Article 1
    These Rules are adopted pursuant to Article 55 of the Operating Rules of Taiwan Stock Exchange Corporation (TWSE).

Article 2
    The term "beneficial certificate" as used in these Rules includes:

1. Any beneficial certificate for an offering of a closed-end securities investment trust fund issued by a securities investment trust enterprise ("SITE") pursuant to the Regulations Governing Securities Investment Trust Funds.
2. Any of the following beneficial certificates issued for an offering of an exchange-traded securities investment trust fund ("ETF") by a SITE pursuant to the Regulations Governing Securities Investment Trust Funds, by an offshore fund manager or its designated institution ("offshore fund entity") pursuant to the Regulations Governing Offshore Funds, or by a futures trust enterprise pursuant to the Regulations Governing Futures Trust Funds:
1. Beneficial certificates issued by a SITE for an offering of a securities investment trust ETF ("securities investment trust ETF") (such certificates hereinafter called "securities investment trust ETF beneficial certificates):
1. The term "securities investment trust ETF with domestic component securities" refers to an ETF in which the component securities of its underlying index are all domestic securities.
2. The term " securities investment trust ETF with foreign component securities" refers to an ETF in which the component securities of its underlying index contain one or more foreign securities, or to an ETF as specified under Article 37, paragraph 4 of the Regulations Governing Securities Investment Trust Funds ("linked ETF").
3. The term "leveraged or inverse securities investment trust ETF" refers to an ETF that tracks, simulates, or replicates a multiple of the performance of an index ("leveraged ETF") or a multiple of the inverse performance of an index ("inverse ETF").
2. Any beneficial certificate, fund share or investment unit issued for an offering of an offshore ETF ("offshore ETF") issued by an offshore fund entity ("offshore ETF beneficial certificates").
3. Any beneficial certificate issued by a futures trust enterprise for an offering of an exchange-traded futures trust fund ("futures ETF") (such certificates hereinafter called "futures ETF beneficial certificate"). If intended to track, simulate or replicate the performance of its underlying indexes in the positive direction ("leveraged futures ETF") or opposite (inverse) direction ("inverse futures ETF"), the fund is called a leveraged or inverse futures ETF.
4. Any foreign-currency beneficial certificate of a fund offered by a SITE pursuant to item 1 ("underlying ETF beneficial certificate").
3. Any beneficial certificate issued by a trustee institution for the establishment of a real estate investment trust ("REIT") fund pursuant to the Real Estate Securitization Act.

Article 3
    Book-entry settlement of beneficial certificates listed for trading on the TWSE's centralized securities exchange market shall be conducted by a central securities depository, and the trustor may not apply for withdrawing those beneficial certificates.
    When a principal trades in any of the following ETF beneficial certificates, the securities firm may only accept the order after the principal has signed a separate risk disclosure statement:

1. futures ETF beneficial certificates
2. leveraged or inverse securities investment trust ETF beneficial certificates
3. ETF beneficial certificates traded in foreign currency
4. underlying ETF beneficial certificates
5. beneficial certificates of non-investment grade bonds ETFs
6. beneficial certificates deemed necessary by the TWSE

    The following funds and accounts may be exempted from signing risk disclosure statements: privately placed securities investment trust funds managed by professional institutional investors or SITEs, futures trust funds offered by futures trust enterprises to persons with prescribed qualifications, discretionary investment accounts managed by SITEs, securities investment consulting enterprises or securities brokers concurrently operating securities investment consulting enterprises, and discretionary investment accounts managed by managed futures enterprises.
    The matters that must be set out in the risk disclosure statement as referred to in paragraph 2 will be     separately prescribed by the TWSE.
"Professional institutional investors" in paragraph 3 means the professional institutional investors defined in the Regulations Governing Offshore Structured Products.

