Regulations Governing the Offering and Issuance of Securities by Securities Issuers Article 8
Where an issuer conducts an offering and issuance of securities as contemplated under Article 6, paragraph 2, the FSC may reject the registration upon the occurrence of any one of the following events:1. Fifty percent of the original directors have changed during the year of registration or during the previous 2 years, and a shareholder has obtained its shares in violation of the provisions of Article 43-1 of the Act. However, this provision does not apply where corrections have been made prior to the registration date.2. Any one of the events set forth under Article 156 of the Act applies to an exchange-listed or OTC-listed company. However, this restriction does not apply to any company upon which restrictions have been imposed, in accordance with the provisions of Article 139, paragraph 2 of the Act, with respect to the trading of its shares on a stock exchange.3. The plan for the current offering and issuance is unfeasible, unnecessary, or unreasonable.4. Any one of the following events has occurred in the implementation of a previous plan for the offering and issuance, or private placement, of securities, and the situation has not been improved:A. The process of implementation is seriously delayed without legitimate reason and the implementation has not been completed yet.B. The plan has undergone substantial change without due reasons and such change has not been completed. However, this provision does not apply where more than 3 years have passed between the registration date and the actual completion date of the plan.C. The offering and issuance plan has undergone material change, but said change has not yet been reported to a shareholders' meeting for approval.D. The company has failed in the most recent year to observe the provisions of Article 9, paragraph 1, subparagraphs 4 through 9, or provisions set out in Article 11 of the Regulations Governing the Offering and Issuance of Overseas Securities by Issuers.E. The company has failed to faithfully disclose information in accordance with the Directions for Public Companies Conducting Private Placements of Securities, where the circumstances are serious.F. No reasonable benefit is derived from the plan and no legitimate reason is provided. However, in the event more than 3 years have passed since the completion date of the plan till the registration date, such restriction does not apply.5. An important part of the plan for the current offering and issuance of securities (such as methods of issuance, source of funds, particulars of the plan, implementation schedule, and expected returns) has not been placed on the agenda of a board meeting or shareholders meeting in accordance with the Company Act and the issuer's articles of incorporation, or has not been adopted by resolution at such a meeting.6. The company which has lent a substantial amount of money to other parties for purposes other than financing needs arising from business transactions with other companies or business firms, and which has not yet rectified the situation, submits for registration to conduct a cash capital increase or issue corporate bonds.7. The company has entered into an irregular transaction of material significance, and has not yet rectified the situation.8. The company files for registration to conduct a cash capital increase or issue 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 CPAs, 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 when the funds to be raised will be used to purchase property, plant and 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 plan to evidence the need to raise the funds.9. Proceeds from the cash capital increase or corporate bond issuance 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.10. The company has failed to prepare its financial statements in accordance with relevant laws or regulations, or with generally accepted accounting principles, and such violations are of material significance.11. The company has violated the provisions of Article 5, paragraph 2.12. The internal control system is seriously deficient in design or implementation.13. The company's share price fluctuated abnormally during the month prior to the date of registration.14. Any one of the following descriptions applies to the shareholdings of the entire body of the company's directors or supervisors:A. The percentage of their equity stake is in violation of Article 26 of the Act and they have been notified to make up for the shortfall but they have not yet done so.B. The percentage of their equity stake still does not meet the required equity stake set forth under Article 26 of the Act even after accounting for the share issue that the company is now registering; provided, however, that this does not apply where the entire body of the company's directors or supervisors pledges to make up for the shortfall upon completion of the offering.C. During the fiscal year in which the registration filing is made, or during the preceding fiscal year, the entire body of the company's directors or supervisors did not honor a promise to make up for a shortfall in their equity stake.15. The issuer or its current chairperson or general manager, or a de facto responsible person has received a fixed sentence or a more severe punishment from a court in the past 3 years due to violation of laws governing business and industry such as the Act, the Company Act, Banking Act, Financial Holding Company Act, or Business Accounting Act, or due to a crime involving breach of faith such as corruption, malfeasance, fraud, breach of fiduciary duty, or embezzlement.16. The court has decided that the issuer has an obligation for damages under the Act and the issuer has not met that obligation yet.17. 