A CPA on whom the TWSE imposes a disposition in accordance with Article 3, paragraph 1, subparagraph 2 or 3 may, within 20 days from the day following the date of the TWSE letter, file an appeal with the TWSE, with the reason for appeal stated and relevant data submitted. The reason for appeal is limited to whether the reason for finding the CPA deficient is erroneous or not. Upon receiving an appeal, the department imposing the disposition shall express specific comments and review the appeal as follows:
If merit is found in an appeal, action shall be taken in accordance with the resolution approved, and the results shall be reported to the competent authority in writing. An appeal shall be rejected if no merit is found in it or if it is otherwise determined based on the relevant data that the disposition should be sustained.
- Disposition in Article 3, paragraph 1, subparagraph 2: An administering department meeting shall be held to review the matter again, with the results of review to be submitted to the general manger for approval.
- Disposition in Article 3, paragraph 1, subparagraph 3: The appeal shall be forwarded again to the Securities Listing Review Committee for review.
A CPA who withdraws his or her appeal during the appeal proceeding is deemed to not have lodged an appeal.
An appeal will not be entertained if it is not submitted by the CPA within the time prescribed in paragraph 1, the appellant fails to meet the qualification requirements, the reason for appeal is irrelevant to the disposition imposed, documents or data that are missing are not submitted as rectification within the time prescribed by the TWSE, or the appeal is relodged in connection with the same disposition.
Execution of an original disposition imposed is not suspended by an appeal.