Article 4
    A principal that trades in leveraged or inverse securities investment trust ETF beneficial certificates or leveraged or inverse ETF beneficial certificates for the first time is required to meet at least one of the following conditions:

1. The principal has opened a margin account.
2. The principal has had at least 10 trading orders for call (put) warrants executed within the most recent one year.
3. The principal has had at least 10 trading orders of futures trading contracts listed on the Taiwan Futures Exchange executed within the most recent one year.
4. The principal has trade confirmation records of leveraged and inverse securities investment trust ETF beneficial certificates or leveraged and inverse futures ETF beneficial certificates.

    The principal may apply to a securities firm by correspondence or electronic means that is sufficient to identify the applicant as the principal himself/herself/itself and confirm his/her/its indication of intent.
    Professional institutional investors that conform to Article 3 of the Regulations Governing Offshore Structured Products, privately placed securities investment trust funds managed by professional institutional investors or SITEs, futures trust funds offered by futures trust enterprises to persons with prescribed qualifications, discretionary investment accounts managed by SITEs, securities investment consulting enterprises or securities brokers concurrently operating securities investment consulting enterprises, or discretionary investment accounts managed by managed future enterprises are not governed by paragraph 1.
    Should the principal engage in irregular trade in order to fulfill the conditions in the first paragraph, the securities firm shall ascertain whether the principal has actual trading experience in respect of beneficial certificates as mentioned in the first paragraph and may, where necessary, refuse to accept trading orders from the principal.

Article 4-1
    A principal trading the beneficial certificates of leveraged or inverse securities investment trust ETFs for the first time shall complete a checklist of beneficial certificates of leveraged or inverse securities investment trust ETFs for the principal to read carefully and sign before the securities firm may accept the principal’s order. The principal may do so by correspondence, e-mail, facsimile, or electronic means that is sufficient to identify the principal as itself and confirm its indication of intent.
    The aforementioned checklist of beneficial certificates of leveraged or inverse securities investment trust ETFs shall be created by the TWSE.
    Professional institutional investors that conform to the Regulations Governing Offshore Structured Products, privately placed securities investment trust funds managed by SITEs, futures trust funds offered by futures trust enterprises to persons with prescribed qualifications, discretionary investment accounts managed by SITEs, securities investment consulting enterprises or securities brokers concurrently operating securities investment consulting enterprises, or discretionary investment accounts managed by managed future enterprises are not governed by paragraph 1.

Article 5
    When the original market on which the offshore ETF beneficial certificates circulate is closed, the beneficial certificates will continue to be traded on the TWSE central market.
    When the original market on which the foreign securities of the component securities of the underlying index of a securities investment trust ETF with foreign component securities circulate is closed, the beneficial certificates and underlying ETF beneficial certificates will continue to be traded on the TWSE central market.
     For a leveraged or inverse securities investment trust ETF of which the component securities of the underlying index contain one or more foreign securities, when the overseas market on which those securities circulate or the exchange market of the investment object is closed, the beneficial certificates and underlying ETF beneficial certificates will continue to be traded on the TWSE central market.
     When the original market of the foreign futures contracts of the component securities of the underlying index of a futures ETF is closed, the beneficial certificates will continue to be traded on the TWSE central market.

Article 6
    The minimum lot size for trading beneficial certificates shall be represented by one trading unit or its integer multiples, where one trading unit equals 1,000 beneficial units. The trading unit of offshore ETF beneficial certificates may be determined by offshore fund entities. The trading unit of underlying ETF beneficial certificates may be determined by SITEs.
     Fractions of a trading unit are governed mutatis mutandis by the TWSE Regulations Governing Odd-Lot Trading of Listed Shares.

Article 7
    Quote information consists of the bid and offer price per beneficial unit. The currency that such prices are quoted in is the currency in which the SITE, offshore fund entity, futures trust enterprise or trustee institution applies to the TWSE for listing.
    The minimum tick size of ETF beneficial certificates and real estate investment trust beneficial securities is one cent, or NT$0.01, for beneficial units quoted less than NT$50, and five cents, or NT$0.05, for beneficial units quoted at more than or equal to NT$50.
    Provisions regarding minimum tick sizes for beneficial certificates other than those specified in the preceding paragraph are subject mutatis mutandis to the minimum tick size rules for listed stock prices.

