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Title：

Numerical Standards for and Exceptions to the Irregularity Standards in Article 4 of the Taiwan Stock Exchange Corporation's Directions for Announcement or Notice of Attention to Trading Information and Related Dispositions  CH

Amended Date： 2024.07.10 (Articles 12 amended,English version coming soon)
Current English version amended on 2023.06.09 
Categories： Market Supervision > Stock Market Surveillance
Article Content Content Search Article No. Search Legal Basis Amended Article Legislative History Chinese

Title： Numerical Standards for and Exceptions to the Irregularity Standards in Article 4 of the Taiwan Stock Exchange Corporation's Directions for Announcement or Notice of Attention to Trading Information and Related Dispositions(2019.04.02)
Date：
Article 1     These Numerical Standards for and Exceptions to the Irregularity Standards are adopted under Article 4, paragraph 5 of the TWSE Directions for Announcement or Notice of Attention to Trading Information and Dispositions (the "Directions").
Article 2     The expression "an irregularity in the cumulative percentage of increase or decrease in the closing price of a security during the most recent period" as used in Article 4, paragraph 1, subparagraph 1 of the Directions shall mean that any of the following occurs to a particular security on a given day:
  1. The cumulative percentage of increase or decrease in the closing price of that security for the most recent 6 business days (inclusive of the given day) is greater than 32 percent, while differing with the average values for both the market as a whole and for same-sector securities, as calculated in accordance with this paragraph, by 20 percent or more.
  2. The cumulative percentage of increase or decrease in the closing price of that security for the most recent 6 business days (inclusive of the given day) is greater than 25 percent, while differing with the average values for both the market as a whole and for same-sector securities, as calculated in accordance with this paragraph, by 20 percent or more, and the difference between the closing prices of that security for the initial and final days of the most recent 6 business days (inclusive of the given day) is NT$50 or more.
    Exceptions to the preceding paragraph are as follows:
  1. The percentages of increase or decrease in the closing prices of newly-listed ordinary shares during the period in which no price fluctuation limit is imposed shall not be included in the calculations of numerical standards under the preceding paragraph.
  2. When non trade-related factors (such as ex-rights or ex-dividend factors) have caused fluctuations in the price of a security or an index during the period for which standards under the preceding paragraph are calculated, those factors shall be excluded when calculating the percentage of increase or decrease in the closing price or the closing index.
  3. The standards of the preceding paragraph shall not apply when the closing price of a security (excluding call (put) warrants) is less than NT$5.
  4. The provisions of the preceding paragraph regarding same-sector securities shall not apply when there are fewer than five securities in a given sector.
  5. The provisions of the preceding paragraph regarding same-sector securities shall not apply when a security has a negative price-to-earnings ratio or is trading at 60 times earnings or above.
  6. The standards in the preceding paragraph shall not apply if the percentage of premium or discount of the securities announced through the Market Observation Post System (MOPS) for the preceding business day meets one of the following conditions:
    1. It does not exceed 10 percent.
    2. The direction of movement is opposite that of the standard increase or decrease under the preceding paragraph.
Article 3     The expression "an irregularity in the percentage of increase or decrease in the closing price of a security between the initial and final business days of the most recent period" as used in Article 4, paragraph 1, subparagraph 2 of the Directions shall mean that the particular security meets any one of the following conditions on a given day:
  1. The percentage of increase or decrease in the closing price of a security between the initial and final days of the most recent 30 business days (inclusive of the given day) exceeds 100 percent, while meeting one of the two following conditions:
    1. The percentage of increase for the given security differs with the average values for both the market as a whole and for same-sector securities by 85 percent or more, as calculated in accordance with this subparagraph, while the closing price for the day is also above the opening reference price.
    2. The percentage of decrease for the given security differs with the average values for both the market as a whole and for same-sector securities by 85 percent or more, as calculated in accordance with this subparagraph, while the closing price for the day is also below the opening reference price.
  2. When the percentage of increase or decrease in the closing price of a security between the initial and final days of the most recent 60 business days (inclusive of the given day) exceeds 130 percent, while conforming to one of the two following conditions:
    1. The percentage of increase for the given security differs with the average values for both the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 110 percent or more, while the closing price for the day is also above the opening reference price.
    2. The percentage of decrease for the given security differs with the average values for both the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 110 percent or more, while the closing price for the day is also below the opening reference price.
