Regulations Governing the Offering and Issuance of Securities by Foreign Issuers Article 34
A secondary exchange (or OTC) listed company that sponsors issuance of TDRs shall prepare a prospectus. In addition to the particulars required in accordance with the laws and regulations of the secondary exchange (or OTC) listed company's country of registration and the country where its shares are listed, the following items shall be specified in the content of the prospectus:1. On the front cover of the prospectus, the TDR code shall be printed in the upper right hand corner, and the following items shall be printed in sequential order:A. Name of the company.B. The prospectus is prepared for purposes of an issue of TDRs: the source of the securities represented by the TDRs; the quantity of the securities represented; the total number of units issued; the price-setting method for the current issue; the premium/discount percentage of the issue price to the underlying stock price; the total monetary amount of the issue; the public underwriting percentage; the underwriting and allotment method. For the issuance plan, the internal page numbers to consult for the related content may be noted.C. Outline of the purpose of the fund utilization plan and anticipated benefits and notes referencing the internal page numbers for the related content.D. The following content shall be printed prominently:a. Country of registration of the issuer.b. The issuer is a company that is a foreign enterprise listed in Taiwan using New Taiwan Dollars.c. An investor shall carefully read the contents of this prospectus, and shall note the risks associated with this company. In addition, the internal page numbers to consult for the related content shall be noted.d. The effective registration of the securities may not be used in any advertisement as proof of the veracity of registration particulars or as a guarantee the value of the securities.e. If there is any misrepresentation or nondisclosure in the content of the prospectus, the foreign issuer and its responsible person and any other persons who have signed or sealed the prospectus shall be held liable in accordance with law.f. Web addresses for querying prospectus information, including the information disclosure website specified by the FSC and the website on which the company discloses information related to the prospectus.E. Date of printing.F. Related underwriting fees.G. In the event of any of the following circumstances, the company shall note the circumstance on the cover in a prominent font:a. Where there has been a change in the code of the TDRs, the original stock code shall be printed along with the new stock code in the fiscal year in which such change occurred and in the 2 consecutive fiscal years thereafter.b. Where there has been a change in the company name, the change shall be disclosed by printing the new and old names adjacently in the fiscal year in which such change occurred and in the 2 consecutive fiscal years thereafter.c. Where TDRs are issued in connection with a merger or acquisition (including merger or consolidation, acquisition, or demerger) or acquisition of another company's shares, if there are any restrictions on transfer or pledge of the issued TDRs, such restrictions shall be noted.H. A prospectus prepared in order to register for public offering