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Article 4
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A securities firm filing for registration to issue or to reopen (that is, to issue an additional amount of) ETNs shall meet the qualifying requirements listed below:
- It must be an integrated securities firm that concurrently engages in securities brokerage, underwriting, and dealership business.
- Its CPA audited and attested financial report for the most recent period shows net worth not less than NTD10 billion and not less than paid-in capital, and its financial condition meets the requirements of Articles 13, 14, 16, 18, 18-1, and 19 of the Regulations Governing Securities Firms.
- It must have reported a regulatory capital adequacy ratio of not lower than 250 percent for each of the preceding 6 months.
- It has not been subject to any disciplinary warning from the competent authority during the preceding 3 months.
- It has not been subject to any sanction imposed by the competent authority during the preceding 6 months ordering dismissal or replacement of any of its directors, supervisors, or managerial officers.
- It has not been subject to any sanction imposed by the competent authority during the preceding year requiring a suspension of business.
- It has not been subject to any sanction imposed by the competent authority during the preceding 2 years voiding its permission for any part of its business.
- It has not been subject to any sanction during the preceding year whereby the Taiwan Stock Exchange Corporation (TWSE), the Taipei Exchange (TPEx), or the Taiwan Futures Exchange Corporation (TAIFEX), acting pursuant to its rules, has suspended or restricted the securities firm's trading privileges.
Any securities firm in non-conformance with any of the conditions of subparagraphs 4 to 8 of the preceding paragraph but that has made concrete improvement and has satisfied the competent authority thereof may be exempted from the restrictions of those subparagraphs.
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