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Article NO. Content


Taiwan Stock Exchange Corporation Procedures for Review of Securities Listings  CH

Amended Date: 2021.03.31 (Articles 5, 6, 7, 7-1, 11, 18, 28 amended,English version coming soon)
Current English version amended on 2020.12.08 
Categories: Primary Market > Review
Article 27     Reconsideration of Initial Stock Listing Applications
  1. In cases where the Review Committee has decided to reject the application or in cases where the application has been rejected by a resolution of the administering department pursuant to Article 7, paragraph 6 or Article 7-2, the applicant company may, within 20 days of the date of receipt of the TWSE's rejection notice, submit its reasons for requesting reconsideration and relevant materials to the TWSE for reconsideration.
  2. An applicant company's reasons for requesting reconsideration shall be limited to whether the grounds for the original rejection decision were erroneous.
  3. After the administering department has rendered a specific opinion on the application for reconsideration, the application shall be resubmitted to the Review Committee for review. During the review, the administering department shall compile the items discussed during the previous review's question and answer session for the reference of committee members. Following the Review Committee's review of the application for reconsideration, where there are determined to be no grounds for reconsideration or where according to relevant information the applicant is still unsuitable for listing, the signed consent of the TWSE's president shall be obtained and the application returned. Where there are determined to be grounds for reconsideration, the application shall be re-submitted to the TWSE's board of directors for ratification. In cases where the application was rejected in accordance with Article 7(6) or 7-2, the case shall be reviewed again by the administering department. If it holds that there are no grounds for reconsideration of the application or that relevant materials indicate there are still circumstances making listing unsuitable, it shall reject the application subject to signed approval from the president of the TWSE. Only where it deems there are grounds for reconsideration shall it submit the listing case for the review of the Review Committee based on the nature of the case, or submit the application for ratification by the board of directors.
  4. Where the Review Committee or the administering department has resolved that there are no grounds for reconsideration or that based upon the relevant materials the applicant is still unsuitable for listing, the applicant company may not make another application for reconsideration.
  5. Where an application for reconsideration is ratified by the board of directors, the company's stock shall be approved for listing.
  6. Where an applicant company withdraws its application for reconsideration during the reconsideration process, it shall be deemed not to have applied for reconsideration.
  7. The content to be reviewed in applications for reconsideration shall be strictly limited to whether the grounds for the original rejection decision were erroneous and whether any other conditions have subsequently arisen rendering the applicant unsuitable for listing. Apart from the provisions regarding solicitation of opinions in the listing review, the provisions of these Procedures shall apply mutatis mutandis to the reconsideration process and the period for reconsideration.