and issuance of securities shall note on its front cover that it is a draft version for the purpose of such registration.2. The inside front cover of the prospectus shall have the following items relevant to the current issue printed in sequential order:A. Sources of the paid-in capital before the current issue, including the respective amounts from cash capital increase, capital increase through capitalization of retained earnings, capital increase through capitalization of capital reserve, capital increase in connection with a merger, or other sources of funds, and the respective ratios thereof to the paid-in capital amount.B. The prospectus distribution plan: specify the places where the prospectus will be displayed, the distribution methods, and the methods for requesting and obtaining the prospectus.C. Name, address, web address, and telephone number of the shareholder services agent.D. Name, address, web address, and telephone number of the depositary institution.E. Name, address, web address, and telephone number of the custodian institution.F. Name, address, web address, and telephone number of the credit rating institution.G. Names of the CPAs who attested the financial report for the most recent year and the domestic CPAs who reviewed it, and the CPA firm names, addresses, web addresses, and telephone numbers.H. Name of the domestic lawyers who prepared the legal opinion, and the name, address, web address, and telephone number of the law firm. If opinions of any other lawyers are used (e.g. lawyers of the country of registration and the country of the principal place of business), the above information for those lawyers shall also be disclosed together.I. Names, job titles, contact telephone numbers, and e-mail addresses of the spokesperson and deputy spokesperson.J. Company information (including addresses, web addresses, and phone numbers of the head office and any branches, and the name, job title, contact telephone number, and e-mail address of the litigious and non-litigious agent within the ROC).K. Address of website on which can be queried trading information of the country where the securities represented by the TDRs are listed and information on the finances and business of the company.3. The content of the prospectus shall specify the following items:A. Company overview (including a company and group introduction, group structure, risk matters, capital stock, directors, supervisors, managerial officers, and major shareholder information).B. Operations overview (including business scope, competitive strategy, business objectives, strategy, and plan; market, production, and sales overview; major contracts, and any other matters requiring supplementary explanation).C. Issue plan and fund utilization plan (including the price-setting method for the current issue and an analysis of the fund utilization plan) and matters stipulated therein.D. Financial overview (including summary financial data, financial statements, and a review and analysis of the financial condition and operating results, for the most recent 5 fiscal years, and other important matters).E. Status of corporate governance operations and other matters requiring supplementary explanation.F. Dividend policy and its implementation status.G. The concluding opinion of the securities underwriter's evaluation.H. Legal opinion issued