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Article NO. Content


Taiwan Securities Association Rules Governing Underwriting and Resale of Securities by Securities Firms  CH

Amended Date: 2023.11.30 (Articles 4-1, 22-1, 30, 40, 43, 43-1, 44, 54, 73 amended,English version coming soon)
Current English version amended on 2016.04.12 
Article 15     With the exception of underwriting cases conducted by means of competitive auction for warrants that have been detached from preferred shares with detachable warrants or warrants that have been detached from corporate bonds with detachable warrants, which must be handled in accordance with the provisions of Article 17-1, securities shall be awarded on the basis of bid price in descending order. Identical bids shall be awarded in random order, generated by the Taiwan Securities Association using computer, until the entire offering has been awarded.
    The quantity awarded to each successful bidder shall not exceed the proportion provided under Article 9, paragraph 5. If the awarded quantity of securities exceeds said proportion, and the lots are cleared at a uniform price, the surplus lots are removed in random order generated by computer. If the lots are cleared at two or more different prices, lots of equal size are removed from either end of the price spectrum, until the prescribed proportion is reached. In the event that one lot remains after the above process, said lot shall be removed from the upper end of the price spectrum.
    In addition to complying with paragraph 2 of this Article, the securities underwriter shall also handle the results of the opening of bids in compliance with all other relevant laws and regulations, and shall provide all relevant data as prescribed by the TWSE and the Taiwan Securities Association.
    Each successful bidder shall subscribe the securities at the bidder's own award price.