWSE Operating Rules, when applying for stock listing, may be exempt from the above provisions regarding solicitation of opinions.
    The consulting opinions of the outside reviewers referred to in the preceding paragraph shall be delivered to the TWSE 25 days before the Review Committee meets.
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Article 4-1    (deleted)
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