When a securities firm that applies for listing of ETNs to be issued is in any of the following circumstances, the TWSE may reject its application and report the rejection to the competent authority for recordation.
- Not all required application documents are submitted, and the failure is not corrected within the time period specified by the TWSE.
- The application is in violation of law or is involved in falsehood or concealment.
- The securities firm has the circumstances described in Article 8 of the Issuance Regulations.
- The securities firm has the circumstances described in Articles 20 and 21 or is otherwise prohibited by the TWSE from applying for listing of its ETNs and the restriction remains valid.
- Other circumstances for which the TWSE advises against listing of its ETNs.