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Article 8
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Under any of the following circumstances, the competent authority may reject a securities firm's filing for registration to issue or reopen ETNs:
- The submitted registration documents are not submitted in full or do not furnish all the required particulars, and supplementation or correction cannot be completed by the deadline set by the competent authority.
- The securities firm does not comply with the requirements of Article 4.
- The securities firm does not comply with the requirements of Article 5, paragraph 2.
- There is a lack of appropriate risk management measures, or the design or implementation of its internal control system is materially deficient.
- The securities firm materially fails to prepare financial reports in accordance with applicable laws or regulations or generally accepted accounting principles.
- The securities firm files for registration to issue ETNs within 3 months counting inclusively from the date upon which it receives notification from the competent authority that a previous filing was rejected, voided, or revoked by the competent authority or that it withdrew a previous filing at its own discretion.
- The securities firm has already filed with the competent authority for registration to issue ETNs but the registration has not yet become effective. However, the same does not apply in the case of filing for registration to reopen ETNs.
- The securities firm has been incapable of meeting obligations in connection with a previous issue of ETNs.
- During the preceding year the securities firm failed to comply with TWSE or TPEx rules applicable to ETNs and was unable to make improvement within a specified time period.
- The competent authority discovers that the securities firm has committed any material violation of laws or regulations, or there is factual evidence of material irregularities with the securities firm's finances or business.
- The competent authority otherwise considers it necessary to reject registration in order to protect the public interest.
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