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Article 12
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A foreign securities firm intending to apply for operating the business of OTC trading of financial derivatives shall furnish an approval letter or a performance undertaking from its board of directors, and shall then have an application submitted to the TPEx in the name of the foreign securities firm via a branch unit in the territory of the ROC, or via a branch unit established in the territory of the ROC by its directly or indirectly wholly-owned subsidiary. The foregoing branch unit in the territory of the ROC shall meet the qualification requirements set out in the preceding article, but for the regulatory capital adequacy ratio requirement, it may substitute the ratio of its head office, provided that the head office meets a standard similar to the requirement of paragraph 1, subparagraph 3 of the preceding article.
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