Article 8
    The relevant daily price fluctuation limit provisions for listed stocks shall apply mutatis mutandis to beneficial certificates after they are listed, provided no price fluctuation limits are imposed on the following beneficial certificates:

1. securities investment trust ETF beneficial certificates with foreign component securities, and the underlying EFT beneficial certificates.
2. futures ETF beneficial certificates that track a foreign futures index.
3. offshore ETF beneficial certificates.

     For a leveraged or inverse securities investment trust ETF of which the component securities of the underlying index are all domestic securities, the relevant daily price fluctuation limit for the beneficial certificates and their underlying EFT beneficial certificates shall be 10 percent multiplied by the multiple of the fund. No price fluctuation limits are imposed on the beneficial certificates and their underlying EFT beneficial certificates where the component securities of the underlying index contain one or more foreign securities.

Article 9
     The calculation basis for the price fluctuation limits on beneficial certificates except offshore ETF beneficial certificates for the first day of listing are determined on the business day before listing in accordance with the following rules:

1. For a securities investment trust fund offered by a securities investment trust enterprise, the net asset value per unit of beneficial interest on the most recent business day, obtainable by calculation pursuant to Article 72 of the Regulations Governing Securities Investment Trust Funds.
2. For a futures trust fund offered by a futures trust enterprise, the net asset value per unit of beneficial interest on the most recent business day, obtainable by calculation pursuant to Article 76 of the Regulations Governing Futures Trust Funds.
3. For a real estate investment trust fund established by a trustee institution, the net asset value per unit of beneficial interest calculated according to the provisions of the real estate investment trust contract.
4. For an underlying ETF beneficial certificate, the ratio of its trading units to the trading units of the beneficial certificates mentioned in Article 2, paragraph 1, subparagraph 2, item 1 and the net asset value per unit of beneficial interest on the most recent business day as converted at the exchange rate.

    With respect to the beneficial certificates referred to in the preceding paragraph, the auction reference price at market opening on the first day of listing shall be the price arrived at by processing the calculation basis set under the same paragraph, pursuant to Article 7, paragraphs 2 and 3 herein.
    With respect to offshore ETF beneficial certificates, the auction reference price at market opening on the first day of listing shall be the price arrived at by processing the latest net asset value per unit of the offshore fund, during TWSE business hours on the day before listing as published by the representing master agent of the offshore fund pursuant to Article 14 of the Regulations Governing Offshore Funds, pursuant to Article 7, paragraph 2 herein.

Article 10
    Any beneficial certificate trade of which settlement is conducted after the date of suspension of changes to entries in the register of beneficial owners for the determination of the record date of distribution by the SITE pursuant to Article 77 of the Regulations Governing Securities Investment Trust Funds or by the futures trust enterprise pursuant to Article 78 of the Regulations Governing Futures Trust Funds shall be an ex-dividend transaction.
    On the commencement date of ex-dividend trading, the price fluctuation limits for those trades shall be calculated based on the previous day's closing price minus the dollar amount of distributed gains. When there is no previous day's closing price, the closing price shall be replaced with the price determined by the principles laid down in Article 58-3, paragraph 4, subparagraph 2 of the TWSE Operating Rules.

Article 10-1
    In the event of split or reverse split of ETF beneficial certificates, daily fluctuations on a trading day after listing of split or reverse-split beneficial certificates shall be calculated on the basis of the closing price of the beneficial certificates on the last trading day prior to the split or reverse split divided by the ratio of number of beneficiary units after the split or reverse split to the number of original beneficiary unit.
    In the absence of closing price on last trading day for the split or reverse-split beneficial certificates in the preceding paragraph, the price determined according to the guidelines under Article 58-3, paragraph 4, subparagraph 2 of the TWSE Operating Rules shall be used instead.

