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Article 6
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In recommending trades in securities to customers, a securities firm may issue under its own name research reports that it has prepared itself or outsourced, and shall disclose any relevant conflicts of interest of the securities firm or the personnel who wrote or reviewed the research report.<br/>A research report referred to in the previous paragraph shall be written by a qualified securities investment analyst of a securities investment consulting enterprise or by a qualified senior associated person registered with the TPEx. However, if a research report referred to in the preceding paragraph is obtained from a foreign securities institution, a qualified senior associated person registered with the TPEx may be substituted as a reviewer.<br/>A research report obtained from a securities firm's overseas parent company (or headquarters) or an affiliated enterprise of the overseas parent company (or headquarters) shall not be subject to the restrictions of the preceding paragraph.<br/>The securities firm's performance evaluation method for the researchers may not affect the independence of the researchers.<br/>The scope of research reports mentioned in paragraph 1 may, based on relevance to the industry to which the TPEx listed securities and registered Emerging Stocks belong, extend to cover securities that are not listed or registered on the TPEx. However, the research report must be printed with the words "without recommendation" in a distinctive typeface for any securities traded on markets for which the securities firm does not offer securities brokerage trading services. In addition, the securities firm is prohibited from accepting orders from customers to trade in such securities that are "without recommendation."
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