by a lawyer.I. The principal content of the custody agreement (or other custody documents) and the depositary agreement.J. Any matters requiring attention in connection with restrictions on securities transactions by foreigner nationals, tax burdens, and tax payment procedures, of the secondary exchange (or OTC) listed company's country of registration and country in which its shares are listed.K. The highest, lowest, and average market prices of the stock represented by the TDRs for the most recent 6 months on any securities trading markets on which it is listed and the closing price on the business day preceding the filing date. Except in cases of public sale of TDRs prior to initial exchange listing (or OTC listing), a note shall also be made stating the differences in each of the aforesaid market prices between the markets on which the security is listed. If the period of listing has been less than 6 months, the stated period may be the actual period of listing.L. Rights exercisable by, or restrictions placed on, holders of the securities represented by the TDRs.M. For sponsored issuance of TDRs for purposes of conversion or performance of obligations in connection with exercise of foreign convertible bonds or corporate bonds with warrants listed for trading on an overseas securities market, the issuance rules for the convertible bonds or corporate bonds with warrants.N. Those who have retained an FSC-approved or -recognized credit rating institution to conduct a credit rating shall disclose the credit rating report issued by the credit rating institution.O. Any other important stipulations or other matters that the FSC requires to be specified.4. The back cover of the prospectus shall be signed or sealed by more than half of the company's directors and by its general manager.5. The securities underwriter and its responsible person, CPAs, lawyers, and other experts shall sign or seal the prospectus indicating their endorsement of the part for which they are responsible.The draft prospectus shall be transmitted, as an electronic file in the format prescribed by the FSC, to the information disclosure website specified by the FSC and, within 30 days from the date of receipt of the notice of effective registration, the final amended prospectus shall be transmitted as an electronic file to the information disclosure website specified by the FSC.A secondary exchange (or OTC) listed company sponsoring issuance of TDRs by a depositary institution shall deliver the prospectus to offerees in advance.
中文原文 外國發行人募集與發行有價證券處理準則第34條
第二上市（櫃）公司參與發行臺灣存託憑證，應備置公開說明書，其內容除依第二上市（櫃）公司註冊地國及上市地國法令規定編製外，並應記載下列事項：
一、公開說明書之封面，應於右上角刊印臺灣存託憑證之代碼，並依序刊印下列事項：
（一）公司名稱。
（二）本公開說明書編印目的係為發行臺灣存託憑證：臺灣存託憑證所表彰有價證券來源、所表彰有價證券之數量、發行單位總數、發行價格之訂定方式、發行價格相較原股價格之溢折價比率、發行總金額、公開承銷比例、承銷及配售方式。
其發行計畫得註明參閱本文之頁次。
（三）本次資金運用計畫之用途及預計可能產生效益之概要，並註明參閱本文之頁次。
（四）以顯著方式刊印下列內容：1.發行公司之註冊地國。
2.發行公司為外國企業在臺掛牌之公司。
3.投資人應詳閱本公開說明書之內容，並應注意發行公司之風險事項。
另應註明參閱本文之頁次。
4.有價證券之生效，不得藉以作為證實申報事項或保證證券價值之宣傳。
5.本公開說明書之內容如有虛偽或隱匿之情事者，應由外國發行人及其負責人與其他曾在公開說明書上簽名或蓋章者依法負責。
6.查詢本公開說明書之網址，包括本會指定之資訊申報網站之網址及公司揭露公開說明書相關資料之網址。
（五）刊印日期。
（六）相關承銷費用。
（七）公司有下列情形，並應於封面以顯著字體註明：1.臺灣存託憑證代碼變更者，應於當年度及以後二年度併刊印原臺灣存託憑證之代碼。
2.公司名稱變更者，應於當年度及以後二年度以新舊名稱對照揭露。
3.併購（含合併、收購及分割）及受讓他公司股份發行臺灣存託憑證，如發行之臺灣存託憑證有轉讓或設質之限制者。
（八）為申報募集發行有價證券案件所編製之公開說明書，並應於其封面註明係申報用之稿本。
二、公開說明書之封裏，應依序刊印下列與本次發行有關事項：
（一）本次發行前實收資本之來源，包括現金增資、盈餘轉增資、資本公積轉增資、合併增資及其他來源之金額與各占實收資本額之比率。
