When an issuer registers a planned offering and issuance of overseas securities with the FSC by duly submitting all required documents, the registration will automatically become effective after 12 full business days from the day on which the registration materials were received by the FSC and any FSC-designated agencies.
The FSC may suspend the effectiveness of a registration where the registration materials submitted are not complete or have not been completely filled out, or where it is necessary to do so in order to safeguard the public interest.
Where an issuer submits incomplete registration materials or fails to fill out its registration materials completely, and acts on its own to rectify such insufficiency before the FSC issues a notification to suspend the registration, the registration shall become effective after 12 full business days from the day on which the materials rectifying the insufficiency were received by the FSC or an FSC-designated agency.
Where an issuer registers to sponsor issuance of overseas depositary receipts or to offer and issue overseas stocks, and a subsequent change in the issue price prompts it to submit amended registration materials to the FSC or an FSC-designated agency before the registration becomes effective, the registration will still become effective within the registration waiting period set forth under paragraph 1, and the provisions of the preceding paragraph shall not apply.
After receiving notice of suspension of registration, an issuer may submit further materials to rectify the cause of suspension; if the FSC does not then reject the registration or notify the registrant to effect further rectification, the registration shall become effective after 12 full business days from the day on which the rectified registration materials are received by the FSC and any FSC-designated agencies.
After the FSC suspends a registration, if the issuer fails, within 12 business days from the day on which it receives a letter notifying it of said suspension, to act in accordance with the provisions of the preceding paragraph to apply for lifting of the suspension, or it applies for lifting of the suspension but the cause of suspension has not been eliminated, the FSC may reject the registration.