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Article 3
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Centralized settlement of securities as referred to in the preceding article by the TWSE, the Taipei Exchange (TPEx), securities firms, and securities finance enterprises shall be conducted by book entry.<br/>In order to conduct book-entry settlement as referred to in the preceding paragraph, the TWSE, the TPEx, securities firms, and securities finance enterprises shall open accounts with a CSDE, and thus become participants of a CSDE.<br/>Where the securities referred to in the preceding article are pledged, participants may deliver the pledged securities by book-entry transfer.<br/>An issuer that delivers non-physical securities by book-entry transfer shall open an account with a CSDE and thus become a participant of a CSDE.
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