Regulations Governing the Offering and Issuance of Securities by Foreign Issuers Article 8
When a primary exchange (or OTC) listed company conducts a case under Article 6, paragraph 1, subparagraphs 1 to 3, or an emerging stock company conducts a case under Article 6, paragraph 1, subparagraphs 3 or 6, the FSC may reject the filing if any of the following circumstances exist:1. The present plan for the offering and issuance of securities is unfeasible, unnecessary, or unreasonable.2. Any of the following circumstances has existed with respect to any previous plan for offering and issuance or private placement of securities, and the circumstance has not been corrected:A. Without just cause, the process of implementation has been seriously delayed, and the implementation has not yet been completed.B. Without just cause, the plan has undergone material change or failed to produce reasonable benefit. However, in the event more than 3 years have passed from the completion date of the plan until the filing date, such restriction does not apply.C. The securities offering and issuance plan has undergone material change, but the change has not yet been reported to a shareholders' meeting for approval.D. The company has failed in the most recent fiscal year to scrupulously observe the provisions of Article 10, paragraph 1, subparagraphs 2 to 6, and paragraph 3.3. Any previous private placement of securities did not conform to Articles 43-6 to 43-8 of the Act or the provisions of the Directions for Public Companies Conducting Private Placements of Securities, where the circumstances are serious.4. Any important content of the present plan for the offering and issuance of securities (such as issuance rules, source of funds, or particulars of the plan) has not been placed on the agenda of a board meeting or shareholders meeting and adopted by resolution at such a meeting.5. The company has lent a large amount of money to another party for purposes other than financing needs arising from a business transaction with another company or business firm, and has not yet rectified the situation.6. The company has entered into a non-arm's-length transaction of material significance, and has not yet rectified the situation.7. The company is filing for registration of a cash capital increase or issue of corporate bonds, but holds liquid financial asset investments, idle assets, or investment property, with no plan to actively dispose of or develop such holdings, and they amount to either: (1) 40 percent or more of the equity attributable to owners of the parent in the most recent financial reports audited and attested, or reviewed, by a CPA, or (2) 60 percent of the total amount of funds to be raised through the cash capital increase or corporate bond issuance. However, this provision does not apply if the funds to be raised will be used to purchase real estate, plants, or equipment or used for merger of a company that is not engaged primarily in the business of trading of securities, and furthermore there is a concrete fund raising plan evidencing the need to raise the funds.8. Proceeds from the cash capital increase or corporate bond issuance plan are to be used to invest in a company engaged primarily in the business of trading of securities, or to establish a securities firm or a securities service enterprise.9. The company has failed to prepare its financial statements in accordance with