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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.
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.
Where the securities referred to in the preceding article are pledged, participants may deliver the pledged securities by book-entry transfer.
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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