Article 10-2
    A trade of REIT beneficial securities of which settlement is conducted after the date of suspension of changes to entries in the register of beneficial owners for the determination of the record date for the distribution of gains or additional public offering of REIT beneficial securities by the trustee in accordance with the REIT contract, shall be an ex-dividend or ex-rights transaction.
    On the commencement date of ex-dividend trading, the price fluctuation limits for those trades shall be calculated based on the previous day's closing price minus the amount of distributed gains.
    On the commencement date of ex-rights trading, the price fluctuation limits for those trades shall be calculated by one of the following approaches:

1. Where the issuing price of each beneficial unit of the REIT beneficial securities in the trustee’s additional public offering is lower than the closing price of the day preceding the commencement date of the ex-rights trading period, for the calculation of the price fluctuation on the commencement date of ex-rights trading, the amount of increase shall be calculated based on the previous day's closing price, and the amount of decrease shall be calculated based on the previous day's closing price minus the value of rights in the REIT beneficial securities in the additional public offering.
2. Where the issuing price of each beneficial unit of the REIT beneficial securities in the trustee’s additional public offering is higher than the closing price of the day preceding the commencement date of the ex-rights trading period, for the calculation of the price fluctuation on the commencement date of ex-rights trading, the amount of increase shall be calculated based on the previous day's closing price minus the value of rights in the REIT beneficial securities in the additional public offering, and the amount of decrease shall be calculated based on the previous day's closing price. The value of rights in the preceding paragraph is calculated by the TWSE.

    When there is no closing price on the day preceding the commencement date of ex-dividend or ex-rights trading, the closing price shall be replaced with the price determined by the principles stipulated in Article 58-3, Paragraph 4, Subparagraph 2 of the TWSE Operating Rules,

Article 11
    A SITE that issues ETF beneficial interest certificates, a futures trust enterprise , or an offshore fund institution shall designate a liquidity provider to provide liquidity when the certificate is traded on the centralized market of the TWSE. The relevant operational guidelines shall be adopted separately by the TWSE.

Article 12
    A securities firm shall sign the relevant agreements with the SITE before it may begin to conduct procedures relevant to the creation or redemption of securities investment trust ETF beneficial certificates for its own account or on behalf of its customers.
    A securities firm that carries out operations for creation or redemption of futures ETF beneficial certificates for its own account or on behalf of customers may do so only after entering into a relevant contract with the futures trust enterprise.
    A securities firm shall sign the relevant agreements with the offshore fund institution before it may begin to conduct creation or redemption of offshore ETF beneficial certificates for its own account or on behalf of its customers.
    A securities firm shall report any creation or redemption operations, conducted for its own account or on behalf of its customers, of beneficial certificates of ETFs except those of offshore ETFs to the TWSE.
    The reporting operations specified in the preceding paragraph do not apply to the creation or redemption operations of offshore ETF beneficial certificates, but the central securities depository shall nevertheless transmit to the TWSE the itemized information on any transfers.

Article 13
    A securities firm that signs relevant agreements under paragraph 1, 2 or 3 with a SITE, futures trust enterprise, or offshore fund institution is referred to as a participating dealer. A participating dealer shall meet the following conditions and pass the review of the TWSE before being issued a written approval:

1. The capital adequacy ratio of the securities firm has remained over 150% for the last six months, save in the event of a financial institution acting concurrently as a securities firm, in which case the capital adequacy ratio is governed by the relevant provision of Article 44 of the Banking Act; provided, however, the above does not apply to a Taiwanese branch of a foreign securities firm where the head office of the home country has calculated its own capital adequacy ratio according to the local laws and regulations, with the operating risk of the Taiwanese branch included in the calculation, and the criteria are met, and the Financial Supervisory Commission has granted exemption from the capital adequacy ratio requirements that are applicable to Taiwanese securities firms.
2. A long-term credit rating of a specific level or higher from a credit rating agency shall be obtained: Taiwan Ratings Corporation twBB- or above, Moody's Investors Service, Inc. Ba3 or above, Standard & Poor's Ratings Services BB- or above, or Fitch Ratings Ltd. BB- or above, or Fitch Ratings Limited, Taiwan Branch BB-(twn) or above. In the event of a financial institution acting concurrently as a securities firm, the credit rating of the financial institution may apply. In the event of a Taiwanese branch of a foreign securities firm, the credit rating of the group's financial holding company may apply.