  3. When the percentage of increase or decrease in the closing price of a security between the initial and final days of the most recent 90 business days (inclusive of the given day) exceeds 160 percent, while meeting one of the two following conditions:
    1. The percentage of increase for the given security differs with the average values for both the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 135 percent or more, while the closing price for the day is also above the opening reference price.
    2. The percentage of decrease for the given security differs with the average values for both the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 135 percent or more, while the closing price for the day is also below the opening reference price.
    Exceptions to the preceding paragraph are as follows:
  1. The percentages of increase or decrease in the closing prices of newly-listed ordinary shares during the period in which no price fluctuation limit is imposed shall not be included in the calculations for the standards of the preceding paragraph.
  2. The standards of the preceding paragraph shall not apply to bonds with non-detachable share options, preference shares with non-detachable share options, call (put) warrants, and share options.
  3. The standards of the preceding paragraph shall not apply when trading information for the given security has been announced according to Article 4, paragraph 1, subparagraph 1 of the Directions during the most recent 30 business days (inclusive of the given day), while the cumulative percentage of increase or decrease in the closing price for the most recent 6 business days (inclusive of the given day) meets any of the following conditions:
    1. The cumulative percentage does not exceed 25 percent.
    2. The cumulative percentage exceeds 25 percent, while differing with the average cumulative values of both the market as a whole and of same-sector securities for the most recent 6 business days (inclusive of the given day) by 20 percent or less.
    3. The direction of movement of the particular security is opposite that of the standard increase or decrease prescribed under each subparagraph of the preceding paragraph.
  4. The standards of the preceding paragraph shall not apply if, with respect to the most recent time that the security has been announced subject to disposition measures under Article 6, paragraph 2 or 3 of the Directions during the most recent 60 business days (inclusive of the current day), the reasons for the disposition include only the circumstances under the preceding paragraph, and the cumulative percentage of increase or decrease in the closing price of that security for the most recent 6 business days (inclusive of the current day) meets any of the following conditions:
    1. The cumulative percentage of increase or decrease does not exceed 10 percent.
    2. The cumulative percentage of increase or decrease exceeds 10 percent, but that percentage differs by less than 5 percent from the average cumulative percentages of increase or decrease of both the market as a whole and of same-sector securities for the most recent 6 business days (inclusive of the given day).
    3. The direction of movement of the security is opposite that of the standard increase or decrease prescribed in the subparagraphs of the preceding paragraph.
  5. When non trade-related factors (such as ex-rights or ex-dividend factors) have caused fluctuations in the price of a security during the period for which standards under the preceding paragraph are calculated, those factors shall be excluded when calculating the percentage of increase or decrease in the closing price.
  6. The provisions of the preceding paragraph regarding same-sector securities shall not apply when there are fewer than five securities in a given sector.
  7. The provisions of the preceding paragraph regarding same-sector securities shall not apply when a security has a negative price-to-earnings ratio or is trading at 60 times earnings or above.
  8. The standards in the preceding paragraph shall not apply if the percentage of premium or discount of the securities announced through the MOPS for the preceding business day meets one of the following conditions:
    1. It does not exceed 10 percent.
    2. The direction of movement is opposite that of the standard increase or decrease under the preceding paragraph.
Article 4     The expression "an irregularity in the cumulative percentage of increase or decrease in the closing price of a security for the most recent period, combined with an irregular increase in the volume of trade for the given day relative to the daily average for the most recent period" as used in Article 4, paragraph 1, subparagraph 3 of the Directions shall mean that the particular security meets both of the following conditions on a given day:
  1. The cumulative percentage of increase or decrease in the closing price of a security for the most recent 6 business days (inclusive of the given day) is greater than 25 percent, and differs with the average values for both the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 20 percent or more.
  2. The volume of trade in the security on the given day shows an increase of five times or more over the daily average for the most recent 60 business days (inclusive of the given day), and the increase differs with the average value for the market as a whole, as calculated in accordance with this subparagraph, by a factor of four or more.
    Exceptions to the preceding paragraph are as follows:
  1. The percentages of increase or decrease in the closing prices and the daily transaction volumes of newly-listed ordinary shares during the period in which no price fluctuation limit is imposed shall not be included in calculation of the standards under the preceding paragraph.
