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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 34     When an underwriter conducts public sale to outside parties entirely by competitive auction, the underwriter shall carry out the following matters after the bid opening date:
  1. Day One: File the underwriting contract for registration with the Taiwan Securities Association. Begin mailing notifications of award, prospectuses, and payment due notices. Refund bid deposits for unsuccessful and disqualified bidders.
  2. Day Two:Publish underwriting announcement; deadline for successful bidders' payment of the award price and award processing fee to the designated bank.
  3. Day Three: Date of deduction of 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: Date of settlement of award prices, bid processing fees, award processing fees, and confiscated deposit prices. Issuer applies to the TWSE or the TPEx for a securities listing on a stock exchange or an OTC market.
  5. Day Five: Specified parties make payment; underwriter carries out underwriting on standby commitment basis.
  6. Day Six: Compilation of related registers is completed. Announcement of securities listing on a stock exchange or an OTC market.
  7. Day Seven: Securities are issued and listed on a stock exchange or an OTC market.
    In a secondary distribution, the procedures set forth in subparagraphs 6 and 7 under the preceding paragraph, which are connected with application for listing of securities on a stock exchange or an OTC market, need not be carried out.
    Where any of the dates set forth in 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 by 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.