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Amended Article

Title：

Numerical Standards for and Exceptions to the Irregularity Standards in Article 4 of the Taiwan Stock Exchange Corporation's Directions for Announcement or Notice of Attention to Trading Information and Related Dispositions  CH

Amended Date： 2024.12.31 
Categories： Market Supervision > Stock Market Surveillance
Article Content Content Search Article No. Search Legal Basis Amended Article Legislative History Chinese
Article 4     The expression "an irregularity in the cumulative percentage of increase or decrease in the closing price of a security for the most recent period, combined with an irregular increase in the volume of trade for the given day relative to the daily average for the most recent period" as used in Article 4, paragraph 1, subparagraph 3 of the Directions shall mean that the particular security meets both of the following conditions on a given day:
  1. The cumulative percentage of increase or decrease in the closing price of a security for the most recent 6 business days (inclusive of the given day) is greater than 25 percent, and differs with the average values for both the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 20 percent or more.
  2. The volume of trade in the security on the given day shows an increase of five times or more over the daily average for the most recent 60 business days (inclusive of the given day), and the increase differs with the average value for the market as a whole, as calculated in accordance with this subparagraph, by a factor of four or more.
    Exceptions to the preceding paragraph are as follows:
  1. The percentages of increase or decrease in the closing prices and the daily transaction volumes of newly-listed ordinary share during the period in which no price fluctuation limit is imposed shall not be included in calculation of the standards under the preceding paragraph.
  2. The standards under the preceding paragraph shall not apply to convertible bonds, bonds with non-detachable share options, preference shares with non-detachable share options, certificate of entitlement to new shares from convertible bond, call (put) warrants, share options, exchange-traded fund (ETF) beneficiary certificates, active exchange-traded fund (active ETF) beneficial certificates, and exchange-traded notes (ETNs).
  3. When non trade-related factors (such as ex-rights or ex-dividend factors) have caused fluctuations in the price of a security during the period for which standards under the preceding paragraph are calculated, those factors shall be excluded when calculating the percentage of increase or decrease in the closing price.
  4. The standards under the preceding paragraph shall not apply when intraday turnover is less than 0.1 percent, or when trading volume remains below 500 trading units.
  5. The provisions of the preceding paragraph regarding same-sector securities shall not apply when there are fewer than five securities in a given sector.
  6. The provisions of the preceding paragraph regarding same-sector securities shall not apply when a security has a negative price-to-earnings ratio or is trading at 60 times earnings or above.
  8. The standards in the preceding paragraph shall not apply if the percentage of premium or discount of the securities announced through the MOPS for the preceding business day meets one of the following conditions:
    1. It does not exceed 10 percent.
    2. The direction of movement is opposite that of the standard increase or decrease under the preceding paragraph.
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Article 5     The expression "an irregularity in the cumulative percentage of increase or decrease in the closing price of a security for the most recent period, combined with an unusually high intraday turnover rate" as used in Article 4, paragraph 1, subparagraph 4 of the Directions shall mean that the particular security meets both of the following conditions on a given day:
  1. Where the cumulative percentage of increase or decrease in the closing price of a security for the most recent 6 business days (inclusive of the given day) is greater than 25 percent, and differs with the average values for both the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 20 percent or more.
  2. The intraday turnover rate for the given security is 10 percent or greater, and is greater than the average value for the market as a whole, as calculated in accordance with this subparagraph, by 5 percent or more.
    Exceptions to the preceding paragraph are as follows:
  1. The percentages of increase or decrease in the closing prices of newly-listed ordinary shares during the period in which no price fluctuation limit is imposed shall not be included in the calculation of standards under the preceding paragraph.
  2. The standards of the preceding paragraph shall not apply to convertible bonds, bonds with non-detachable share options, preference shares with non-detachable share options, certificates of entitlement to new shares from convertible bond, call (put) warrants, share options, ETF beneficiary certificates, active ETF beneficial certificates and ETNs.
  3. When non trade-related factors (such as ex-rights or ex-dividend factors) have caused fluctuations in the price of a security during the period for which standards under the preceding paragraph are calculated, those factors shall be excluded when calculating the percentage of increase or decrease in the closing price.