    A securities firm shall enter into a participation agreement with the SITE, offshore fund institution or futures trust enterprise within one year of said firm's procurement of the written approval of the TWSE, to become a participating dealer. A domestic securities firm having established a service agreement with an affiliate of a participating dealer of offshore ETF beneficial certificates in the same enterprise group and handling the relevant matters is also deemed a participating dealer of offshore ETF beneficial certificates.
    A securities firm which acts as a participating dealer with the TWSE's permission or which has obtained the permission but has not signed the agreement shall desist from acting as a participating dealer if it has failed to comply with paragraph 1, subparagraph 1 for two consecutive months, and may not be reinstated until it has fulfilled the requirement governing the capital adequacy ratio or percentage accounted for by adjusted net capital in the total amount of customer margins required for the open positions of futures traders for three consecutive months and procured the approval of the TWSE.

Article 14
    If on a same day the amount of component securities portfolio of the underlying index of a securities investment trust ETF with domestic component securities purchased by a securities firm for its own account or on behalf of a single account, or the total amount of the aforementioned purchased securities plus that securities firm's original holdings and borrowings thereof and the amount of securities it purchased or acquired through in-kind redemption on the preceding day, meets the requirements for in-kind creation of that ETF beneficial certificate, and on that same day it sells the same quantity of that beneficial certificate; or if on a same day the amount of beneficial certificates of a securities investment trust ETF with domestic component securities that a securities firm purchases for its own account or on behalf of a single account, or the total amount of the aforementioned purchased certificates plus that securities firm's original holdings and borrowings thereof and beneficial certificates it purchased or acquired through in-kind creation on the preceding day, meets the requirements for in-kind redemption of the component securities portfolio of the underlying index of that ETF, and on that same day it sells the same quantity of those component securities portfolio of the underlying index of the ETF; then that securities firm's settlement, and subsequent related matters, shall be conducted according to the following provisions:

1. 1. On the transaction date, the securities firm, via computer link, shall report to the TWSE and submit an application to postpone settlement.
2. If the securities firm reports the sale of beneficial certificates, or component securities portfolio of the underlying index, of a securities investment trust ETF with domestic component securities, and applies for postponing settlement pursuant to the preceding subparagraph, after the TWSE has reviewed and approved the application it shall prepare a statement and transmit an electronic file thereof to the central securities depository to conduct the relevant operations accordingly. The provisions of Article 109 of the TWSE Operating Rules do not apply to the aforementioned operations.
3. After the securities firm has completed settlement on the second business day after the transaction date for the component securities portfolio of the underlying index, or beneficial certificates, of a securities investment trust ETF with domestic component securities that it has purchased, and for any price payable for other purchases, the component portfolio securities or beneficial certificates receivable by it shall be transferred to serve as collateral for the postponed settlement, and the TWSE will notify the central securities depository to thereupon apply to the SITE for the in-kind creation of that beneficial certificate, or in-kind redemption of the component securities portfolio of the underlying index of the fund to unwind the position.
4. If the component securities portfolio of the underlying index of a securities investment trust ETF with domestic component securities listed for trading on the GreTai Securities Market (GTSM) includes exchange-listed securities, after the TWSE receives notification from the GTSM regarding the portion of listed securities sold by the securities firm, the TWSE shall prepare a statement for that portion and transmit an electronic file thereof to the central securities depository pursuant to subparagraph 2.

