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Amendments

Title:

Taiwan Stock Exchange Corporation Operation Guidelines Governing Liquidity Providers of Beneficial Certificates  CH

Amended Date: 2021.04.29 (Articles 6, 6-1 amended,English version coming soon)
Current English version amended on 2018.12.24 
Categories: Securities Exchange Market > Trading > Beneficial Certificates

Title: Taiwan Stock Exchange Corporation Operation Guidelines Governing Liquidity Providers of Beneficial Certificates(2014.07.18)
Date:
6-1     If any of the following circumstances in the disclosure of market trading prices has existed for an ETF for 3 consecutive months, the TWSE will notify the SITE or futures trust enterprise issuing the ETF to take corrective measures within 2 months commencing from the following month after the notification is made. The TWSE will issue a warning letter if the SITE or futures trust enterprise fails to take corrective measures within the time limit, and continued failure to take corrective measures within 2 months from the following month shall be deemed a breach of the listing contract, and the TWSE will impose a breach penalty in the amount of NT$30,000 on the SITE or futures trust enterprise, with further investigation conducted once every 3 months and consecutive penalties imposed until such time as correction is made.
    With respect to a domestic component securities ETF under Article 2 of the TWSE Rules Governing Trading of Beneficial Certificates, each of the following circumstances may not occur more than twice per month in the disclosure of market trading prices during regular trading hours:
  1. With the exception of the disclosure of limit-up or limit-down prices, in the disclosure of market trading prices, only either a posted bid price or a posted ask price is available, and the circumstance has continued for more than 3 minutes.
  2. The best bid-ask spread is higher than 1 percent, and the circumstance has continued for more than 10 minutes.
  3. When the TWSE encounters any circumstance under Article 58-3, paragraph 3 or 4 of the TWSE Operating Rules and has to postpone matching for a period of time, such postponement may be excluded from the calculation of the time periods set out above.
     With respect to a foreign component securities ETF or a futures ETF under Article 2 of the TWSE Rules Governing Trading of Beneficial Certificates, each of the following circumstances may not occur more than six times in total per month in the disclosure of market trading prices during regular trading hours:
  1. With the exception of the disclosure of limit-up or limit-down prices, in the disclosure of market trading prices, only either a posted bid price or a posted ask price is available, and the circumstance has continued for more than 10 minutes.
  2. The best bid-ask spread is higher than 3 percent, and the circumstance has continued for more than 10 minutes.
  3. When the TWSE encounters any circumstance under Article 58-3, paragraph 3 or 4 of the TWSE Operating Rules and has to postpone the matching for a period of time, such postponement may be excluded from the counting of the number of occurrences set forth above.
  4. In the case of a foreign component securities ETF, if the foreign securities market of the country of listing of the component securities of the index tracked by the fund is closed on a given day, the disclosure of market trading prices for that given day shall be excluded from the counting of the number of occurrences set forth above.
  5. In the case of a futures ETF, if the exchange market of the foreign futures contracts represented by the fund is closed on a given day, the disclosure of market trading prices for that given day shall be excluded from the counting of the number of occurrences set forth above.