Regulations Governing the Offering and Issuance of Securities by Securities Issuers Article 67
In any of the following circumstances, the FSC may reject an application for approval of an initial public offering filed under Article 42, paragraph 1 of the Act or Article 156-2 of the Company Act:1. The attesting CPAs issue an adverse opinion or disclaimer of opinion in the audit report.2. The attesting CPAs issue a qualified opinion in the audit report, and such qualified opinion has an impact on the fairness of presentation of the financial reports.3. The Case Review Form prepared by the issuer and reviewed by the attesting CPAs reveal any violation of laws or regulations or the articles of incorporation, where the violation is serious.4. The applicant has failed to institute an internal control system including and adopt internal audit implementation rules and have them passed by the board of directors pursuant to the Regulations Governing Establishment of Internal Control Systems by Public Companies.5. Any of the following circumstances arise in the CPA project audit of the efficacy of the internal control system design or implementation:A. The audited company fails to provide a Statement regarding the efficacy of the internal control system design or implementation.B. The CPA report indicates material deficiencies in the design or implementation of the audited company's internal control system and failure to improve them, or the report is a disclaimer of opinion.6. Employee stock warrants have previously been issued under Article 167-2 of the Company Act, but a concomitant initial public offering is not conducted for the certificates along with that for the stock.7. The FSC discovers a violation of laws or regulations, where the violation is serious.Where conducting an initial public offering for privately placed straight corporate bonds under paragraph 6 of the preceding Article and 3 years have not elapsed since the delivery date of the privately placed straight corporate bonds, the FSC may reject the application.
中文原文 發行人募集與發行有價證券處理準則第67條
依本法第四十二條第一項及公司法第一百五十六條之二規定首次辦理股票公開發行，有下列情形之一，本會得退回其案件：
一、簽證會計師出具無法表示意見或否定意見之查核報告者。
二、簽證會計師出具保留意見之查核報告，其保留意見影響財務報告之允當表達者。
三、發行人填報、簽證會計師複核出具之案件檢查表，顯示有違反法令或公司章程，情節重大者。
四、未依公開發行公司建立內部控制制度處理準則規定，訂定內部控制制度，含內部稽核實施細則，並經董事會通過者。
五、會計師就內部控制制度設計或執行之有效性進行專案審查，有下列情形之一者：
（一）未取具受查公司針對內部控制制度設計或執行有效性之聲明書。
（二）會計師審查報告顯示受查公司內部控制制度設計或執行有重大缺失尚未改善，或無法表示意見。
六、曾依公司法第一百六十七條之二發給之員工認股權憑證，未併同股票辦理公開發行者。
七、經本會發現有違反法令，情節重大者。
依前條第六項規定辦理私募普通公司債首次公開發行者，該私募普通公司債自交付日起未屆滿三年者，本會得退回其案件。
一、簽證會計師出具無法表示意見或否定意見之查核報告者。
二、簽證會計師出具保留意見之查核報告，其保留意見影響財務報告之允當表達者。
三、發行人填報、簽證會計師複核出具之案件檢查表，顯示有違反法令或公司章程，情節重大者。
四、未依公開發行公司建立內部控制制度處理準則規定，訂定內部控制制度，含內部稽核實施細則，並經董事會通過者。
五、會計師就內部控制制度設計或執行之有效性進行專案審查，有下列情形之一者：
（一）未取具受查公司針對內部控制制度設計或執行有效性之聲明書。
（二）會計師審查報告顯示受查公司內部控制制度設計或執行有重大缺失尚未改善，或無法表示意見。
六、曾依公司法第一百六十七條之二發給之員工認股權憑證，未併同股票辦理公開發行者。
七、經本會發現有違反法令，情節重大者。
依前條第六項規定辦理私募普通公司債首次公開發行者，該私募普通公司債自交付日起未屆滿三年者，本會得退回其案件。