relevant acts or regulations and with applicable accounting principles, where the circumstances are of material significance.10. Any circumstance in violation of Article 4, paragraph 3.11. The internal control system is materially deficient in design or implementation.12. The company's share price fluctuated abnormally during the month prior to the date of filing.13. The foreign issuer or its current chairperson, general manager, or de facto responsible person has received a sentence of imprisonment for a fixed term or a more severe punishment from a court in the past 3 years due to violation of laws governing business and industry or due to a crime involving breach of faith such as corruption, malfeasance, fraud, breach of fiduciary duty, or embezzlement, or has an obligation for damages arising from a violation of securities laws or regulations and has failed to duly perform the obligation.14. Collateral has been provided for a loan of any third party in violation of Article 5 of the Regulations Governing Loaning of Funds and Making of Endorsements/Guarantees by Public Companies, the circumstances are serious, and there has been no improvement.15. There is an issuance of new shares in connection with a merger, or an issuance of new shares in connection with receiving transfer of shares of another company, or an issuance of new shares in connection with an acquisition or demerger conducted in accordance with related laws, and any of the following circumstances exists:A. There has been a material violation of the provisions of Chapter 2, Section 5 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies.B. The received or acquired shares are not newly issued shares of the other company, non-current equity investment held by it, or previously issued shares held by the shareholders of the other company.C. The ownership rights over the received shares or the acquired business or assets are encumbered or limited in such a way that restrictions on the trading rights are imposed.D. An audit report with unqualified opinion was not issued by a CPA for the most recent annual financial report of a merged target company; provided, that this provision does not apply where an audit report with qualified opinion was issued together with an unqualified opinion on the balance sheet.16. An event set out in Article 5-1, paragraph 1, subparagraph 6 occurs, and any of the following circumstances exists:A. A filing for issuance of new shares for cash, and any director or supervisor, or shareholder who holds shares over 10 percent of the total issued shares of the issuer, fails to undertake to place a certain percentage of their shares under the custody of a centralized securities depository enterprise.B. A filing for issuance of corporate bonds with equity characteristics, for which the issuance rules do not specify that the offerees are required, from the issuance date of the corporate bonds, to place the corporate bonds and any subsequently converted or subscribed shares under the custody of the centralized securities depository enterprise for 1 year.17. A subscriber, or an ultimate source of subscription, of the present offering and issuance of overseas securities is a related party of the foreign issuer. The term "related party" is as defined in the Regulations Governing the Preparation of Financial Reports by Securities Issuers.18. The securities underwriter, at the time the foreign