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Article 10
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A non-defaulting securities firm may submit the following documents to the TWSE during the cooling-off period to apply for an exit:
- Explanatory documents including the letter of exit application and the board of directors meeting minutes.
- Supporting documents (as specified in the attached checklist) showing the payment of the capped additional contribution to the Clearing and Settlement Fund under paragraph 3 of the preceding article, the cessation of participation in market transactions, the completed performance of account transfers, settlement obligations with respect to funds and securities, and the full settlement of all accounts.
An application under the preceding paragraph shall be submitted before the five business days preceding and exclusive of the expiration date of the cooling-off period. The TWSE shall publicly announce the exit and report to the Competent Authority for recordation no later than the final day of the cooling-off period.
When a securities firm applies for an exit under paragraph 1, it shall simultaneously submit its application for termination of operations to the TWSE, which will forward it to the Competent Authority. If the Competent Authority issues a reply letter agreeing to the securities firm's termination of operations on the centralized exchange market, the securities firm, from the date of the TWSE's announcement of the exit, will no longer bear any obligation for any amount to be shared under paragraph 1, subparagraph 3 of the preceding article or for the replenishment of allocations under paragraph 2 of the preceding article.
"Exit" in this article means a scenario in which a non-defaulting securities firm, during the cooling-off period, has paid the capped additional contribution to the Clearing and Settlement Fund under paragraph 3 of the preceding article, ceased the participation in market transactions, completed operations including the performance of account transfers, settlement obligations with respect to funds and securities, and the full settlement of all accounts, and has submitted its application for termination of operations to the TWSE for forwarding to the Competent Authority.
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