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Article 3
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A company, and any lead underwriter, recommending securities firm, or shareholder services agent engaged by such company, shall not handle the certification of securities for a current issue or private placement that is under its management.
Certification of securities issued or privately placed by a financial holding company may not be handled by its subsidiary company, and the certification of the securities of a financial holding company's subsidiary company may not be handled by another subsidiary company of that financial holding company.
A certification case conducted before the 21 May 2009 amendment and issuance date of these Regulations that does not comply with the provisions of the preceding paragraph shall be brought into compliance with those provisions within three months from that date.
The term "subsidiary company" as used in paragraph 2 means a subsidiary company as defined in Article 4 of the Financial Holding Company Act.
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Article 4
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The certification of securities shall be processed as follows:
- The certification period for a certification institution processing a new issuance or new private placement of securities shall not exceed five days starting from the date on which the institution is engaged. In addition, before proceeding with the certification, review and a record shall be made of the corporate registration chart (or corporate registration card), and of the content, paper quality, company specimen chop, serial number, par value, volume, and total issuance amount of the securities in question.
- Until the company issuing or privately placing the securities has completed settlement, the certification institution shall exercise the custodial duty of a good administrator in safekeeping the sample of the seal specimen with which it certifies the securities and the sample specimen of the certified securities.
- The total amount of securities certified shall be limited to the actual issuance amount within the total issuance amount approved by the competent authority for effective registration and to the total amount of securities for which the payment has actually been paid up.
- If application is made to reissue a company's publicly issued or privately placed securities, the reissued securities shall be certified only after the applicant obtains a written judgment of exclusion by a court declaring the original securities certificates void.
- Securities from the same issue or private placement shall be certified by the same institution.
- When performing certification of shares held by promoters, the certification institution shall check whether the shares bear a full and accurate statement that the shares shall not be transferred within one year after incorporation pursuant to Article 163 of the Company Act; provided this restriction shall not apply where it is otherwise provided by law or regulation that the shares shall not be subject to the restriction on transfer.
- When handling the certification of privately placed securities, a certification institution shall limit the certification to within the total amount of securities for which payment has actually been collected, the private placement amount announced by the company, and the amount approved by the Ministry of Economic Affairs for amendment registration, and shall also check whether the company has noted on the securities in conspicuous type that they are privately placed, their delivery date, and restrictions on transfer.
If replacement securities must be issued because of merger, consolidation, split, or other reason, the certification institution shall verify that the securities have been voided by clipping before carrying out certification of the new securities.
If a company buys back or redeems securities and cancels them, it shall void them by clipping after carrying out amendment registration procedures, and file a report with the original certification institution.
If scriplessly issued or privately placed securities are changed to scrip securities, the certification institution shall carry out certification on the basis of the document evidencing termination of registration issued by the centralized securities depository enterprise.
If there is any merger or acquisition of a certification institution or acceptance of transfer of the certification business of another certification institution, the operations of the certification business shall be assumed in full by the surviving company or the company assuming the certification business.
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Article 6
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The remuneration given for the certification of securities shall be mutually agreed between the issuing company and the certification institution based on the following principles:
- The maximum remuneration for the certification of a new issue or new private placement of securities shall be 0.03 percent of the total par value of the issued securities. However, where the amount derived using the preceding method is less than NT$3,000 or more than NT$500,000, the remuneration shall be NT$3,000 or NT$500,000 as the case may be.
- The maximum remuneration for the certification of substitute, replacement, combined or split securities shall be 0.03 percent of the total par value of the issued securities. However, where a securities central depositary enterprise sends securities for substitution due to a merger of companies, the maximum remuneration shall be 0.003 percent of the total par value of the issued securities, and shall further not exceed NT$50,000 per instance.
The maximum remuneration for supplemental certification of securities referred to in Paragraph 1 of the preceding Article shall be no more than NT$500,000.
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