  2. The standards under the preceding paragraph shall not apply to convertible bonds, bonds with non-detachable share options, preference shares with non-detachable share options, certificates of entitlement to new shares from convertible bond, call (put) warrants, share options, exchange-traded fund (ETF) beneficiary certificates, and exchange-traded notes (ETNs).
  3. When non trade-related factors (such as ex-rights or ex-dividend factors) have caused fluctuations in the price of a security during the period for which standards under the preceding paragraph are calculated, those factors shall be excluded when calculating the percentage of increase or decrease in the closing price.
  4. The standards under the preceding paragraph shall not apply when intraday turnover is less than 0.1 percent, or when trading volume remains below 500 trading units.
  5. The provisions of the preceding paragraph regarding same-sector securities shall not apply when there are fewer than five securities in a given sector.
  6. The provisions of the preceding paragraph regarding same-sector securities shall not apply when a security has a negative price-to-earnings ratio or is trading at 60 times earnings or above.
  7. The standards in the preceding paragraph shall not apply if the percentage of premium or discount of the securities announced through the MOPS for the preceding business day meets one of the following conditions:
    1. It does not exceed 10 percent.
    2. The direction of movement is opposite that of the standard increase or decrease under the preceding paragraph.
Article 5     The expression "an irregularity in the cumulative percentage of increase or decrease in the closing price of a security for the most recent period, combined with an unusually high intraday turnover rate" as used in Article 4, paragraph 1, subparagraph 4 of the Directions shall mean that the particular security meets both of the following conditions on a given day:
  1. Where the cumulative percentage of increase or decrease in the closing price of a security for the most recent 6 business days (inclusive of the given day) is greater than 25 percent, and differs with the average values for both the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 20 percent or more.
  2. The intraday turnover rate for the given security is 10 percent or greater, and is greater than the average value for the market as a whole, as calculated in accordance with this subparagraph, by 5 percent or more.
    Exceptions to the preceding paragraph are as follows:
  1. The percentages of increase or decrease in the closing prices of newly-listed ordinary shares during the period in which no price fluctuation limit is imposed shall not be included in the calculation of standards under the preceding paragraph.
  2. The standards of the preceding paragraph shall not apply to convertible bonds, bonds with non-detachable share options, preference shares with non-detachable share options, certificates of entitlement to new shares from convertible bond, call (put) warrants, share options, ETF beneficiary certificates, and ETNs.
  3. When non trade-related factors (such as ex-rights or ex-dividend factors) have caused fluctuations in the price of a security during the period for which standards under the preceding paragraph are calculated, those factors shall be excluded when calculating the percentage of increase or decrease in the closing price.
  4. The provisions of the preceding paragraph regarding same-sector securities shall not apply when there are fewer than five securities in the given sector.
  5. The provisions of the preceding paragraph regarding same-sector securities shall not apply when a security has a negative price-to-earnings ratio or is trading at 60 times earnings or above.
  6. The standards in the preceding paragraph shall not apply if the percentage of premium or discount of the securities announced through the MOPS for the preceding business day meets one of the following conditions:
    1. It does not exceed 10 percent.
    2. The direction of movement is opposite that of the standard increase or decrease under the preceding paragraph.
Article 6     The expression "an irregularity in the cumulative percentage of increase or decrease in the closing price for the particular security in the most recent period, combined with intraday trading of the given security at the given securities firm in which confirmed purchases or sales that account for an unusually high percentage of the intraday volume of trade in the given security" as used in Article 4, paragraph 1, subparagraph 5 of the Directions shall mean that the particular security meets both of the following conditions on a given day:
  1. The cumulative percentage of increase or decrease in the closing price of a security for the most recent 6 business days (inclusive of the given day) is greater than 25 percent, and differs with the average values for both the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 20 percent or more.
  2. The volume of confirmed purchases or sales in intraday trading of the given security at a securities firm accounts for more than 25 percent of the total volume of confirmed transactions in the given security (if the securities firm has branch offices, an additional 1 percent may be added for each branch office; the combined total may not exceed 35 percent), while also reaching a volume of 500 trading units or more.
    Exceptions to the preceding paragraph are as follows:
  1. The percentages of increase or decrease in the closing prices of newly-listed ordinary shares during the period in which no price fluctuation limit is imposed shall not be included in the calculations for the standards under the preceding paragraph.
  2. The standards under the preceding paragraph shall not apply to convertible bonds, bonds with non-detachable share options, preference shares with non-detachable share options, and certificates of entitlement to new shares from convertible bond.
