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Article 28
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A foreign securities firm which intends to establish branch units within the territory of the Republic of China (ROC), shall meet all of the following qualifications:
- The applicant possesses sufficient international securities business experience and financial health in the business type being applied for.
- The applicant has not been sanctioned administratively by its home country's securities regulatory authorities within the most recent 2 years.
The sufficient international securities business experience referred to in subparagraph 1 of the preceding paragraph requires more than 3 years in the securities business and one of the following criteria:
- Verification of sufficient international securities business experience through the governing institution or other organization of the firm's mother nation, or through any other institution recognized by the FSC.
- Obtaining from a country other than the firm's mother nation a membership or trading qualification of the stock exchange.
- A place of business operation located outside of the firm's mother nation or business operations in overseas markets, such that it has received income from the same type of operations applied for.
The financial health referred to in paragraph 1, subparagraph 1 requires the most recent CPA audited and attested financial report to indicate that the net value of per share is not below its par value.
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