After acceptance of an issuer's application for the projected issue of call (put) warrants, the TWSE case handler shall undertake a review of the documents and attachments. Procedures, deadlines, and matters to be reviewed shall be as follows:
- The case handler shall determine whether the documents submitted by the issuer are complete, and fill out a Checklist for Applications for Listing of Call (Put) Warrants (Attachment 6). Where the documents submitted are found to be incomplete, the case handler shall request the issuer to supplement the required documents or information within a prescribed period of time. Where documents are not supplemented by the deadline, the case handler shall issue a notice of rejection of the application, with a copy submitted to the competent authority.
- Key points to be reviewed:
- Call (put) warrants:
The case handler shall examine the issuance plan for the call (put) warrants to ascertain whether they and the underlying instruments conform to Article 10, Article 11, and Article 12, subparagraph 4 of the TWSE Rules Governing Review of Call (Put) Warrant Listings, and shall fill out a Call (Put) Warrant Issuance Plan Checklist (Attachment 7), but in the case of a follow-on issue of call (put) warrants, the circumstances set out in the aforementioned Article 12, subparagraph 4 need not be examined.
- Public offering prospectus:
The case handler shall examine whether the form and content of the issuer's prospectus for public offering conforms to the TWSE Guidelines Governing the Particulars to be Recorded in a Public Offering Prospectus for Call (Put) Warrants, and shall fill out a Call (Put) Warrant Public Offering Prospectus Checklist (Attachment 8), except that this provision does not apply to a follow-on issue of call (put) warrants.
- Disclosure of strategy for offsetting risks:
The case handler shall examine whether the strategy put forth by the issuer for offsetting risks includes concrete provisions for all possible risks and losses associated with the given issue of call (put) warrants and the associated hedging strategies, and shall fill out a Checklist for Strategies for Offsetting Foreseeable Risks in Issues of Call (Put) Warrants (Attachment 9).
- Lawyer's Legal Opinion:
The case handler shall examine the lawyer's opinion and other related forms and documents submitted by the issuer with regard to whether the terms of issuance of the call (put) warrant, public offering prospectus, the declarations of the issuer, and the issuer's status with respect to the circumstances under Article 12 of the Rules Governing Review of Call (Put) Warrant Listings have been thoroughly reviewed, the documents have been found to be valid, and whether the issuer conforms to relevant laws and regulations. The case handler shall then fill out a Checklist for the Lawyer's Legal Opinion on Call (Put) Warrants (Attachment 10).
- Review Rules and Schedule:
The TWSE case handler shall complete review of the issuance plan by market opening on the first business day after receipt of the application for issuance of call (put) warrants, and submit it together with the listing agreement signed with the issuer to the competent authority on a weekly basis for recordation.
Following TWSE issuance of approval documents to the issuer, the TWSE shall undertake a further review of the items of the issuer's application and the related documents, and where circumstances are found during the review period requiring approval to be withheld, the TWSE may cancel the letter of approval and shall report the same to the competent authority.