  3. When non trade-related factors (such as ex-rights or ex-dividend factors) have caused fluctuations in the price of a security or an index during the period for which standards under the preceding paragraph are calculated, those factors shall be excluded when calculating the percentage of increase or decrease in the closing price or the closing index.
  4. The provisions of the preceding paragraph regarding same-sector securities shall not apply when there are fewer than five securities in the given sector.
  5. The provisions of the preceding paragraph regarding same-sector securities shall not apply when a security has a negative price-to-earnings ratio or is trading at 60 times earnings or above.
  6. The standards in the preceding paragraph shall not apply if the percentage of premium or discount of the securities announced through the MOPS for the preceding business day meets one of the following conditions:
    1. It does not exceed 10 percent.
    2. The direction of movement is opposite that of the standard increase or decrease under the preceding paragraph.
Article 7     The expression "an irregular price-to-earnings rate, price-to-book ratio, and unusually high intraday turnover, combined with any one of the three circumstances: a relatively high price-to-book ratio for stocks of the given industry, an intraday value for confirmed purchases or sales of the given security at any single securities firm that accounts for an unusually high proportion of the total intraday value of confirmed trades in the given security, or an intraday value for confirmed purchases or sales of the given security by any single investor that accounts for an unusually high proportion of the total intraday value of confirmed trades in the given security" as used in Article 4, paragraph 1, subparagraph 6 of the Directions shall mean that the particular security meets each of the following conditions on a given day:
  1. The security has a negative price-to-earnings ratio or is trading at 60 times earnings or higher, while exceeding the weighted average value for the price-to-earnings ratios of all units issued in the market as a whole on the given day by two times or more.
  2. The security has a price-to-book ratio of 6.0 or more, while exceeding the weighted average value for the price-to-book ratios of all units issued in the market as a whole on the given day by a factor of two or more.
  3. The intraday turnover rate is 5 percent or higher, with a volume of trade of 3,000 trading units or more.
  4. The security meets any one of the following three conditions:
    1. The price-to-book ratio is greater than the average value of price-to-book ratios of all same-sector securities, weighted by units issued as of the given day, by four times or more.
    2. The monetary value of confirmed purchases or sales of the given security (including orders accepted and trading done on the firm's own accounts) at a securities firm on the given day account for 10 percent or more (if the securities firm has branch offices, an additional 1 percent may be added for each branch office; the combined total may not exceed 25 percent) of the total monetary value of confirmed trades in the given security, while also reaching NT$100 million or more.
    3. The monetary value of confirmed purchases or sales of the given security by any single investor on the given day accounts for 10 percent or more of the total monetary value of confirmed trades in the given security on the given day, while also reaching NT$100 million or more.
    Exceptions to the preceding paragraph are as follows:
  1. The transaction prices of newly-listed ordinary shares during the period in which no price fluctuation limit is imposed shall not be included in calculation of the standards under the preceding paragraph.
  2. The standards under the preceding paragraph shall not apply to securities other than ordinary shares.
  3. For trades of a security made under the TWSE Regulations Governing Bulk-lot Trades, the transaction amount shall be deducted when calculating the standards according to subparagraph 3 and items 2 and 3 of subparagraph 4 of the preceding paragraph.
Article 8     The expression "an irregularity in the cumulative percentage of increase or decrease in the closing price and a significant increase in the long/short ratio during the most recent period" as used in Article 4, paragraph 1, subparagraph 7 of the Directions shall mean that the particular security simultaneously meets each of the following conditions on a given day:
  1. The cumulative percentage of increase or decrease in the closing price of a security for the most recent 6 business days (inclusive of the given day) is greater than 25 percent, and differs with the average values for both the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 20 percent or more.
  2. The long/short ratio on the business day preceding the given day is 20 percent or more and meets both of the following conditions:
    1. A margin utilization rate of 25 percent or above.
    2. A stock loan rate of 15 percent or above.
  3. The long/short ratio on the business day preceding the given day is larger than the lowest long/short ratio of the most recent 6 business days (counting from the business day preceding the given day) by a factor of four or more.
    Exceptions to the preceding paragraph are as follows:
  1. The percentages of increase or decrease in the closing prices of newly-listed ordinary shares during the period in which no price fluctuation limit is imposed shall not be included in the calculation of the standards under the preceding paragraph.