  4. The provisions of the preceding paragraph regarding same-sector securities shall not apply when there are fewer than five securities in the given sector.
  5. The provisions of the preceding paragraph regarding same-sector securities shall not apply when a security has a negative price-to-earnings ratio or is trading at 60 times earnings or above.
  6. The standards in the preceding paragraph shall not apply if the percentage of premium or discount of the securities announced through the MOPS for the preceding business day meets one of the following conditions:
    1. It does not exceed 10 percent.
    2. The direction of movement is opposite that of the standard increase or decrease under the preceding paragraph.
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Article 10     The expression "a significant increase in the daily volume of trading for a given day or the most recent several days relative to the daily average volume of trade for the most recent period" as used in Article 4, paragraph 1, subparagraph 9 of the Directions shall mean that the particular security meets both of the following conditions on a given day:
  1. The daily average volume of trade for the most recent 6 business days (inclusive of the given day) is greater by five times or more than the daily average volume of trade for the most recent 60 business days (inclusive of the given day), while the increase is greater than the average value for the market as a whole, as calculated in accordance with this subparagraph, by a factor of four times or more.
  2. The volume of trade for the given day is greater by five times or more than the average daily volume of trade for the most recent 60 business days (inclusive of the given day), while the increase is greater than the average value for the market as a whole, as calculated in accordance with this subparagraph, by a factor of four times or more.
    Exceptions to the preceding paragraph are as follows:
  1. The daily transaction volumes of newly-listed ordinary shares during the period in which no price fluctuation limit is imposed shall not be included in the calculations for these standards under the preceding paragraph.
  2. The standards under the preceding paragraph shall not apply to convertible bonds, bonds with non-detachable share options, preference shares with non-detachable share options, certificates of entitlement to new shares from convertible bond, call (put) warrants, share options, ETF beneficiary certificates, active ETF beneficial certificates, ETNs, and real estate investment trust beneficiary securities.
  3. The standards under the preceding paragraph shall not apply when during the most recent 6 business days (inclusive of the given day), trading information for the given security has been announced according to Article 4, paragraph 1, subparagraph 3 of the Directions.
  4. The standards under the preceding paragraph shall not apply when the security is in one of the following circumstances on the given day:
    1. When turnover is less than 0.1 percent.
    2. When trading volume is below 500 trading units.
    3. When trading value is less than NT$30 million.
  5. The standards under the preceding paragraph shall not apply when a particular security for which attention to trading information has been announced pursuant to Article 4, paragraph 1, subparagraph 9 of the Directions for the 5 business days prior to the given day within the most recent 6 business days (inclusive of the given day) has met one of the following circumstances on the given day:
    1. Increase of average trading volume of the security for the most recent 6 business days (inclusive of the given day) ≦ numerical standards for increase of average trading volume for the most recent 6 business days (inclusive of the given day) x (1 + day trading volume of the security on the 6 business days prior the given day ÷ total trading volume for the 6 business days prior to the given day [exclusive of day trading volume]).
    2. Increase of trading volume of the security on the given day ≦ numerical standards for increase of trading volume on the given day x (1 + day trading volume of the security on the business day prior to the given day ÷ total trading volume on the business day prior to the given day [exclusive of day trading volume]).
    3. Trading volume on the given day is less than the day trading volume on each of the 5 business days prior to the given day.
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Article 11     The expression "a significantly high cumulative turnover rate for the most recent period" as used to in Article 4, paragraph 1, subparagraph 10 of the Directions shall mean that the particular security meets both of the following conditions on a given day:
  1. The cumulative total turnover rate for the most recent 6 business days (inclusive of the given day) exceeds 50 percent, while there is a difference of 40 percent or more between the cumulative total turnover rate and the average value for the market as a whole, as calculated in accordance with this subparagraph.
  2. The intraday turnover rate is 10 percent or more, while there is a difference of 5 percent or more between the turnover rate and the average value for the market as a whole, as calculated in accordance with this subparagraph.
    Exceptions to the preceding paragraph are as follows:
  1. The daily turnover rate of newly-listed ordinary shares during the period in which no price fluctuation limit is imposed shall not be included in the calculations for the standards under the preceding paragraph.
