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Article NO. Content

Title:

Taiwan Stock Exchange Corporation Rules for Suspension or Termination, and Application for Resumption, of Securities Firm Operations  CH

Amended Date: 2019.04.16 
Categories: Market Supervision > Regulation of Securities Firms
5     Matters that shall be undertaken by the headquarters or branch office of a securities firm terminating business operations (including when the operating permit is revoked):
  1. When the headquarters of a securities firm is merged or transfers its business, it shall submit the following documents to the competent authority through the TWSE to seek approval:
    1. Employee placement plan
    2. Minutes of consultation meetings between the headquarters and the trade association or of labor-management meetings (applicable where there is no trade association)
    3. Other documents required by the competent authority
  2. When the headquarters of a securities firm terminates business operations:
    1. The firm shall announce matters relating to the termination of business, and shall assist clients, according to their preference, in making account transfer of centralized depository securities to another securities firm.
    2. The approval and certificate of license originally issued by the competent authority (including those for branch offices, where they exist) shall be returned to the competent authority.
    3. The original and copies of the Contract for Use of Centralized Securities Exchange Market Computer Linking, the Contract for Centralized Securities Exchange Market Computer Linking, the General Agreement for Securities Lending and Borrowing, and the Contract for Use of Trade Information shall be returned to the TWSE for cancellation.
    4. Following settlement of trades made on the TWSE exchange, and after final settlement of all accounts, application may be made to the TWSE for return of the already paid-in settlement and clearing fund.
    5. The securities firm has the obligation to preserve and keep in custody account books and vouchers, and shall undertake to do so in accordance with Article 13 of Criteria Governing the Preparation of Financial Reports by Securities Firms and the Required Periods for Preservation of Accounting Statements and Vouchers by Securities Firms. A custodian may be designated by the liquidator, or interested parties may apply to the courts for appointment of a special custodian.
  3. When a branch office of a securities firm terminates business operations (including when the operating permit is revoked), it shall immediately announce matters relating to the termination and assist clients, in accordance with their preferences, in making account transfer of centralized depository securities to the securities firm headquarters, another branch office, or another securities firm. These matters shall be handled in accordance with Subparagraphs 2 and 4 of the preceding paragraph.