  2. When non trade-related factors (such as ex-rights or ex-dividend factors) have caused fluctuations in the price of a security during the period for which standards under the preceding paragraph are calculated, those factors shall be excluded when calculating the percentage of increase or decrease in the closing price or the closing index.
  3. The provisions of the preceding paragraph regarding same-sector securities shall not apply when there are fewer than five securities in a given sector.
  4. The provisions of the preceding paragraph regarding same-sector securities shall not apply when a security has a negative price-to-earnings ratio or is trading at 60 times earnings or above.
  5. The long/short ratio on the business day preceding the given day is lower than the long/short ratio on the business day 2 days prior to the given day.
  6. The standards in the preceding paragraph shall not apply if the percentage of premium or discount of the securities announced through the MOPS for the preceding business day meets one of the following conditions:
    1. It does not exceed 10 percent.
    2. The direction of movement is opposite that of the standard increase or decrease under the preceding paragraph.
Article 9     The expression "an irregularity in the percentage of premium or discount calculated from the closing price of a Taiwan Depositary Receipts (TDR) and the closing price of the stock it represents on the exchange market of its home country" as used in Article 4, paragraph 1, subparagraph 8 of the Directions shall mean that the percentage of premium or discount calculated from the closing price of the TDRs and the closing price of the stock it represents on the exchange market of its home country meets any of the following conditions:
  1. When on a given day, the percentage of premium on a TDR announced through the MOPS for the preceding business day is in excess of 80 percent, and the closing price for the day must be higher than the opening reference price.
  2. When on a given day, the percentage of premium on a TDR announced through the MOPS for the preceding business day is in excess of 30 percent, while its closing price for the given day is also the highest of the most recent 6 business days (inclusive of the given day), provided that if there is no closing price for the most recent 5 business days (excluding the given day), then the closing price for the given day must also be higher than the opening reference price.
  3. When on a given day, the percentage of discount on a TDR announced through the MOPS for the preceding business day is in excess of 30 percent, while its closing price for the given day is also the lowest of the most recent 6 business days (inclusive of the given day), provided that if there is no closing price for the most recent 5 business days (excluding the given day), then the closing price for the given day must also be lower than the opening reference price.
    Exception to the preceding paragraph is as follows:
    When making for the TDR the comparison based on the closing prices for the most recent 6 days (inclusive of the given day) by the standards prescribed in the preceding paragraph, if price fluctuation occurs due to non trade-related factors (such as ex-rights or ex-dividend factors), those factors in the fluctuation shall be excluded from the calculation.
Article 10     The expression "a significant increase in the daily volume of trading for a given day or the most recent several days relative to the daily average volume of trade for the most recent period" as used in Article 4, paragraph 1, subparagraph 9 of the Directions shall mean that the particular security meets both of the following conditions on a given day:
  1. The daily average volume of trade for the most recent 6 business days (inclusive of the given day) is greater by five times or more than the daily average volume of trade for the most recent 60 business days (inclusive of the given day), while the increase is greater than the average value for the market as a whole, as calculated in accordance with this subparagraph, by a factor of four times or more.
  2. The volume of trade for the given day is greater by five times or more than the average daily volume of trade for the most recent 60 business days (inclusive of the given day), while the increase is greater than the average value for the market as a whole, as calculated in accordance with this subparagraph, by a factor of four times or more.
    Exceptions to the preceding paragraph are as follows:
  1. The daily transaction volumes of newly-listed ordinary shares during the period in which no price fluctuation limit is imposed shall not be included in the calculations for these standards under the preceding paragraph.
  2. The standards under the preceding paragraph shall not apply to convertible bonds, bonds with non-detachable share options, preference shares with non-detachable share options, certificates of entitlement to new shares from convertible bond, call (put) warrants, share options, ETF beneficiary certificates, and ETNs.
  3. The standards under the preceding paragraph shall not apply when during the most recent 6 business days (inclusive of the given day), trading information for the given security has been announced according to Article 4, paragraph 1, subparagraph 3 of the Directions.
  4. The standards under the preceding paragraph shall not apply when intraday turnover is less than 0.1 percent, or when trading volume remains below 500 trading units.
Article 11     The expression "a significantly high cumulative turnover rate for the most recent period" as used to in Article 4, paragraph 1, subparagraph 10 of the Directions shall mean that the particular security meets both of the following conditions on a given day:
  1. The cumulative total turnover rate for the most recent 6 business days (inclusive of the given day) exceeds 50 percent, while there is a difference of 40 percent or more between the cumulative total turnover rate and the average value for the market as a whole, as calculated in accordance with this subparagraph.
