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Article NO. Content

Title:

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

Amended Date: 2021.03.31 (Articles 4-1, 6, 7, 8, 9, 11, 18, 21-3, 22-1, 22-2, 23, 24, 25, 27-1, 28, 30, 40, 41, 42-1, 43, 43-1, 44, 52, 52-1, 73 amended,English version coming soon)
Current English version amended on 2016.04.12 
Article 33     When an underwriter conducts public sale to outside parties partly by competitive auction and partly by public subscription, the underwriter shall carry out the following matters after the bid opening date:
  1. Day One:
    1. File the underwriting contract for registration with the Taiwan Securities Association.
    2. Send award notifications, prospectuses, and payment due notices.
    3. Refund bid deposits for unsuccessful and disqualified bids.
  2. Day Two:
    1. Publish underwriting announcement.
    2. Deadline for successful bidders' payment of the award price and award processing fee to the designated bank.
    3. Public subscription commencement date.
  3. Day Three: Date of deduction of successful bidders' award prices and award processing fees. Broker's bank undertakes matters regarding the deduction of the successful bidders' award prices and award processing fees.
  4. Day Four:
    1. Date of settlement of award prices, bid processing fees, award processing fees, and confiscated deposit prices.
    2. Public subscription period closes.
    3. Deadline for subscriber's payment of subscription processing fees, subscription payments, and postage expenses for lottery winner notification to the designated bank.
  5. Day Five: Date of deduction of subscription processing fees, subscription payments, and postage expenses. Broker's bank undertakes matters regarding deduction of subscribers' subscription processing fees, subscription payments, and postage for lottery winner notifications.
  6. Day Six: Date of public drawing of lots. TWSE undertakes the public drawing of lots. TWSE produces and sends a report of winner information to each broker. TWSE compiles and reports the information to the lead underwriter for provision to subscribers for their review.
  7. Day Seven:
    1. Brokers make no-interest refunds to non-lottery winners of bid deposits and prepaid postage; the subscription processing fees of non-lottery winners are not returned.
    2. Day Seven: Date of settlement of subscription processing fees, subscription payments, and postage expenses.
    3. Underwriters shall send lottery winner notifications, prospectuses (or subscription forms), and other relevant materials to lottery winners.
    4. Issuer applies to the TWSE or the TPEx for a securities listing on a stock exchange or OTC market.
  8. Day Eight: Specified parties make payment (the lead underwriter shall ascertain prior to 12 o'clock noon on that day whether the specified parties have made payment of the price) or underwriters carry out underwriting on standby commitment basis.
  9. Day Nine:
    1. Shareholders' register is completed.
    2. Issuer delivers certificates of payment to the Taiwan Depository & Clearing Corporation, or company applying for listing on a stock exchange or OTC market delivers shares to the Taiwan Depository & Clearing Corporation.
    3. Listing of securities on a stock exchange or OTC market is publicly announced.
  10. Day Ten: Securities are listed on the stock exchange or OTC market.
    If any of the dates set forth in any subparagraph of the preceding paragraph falls on a weekend, regular holiday, or bank holiday, it shall be postponed by one day, and the dates that follow shall be postponed accordingly.
    The dates specified under paragraph 1 may be changed if necessary by applying to the Taiwan Securities Association for approval.
    The award price referred to in paragraph 1 subparagraphs 2 and 3 shall be the purchase price for the securities, less the bid deposit as prescribed in Article 12 paragraph 2. In the event that the successful bidder fails to fulfill his payment obligation within the specified time period, the securities underwriter may confiscate the bid deposit, and shall subscribe on its own account, at the price offered to said successful bidder, to the units that were to have been allocated to said successful bidder.
    The procedures related to the allocation of securities by competitive auction by securities firms under paragraph 1 shall be separately prescribed by the Taiwan Securities Association.