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Article 3
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Book-entry settlement of beneficial certificates listed for trading on the TWSE's centralized securities exchange market shall be conducted by a central securities depository, and the trustor may not apply for withdrawing those beneficial certificates.
When a principal trades in any of the following ETF beneficial certificates, the securities firm may only accept the order after the principal has signed a separate risk disclosure statement:
- futures ETF beneficial certificates
- leveraged or inverse securities investment trust ETF beneficial certificates
- ETF beneficial certificates traded in foreign currency
- underlying ETF beneficial certificates
- beneficial certificates of non-investment grade bonds ETFs
- beneficial certificates deemed necessary by the TWSE
The following funds and accounts may be exempted from signing risk disclosure statements: privately placed securities investment trust funds managed by professional institutional investors or SITEs, futures trust funds offered by futures trust enterprises to persons with prescribed qualifications, discretionary investment accounts managed by SITEs, securities investment consulting enterprises or securities brokers concurrently operating securities investment consulting enterprises, and discretionary investment accounts managed by managed futures enterprises.
The matters that must be set out in the risk disclosure statement as referred to in paragraph 2 will be separately prescribed by the TWSE.
"Professional institutional investors" in paragraph 3 means the professional institutional investors defined in the Regulations Governing Offshore Structured Products.
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