issuer files for registration, has received cumulatively 10 demerit points in the most recent year from the FSC, TWSE, TPEx, and Taiwan Securities Association, and three months have not elapsed since the date when the demerit points cumulatively reached 10 points. However, this restriction does not apply to an issue of new shares for cash capital increase that are to be sold in the public sale prior to an initial exchange or OTC listing.19. As the FSC otherwise deems necessary to protect the public interest.The term "engaged primarily in the business of trading of securities" as referred to in subparagraphs 7 and 8 of the preceding paragraph shall mean—with respect to a company merged by the issuer, or a company in which the issuer has directly invested, or in which a subsidiary of the issuer has invested under the equity method—that the merged or invested company's cash, together with cash equivalents, financial assets listed under current assets, and holdings of securities issued by the issuer account for 50 percent or more of the total assets value of such company, and the revenue or profit/loss respectively from trading or holding of the aforesaid assets account for 50 percent or more of the revenue or profit/loss of such company.When a foreign issuer conducts a case under Article 5, paragraph 1, subparagraph 2 or 3, the provisions of subparagraph 7 of paragraph 1 need not apply; if the underwriter evaluation report clearly states the feasibility of the capital allocations and the reasonableness of the expected benefits of the present plan for offering and issuance of securities, then the provisions regarding the necessity of the plan, as set out in subparagraph 6 of paragraph 1 of the preceding article and in subparagraph 1 of paragraph 1 of this article, need not apply.When a primary exchange (or OTC) listed company issues new shares in connection with a merger, acquisition of shares of another company, or acquisition or demerger, the provisions of subparagraphs 2, 5, 12, and 13 of paragraph 1 need not apply.When a primary exchange (or OTC) listed company issuing overseas straight corporate bonds has engaged a securities underwriter to publicly underwrite the bonds, the provisions of paragraph 1, subparagraph 12 need not apply.When a secondary exchange (or OTC) listed company conducts a case under Article 6, paragraph 1, subparagraphs 1, 4, or 5, the subparagraphs of paragraph 1 hereof shall apply mutatis mutandis. However, if it is issuing new shares or sponsoring issuance of TDRs in connection with a merger, acquisition of shares of another company, or acquisition or demerger, it may be exempted from the mutatis mutandis application of subparagraphs 2, 5, 12, and 13 of paragraph 1.
中文原文 外國發行人募集與發行有價證券處理準則第8條
第一上市（櫃）公司辦理第六條第一項第一款至第三款及興櫃公司辦理第六條第一項第三款及第六款案件，有下列情形之一，本會得退回其案件：
一、本次募集與發行有價證券計畫不具可行性、必要性及合理性者。
二、前各次募集與發行及私募有價證券計畫之執行有下列情事之一，迄未改善者：
（一）無正當理由執行進度嚴重落後，且尚未完成。
（二）無正當理由計畫經重大變更或未能產生合理效益。
但計畫實際完成日距申報時已逾三年，不在此限。
（三）募集與發行有價證券計畫經重大變更，尚未提報股東會通過。
（四）最近一年內未確實依第十條第一項第二款至第六款及第三項規定辦理。
三、前各次私募有價證券未依本法第四十三條之六至第四十三條之八或公開發行公司辦理私募有價證券應注意事項規定辦理，情節重大者。
四、本次募集與發行有價證券計畫之重要內容（如發行辦法、資金來源、計畫項目等）未經列成議案，提董事會或股東會討論並決議通過者。
五、非因公司間或與行號間業務交易行為有融通資金之必要，將大量資金貸與他人，迄未改善者。
六、有重大非常規交易，迄未改善者。
七、持有具流動性質之金融資產投資、閒置性資產或投資性不動產而未有處分或積極開發計畫，達最近期經會計師查核簽證或核閱之財務報告歸屬於母公司業主之權益之百分之四十或本次申報現金增資或發行公司債募集總金額之百分之六十，而辦理現金增資或發行公司債者。
但所募得資金用途係用於購買不動產、廠房及設備或用於合併非以買賣有價證券為主要業務之公司且有具體募資計畫佐證其募集資金之必要性，不在此限。
