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Article NO. Content

Title:

Taiwan Stock Exchange Corporation Rules Governing Review of Call (Put) Warrant Listings  CH

Amended Date: 2019.05.03 
Categories: Primary Market > Review
Article 8     When any circumstance set forth in the subparagraphs below occurs after an issuer obtains qualification approval, its issuance of call (put) warrants shall be suspended, and resumed only after such circumstances are rectified. The issuance of any warrants already approved but not yet issued shall be suspended, and the suspension shall be reported to the competent authority; the validity of any call (put) warrants already issued shall not be affected:
  1. The issuer fails to conform to paragraph 1 or the latter part of paragraph 2, Article 3 of the Issuance Regulations;
  2. The issuer fails to conform to any of the financial conditions in Article 5, paragraph 2, subparagraphs 1 and 2, or paragraph 3, subparagraphs 1, 2 and 5, of the Issuance Regulations, or its latest financial report as having been reviewed by a CPA fails to conform to the above provisions;
  3. The operation of warrants business fails to conform to any of the circumstances in Article 5, paragraph 2, subparagraphs 4 to 7 of the Issuance Regulations, or a branch unit as mentioned in Article 5, paragraph 3, subparagraph 5 of the Issuance Regulations fails to conform to the aforementioned provisions.
  4. Any of the circumstances in Article 7, subparagraphs 3 to 10 of the Issuance Regulations applies to the issuer.
    If any of the events listed in the subparagraphs below occurs after an issuer has obtained qualification approval, the issuer shall be restricted from applying for issuance of call (put) warrants for 1 year. The issuance of warrants already approved but not yet issued shall be suspended, and the suspension shall be reported to the competent authority for recordation. However, the validity of call (put) warrants already issued shall not be affected:
  1. The issuer is ranked in Level 5 for the most recent year, or in Level 4 for the most recent 2 years, in the assessment conducted pursuant to the Operational Guidelines for Assessment of Securities Firms Risk Management System.
  2. The issuer has violated Article 17, paragraph 1 herein or provisions of the TWSE Operation Directions Governing Liquidity Providers of Call (Put) Warrants, and it has been sanctioned within the most recent year by the TWSE and the Taipei Exchange ("TPEx") by imposition of penalties in a cumulative amount of NT$300,000 or more or by restriction of application for issuance of call (put) warrants two times.
  3. The issuer has been restricted by the TWSE from applying for issuance of call (put) warrants because of an irregularity in the quotation system of its call (put) warrant liquidity provider in the current year, and it still has failed to take corrective action.
    Directions for handling irregularities in the quotation system of a call (put) warrant liquidity provider shall be separately prescribed by the TWSE.
    The TWSE may report an issuer in writing to the competent authority for recordation if the issuer fails to issue any call (put) warrants for 1 year or more, or if the issuer has been under suspension from call (put) warrants issuance pursuant to paragraph 1 for 1 year or more and still fails to take corrective action.