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Article NO. Content


Taipei Exchange Regulations Governing the Conduct of Equity Crowdfunding by Securities Firms  CH

Amended Date: 2020.08.20 (Articles 26 amended,English version coming soon)
Current English version amended on 2019.01.02 
Article 26     An investor intending to subscribe shall first confirm a Risk Disclosure Statement (Attachment 4) through the securities firm's crowdfunding platform and agree to comply with the provisions of the Personal Information Protection Act before the investor may carry out subscription procedures. When the platform has checked and verified that the subscription does not exceed the investor's investment limit, it will complete the investor's subscription. Institutional angels, however, are not subject to this restriction.
    The "investment limit" of the preceding paragraph refers to the amount of investment made by an investor through a single securities firm's crowdfunding platform, which may not exceed NT$50,000 for each subscription through equity crowdfunding, and may not exceed NT$100,000 for the aggregate subscription during a period as defined in paragraph 2 of the preceding Article. This limit, however, does not apply to the amount that may be invested by an institutional angel for subscription to the shares of any company, nor does it apply to the amount that may be invested by a member of the board of directors, a supervisor, or a 10 percent or greater shareholder of the fundraising company.
    The point in time for determination of "a member of the board of directors, a supervisor, or a 10 percent or greater shareholder" as referred to in paragraph 2 shall be the record date of book closure before the company conducts the equity crowdfunding.
    With respect to institutional angels meeting the requirements of Article 13, paragraph 4, with the exception of a professional institutional investor under subparagraph 1 thereof or of a public company under subparagraph 2 thereof, for which the securities firm may directly create a file for the investor with no need for an application to be submitted, any institutional angel under the other subparagraphs thereof shall submit an application accompanied by the relevant supporting documents to the securities firm, to assist the securities firm in executing investment limit control operations after the securities firm has examined the application and found the requirements for investment are met.