Bids shall be submitted between 3:00 and 4:00 p.m.; transactions shall be completed on the day of the bid, provided that when an auction principal entrusts a securities broker to apply to the TWSE to auction securities, while the listed company whose securities are being auctioned is at the same time participating in the issuance of overseas depositary receipts by a depositary institution in which the underlying securities are those held by the auction principal, auction transactions shall be completed on the first business day after the day of the bid.
Securities auctions on the TWSE's Exchange shall be conducted via automated computer systems. Bidding is limited to securities firms using this Exchange.
Securities brokers who submit bids shall do so on behalf of their consignment principals, provided they may not accept bidding consignments from auction principals. The consignment particulars shall comply with the Regulations Governing Brokerage Contracts of Securities Brokers. The execution of a new account contract is also required.