（二）公開說明書之分送計畫：說明公開說明書之陳列處所、分送方式及索取公開說明書之方法。
（三）股務機構之名稱、地址、網址及電話。
（四）存託機構之名稱、地址、網址及電話。
（五）保管機構之名稱、地址、網址及電話。
（六）信用評等機構之名稱、地址、網址及電話。
（七）最近年度財務報告簽證會計師及國內複核會計師之姓名、事務所名稱、地址、網址及電話。
（八）出具法律意見書之國內律師之姓名、事務所名稱、地址、網址及電話。
若係採用其他律師（如註冊地國、上市地國與主要營業地國律師）意見者，應一併揭露該等律師之上述資料。
（九）發言人、代理發言人姓名、職稱、聯絡電話及電子郵件信箱。
（十）公司資料（包括總公司、分公司之地址、網址及電話、國內訴訟及非訴訟代理人姓名、職稱、聯絡電話及電子郵件信箱）。
（十一）臺灣存託憑證所表彰有價證券之上市地國交易資訊及公司財務業務資訊之查詢網址。
三、公開說明書內容，應記載下列事項：
（一）公司概況（包括公司及集團簡介、集團架構、風險事項、股本、董事、監察人、經理人及主要股東資料）。
（二）營運概況（包括業務範圍、競爭策略、業務目標、策略及計畫、市場、生產及銷售概況、重要契約及其他必要補充說明事項）。
（三）發行計畫、資金運用計畫（包括本次發行價格之訂定方式、資金運用計畫分析）及其約定事項。
（四）財務概況（包括最近五年度簡明財務資料、財務報表、財務狀況與經營結果之檢討分析及其他重要事項）。
（五）公司治理運作情形及其他必要補充說明事項。
（六）公司股利政策及執行狀況。
（七）證券承銷商之評估總結意見。
（八）律師出具之法律意見書。
（九）保管契約（或其他保管文件）及存託契約之主要內容。
（十）第二上市（櫃）公司註冊地國及上市地國有關外國人證券交易之限制、租稅負擔及繳納處理應注意事項。
（十一）臺灣存託憑證所表彰有價證券在所上市證券交易市場最近六個月之最高、最低及平均市價及截至申報日前一營業日之收盤價。
除辦理初次上市、上櫃前公開銷售臺灣存託憑證者外，並應記載上市證券交易市場間前各市價之差異。
上市期間未滿六個月者，前載明期間得為其實際上市期間。
（十二）臺灣存託憑證持有人或臺灣存託憑證所表彰之有價證券持有人得行使權利或限制事項。
（十三）參與發行臺灣存託憑證供經核定之海外證券市場掛牌交易之外國轉換公司債或附認股權公司債轉換或履行認股義務，其轉換公司債或附認股權公司債之發行辦法。
（十四）委託經本會核准或認可之信用評等機構進行評等者，應揭露該信用評等機構所出具之評等報告。
（十五）其他重要約定或本會規定應記載之事項。
四、公開說明書之封底，應由公司過半數之董事及總經理簽名或蓋章。
五、證券承銷商及其負責人、會計師、律師及其他專家應於公開說明書就其所負責之部分簽名或蓋章。
公開說明書稿本應按本會規定之格式以電子檔案方式傳至本會指定之資訊申報網站，並自申報生效通知到達之日起三十日內，應將修正後公開說明書定本以電子檔案方式傳至本會指定之資訊申報網站。
第二上市（櫃）公司參與存託機構發行臺灣存託憑證，應先向應募人交付公開說明書。
一、公開說明書之封面，應於右上角刊印臺灣存託憑證之代碼，並依序刊印下列事項：
（一）公司名稱。
（二）本公開說明書編印目的係為發行臺灣存託憑證：臺灣存託憑證所表彰有價證券來源、所表彰有價證券之數量、發行單位總數、發行價格之訂定方式、發行價格相較原股價格之溢折價比率、發行總金額、公開承銷比例、承銷及配售方式。
其發行計畫得註明參閱本文之頁次。
（三）本次資金運用計畫之用途及預計可能產生效益之概要，並註明參閱本文之頁次。
（四）以顯著方式刊印下列內容：1.發行公司之註冊地國。
2.發行公司為外國企業在臺掛牌之公司。
3.投資人應詳閱本公開說明書之內容，並應注意發行公司之風險事項。
另應註明參閱本文之頁次。
4.有價證券之生效，不得藉以作為證實申報事項或保證證券價值之宣傳。
5.本公開說明書之內容如有虛偽或隱匿之情事者，應由外國發行人及其負責人與其他曾在公開說明書上簽名或蓋章者依法負責。
6.查詢本公開說明書之網址，包括本會指定之資訊申報網站之網址及公司揭露公開說明書相關資料之網址。
（五）刊印日期。
（六）相關承銷費用。
（七）公司有下列情形，並應於封面以顯著字體註明：1.臺灣存託憑證代碼變更者，應於當年度及以後二年度併刊印原臺灣存託憑證之代碼。
2.公司名稱變更者，應於當年度及以後二年度以新舊名稱對照揭露。
3.併購（含合併、收購及分割）及受讓他公司股份發行臺灣存託憑證，如發行之臺灣存託憑證有轉讓或設質之限制者。
（八）為申報募集發行有價證券案件所編製之公開說明書，並應於其封面註明係申報用之稿本。
二、公開說明書之封裏，應依序刊印下列與本次發行有關事項：
（一）本次發行前實收資本之來源，包括現金增資、盈餘轉增資、資本公積轉增資、合併增資及其他來源之金額與各占實收資本額之比率。
（二）公開說明書之分送計畫：說明公開說明書之陳列處所、分送方式及索取公開說明書之方法。
（三）股務機構之名稱、地址、網址及電話。
（四）存託機構之名稱、地址、網址及電話。
（五）保管機構之名稱、地址、網址及電話。
（六）信用評等機構之名稱、地址、網址及電話。
（七）最近年度財務報告簽證會計師及國內複核會計師之姓名、事務所名稱、地址、網址及電話。
（八）出具法律意見書之國內律師之姓名、事務所名稱、地址、網址及電話。
若係採用其他律師（如註冊地國、上市地國與主要營業地國律師）意見者，應一併揭露該等律師之上述資料。
（九）發言人、代理發言人姓名、職稱、聯絡電話及電子郵件信箱。
（十）公司資料（包括總公司、分公司之地址、網址及電話、國內訴訟及非訴訟代理人姓名、職稱、聯絡電話及電子郵件信箱）。
（十一）臺灣存託憑證所表彰有價證券之上市地國交易資訊及公司財務業務資訊之查詢網址。
三、公開說明書內容，應記載下列事項：
（一）公司概況（包括公司及集團簡介、集團架構、風險事項、股本、董事、監察人、經理人及主要股東資料）。
（二）營運概況（包括業務範圍、競爭策略、業務目標、策略及計畫、市場、生產及銷售概況、重要契約及其他必要補充說明事項）。
（三）發行計畫、資金運用計畫（包括本次發行價格之訂定方式、資金運用計畫分析）及其約定事項。
（四）財務概況（包括最近五年度簡明財務資料、財務報表、財務狀況與經營結果之檢討分析及其他重要事項）。
（五）公司治理運作情形及其他必要補充說明事項。
（六）公司股利政策及執行狀況。
（七）證券承銷商之評估總結意見。
（八）律師出具之法律意見書。
（九）保管契約（或其他保管文件）及存託契約之主要內容。
（十）第二上市（櫃）公司註冊地國及上市地國有關外國人證券交易之限制、租稅負擔及繳納處理應注意事項。
（十一）臺灣存託憑證所表彰有價證券在所上市證券交易市場最近六個月之最高、最低及平均市價及截至申報日前一營業日之收盤價。
除辦理初次上市、上櫃前公開銷售臺灣存託憑證者外，並應記載上市證券交易市場間前各市價之差異。
上市期間未滿六個月者，前載明期間得為其實際上市期間。
（十二）臺灣存託憑證持有人或臺灣存託憑證所表彰之有價證券持有人得行使權利或限制事項。
（十三）參與發行臺灣存託憑證供經核定之海外證券市場掛牌交易之外國轉換公司債或附認股權公司債轉換或履行認股義務，其轉換公司債或附認股權公司債之發行辦法。
（十四）委託經本會核准或認可之信用評等機構進行評等者，應揭露該信用評等機構所出具之評等報告。
（十五）其他重要約定或本會規定應記載之事項。
四、公開說明書之封底，應由公司過半數之董事及總經理簽名或蓋章。
五、證券承銷商及其負責人、會計師、律師及其他專家應於公開說明書就其所負責之部分簽名或蓋章。
公開說明書稿本應按本會規定之格式以電子檔案方式傳至本會指定之資訊申報網站，並自申報生效通知到達之日起三十日內，應將修正後公開說明書定本以電子檔案方式傳至本會指定之資訊申報網站。
第二上市（櫃）公司參與存託機構發行臺灣存託憑證，應先向應募人交付公開說明書。