     When a securities firm conducts creation of leveraged or inverse securities investment trust ETF beneficial certificates in which the component securities of the underlying index are all domestic securities, for its own account or on behalf of its customers, after confirmation has been given by the securities investment trust enterprise, the beneficial certificates may be sold from the date of creation. When the component securities of the underlying index contain one or more foreign securities, after confirmation has been given by the securities investment trust enterprise, the beneficial certificates may be sold from the business day preceding the day when they are registered with the central securities depository.
     When a securities firm conducts creation of ETF securities investment trust beneficial certificates for its own account or on behalf of its customers, and their component securities of the underlying index are all domestic securities, after confirmation has been given by the securities investment trust enterprise, the beneficial certificates may be sold on the day of creation. If their component securities of the underlying index contain one or more foreign securities, after confirmation has been given by the securities investment trust enterprise, the beneficial certificates may be sold on the business day before they are registered with the central securities depository.
    When a securities firm carries out creation of ETF beneficial certificates for an offshore exchange-traded fund for its own account or on behalf of its customers, those ETF beneficial certificates may, subject to confirmation of the participating securities firm, be sold on the second business day after the creation.
    When a securities firm conducts creation of original and leveraged and inverse ETF futures trust fund beneficial certificates for its own account or on behalf of its customers and their components of the underlying index are all domestic futures contracts, after confirmation has been given by the futures trust enterprise, the beneficial certificates may be sold on the business day following the creation. If their components of the underlying index contain one or more foreign futures contracts, after confirmation has been given by the futures trust enterprise, the beneficial certificates may be sold on the business day before they are registered with the central securities depository.
    When ETF securities investment trust fund beneficial certificates, ETF futures trust fund beneficial certificates, leveraged and reverse ETF securities investment trust fund beneficial certificates, leveraged and reverse ETF futures trust fund beneficial certificates, and offshore ETF beneficial certificates are listed as alerted securities subject to advance collection of funds and securities, the positions for which the securities firm conducts creation for its own account (including liquidity providers) or on behalf of its customers shall not be sold after they are registered with the central securities depository in the same manner as how advance collection of funds and securities is handled for that underlying index.

Article 14-1
    During the split and reverse split of ETF beneficial certificates, creation and redemption thereof shall be suspended from two business days before the lock-up date until the end of the lock-up period.

Article 15
    A principal to trade in ETF beneficial certificate in foreign currency may not do so until after it has opened a foreign savings account with a foreign exchange bank designated by a securities broker.

Article 16
    A securities broker to accept an order of a principal for the purchase of foreign-currency ETF beneficial certificates shall collect full payment before proceeding to report the purchase, unless the principal has engaged a trustee institution to handle settlement affairs.
    The advance collection of payment for the purchase mentioned in the preceding paragraph is governed by the Operation Directions for the Advance Collection of Funds and Securities by Securities Brokers in Brokerage Trading mutatis mutandis.

Article 17
    ETF beneficial certificates traded in foreign currency are not eligible for margin purchases and short sales, day trades, money lending and borrowing transactions in connection with securities business, money lending and borrowing transactions for indefinite purpose, financing of securities settlement, securities secured lending, and securities lending and borrowing transactions, nor may they be used as collaterals.
    The securities lending and borrowing transactions in the preceding paragraph do not include securities to be borrowed for settlement pursuant to Article 109 of the TWSE Operating Rules.

Article 18
    The total reported dollar amount of trading orders entered by a securities firm for foreign-currency ETF beneficial certificates for its own account or on behalf of principals in a single day is governed by Article 28-1 of the TWSE Operating Rules.
    The reported dollar amount of ETF beneficial certificates traded in foreign currency is included in the total reported trading amount in the preceding paragraph upon conversion at the exchange rate posted on the preceding day by the bank designated by the TWSE.

Article 19
    The beneficial certificates in Article 2, subparagraph 2, item 1 and their underlying ETF beneficial certificates may be swapped with each other at the ratio of one trading unit to one trading unit.
    If a principal applies to a securities broker for swapping, the TWSE will seek confirmation from a central securities depository that the amount sought in the application is less than or equal to the balance available in the custodial book-entry account and, upon such confirmation, advise the securities firm in response of the success of the swap application.
    The swap time is between 8:30 A.M. and 4:25 P.M.
    No swap application is allowed in respect of the beneficial certificates in paragraph 1 if they are used for purchasing and borrowing positions by way of margin purchase.
    The beneficial certificates in Article 2, subparagraph 2, item 1 and their additional ETF beneficial certificates shall, during the split and reverse split period, stop swapping from two business days before the lock-up date to until the end of the lock-up period.

