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Article 7
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In the case a securities firm has issued ETNs and applies to the TWSE for listing of additional ETNs, after the responsible staff accepted the application, they shall check if the "application form for issuance of (additional) ETNs by securities firm" and the "application form for listing of additional ETNs", published by the competent authority, are properly completed and if all the required documents have been submitted, and perform the review of the application form and enclosed documents. Below is the information about the review procedure, key issues for review, and deadline to complete the review.
- Check documents submitted against the list of enclosures to the application form to see if all listed documents have been provided. If it is found not all documents are submitted, specify a certain period of time for submitting the missing documents. If the applicant fails to provide the requested documents, the TWSE may, subject to approval, issue a reply letter indicating its application will not be forwarded to the competent authority, and reject its application and notify the competent authority of the rejection.
- Key issues to be examined during document reviews:
- Review the ETNs to determine if they have met the requirements under Article 16, paragraph 1 of the Review Rules.
- If the requirements under Article 16, paragraph 2 of the Review Rules are met.
- Check against the "Inspection list to lawyer's opinion on listings of additional ETNs" (Schedule 7).
- In case of ETNs that track the performance of underlying indexes on foreign exchange, if the Central Bank of the Republic of China has been notified of the application and provided with application form and documents.
- Deadline: After accepting the application for listing of additional ETNs, the responsible staff shall complete the "Review of application for issuance of (additional) ETNs" and "Inspection list to listing of additional ETNs" (Schedule 8), published by the competent authority, and perform document reviews within five business days. If the review indicates the application has met the listing requirements, the TWSE will issue an approval letter for listing, including its review opinion, and the letter will be forwarded to the competent authority. In a special circumstance, however, the TWSE may request additional time for review subject to approval.
The approval letter for listing in the preceding paragraph shall state that the "TWSE has approved its application for listing of additional ETNs to be issued on the condition that its application for issuance of additional ENTs has been approved by the competent authority, and the ETNs it has issued continue to meet the requirements in Article 12 of the Taiwan Stock Exchange Corporation Rules Governing Review of Listing of Exchange Traded Notes".
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