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Article NO. Content


Securities and Exchange Act  CH

Amended Date: 2021.01.27 
Article 22-2 (Methods for Transfer of Stock by Directors, Supervisors, Managerial Officers, and 10-Percent Shareholders)
    The transfer of stocks by the directors, supervisors, managerial officers, or shareholders holding more than ten percent of the total shares, of an issuer under this Act shall be effected in accordance with any of the following methods:
  1. an offering to the public following approval from or an effective registration with the Competent Authority.
  2. to transfer, at least three days following registration with the Competent Authority, on a centralized exchange market or an over-the-counter market, shares that have satisfied the holding period requirement and within the daily transfer allowance ratio prescribed by the Competent Authority. However, this requirement shall not apply to transfers totaling less than 10,000 shares per exchange day.
  3. to transfer, within three days following registration with the Competent Authority, by means of private placement to designated persons satisfying the qualifications prescribed by the Competent Authority.
    The resale of securities within one year of their initial acquisition by persons which acquired the said shares by means of a private placement under subparagraph 3 of the preceding paragraph shall be effected only in compliance with the methods specified in the preceding paragraph.
    The calculation of shares held by shareholders referred to in paragraph 1 shall include shares held by their spouses and minor children and those held under the names of other parties.