Taiwan Stock Exchange - Rules & Regulations Directory
Article NO. Content
When a securities firm recommends to a customer a subscription to the stock of a company under Article 15-1, paragraph 1, it may issue under its own name research reports that it has prepared itself or outsourced, and shall disclose any relevant conflicts of interest of the securities firm or of the persons who wrote or reviewed the research report.
A research report referred to in the previous paragraph shall be written or reviewed by a qualified securities investment analyst of a securities investment consulting enterprise or by a qualified senior associated person registered with the TPEx.
The researchers of a securities firm, prior to the release of a research report, may not discuss the content of the report with anyone outside of the research department, except for necessary discussions with the reviewing department during the research report review procedures.
The securities firm's performance evaluation method for the researchers may not affect the independence of the researchers.
When a securities firm recommends to a customer a subscription to the stock of a company under Article 15-1, paragraph 1, it shall, after having the research report signed by the responsible person of the securities firm or the head of the authorized and responsible department, have the recommendations thereunder made by an associated person.
Before making any oral recommendation to a customer, securities firm personnel handling recommendation business shall have a full understanding of the relevant research reports.
When a securities firm distributes research reports in print or delivers them directly to the customer through a system or network under the name of the securities firm, it shall clearly indicate the author, the name of the securities firm, and the date of the information, and furthermore shall add the following notations: "This recommendation material is for reference only. Investors should carefully consider their own investment risks and take sole responsibility for the outcome of their investments." and "May not be reprinted without permission."
If the media requests consent from the securities firm to reprint or report content from the research report, the content for which the securities firm gives consent for reprinting or reportage may not involve any forecasts of information such as the company's value, finances, or business.