  2. These standards under the preceding paragraph shall not apply to convertible bonds, bonds with non-detachable share options, preference shares with non-detachable share options, certificates of entitlement to new shares from convertible bond, call (put) warrants, share options, ETF beneficiary certificates, active ETF beneficial certificates, and ETNs.
  3. The standards under the preceding paragraph shall not apply when during the most recent 6 business days (inclusive of the given day), trading information for the given security has been announced pursuant to Article 4, paragraph 1, subparagraph 4 of the Directions.
  4. The standards under the preceding paragraph shall not apply when the monetary value of confirmed transactions in the given security on the given day is less that NT$500 million.
  5. The standards under the preceding paragraph shall not apply when a particular security for which attention to trading information has been announced pursuant to Article 4, paragraph 1, subparagraph 10 of the Directions for the five business days prior to the given day within the most recent 6 business days (inclusive of the given day) has met one of the following circumstances on the given day:
    1. for accumulated turnover for the most recent 6 business days (inclusive of the given day) x (1 + day trading volume of the security on the 6 business days prior the given day ÷ total trading volume for the 6 business days prior to the given day [exclusive of day trading volume]).
    2. Turnover of the security on the given day ≦ numerical standards for turnover on the given day x (1 + day trading volume on the business day prior to the given day ÷ total trading volume on the business day prior to the given day [exclusive of day trading volume]).
    3. Trading volume on the given day is less than the day trading volume on each of the 5 business days prior to the given day.
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Article 13     The expression "the trading volume of the sales of borrowed securities accounting for a significantly high percentage of the total volume of trade of the most recent period" as used in Article 4, paragraph 1, subparagraph 12 of the Directions shall mean that the particular security meets both of the following conditions on the business day prior to a given day:
  1. The trading volume of the sales of borrowed securities for the most recent 6 business days (from the business day prior to the given day) accounts for 12% or more of the total volume of trade for the most recent 6 business days (from the business day prior to the given day).
  2. The trading volume of the sales of borrowed securities on the business day prior to the given day shows an increase of five times or more over the daily average trading volume of the sales of borrowed securities for the most recent 60 business days (from the business day prior to the given day).
    Exceptions to the preceding paragraph are as follows:
  1. The daily transaction volumes of newly-listed ordinary shares during the period in which no price fluctuation limit is imposed shall not be included in the calculation of the standards under the preceding paragraph.
  2. The standards under the preceding paragraph shall not apply to ETF beneficiary certificates and active ETF beneficial certificates.
  3. The standards under the preceding paragraph shall not apply when a security meets any of the following conditions on the business day prior to a given day:
    1. The turnover does not exceed 0.3 percent.
    2. The trading volume does not exceed 500 trading units.
    3. The trading volume of the sales of borrowed securities does not exceed 100 trading units.
Article 14     For the purpose of Article 4, paragraph 1, subparagraph 13 of the Directions, "day trading volume accounting for a significantly high percentage of the total volume of trade of the most recent period" with respect to a particular security means the security meets both the following circumstances on the business day prior to a given day:
  1. Day trading volume of the most recent 6 business days (starting from the business day prior to the given day) accounts for more than 60% of the total volume of trade of the most recent 6 business days (starting from the business day prior to the given day).
  2. Day trading volume of the business day prior to the give day accounts for more than 60% of the total volume of trade of the given day.
    Exceptions to the preceding paragraph are as follows:
  1. Day trading volume of common shares of primary listed stocks with no price fluctuation limit shall not be included in the calculation of the standards in the preceding paragraph.
  2. The standards in the preceding paragraph shall not apply to ETF beneficiary certificates and active ETF beneficial certificates.
  3. The standards in the preceding paragraph shall not apply if the security has one of the following circumstances on the business day prior to the given day:
    1. When turnover is less than 5%.
    2. When trading value is less than NT$500 million.
    3. When day trading volume is below 5,000 trading units.
  4. The standards under the preceding paragraph shall not apply when a particular security for which attention to trading information has been announced pursuant to Article 4, paragraph 1, subparagraph 13 of the Directions for the five business days prior to the given day within the most recent 6 business days (inclusive of the given day) has a day trading volume of the business day prior to the given day less than the day trading volume on each of the most recent 5 business days (from the second business day prior to the given day).
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