Regulations Governing the Offering and Issuance of Securities by Securities Issuers Article 50
Where an issuer applies for issuance of employee stock warrants or new restricted employee shares, the FSC may reject the application upon the occurrence of any one of the following events:1. The applicant has been posting losses for the most recent 2 consecutive years; provided that the said restriction need not apply to the case where the business nature justifies longer preparation period or where a sound business plan is presented to demonstrate capability of improving profitability.2. Its assets are insufficient to cover debts.3. Major default occurs which has yet to be settled, or less than 3 years have elapsed since the settlement thereof.4. Failure of the issuer, which already issued employee stock warrants or new restricted employee shares, to perform terms and conditions thereof, and the situation has not been improved, or less than 3 years have elapsed since the improvement thereof.5. Where the FSC deems it necessary to reject or disapprove the issuer's application to protect the public interests.
中文原文 發行人募集與發行有價證券處理準則第50條
發行人申報發行員工認股權憑證及限制員工權利新股，如有下列情形之一，本會得退回其案件：
一、最近連續二年有虧損者。
但依其事業性質，須有較長準備期間或具有健全之營業計畫，確能改善營利能力者，不在此限。
二、資產不足抵償債務者。
三、重大喪失債信情事，尚未了結或了結後尚未逾三年者。
四、對已發行員工認股權憑證或限制員工權利新股而有未履行發行及認股辦法約定事項之情事，迄未改善或經改善後尚未滿三年者。
五、其他本會為保護公益認為有必要者。
一、最近連續二年有虧損者。
但依其事業性質，須有較長準備期間或具有健全之營業計畫，確能改善營利能力者，不在此限。
二、資產不足抵償債務者。
三、重大喪失債信情事，尚未了結或了結後尚未逾三年者。
四、對已發行員工認股權憑證或限制員工權利新股而有未履行發行及認股辦法約定事項之情事，迄未改善或經改善後尚未滿三年者。
五、其他本會為保護公益認為有必要者。