| Article 15 |
The securities exchange where offshore call (put) warrants are issued by an issuer shall meet the following conditions:<br/>1. It must be organized as either a securities exchange or over-the-counter market subject to regulation by the local competent authority.<br/>2. The sovereign rating of the country where the warrants are to trade shall have a rating of a certain grade or higher from a credit rating institution recognized by the FSC. |
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