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Article 4
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For initial stock listing applications, after receiving the application and supporting documents, the administering department shall form a task force consisting of two or more persons (depending on the overall current status of the human resources of the department) to assess each application. For applications by already-listed companies for issuance of new shares for capital increase, or for corporate bonds or other securities listings, the administering department shall designate a person to handle such applications. In addition to keeping the application and supporting documents in safe custody, for initial stock listing applications, the designated person shall also submit one copy each of the prospectus and the draft underwriter assessment report for public display.
After accepting the application for processing, the administering department shall retain an outside reviewer with field-specific expertise to give a consulting opinion on the matters provided in the Table of Consultation Matters. If questions arise relating to financial, accounting, or legal matters, the case-handling unit may also retain outside financial, accounting, and/or legal professionals to give a written opinion. Solicitation of written opinions shall be handled in accordance with the TWSE "Rules for Solicitation of Opinions in Reviews of Initial Applications for TWSE Listing by Public Companies." The aforesaid rules will be separately adopted. The above regulations in regard to outside reviewers shall not apply to cases that, pursuant to Article 7-1, are exempt from review by the Review Committee. A company referred to in Articles 53-8, 53-18, 53-21 and 53-24 of the TWSE Operating Rules, when applying to the TWSE for stock listing, or a company referred to in Article 7-1, paragraph 1, subparagraph 3, when applying for relisting on the stock exchange of stocks being traded on the Taiwan Innovation Board, may be exempt from the above provisions regarding solicitation of opinions.
The consulting opinions of the outside reviewers referred to in the preceding paragraph shall be delivered to the TWSE 15 days before the Review Committee meets.
After accepting an application for listing on the Taiwan Innovation Board made in accordance with Article 29 of the Rules Governing Review of Securities Listings, the administering department shall retain innovativeness review experts to give an opinion before acting in accordance with paragraph 2. Where the applicant may apply to the TWSE for review of innovativeness and obtains a letter of consent before applying for listing its stock on the Taiwan Innovation Board, the applicant shall apply for listing on the Taiwan Innovation Board within six months of the date of the TWSE letter, or the letter of consent will cease to be effective. Where no letter of consent is obtained, an application for review of innovativeness may be filed again six months after the date of the letter.
The operating procedures of the review of innovativeness will be prescribed by the TWSE.
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Article 7-1
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The following applications for TWSE listing of stocks will be handled by document review and exempted from review by the Review Committee. The administering department, however, as it deems necessary, may undertake an on-site audit and submit the case for review by the Review Committee, subject to prior signed authorization by the president of the TWSE:
- Where a company whose stock is already listed and traded on the GTSM pursuant to Article 3 of the GreTai Securities Market Rules Governing the Review of Securities for Trading on the GTSM applies for TWSE listing of its stock.
- Where a company applies for TWSE listing of its stock pursuant to Article 53-8, 53-18, 53-21, or 53-24 of the TWSE Operating Rules.
- Where a company whose stocks are being traded on the Taiwan Innovation Board in accordance with Article 29 of the TWSE Rules Governing Review of Securities Listings applies for relisting of such stocks as listed stocks.
With respect to an application case exempt from review by the Review Committee pursuant to the preceding paragraph, except for a review of the underwriter's working papers for assessment of items under Article 9 of the TWSE Rules Governing Review of Securities Listings, Articles 6 and 7 herein regarding the working papers of the CPAs, underwriter and lawyers need not apply.
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Article 7-2
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In cases where an application is exempt from review by the review committee pursuant to the preceding Article 7-1, and where the administering department has passed a resolution within a month following receipt of application documents but where exceptional circumstances are present, it may extend the review period, based either on the requirements of the review or at the request of the applicant company, subject to receiving prior signed authorization by the president. Any extension of a review period granted pursuant to a request by the applicant company shall be for a month only.
Where it is resolved the listing application under subparagraphs 1 and 2 of paragraph 1 of the preceding article be approved, the case shall be submitted to the board of directors for consideration; where it is resolved that listing be denied, the senior executive vice president shall convene a meeting of the relevant personnel to review the listing case again, and when necessary, invite the applicant company and the securities underwriter to provide explanations; if they resolve to deny approval for listing, the signed approval of the president may be obtained and the application then rejected outright.
Where the application in subparagraph 3 of paragraph 1 of the preceding article for relisting of stocks on the stock exchange is approved, the case shall, upon a signed approval of the chairperson of the board of directors being obtained, be reported to the competent authority for recordation and to the board of directors. Where it is resolved that the aforementioned application be denied, the senior executive vice president shall convene a meeting of the relevant personnel to review the case again, and when necessary, invite the applicant company and the securities underwriter to provide explanations. If it is still resolved that the application for relisting be denied,the signed approval of the president may be obtained and the application then rejected outright.
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