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Taiwan Stock Exchange Corporation Rules Governing Review of Call (Put) Warrant Listings(2017.11.15) |
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Article 9
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After the issuer receives approval as a qualified issuer of call (put) warrants and wishes to apply to the TWSE for listing of a planned call (put) warrants issue, the issuer shall apply to the TWSE with an Application for Listing of Call (Put) Warrants (Attachment) filled out in full and with the required documents attached. Following TWSE approval of the issuer's issuance plan, the TWSE will immediately issue a letter of approval, with a copy to the competent authority, provided that depending on the issuer's financial and business condition, the status of the underlying securities or the underlying index, the number of call (put) warrants already listed on the market with identical or similar types of underlying securities and their expiration dates and distributions, the TWSE may withhold approval, limit the number of warrants to be listed, or impose other conditions.
For listed warrants, in the event that the outstanding issuance units reach 80 percent or more of the actual total number of issuance units, the issuer may apply to the TWSE for a follow-on issue of call (put) warrants. The application shall be made within 2 business days from the next business day following the date of the event's occurrence but at least 10 business days before the last trading day for the warrants. The term "actual total number of issuance units," as used above, means the number arrived at by adding the total number of issuance units of the initial issue and the number of issuance units of each subsequent follow-on issue together and then deducting the accumulated number of issuance units cancelled and exercised.
After receiving a TWSE approval letter and submitting a copy to the competent authority, the issuer may entrust an underwriter with underwriting of the issue or it may sell the warrants itself, and shall provide a prospectus to the subscribers. But this provision shall not apply to a follow-on issuance of call (put) warrants.
The guidelines for information to be published in public offering prospectuses will be adopted by the TWSE in accordance with Article 13 of the Issuance Regulations and shall take force upon ratification by the competent authority.
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Article 16-1
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An issuer or the risk management institution it entrusts may engage in the sale of borrowed securities involving the underlying security in accordance with Article 82-2 of the Operating Rules of the TWSE or in the sale of securities borrowed from a securities firm or securities finance enterprise that conducts securities borrowing and lending business, that involve the underlying security.
Where the issuer employs short sales of the underlying securities as a hedging instrument in accordance with the preceding paragraph, said issuer shall open a margin account with another securities firm or with the securities finance enterprise of a non-affiliated enterprise and shall report the account information to the TWSE in writing.
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Article 24
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Where an issuer or the risk management institution it entrusts violates the provisions of Article 17, paragraph 1, the TWSE may send a letter requiring the issuer to give attention and make rectification. If, due to the circumstance set forth in this article, the issuer has been required by a letter from the TWSE to give attention and make rectification in the past year, the TWSE may additionally impose a breach penalty of NT$30,000 to NT$100,000; where the violation is serious in nature, the TWSE may also restrict the issuer from applications for issuance of warrants for a period of 1 month.
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