八、本次現金增資或發行公司債計畫之用途為轉投資以買賣有價證券為主要業務之公司或籌設證券商或證券服務事業者。
九、未依相關法令及所適用會計原則編製財務報告，情節重大者。
十、違反第四條第三項規定情事者。
十一、內部控制制度之設計或執行有重大缺失者。
十二、申報日前一個月，其股價變化異常者。
十三、外國發行人或其現任董事長、總經理或實質負責人於最近三年內，因違反工商管理法律或因犯貪污、瀆職、詐欺、背信、侵占等違反誠信之罪，經法院判決有期徒刑以上之罪，或因違反證券相關法令而須負擔損害賠償義務迄未依法履行者。
十四、為他人借款提供擔保，違反公開發行公司資金貸與及背書保證處理準則第五條規定，情節重大，迄未改善者。
十五、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，而有下列情形之一：
（一）違反公開發行公司取得或處分資產處理準則第二章第五節規定，情節重大。
（二）受讓或併購之股份非為他公司新發行之股份、所持有非流動之股權投資或他公司股東持有之已發行股份。
（三）受讓之股份或收購之營業或財產有限制買賣等權利受損或受限制之情事。
（四）被合併公司最近一年度之財務報告非經會計師出具無保留意見之查核報告。
但經出具保留意見之查核報告，其資產負債表經出具無保留意見，不在此限。
十六、有第五條之一第一項第六款規定之情事，且有下列情形之一：
（一）申報現金發行新股，公司董事及持有股份超過股份總額百分之十之股東未承諾將一定成數股份送交證券集中保管事業保管。
（二）申報發行具股權性質之公司債，未於發行辦法明定應募人應自前揭公司債發行日起將公司債及嗣後所轉換或認購之股份送交證券集中保管事業保管一年。
十七、本次募集與發行海外有價證券之認購人或認購之最終來源為外國發行人之關係人者。
所稱關係人，依證券發行人財務報告編製準則規定認定之。
十八、證券承銷商於外國發行人申報時最近一年內經本會、證券交易所、證券櫃檯買賣中心及證券商業同業公會處記缺點累計達十點以上，且自被處記缺點累計達十點之日起未逾三個月。
但辦理初次上市、上櫃前公開銷售之現金增資發行新股者，不在此限。
十九、其他本會為保護公益認為有必要者。
前項第七款及第八款所稱以買賣有價證券為主要業務之公司，係指發行人所合併之公司、發行人直接投資之公司或發行人之子公司採權益法之再轉投資之公司，最近期財務報告帳列現金及約當現金、流動資產項下之金融資產及持有發行人發行之有價證券占公司資產總額百分之五十以上，且買賣或持有前揭資產之收入或損益占公司收入或損益百分之五十以上者。
外國發行人辦理第五條第一項第二款及第三款規定之案件，得不適用第一項第七款規定，其承銷商評估報告已明確表示本次募集與發行有價證券計畫資金用途之可行性及預計產生效益之合理性者，得不適用前條第一項第六款及本條第一項第一款有關計畫必要性之規定。
第一上市（櫃）公司辦理合併、受讓他公司股份、收購或分割而發行新股者，得不適用第一項第二款、第五款、第十二款及第十三款規定。
第一上市（櫃）公司發行海外普通公司債委託證券承銷商對外公開承銷者，得不適用第一項第十二款規定。
第二上市（櫃）公司辦理第六條第一項第一款、第四款及第五款之案件，準用第一項各款之規定。
但辦理合併、受讓他公司股份、進行收購或分割而發行新股或參與發行臺灣存託憑證者，免準用第一項第二款、第五款、第十二款及第十三款之規定。
一、本次募集與發行有價證券計畫不具可行性、必要性及合理性者。
二、前各次募集與發行及私募有價證券計畫之執行有下列情事之一，迄未改善者：
（一）無正當理由執行進度嚴重落後，且尚未完成。
（二）無正當理由計畫經重大變更或未能產生合理效益。
但計畫實際完成日距申報時已逾三年，不在此限。
（三）募集與發行有價證券計畫經重大變更，尚未提報股東會通過。
（四）最近一年內未確實依第十條第一項第二款至第六款及第三項規定辦理。
三、前各次私募有價證券未依本法第四十三條之六至第四十三條之八或公開發行公司辦理私募有價證券應注意事項規定辦理，情節重大者。
四、本次募集與發行有價證券計畫之重要內容（如發行辦法、資金來源、計畫項目等）未經列成議案，提董事會或股東會討論並決議通過者。
五、非因公司間或與行號間業務交易行為有融通資金之必要，將大量資金貸與他人，迄未改善者。
六、有重大非常規交易，迄未改善者。
七、持有具流動性質之金融資產投資、閒置性資產或投資性不動產而未有處分或積極開發計畫，達最近期經會計師查核簽證或核閱之財務報告歸屬於母公司業主之權益之百分之四十或本次申報現金增資或發行公司債募集總金額之百分之六十，而辦理現金增資或發行公司債者。
但所募得資金用途係用於購買不動產、廠房及設備或用於合併非以買賣有價證券為主要業務之公司且有具體募資計畫佐證其募集資金之必要性，不在此限。
八、本次現金增資或發行公司債計畫之用途為轉投資以買賣有價證券為主要業務之公司或籌設證券商或證券服務事業者。
九、未依相關法令及所適用會計原則編製財務報告，情節重大者。
十、違反第四條第三項規定情事者。
十一、內部控制制度之設計或執行有重大缺失者。
十二、申報日前一個月，其股價變化異常者。
十三、外國發行人或其現任董事長、總經理或實質負責人於最近三年內，因違反工商管理法律或因犯貪污、瀆職、詐欺、背信、侵占等違反誠信之罪，經法院判決有期徒刑以上之罪，或因違反證券相關法令而須負擔損害賠償義務迄未依法履行者。
十四、為他人借款提供擔保，違反公開發行公司資金貸與及背書保證處理準則第五條規定，情節重大，迄未改善者。
十五、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，而有下列情形之一：
（一）違反公開發行公司取得或處分資產處理準則第二章第五節規定，情節重大。
（二）受讓或併購之股份非為他公司新發行之股份、所持有非流動之股權投資或他公司股東持有之已發行股份。
（三）受讓之股份或收購之營業或財產有限制買賣等權利受損或受限制之情事。
（四）被合併公司最近一年度之財務報告非經會計師出具無保留意見之查核報告。
但經出具保留意見之查核報告，其資產負債表經出具無保留意見，不在此限。
十六、有第五條之一第一項第六款規定之情事，且有下列情形之一：
（一）申報現金發行新股，公司董事及持有股份超過股份總額百分之十之股東未承諾將一定成數股份送交證券集中保管事業保管。
（二）申報發行具股權性質之公司債，未於發行辦法明定應募人應自前揭公司債發行日起將公司債及嗣後所轉換或認購之股份送交證券集中保管事業保管一年。
十七、本次募集與發行海外有價證券之認購人或認購之最終來源為外國發行人之關係人者。
所稱關係人，依證券發行人財務報告編製準則規定認定之。
十八、證券承銷商於外國發行人申報時最近一年內經本會、證券交易所、證券櫃檯買賣中心及證券商業同業公會處記缺點累計達十點以上，且自被處記缺點累計達十點之日起未逾三個月。
但辦理初次上市、上櫃前公開銷售之現金增資發行新股者，不在此限。
十九、其他本會為保護公益認為有必要者。
前項第七款及第八款所稱以買賣有價證券為主要業務之公司，係指發行人所合併之公司、發行人直接投資之公司或發行人之子公司採權益法之再轉投資之公司，最近期財務報告帳列現金及約當現金、流動資產項下之金融資產及持有發行人發行之有價證券占公司資產總額百分之五十以上，且買賣或持有前揭資產之收入或損益占公司收入或損益百分之五十以上者。
外國發行人辦理第五條第一項第二款及第三款規定之案件，得不適用第一項第七款規定，其承銷商評估報告已明確表示本次募集與發行有價證券計畫資金用途之可行性及預計產生效益之合理性者，得不適用前條第一項第六款及本條第一項第一款有關計畫必要性之規定。
第一上市（櫃）公司辦理合併、受讓他公司股份、收購或分割而發行新股者，得不適用第一項第二款、第五款、第十二款及第十三款規定。
第一上市（櫃）公司發行海外普通公司債委託證券承銷商對外公開承銷者，得不適用第一項第十二款規定。
第二上市（櫃）公司辦理第六條第一項第一款、第四款及第五款之案件，準用第一項各款之規定。
但辦理合併、受讓他公司股份、進行收購或分割而發行新股或參與發行臺灣存託憑證者，免準用第一項第二款、第五款、第十二款及第十三款之規定。