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Article 23
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The foreign securities purchased by securities firms on orders from principals, except in the case of professional institutional investors, shall be deposited by the securities firm, in its own name or in the name of the financial institution as sub-broker, in the custody of a depositary in the locale of the site of transaction, or placed in the custody of the Taiwan Depository & Clearing Corporation. Further, such record shall be recorded in detail in the account of the principal and in the reconciliation statement to facilitate review by the principal.<br/>The securities firm shall report the depositary referred to in the preceding paragraph to the securities dealers association for its record.
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