| Title： |
Taiwan Stock Exchange Corporation Procedures for Handling Appeals Filed by Employees of Securities Firms in Disposition Cases(2013.12.31) |
| Date： |
|
|
1
|
These Procedures are adopted by the Taiwan Stock Exchange Corporation (TWSE) to handle appeals filed by employees of securities firms ("appellants") against dispositions imposed by the TWSE under Article 144 of the TWSE Operating Rules.
|
|
2
|
An appellant who disagrees with a disposition imposed by the TWSE may file an appeal with the TWSE by the date specified in the TWSE's written notice of the disposition or within 30 days counting inclusively from the day following receipt of the notice (whichever comes later), specifying the following information in writing and appending supporting evidence or materials:
- Name, national ID number (or Alien Resident Certificate number), year/month/day of birth, and contact address of the person subject to the disposition.
- Reference number, effective date of the disposition, and the name, article, and paragraph number(s) of the law or regulation violated, as stated in the original notice of disposition.
- Reasons for disagreeing with the disposition imposed by the TWSE, and the modifications that the appellant requests be made to the disposition.
|
|
3
|
An appellant may file an appeal by having a letter of appeal issued by the original securities firm where the appellant worked when the causes and facts that gave rise to the disposition occurred (the "employing securities firm"), or by the appellant himself or herself submitting a letter of appeal signed by the appellant and specifying the employing securities firm.
|
|
4
|
Upon receipt of the appeal documents, the TWSE shall process the appeal in accordance with the following provisions:
- The date on which the appellant filed the appeal (the "appeal date") shall fall by the date specified in the TWSE's notice of disposition or within 30 days counting inclusively from the day following the appellant's receipt of the notice (whichever comes later). Except under special circumstances, an appeal filed after the deadline will not be processed.
- When any required documentation or content is incomplete, the appellant shall be requested to supplement it as soon as possible. The date on which the appellant first filed the appeal will still be the appeal date.
- The TWSE will hold a preliminary review meeting to make sure that the appellant is indeed the person subject to the disposition, and that the reasons for the appeal and the supporting evidence have been duly submitted.
- An appellant who wishes to withdraw the appeal during the review period shall do so in writing, and the TWSE will close the case upon receipt of the application for withdrawal.
- If the preliminary review meeting resolves to continue with the review process, the TWSE may conduct an audit of the reasons for the appeal and the supporting evidence submitted by the appellant.
- If the preliminary review meeting resolves not to continue with the review process, the TWSE shall, within 20 days counting inclusively from the appeal date or the date of supplementation, notify the appellant in writing, specifying the reasons. An appellant who has an objection against the decision not to continue with the review process may, within 30 days counting inclusively from the day following receipt of the notice of the decision not to continue the review, file with the TWSE an application for re-appeal, specifying the reasons. An application for re-appeal may be made one time only.
The preliminary review meeting shall be composed of the following seven members: the TWSE Senior Executive Vice President in charge of business supervision and two representatives designated by each of the Trading Department, Compliance & Inspection Department, and Legal & Secretarial Services Department.
|
|
5
|
After an appeal has been accepted by the preliminary review meeting, the TWSE shall, within 30 days from the appeal date, have the Senior Executive Vice President in charge of business supervision chair the Review Committee for Appeals by Securities Firm Employees Against Dispositions (the "Appeal Review Committee"), and the materials relating to the appeal shall be delivered to the members of the Appeal Review Committee 10 days before a committee meeting is held.
The Appeal Review Committee is composed of 11 members as follows:
- Four representatives of the Taiwan Securities Association, serving a 1-year term.
- Three representatives selected by the TWSE, who are fair and impartial persons with expertise in law and securities practice and are not serving in any position at any securities firms, serving a 1-year term.
- The other four members are the TWSE Senior Executive Vice President in charge of business supervision and the head of each of the Trading Department, Compliance & Inspection Department, and Legal & Secretarial Services Department, or a person appointed thereby.
The Appeal Review Committee shall discuss the reasons for the appeal, the supporting evidence submitted, and the follow-up audit findings, and shall take action in accordance with the following provisions:
- Notify the appellant and the securities firm that submitted the letter of appeal to attend the meeting held by the Appeal Review Committee to give statements.
- A member of the Appeal Review Committee shall recuse himself or herself if the member has a direct or indirect interest relationship with the appellant, and the Taiwan Securities Association or the TWSE shall appoint a different representative to substitute for the recused member.
- The Appeal Review Committee shall have one chairperson, which position shall be filled by the TWSE Senior Executive Vice President in charge of business supervision. When the chairperson is unable for any reason to exercise the powers of chairperson, the chairperson may appoint one other member to serve as the acting chairperson. If the chairperson is unable for any reason to appoint another member, the members shall select an acting chairperson from among themselves. A resolution of the Committee requires the approval of a majority of the members present at a meeting attended by two-thirds or more of the members.
- After a resolution is adopted, the Appeal Review Committee shall notify the appellant and the employing securities firm by letter with a copy to the competent authority.
An appellant may not submit any further appeal against a final decision made by the Appeal Review Committee.
|
|
6
|
These Procedures, and any amendments hereto, shall be publicly announced and implemented after approval by the president of the TWSE.
|