  2. The intraday turnover rate is 10 percent or more, while there is a difference of 5 percent or more between the turnover rate and the average value for the market as a whole, as calculated in accordance with this subparagraph.
    Exceptions to the preceding paragraph are as follows:
  1. The daily turnover rate of newly-listed ordinary shares during the period in which no price fluctuation limit is imposed shall not be included in the calculations for the standards under the preceding paragraph.
  2. These standards under the preceding paragraph shall not apply to convertible bonds, bonds with non-detachable share options, preference shares with non-detachable share options, certificates of entitlement to new shares from convertible bond, call (put) warrants, share options, ETF beneficiary certificates, and ETNs.
  3. The standards under the preceding paragraph shall not apply when during the most recent 6 business days (inclusive of the given day), trading information for the given security has been announced pursuant to Article 4, paragraph 1, subparagraph 4 of the Directions.
  4. The standards under the preceding paragraph shall not apply when the monetary value of confirmed transactions in the given security on the given day is less that NT$500 million.
Article 12      The expression "an irregularity in the difference between the closing prices of a security on the initial and final business days of the most recent period" as used in Article 4, paragraph 1, subparagraph 11 of the Directions shall mean that any of the following occurs to the security on a given day:
  1. The difference between the closing prices of that security on the initial and final days of the most recent 6 business days (inclusive of the given day) is NT$100 or more, and the closing price on the given day is also the highest of the most recent 6 business days (inclusive of the given day), provided that if there is no closing price for the most recent 5 business days (excluding the given day), then the closing price on the given day must also be higher than the opening reference price.
  2. The difference between the closing prices of that security on the initial and final days of the most recent 6 business days (inclusive of the given day) is NT$100 or more, and the closing price on the given day is also the lowest of the most recent 6 business days (inclusive of the given day), provided that if there is no closing price for the most recent 5 business days (excluding the given day), then the closing price on the given day must also be lower than the opening reference price.
     Exceptions to the preceding paragraph are as follows:
  1. The closing prices of newly-listed ordinary shares during the period in which no price fluctuation limit is imposed shall not be included in the calculations of the standards of the preceding paragraph.
  2. When non trade-related factors (such as ex-rights or ex-dividend factors) have caused fluctuations in the price of a security or an index during the period for which standards under the preceding paragraph are calculated, those factors shall be excluded when calculating the closing price or the closing index.
  3. The standards in the preceding paragraph shall not apply to securities for which an announcement of attention to trading information has been made in accordance with Article 4, paragraph 1, subparagraph 11 of the Directions on the first 5 business days during the most recent 6 business days (inclusive of the given day).
Article 13     The expression "the trading volume of the sales of borrowed securities accounting for a significantly high percentage of the total volume of trade of the most recent period" as used in Article 4, paragraph 1, subparagraph 12 of the Directions shall mean that the particular security meets both of the following conditions on the business day prior to a given day:
  1. The trading volume of the sales of borrowed securities for the most recent 6 business days (from the business day prior to the given day) accounts for 12% or more of the total volume of trade for the most recent 6 business days (from the business day prior to the given day).
  2. The trading volume of the sales of borrowed securities on the business day prior to the given day shows an increase of five times or more over the daily average trading volume of the sales of borrowed securities for the most recent 60 business days (from the business day prior to the given day).
    Exceptions to the preceding paragraph are as follows:
  1. The daily transaction volumes of newly-listed ordinary shares during the period in which no price fluctuation limit is imposed shall not be included in the calculation of the standards under the preceding paragraph.
  2. The standards under the preceding paragraph shall not apply to ETF beneficiary certificates.
  3. The standards under the preceding paragraph shall not apply when a security meets any of the following conditions on the business day prior to a given day:
    1. The turnover does not exceed 0.3 percent.
    2. The trading volume does not exceed 500 trading units.
    3. The trading volume of the sales of borrowed securities does not exceed 100 trading units.
Article 14     The TWSE may adjust these Detailed Numerical Standards and Exceptions from time to time as it deems necessary depending on market conditions.
Article 15     These Detailed Numerical Standards and Exceptions shall take effect after having been submitted to and approved by the competent authority. Subsequent amendments thereto shall be effected in the same manner.