Regulations Governing the Offering and Issuance of Securities by Foreign Issuers Article 5-1
For a primary exchange (or OTC) listed company conducting a case set out in Article 6, paragraph 1, subparagraph 1 or 2, if any of the following circumstances exists, the registration will become effective 20 full business days from the date on which the filing documents were received by the FSC and FSC-designated agencies:1. A previous case conducted under Article 6, paragraph 1, subparagraph 1 to 3 or 6 was rejected, voided, or revoked by the FSC. However, this restriction need not apply where the case was voided or revoked by the FSC because the issuance had not been fully subscribed and fully paid for in cash following the date of arrival of the notice of effective registration.2. The company has been sanctioned two or more times by the FSC in accordance with Article 178 of the Act for violating the Act or other relevant laws or regulations during the fiscal year when the registration was filed or during the previous fiscal year.3. The operating income or net profit before tax of the company show consecutive losses in the most recent 2 fiscal years or the latest financial report indicates that the net asset value per share is lower than its par value.4. The company is required to allocate special reserve for non-arm's length transactions and such requirement is not yet lifted.5. Any of the following circumstances occurs or has occurred during the fiscal year of registration or the previous 2 fiscal years. However, if neither the operating revenue nor asset value of the transferred items nor the expenses accumulated for R&D exceeds 10 percent of the total operating revenue or asset value on the financial report of the fiscal year preceding the time of the transfer or of the R&D expenses for the same period, this restriction does not apply.A. Entering into, amending, or terminating any contract for lease of the company's business in whole, or for entrusted business, or for regular joint operation with others.B. Transferring the whole or any essential part of its business or assets.C. Accepting the transfer of another's whole business or assets, with a material affect on the business operation of the company.D. Transferring a portion of its operations or R&D results to another company.6. A change in one-third or more of the directors has occurred in the fiscal year of registration or the previous 2 fiscal years and any one of the following circumstances exists. However, this restriction does not apply if more than half of the company's directors are controlled by the original major shareholders before and after such change:A. The submitted financial reports indicate an addition to the principal products (meaning any product from which the operating revenue accounts for 20 percent or more of operating revenue) and that the total operating revenue or operating income from the added principal product accounts for 50 percent or more thereof in that fiscal year. However, if the increase in the operating revenue for a principal product from one period to the next does not reach 50 percent or more, that principal product is not required to be counted.B. The submitted financial reports indicate that the company has acquired an on-going or completed construction project and the operating revenue or operating income from that project has reached 30 percent or more thereof in that fiscal year.C. The submitted financial reports indicate that the company has received transfer of a portion of the operations or R&D results of another company other than an affiliated company and that the operating revenue or operating income from that partial operations or R&D result has reached 30 percent or more thereof in that fiscal year.7. The securities underwriter, at the time the company files for registration, has received cumulatively 5 or more demerit points in the most recent year from the FSC, TWSE, TPEx, and Taiwan Securities Association.The provisions of the preceding paragraph do not apply to cases of issuance of new shares in connection with merger, issuance of new shares in connection with receiving transfer of shares of another company, or issuance of new shares in connection with acquisition or demerger conducted in accordance with related laws.
