| Title： |
Taiwan Stock Exchange Corporation Rules Governing Trading of Beneficial Certificates(2011.01.12) |
| Date： |
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Article 8
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With respect to the beneficial certificates referred to in Article 2, paragraph 1, subparagraphs 1, 2, and 4 of these Rules, the reference price, based on which the price fluctuation limits for competitive auction trading on the first day of listing are determined, shall be the net asset value per unit of beneficial interest on the day before listing of the securities investment trust enterprise (SITE) as calculated pursuant to Article 72 of the Regulations Governing Securities Investment Trust Funds, or as recorded in the REIT contract of the real estate investment trust fund (REIT) fund established by the trustee institution.
With respect to the beneficial certificates referred to in Article 2, paragraph 1, subparagraphs 1, 2, and 4 of these Rules, the auction reference price at market opening for competitive auction trading on the first day of listing shall be the price arrived at by processing the reference price set under paragraph 1, pursuant to Article 6, paragraphs 2 and 3 herein.
With respect to offshore ETF beneficial certificates, the auction reference price at market opening for competitive auction trading on the first day of listing shall be the price arrived at by processing the latest net asset value per unit of the offshore fund, during TWSE business hours on the day before listing as published by the representing master agent of the offshore fund pursuant to Article 14 of the Regulations Governing Offshore Funds, pursuant to Article 6, paragraph 2 herein.
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Article 9
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Any beeficial certificate trade for which gains are distributed by the securities investment trust enterprise (SITE) pursuant to Article 77 of the Regulations Governing Securities Investment Trust Funds or by the real estate investment trust (REIT) established by the trustee institution pursuant to the REIT contract, and for which settlement is conducted after the date of suspension of changes to entries in the register of beneficial owners, shall be an ex-dividend transaction. On the commencement date of ex-dividend trading, the price fluctuation limits for those trades shall be calculated based on the previous day's closing price minus the dollar amount of distributed gains, and the auction reference price at market opening shall be the price arrived at by processing the previous day's closing price, minus the dollar amount of distributed gains, pursuant to Article 6, paragraphs 2 and 3 herein.
Any beneficial certificate without price fluctuation limits, for which gains are duly distributed, and for which settlement is conducted after the date of suspension of changes to entries in the register of beneficial owners, shall be an ex-dividend transaction. The auction reference price at market opening on the commencement date of ex-dividend trading shall be the price arrived at by processing the previous day’s closing price, minus the dollar amount of distributed gains, pursuant to Article 6, paragraph 2 herein.
When there is no previous day's closing price on the commencement date of ex-dividend trading, the closing price used as the basis for the calculations referred to in paragraphs 1 and 2 shall be replaced with the price determined by the principles laid down in Article 58-3, paragraph 2, subparagraph 2 of the TWSE Operating Rules.
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