Article 20
    No creation and redemption of underlying ETF beneficial certificates is permitted.

Article 21
    After the execution of a beneficial certificate trade, the fee rate provisions for listed stocks apply mutatis mutandis to any commission or transaction charge collected by the securities broker that accepted the order and the TWSE.
    After the execution of an ETF beneficial certificate trade, the securities broker that accepted the order and the TWSE will collect the aforementioned payment in the listing and trading currency.

Article 22
    The TWSE Operating Rules shall apply mutatis mutandis to the clearing and settlement of beneficial certificates.
    Separate settlement spreadsheets shall be prepared for ETF beneficial certificates traded in foreign currency. The TWSE Operating Rules shall apply mutatis mutandis to the clearing and settlement of such beneficial certificates. The applicable currency shall be the same as their listing and trading currency.

Article 23
    With respect to futures ETF beneficial certificates, in the event of a cumulative decline of 65% or more of the average net asset value per unit of the fund from the initial net asset value per unit of the fundfor the most recent 10 business days, then from the next business day following the public announcement by the TWSE, margin purchase and short sale transactions shall be halted, and securities borrowing and lending and day trading shall be suspended.
    With respect to futures ETF beneficial certificates, in the event of a cumulative decline of less than 65%in the daily net asset value per unit of the fund from the initial net asset value per unit of the fundfor 30 consecutive business daysfrom the implementation date of the measures under the preceding paragraph, then from the next business day following the public announcement by the TWSE, margin purchase and short sale transactions, securities borrowing and lending, and day trading shall be resumed.

Article 24
    With respect to futures ETF beneficial certificates, in the event of a cumulative decline of 75% or more in the average net asset value per unit of the fund from the initial net asset value per unit of the fundfor the most recent 10 business days, then from the next business day following the public announcement by the TWSE, securities brokers engaging in brokerage trading of the beneficial certificates together with the call (put) warrants that they underly shall collect in full the funds and securities in advance.
    The operation method for the advance collection of funds and securities under the preceding paragraph shall be subject mutatis mutandis to the Operation Directions for the Advance Collection of Funds and Securities by Securities Brokers in Brokerage Trading.
    With respect to futures ETF beneficial certificates, in the event of a cumulative decline of less than 75% in the daily net asset value per unit of the fund from the initial net asset value per unit of the fundfor 30 consecutive business days from the implementation date of advance collection of funds and securities under the preceding paragraph, then from the next business day following the public announcement by the TWSE, the requirement that securities brokers engaging in brokerage trading of the beneficial certificates together with the call (put) warrants that they underly collect in full the funds and securities in advance shall be cancelled.

Article 25
    With respect to futures ETF beneficial certificates, in the event of a cumulative declineof 85% or morein the average net asset value per unit of the fund from the initial net asset value per unit of the fundfor the most recent 10 business days, then from the next business day following the public announcement by the TWSE, other investors may only sell and may not place purchase ordersin trading beneficial certificates together with the call (put) warrants that they underly, with the exception of a call (put) warrant liquidity provider account or hedge account or a futures ETF beneficial certificate liquidity provider account.
    With respect to futures ETF beneficial certificates, in the event of a cumulative decline of less than 85% in the daily net asset value per unit of the fund from the initial net asset value per unit of the fund for 30 consecutive business days from the implementation date of the measures under the preceding paragraph, then from the next business day following the public announcement by the TWSE, investors may resume placing purchase orders for the beneficial certificates together with the call (put) warrants that they underly.

Article 26
    The trading of beneficial certificates shall be conducted in accordance with these Rules. For matters not specified herein, relevant rules and regulations of TWSE shall apply.

Article 27
    These Rules shall take effect after having been submitted to and approved for recordation by the competent authority. Subsequent amendments thereto shall be effected in the same manner.