中文原文 外國發行人募集與發行有價證券處理準則第5-1條
第一上市（櫃）公司辦理第六條第一項第一款及第二款案件，有下列情事之一者，於本會及本會指定之機構收到申報書即日起屆滿二十個營業日生效：
一、前次因辦理第六條第一項第一款至第三款及第六款案件，曾經本會退回、撤銷或廢止。
但自申報生效通知到達之日起，尚未募足並收足現金款項而經本會撤銷或廢止，不在此限。
二、申報年度及前一年度違反本法及相關法令規定受本會依本法第一百七十八條處分達二次以上。
三、最近二年度之營業利益或稅前純益連續虧損或最近期財務報告顯示每股淨值低於面額。
四、涉及非常規交易應提列特別盈餘公積，尚未解除。
五、申報年度及前二年度發生下列情事之一。
但移轉項目之營業收入、資產及累計已投入研發費用均未達移轉時點前一年度財務報告營業收入、資產總額及同期間研發費用之百分之十，不在此限：
（一）締結、變更或終止關於出租全部營業，委託經營或與他人經常共同經營之契約。
（二）讓與全部或主要部分之營業或財產。
（三）受讓他人全部營業或財產，對公司營運有重大影響。
（四）有以部分營業、研發成果移轉予他公司之情事。
六、申報年度及前二年度三分之一以上董事發生變動且有下列情形之一。
但變動前後董事席次有超過半數係由原主要股東控制者，不在此限：
（一）所檢送之財務報告顯示有增加主要產品（指該產品所產生之營業收入占營業收入百分之二十以上）且來自該增加主要產品之營業收入合計或營業利益合計占各該年度同一項目達百分之五十以上。
但主要產品營業收入前後二期相較增加未達百分之五十以上，該主要產品得不計入。
（二）所檢送之財務報告顯示取得在建或已完工之營建個案，且來自該營建個案之營業收入或營業利益達各該年度同一項目之百分之三十。
（三）所檢送之財務報告顯示受讓聯屬公司以外之他公司部分營業、研發成果，且來自該部分營業、研發成果之營業收入或營業利益達各該年度同一項目之百分之三十。
七、申報時證券承銷商於最近一年內經本會、證券交易所、證券櫃檯買賣中心及中華民國證券商業同業公會（以下簡稱證券商業同業公會）處記缺點累計達五點以上。
辦理合併發行新股、受讓他公司股份發行新股、依法律規定進行收購或分割發行新股者，不適用前項規定。
一、前次因辦理第六條第一項第一款至第三款及第六款案件，曾經本會退回、撤銷或廢止。
但自申報生效通知到達之日起，尚未募足並收足現金款項而經本會撤銷或廢止，不在此限。
二、申報年度及前一年度違反本法及相關法令規定受本會依本法第一百七十八條處分達二次以上。
三、最近二年度之營業利益或稅前純益連續虧損或最近期財務報告顯示每股淨值低於面額。
四、涉及非常規交易應提列特別盈餘公積，尚未解除。
五、申報年度及前二年度發生下列情事之一。
但移轉項目之營業收入、資產及累計已投入研發費用均未達移轉時點前一年度財務報告營業收入、資產總額及同期間研發費用之百分之十，不在此限：
（一）締結、變更或終止關於出租全部營業，委託經營或與他人經常共同經營之契約。
（二）讓與全部或主要部分之營業或財產。
（三）受讓他人全部營業或財產，對公司營運有重大影響。
（四）有以部分營業、研發成果移轉予他公司之情事。
六、申報年度及前二年度三分之一以上董事發生變動且有下列情形之一。
但變動前後董事席次有超過半數係由原主要股東控制者，不在此限：
（一）所檢送之財務報告顯示有增加主要產品（指該產品所產生之營業收入占營業收入百分之二十以上）且來自該增加主要產品之營業收入合計或營業利益合計占各該年度同一項目達百分之五十以上。
但主要產品營業收入前後二期相較增加未達百分之五十以上，該主要產品得不計入。
（二）所檢送之財務報告顯示取得在建或已完工之營建個案，且來自該營建個案之營業收入或營業利益達各該年度同一項目之百分之三十。
（三）所檢送之財務報告顯示受讓聯屬公司以外之他公司部分營業、研發成果，且來自該部分營業、研發成果之營業收入或營業利益達各該年度同一項目之百分之三十。
七、申報時證券承銷商於最近一年內經本會、證券交易所、證券櫃檯買賣中心及中華民國證券商業同業公會（以下簡稱證券商業同業公會）處記缺點累計達五點以上。
辦理合併發行新股、受讓他公司股份發行新股、依法律規定進行收購或分割發行新股者，不適用前項規定。