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Amendments

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： 2023.06.09 (Articles 2 amended,English version coming soon)
Current English version amended on 2021.07.26 
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(2018.11.27)
Date：
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 common stocks 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 corporate bonds with non-detachable warrants, preferred shares with non-detachable warrants, call (put) warrants, and stock warrants.
  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.
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 Market Observation Post System (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 common stocks 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 corporate bonds, corporate bonds with non-detachable warrants, preferred stocks with non-detachable warrants, bond conversion entitlement certificates, call (put) warrants, and stock warrants.
  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 common stocks 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 corporate bonds, corporate bonds with non-detachable warrants, preferred stocks with non-detachable warrants, bond conversion entitlement certificates, call (put) warrants, and stock warrants.
  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 common stocks 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 do 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).