As used in Article 27-2, subparagraph 2 and Article 28-8, subparagraph 4 of the Rules, "acted in violation of the principle of good faith" means that any of the following circumstances applies to an applicant company or a company controlled by a foreign issuer applying for TWSE primary listing, or to an incumbent director, supervisor, general manager, or de facto responsible person of the applicant company or controlled company, and the circumstances are material and without reasonable cause:
- Being in arrears in the repayment of any loan extended to it by a financial institution.
- Any commission of a crime under commercial, financial, securities, or tax laws, or commission of a crime of corruption, malfeasance in office, fraud, breach of fiduciary duty, or embezzlement, for which a sentence of imprisonment for a fixed period or a more severe penalty was handed down by a court judgment.
- Having violated the matters declared in the declaration it submitted at the time of application.
- Having been involved in misrepresentation or suffered a loss of credit, causing damage to the interests of the company, the rights and interests of its shareholders, or the public interest.
- The circumstances under subparagraphs 1 through 3 above do not fall within the scope of this provision when they are not material or occurred due to reasonable cause.