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Amended Article


Taiwan Stock Exchange Corporation Rules for Administration of the Clearing and Settlement Fund of Securities Firms  CH

Amended Date: 2004.08.03 
Categories: Securities Exchange Market > Clearing and Settlement
Article 2     Securities brokers and securities dealers (“securities firms”) shall make deposits into the clearing and settlement fund with the TWSE in accordance with the standards provided by the Financial Supervisory Commission (“the Competent Authority”), Executive Yuan.
    Deposits into the clearing and settlement fund shall be limited to cash only. If a deposit has been made by any method other than cash prior to the announcement and implementation of these Rules, it shall be changed to a cash deposit within 30 days after the announcement and implementation of these Rules.
    If a securities firm fails to make a deposit to the clearing and settlement fund on time, or fails to make any supplementary deposit on time whenever it may be notified to do so, the TWSE will immediately halt its participation in market trading.
    The securities firm may not assign or create a pledge on its deposited clearing and settlement funds.
Article 3     The TWSE shall set up a dedicated account for custody of the clearing and settlement fund it collects. It shall utilize the fund in the following manners in accordance with the Securities and Exchange Act:
  1. Purchase of government bonds.
  2. Deposit in banks, or savings deposits with the postal administration.
  3. Other manners of utilization reported to and approved by the Competent Authority.
    With respect to interest accrued from utilization by the TWSE of the clearing and settlement fund, the TWSE shall settle accounts on a half-yearly basis and reimburse any remaining interest, after deducting applicable fees and taxes, to the securities firms.
Article 8     These Rules, and any amendments hereto, shall be implemented by public announcement of the TWSE following submission to and approval by the Competent Authority.