Regulations Governing the Offering and Issuance of Securities by Foreign Issuers Article 36
When a secondary exchange (or OTC) listed company sponsors issuance of TDRs, only after the TDRs are listed or traded on the OTC market may shareholders of the company engage the depositary institution to issue TDRs in Taiwan using shares that have already been issued and are held by the shareholders, in which case a filing shall duly be submitted with all of the relevant documents attached. The filing will become effective 7 business days from the date it is accepted for processing by the FSC and the institution designated by the FSCWhere shareholders of a secondary exchange (or OTC) listed company engage a depositary institution to issue TDRs domestically using shares that have already been issued and are held by the shareholders, they shall engage a securities underwriter to conduct an evaluation and issue an evaluation report and to sell the depositary receipts on a firm commitment basis, and the securities underwriter shall deliver the prospectus on their behalf. The engaged depositary institution and custodian institution shall be the same depositary institution and custodian institution as were engaged by the secondary exchange (or OTC) listed company that sponsored issuance of the TDRs. And the rights and obligations of the stock represented by the TDRs shall be the same as the rights and obligations of the stock represented by the TDRs of which the secondary exchange (or OTC) listed company sponsored issuance. The securities underwriter shall explain the method and basis for the pricing of the issue.The content of the prospectus referred to in the preceding paragraph, 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 country of listing, shall also specify the following items1. 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. 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, and the prospectus is prepared for purposes of the offering and issuance of TDRs in Taiwan by the depositary institution that has been engaged by shareholders of the secondary exchange (or OTC) listed company using shares that have already been issued and are held by them.c. An investor shall carefully read the contents of this prospectus, and shall note that, because the foreign issuer is not sponsoring this issue of TDRs, the investor should refer to the information publicly announced by the foreign issuer concerning its financial and business data and operating condition.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 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.D. Date of printing.E. Related underwriting fees.F. 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.G. 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. 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.B. Name, address, web address, and telephone number of the shareholder services agent.C. Name, address, web address, and telephone number of the depositary institution.D. Name, address, web address, and telephone number of the custodian institution.E. 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.F. 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. Motivation and purpose for raising funds through the public offering.B. Method for setting the price and an explanation.C. Evaluation report provided by the securities underwriter.D. TDR issuance plan and matters stipulated therein.E. The principal content of the custody agreement (or other custody documents) and the depositary agreement.F. 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.G. Rights exercisable by, or restrictions placed on, holders of the TDRs or the securities represented by the TDRs.H. 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. 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.I. 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, which shall be done by the depositary institution.The offering and issuance of TDRs in Taiwan by a depositary institution that has been engaged by shareholders of a secondary exchange (or OTC) listed company using shares that have already been issued and are held by them shall be subject mutatis mutandis to the provisions of Article 5, paragraphs 2 to 6; Article 7, paragraph 1, subparagraphs 1, 4 to 6, and 9 and paragraph 2; Article 8, paragraph 1, subparagraph 12; Article 9, paragraphs 1 and 3; and Article 10, paragraph 1, subparagraph 1 and paragraph 2.
中文原文 外國發行人募集與發行有價證券處理準則第36條
第二上市（櫃）公司參與發行之臺灣存託憑證已上市或在證券商營業處所買賣後，其股東始得以持有之已發行股份委託存託機構於國內發行臺灣存託憑證，並依規定檢齊相關書件提出申報，於本會及本會指定之機構收到申報書即日起屆滿七個營業日生效。
第二上市（櫃）公司之股東以持有之已發行股份委託存託機構於國內發行臺灣存託憑證者，應委託證券承銷商評估並出具評估報告及辦理包銷，並由證券承銷商代理交付公開說明書。
委託之存託機構及保管機構應與第二上市（櫃）公司參與發行臺灣存託憑證委託之存託機構與保管機構相同，且該臺灣存託憑證所表彰股票之權利義務應與第二上市（櫃）公司參與發行之臺灣存託憑證所表彰之股票之權利義務相同。
發行價格應由證券承銷商說明其價格決定方式及依據。
前項公開說明書，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）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）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及本公開說明書編印目的係為第二上市（櫃）公司之股東以持有之已發行股份委託存託機構於國內公開募集與發行臺灣存託憑證。
3.投資人應詳閱本公開說明書之內容，並應注意本次發行之臺灣存託憑證因外國發行人未參與發行，該外國發行人相關財務業務資訊及營運概況，請參閱其公告之訊息。
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。
（四）刊印日期。
（五）相關承銷費用。
（六）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。
（七）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）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。
（二）股務機構之名稱、地址、網址及電話。
（三）存託機構之名稱、地址、網址及電話。
（四）保管機構之名稱、地址、網址及電話。
（五）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。
（六）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）公開募集資金之動機與目的。
（二）價格之訂定方式與說明。
（三）證券承銷商提出之評估報告。
（四）臺灣存託憑證發行計畫及其約定事項。
（五）保管契約（或其他保管文件）及存託契約之主要內容。
（六）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。
（七）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。
（八）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、平均市價及截至申報日前一營業日之收盤價，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。
（九）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委託發行臺灣存託憑證之第二上市（櫃）公司股東簽名或蓋章。
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，並由存託機構代為辦理。
第五條第二項至第六項、第七條第一項第一款、第四款至第六款、第九款及第二項、第八條第一項第十二款、第九條第一項、第三項及第十條第一項第一款及第二項規定，於第二上市（櫃）公司之股東以持有之已發行股份委託存託機構於國內發行臺灣存託憑證，準用之。
第二上市（櫃）公司之股東以持有之已發行股份委託存託機構於國內發行臺灣存託憑證者，應委託證券承銷商評估並出具評估報告及辦理包銷，並由證券承銷商代理交付公開說明書。
委託之存託機構及保管機構應與第二上市（櫃）公司參與發行臺灣存託憑證委託之存託機構與保管機構相同，且該臺灣存託憑證所表彰股票之權利義務應與第二上市（櫃）公司參與發行之臺灣存託憑證所表彰之股票之權利義務相同。
發行價格應由證券承銷商說明其價格決定方式及依據。
前項公開說明書，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）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）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及本公開說明書編印目的係為第二上市（櫃）公司之股東以持有之已發行股份委託存託機構於國內公開募集與發行臺灣存託憑證。
3.投資人應詳閱本公開說明書之內容，並應注意本次發行之臺灣存託憑證因外國發行人未參與發行，該外國發行人相關財務業務資訊及營運概況，請參閱其公告之訊息。
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。
（四）刊印日期。
（五）相關承銷費用。
（六）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。
（七）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）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。
（二）股務機構之名稱、地址、網址及電話。
（三）存託機構之名稱、地址、網址及電話。
（四）保管機構之名稱、地址、網址及電話。
（五）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。
（六）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）公開募集資金之動機與目的。
（二）價格之訂定方式與說明。
（三）證券承銷商提出之評估報告。
（四）臺灣存託憑證發行計畫及其約定事項。
（五）保管契約（或其他保管文件）及存託契約之主要內容。
（六）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。
（七）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。
（八）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、平均市價及截至申報日前一營業日之收盤價，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。
（九）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委託發行臺灣存託憑證之第二上市（櫃）公司股東簽名或蓋章。
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，並由存託機構代為辦理。
第五條第二項至第六項、第七條第一項第一款、第四款至第六款、第九款及第二項、第八條第一項第十二款、第九條第一項、第三項及第十條第一項第一款及第二項規定，於第二上市（櫃）公司之股東以持有之已發行股份委託存託機構於國內發行臺灣存託憑證，準用之。