In an underwriting by competitive auction, the securities underwriter shall administer bidding and auctioning in accordance with the following schedule:
When a securities broker notifies the successful bidders to carry out the deposit procedures under paragraph 1, subparagraph 4, it shall keep a record of the notice.
- Day One: Commencement of the tender.
- Day Three: Tender closure date (where day four falls on a weekend, the tender closure date shall be postponed by one day). Deadline for bidders to deposit their bid deposit and bid processing fee in the handling bank.
- Day Four: Date of deduction of the bid deposits and bid processing fees. Broker's bank undertakes matters regarding the deduction of the bidders' bid deposits and bid processing fees.
- Day Five: Bid opening date. Brokers notify successful bidders to carry out the deposit of the award price and the award processing fee.
In a case involving an initial listing of shares on a stock exchange or an OTC market, if, pursuant to Article 18, paragraph 3, the bids are not opened, the lead underwriter shall, on the first business day after the tender closure date, notify the Taiwan Securities Association. The securities brokers shall, on the third business day after the tender closure date, make no-interest refunds to the bidders of the bid deposits and of the bid processing fees less the relevant handling fees; on the same day, the brokers also shall perform the procedures for delivery of the bid processing fees.
The dates specified under paragraph 1 may be changed if necessary by applying to the Taiwan Securities Association for approval.