| Title： |
Operating Rules of the Taiwan Stock Exchange Corporation(2009.07.07) |
| Date： |
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Article 50-2
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The TWSE may publicly announce the delisting of beneficial certificates when the period of validity of a securities investment trust fund has expired, or when the securities investment trust contract has terminated.
Where any of the following circumstances exists with respect to a closed-end fund managed by any SITE, the TWSE may report to and obtain the approval of the Competent Authority to delist its beneficial certificates:
1. Any circumstance specified in paragraph 2 or 3 of Article 79 of the Regulations Governing Securities Investment Trust Funds.
2. Change to an open-ended investment fund upon the resolution of the meeting of the beneficiaries, and reported to and approved by the Competent Authority, or in accordance with the terms of the securities investment trust contract.
3. The total issued value of the securities investment trust fund falls below 800 million New Taiwan Dollars due to opening of redemption.
4. Where for any other reason the TWSE deems it necessary to delist the beneficial certificates.
Where any of the following circumstances exists with respect to an exchange-traded fund managed by any SITE, the TWSE may report to and obtain the approval of the Competent Authority to delist its beneficial certificates:
1. Any circumstance specified in paragraph 2 or 3 of Article 79 of the Regulations Governing Securities Investment trust Funds.
2. Any circumstance stipulated in the securities investment trust contract of the listed beneficial certificate as grounds for termination of the contract, where the securities investment trust enterprise has applied to the TWSE for delisting.
3. Where the offshore exchange-traded fund to which an exchange-traded fund is linked as referred to in Article 37, paragraph 4 of the Regulations Governing Securities Investment Trust Funds has its approval voided by the competent authority of its place of registration or is delisted from the exchange where it was initially listed for trading, or the offshore exchange-traded fund to which an exchange-traded fund is linked has its permission terminated.
4. Where for any other reason the TWSE deems it necessary to delist the beneficial certificates.
Where any of the following circumstances exists with respect to an offshore exchange-traded fund offered and sold by an offshore fund institution, the TWSE may report to and obtain the approval of the Competent Authority to delist its beneficial certificates:
1. The competent authority of the place of registration or Taiwan's Competent Authority has cancelled the approval for the offshore exchange-traded fund.
2. Taiwan's Competent Authority has granted approval for termination of the offering and sale of the fund within Taiwan.
3. The offshore exchange-traded fund is delisted from the exchange on which it was first listed.
4. The net asset value of the fund falls below the amount at which the contract is required to be terminated or at which the fund ceases to exist pursuant to the fund's trust contract, the articles of association, or the prospectus.
5. There occurs any other cause of termination of the fund as specified in the fund's trust contract, the articles of association, or the prospectus, and the offshore fund institution, through the master agent, has applied to the TWSE for delisting of its beneficial certificates.
6. Any other circumstance in which the TWSE deems delisting necessary for purposes of protecting the public interest or the rights and interests of investors.
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