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Article 5
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When securities are auctioned pursuant to these Regulations, the TWSE may, after obtaining the consent of the applicant securities firms, announce the auction base price in its Market Information System at the time when auction begins or when bidding has been closed. When application is made for auction of securities in accordance with the proviso of Paragraph 1, Article 3, however, the time of announcement of the auction base price may be separately decided through consultation between the applicant securities firm and the TWSE.
Except for the release of state-owned shares, the base price as referred to in the preceding paragraph shall be limited to within fifteen percent upward or downward of the closing price of the business day preceding the auction day. For securities on which no price fluctuation limit is imposed, however, the base price may be limited to fifteen percent upward or downward of the closing price on the day of the auction, and publicly announced by the TWSE pursuant to notification as provided in Article 2, subparagraph 3.
If the base price is announced at the auction venue by the applicant securities broker, the TWSE shall be informed of the price by sealed letter.
The auction base price and the auction bids shall be expressed on a per-unit basis (call (put) warrant units, units of beneficial interest, and depository receipt units shall each be referred to as a "unit").
Securities firms may cancel or change the volume and price of their quotes during the bidding period. Application for cancellation or change shall be conducted via computers or terminals connected to the TWSE's computers.
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