A TWSE primary listed company may not terminate the mandate contract with the lead securities underwriter before the expiration of the mandate contract except for reason of a failure by the original lead securities underwriter to perform the mandate contract, a material dispute between the parties on the performance of the mandate contract, or other legitimate reasons submitted to the TWSE for approval, and termination of the mandate contract shall require the approval of the TWSE.
A TWSE primary listed company applying to the TWSE pursuant to the preceding paragraph to terminate the mandate contract with the original lead securities underwriter shall state in writing the reasons for the termination and the name of the succeeding securities underwriter that will continue to assist in legal compliance, and attach a written undertaking by the succeeding securities underwriter committing it to bear the obligations of lead securities underwriter, and the new mandate contract. The duration of the new mandate contract shall not be shorter than the remaining duration of the original mandate contract.
The succeeding securities underwriter referred to in the preceding paragraph shall comply with Article 28-2, paragraph 1 of the Review Rules.
The relevant provisions of these Directions shall apply when a TWSE primary listed company mandates another securities underwriter to assist in legal compliance pursuant to paragraph 2.
If a TWSE primary listed company fails to mandate another securities underwriter to assist in legal compliance pursuant to paragraphs 2 and 3, and such a mandate is required for the initial TWSE listing of stock, it is deemed to have "breached an undertaking made at the time of the application for TWSE listing." The TWSE may report the breach to the competent authority for recordation pursuant to Article 50-3, paragraph 1, subparagraph 6 of the Operating Rules of the Taiwan Stock Exchange Corporation, and then suspend the TWSE trading of the securities of the TWSE primary listed company. If such a mandate is required for the handling of a case under Article 6, paragraph 1, subparagraphs 1 to 3 of the Regulations Governing the Offering and Issuance of Securities by Foreign Issuers after TWSE listing, the TWSE may take dispositive measures pursuant to Chapter III of the TWSE Rules for Regulating Primary Listed Foreign Issuers.