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Article 2
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The expression "an irregularity in the cumulative percentage of increase or decrease in the closing price of a security during the most recent period" as used in Article 4, paragraph 1, subparagraph 1 of the Directions shall mean that any of the following occurs to a particular security on a given day:
- The cumulative percentage of increase or decrease in the closing price of that security for the most recent 6 business days (inclusive of the given day) is greater than 32 percent, while differing with the average values for both the market as a whole and for same-sector securities, as calculated in accordance with this paragraph, by 20 percent or more.
- The cumulative percentage of increase or decrease in the closing price of that security for the most recent 6 business days (inclusive of the given day) is greater than 25 percent, while differing with the average values for both the market as a whole and for same-sector securities, as calculated in accordance with this paragraph, by 20 percent or more, and the difference between the closing prices of that security for the initial and final days of the most recent 6 business days (inclusive of the given day) is NT$50 or more.
Exceptions to the preceding paragraph are as follows:
- The percentages of increase or decrease in the closing prices of newly-listed ordinary shares during the period in which no price fluctuation limit is imposed shall not be included in the calculations of numerical standards under the preceding paragraph.
- When non trade-related factors (such as ex-rights or ex-dividend factors) have caused fluctuations in the price of a security or an index during the period for which standards under the preceding paragraph are calculated, those factors shall be excluded when calculating the percentage of increase or decrease in the closing price or the closing index.
- The standards of the preceding paragraph shall not apply when the closing price of a security (excluding call (put) warrants) is less than NT$5.
- The provisions of the preceding paragraph regarding same-sector securities shall not apply when there are fewer than five securities in a given sector.
- The provisions of the preceding paragraph regarding same-sector securities shall not apply when a security has a negative price-to-earnings ratio or is trading at 60 times earnings or above.
- The standards in the preceding paragraph shall not apply if the percentage of premium or discount of the securities announced through the Market Observation Post System (MOPS) for the preceding business day meets one of the following conditions:
- It does not exceed 10 percent.
- The direction of movement is opposite that of the standard increase or decrease under the preceding paragraph.
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