Upon entertaining an application for listing of beneficiary securities issued by a trustee institution or asset-backed securities by a special-purpose company, the TSEC case handler shall proceed with a written review of the application form and annexed documents; the guidelines, sequence, and time limits for such review shall be as follows:
(1) Key points for review:
(i) for application documents:
(a) The case handler shall ascertain that a complete set of the required documents has been submitted, complete a Checklist for Application Documents for Listing of Beneficiary Securities/Asset-backed Securities (Schedule 1), and submit the same to each higher level for review. If the submitted documents are found to be incomplete, the applicant shall be requested to supplement the required documents within a prescribed time limit; where supplementation is not made within the time limit, a notice of rejection shall be issued, together with a report to the competent authority.
(b) The case handler shall examine whether the prospectus includes all information under the Regulations Governing Information to be Published in Prospectuses for Public Offerings of Beneficiary Securities by Trustee Institutions and Public Offerings of Asset-Backed Securities by Special Purpose Companies promulgated by the competent authority, and complete a Checklist for the Beneficiary Securities/Asset-backed Securities Prospectus (Schedule 2)
(c) The case handler shall examine whether the assessment report issued by the securities underwriter includes all required information, and complete a Securities Underwriter Assessment Report Checklist (Schedule 3).
(d) The case handler shall complete relevant checklists for the reviews under (i) to (iii) and submit the same to each higher level for review. Where omission or incomplete disclosure of a particular matter is discovered, a notice of rejection shall be issued, with a copy to the competent authority.
(ii) for the listing requirements under the TSEC Regulations for Review of Securities Listings: The case handler shall examine the submitted listing application and attached documents to determine whether the listing requirements under each subparagraph of Article 23-1 of the TSEC Regulations for Review of Securities Listings are met, complete a Listing Requirements Review Form (Schedule 4), and submit the same to each higher level for review
(2) Issuance of listing approval letter:
(i) After written review confirms that a complete set of application documents has been submitted and that the listing requirements are met, and has been confirmed by review at each higher level, the TSEC will issue a letter of contingent approval for listing, stating: "Contingent upon approval by the competent authority of the issuer's application for public offer of its beneficiary securities/asset-backed securities, and upon its continuing to satisfy listing requirements based on beneficiary/holder distribution information at the time of completion of underwriting, the TSEC grants its application for listing of beneficiary securities/asset-backed securities. Where no application for public offer is filed with the competent authority within 30 days from the issuance of this letter, this approval letter shall be void." The issuer shall use this letter to apply to the competent authority for public offer of the beneficiary securities or asset-backed securities.
(ii) The TSEC case-handling department shall compile and submit monthly reports to the board of directors on the status of issuance of listing approval letters for applications for listing of beneficiary securities and asset-backed securities.
(3) Review period: A TSEC case handler entertaining a listing application for beneficiary securities and asset-backed securities shall complete review of the above-mentioned Schedules 1 to 5, and have the reviews at higher levels completed, within five business days of accepting the application for processing, provided that under extraordinary circumstances the review period may be extended by filing for and obtaining approval for an extension.