An application made to the TWSE by a listed company for issuance eligibility shall conform to the following provisions:
- The requirements in Article 12-1 of the Overseas Regulation shall be met, and none of the circumstances for rejection as set out in Article 9 applies.
- The applicant is not in a prohibited or restricted industry under the Statute For Investment By Overseas Chinese and Statute For Investment By Foreign Nationals.
- The applicant is in an industry permitted to make investments under the Measures Governing Investment Permits for the People of the Mainland Area and is not subject to other laws and regulations that restrict the shareholding of Mainland Area investors.
- The applicant is a FTSE TWSE Taiwan 50 Index or FTSE TWSE Taiwan Mid-Cap 100 Index company.
The TWSE will issue an eligibility consent if the requirements are confirmed met upon a review of the above application documents, stating that the listed company is qualified and that the consent will cease to be effective under any of the following circumstances, with a copy provided to the competent authority and the Central Bank of The Republic of China (Taiwan).
- Any of the circumstances from Subparagraphs (1) to (3) of the preceding paragraph applies before the registration of the issuance of Depositary Receipts with the competent authority, pursuant to Article 12-1 of the Overseas Regulation.
- The effective registration granted under Article 12-1 of the Overseas Regulation is revoked or voided.
- The deposit contract is terminated by the listed company or depositary institution.
The applicant shall register the issuance of Depositary Receipts with the competent authority within three months of the day the consent in the preceding paragraph is received, and shall re-apply to the TWSE if it fails to so register within said prescribed period.
The TWSE may reject an application for eligibility, with the competent authority copied, if the application documents submitted by the applicant are not complete and no cure is made within the time limit prescribed by the TWSE in a written notice of cure, or if the first paragraph is violated.
The TWSE review period is five business days either from the day the application is received, or from the day the required documents are received in the event of cure required.