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Article 23
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The foreign securities purchased by securities firms on orders from principals, except in the case of professional institutional investors, high net worth juristic person investors, and high-asset juristic person customers, shall be deposited by the securities firm, in its own name or in the name of the financial institution as sub-broker, in the custody of a depositary in the locale of the site of transaction, or placed in the custody of the Taiwan Depository & Clearing Corporation. Further, such record shall be recorded in detail in the account of the principal and in the reconciliation statement to facilitate review by the principal.<br/>The securities firm shall report the depositary referred to in the preceding paragraph to the securities dealers association for its record.
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