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.18. 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 one of the following descriptions presents: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 the newly issued shares of another company, non-current equity investment, or previously issued shares held by the shareholders of another 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. There has been a violation of Article 167, paragraph 3 or 4 of the Company Act.E. An audit report with unqualified opinion was not issued by a CPA for financial reports of an absorbed company for the most recent fiscal year; 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.19. An event prescribed in Article 13, paragraph 1, subparagraph 2, item 6 occurs, and any of the following circumstances is present: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 convertible corporate bonds or corporate bonds with warrants, 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 one year.20. The securities underwriter, at the time the 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 a cash issue by an issuer of new shares that are to be sold in the public sale prior to an initial listing on the stock exchange or OTC market.21. The FSC deems it necessary, in order to protect the public interest, to reject or disapprove the issuer's application.The term "company engaged primarily in the business of trading of securities" as referred to in subparagraphs 8 and 9 of the preceding paragraph shall mean a company merged by the issuer, or a company in which the issuer has directly invested, or in which a subsidiary of the said issuer has invested under the equity method, provided that its 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.Where an issuer conducts an offering and issuance of securities as contemplated under Article 6, paragraph 2, subparagraph 2 or 3 or Article 13, paragraph 2, subparagraph 4, if the underwriter evaluation report clearly explains the feasibility of the capital allocations and the reasonableness of the expected benefits of the plan for the current offering and issuance of securities, then provisions regarding the necessity of the plan, as set out in subparagraph 5 of the preceding article and in paragraph 1, subparagraph 3 of this article, need not apply.If the issuer is a securities, futures, or financial enterprise, it is not required to include investments in financial assets distinguished as current in its calculations when totaling the value of the assets set forth under paragraph 1, subparagraph 8. The provisions of paragraph 1, subparagraph 8 need not apply if the issuer is an insurance enterprise, or the issuer is conducting a case provided for in Article 6, paragraph 2, subparagraph 2 or 3 or Article 13, paragraph 2, subparagraph 4.The provisions prescribed in paragraph 1, subparagraph 8 need not apply where an issuer, for the purpose of enjoying tax incentives, conducts a cash capital increase to raise funds not greater in amount than the upper limit set by the competent authority or NT$100 million.With respect to the 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 an acquisition or demerger conducted in accordance with the law, the following parts of paragraph 1 need not apply: subparagraph 1, those provisions of subparagraph 4 that relate to implementation of a previous plan for cash capital increase or corporate bonds, and subparagraphs 13, 15, and 19.
中文原文 發行人募集與發行有價證券處理準則第8條
發行人辦理第六條第二項規定之案件，經發現有下列情形之一，本會得退回其案件：
一、申報年度及前二年度公司董事變動達二分之一，且其股東取得股份有違反本法第四十三條之一規定。
但於申報日前已完成補正者，不在此限。
二、上市或上櫃公司有本法第一百五十六條各款情事之一者。
但依本法第一百三十九條第二項規定限制其上市買賣，不在此限。
三、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。
四、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。
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九條第一項第四款至第九款及發行人募集與發行海外有價證券處理準則第十一條規定辦理。
（五）未確實依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。
（六）未能產生合理效益且無正當理由。
但計畫實際完成日距申報時已逾三年，不在此限。
五、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、預定進度及預計可能產生效益等）未經列成議案，依公司法及章程提董事會或股東會討論並決議通過者。
六、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，而辦理現金增資或發行公司債者。
七、有重大非常規交易，迄未改善者。
八、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。
九、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。
十、不依有關法令及一般公認會計原則編製財務報告，情節重大者。
十一、違反第五條第二項規定情事者。
十二、內部控制制度之設計或執行有重大缺失者。
十三、申報日前一個月，其股價變化異常者。
十四、公司全體董事或監察人持股有下列情形之一者：
（一）違反本法第二十六條規定，經通知補足持股尚未補足。
（二）加計本次申報發行股份後，未符本法第二十六條規定。
但經全體董事或監察人承諾於募集完成時，補足持股，不在此限。
（三）申報年度及前一年度公司全體董事或監察人未依承諾補足持股。
十五、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，因違反本法、公司法、銀行法、金融控股公司法、商業會計法等工商管理法律，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者。
十六、因違反本法，經法院判決確定須負擔損害賠償義務，迄未依法履行者。
十七、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。
十八、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）違反本會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）違反公司法第一百六十七條第三項及第四項規定。
（五）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。
十九、有第十三條第一項第二款第六目規定之情事，且有下列情形之一：
（一）申報現金發行新股，公司董事、監察人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）申報發行轉換公司債或附認股權公司債，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。
二十、證券承銷商於發行人申報時最近一年內經本會、證券交易所、財團法人中華民國證券櫃檯買賣中心及中華民國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。
但發行人辦理現金發行新股為初次上市、上櫃公開銷售者，不在此限。
二十一、其他本會為保護公益認為有必要者。
前項第八款及第九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及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。
發行人辦理第六條第二項第二款、第三款及第十三條第二項第四款規定之案件，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，得不適用前條第五款及本條第一項第三款有關計畫必要性之規定。
發行人若屬證券、期貨或金融事業，於計算第一項第八款之資產時，得免將具流動性質之金融資產投資計入。
發行人若屬保險事業、發行人辦理第六條第二項第二款、第三款及第十三條第二項第四款規定之案件，得不適用第一項第八款規定。
發行人為享有租稅優惠而辦理現金增資且募集資金不超過目的事業主管機關規定之限額或新臺幣一億元者，得不適用第一項第八款規定。
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，得不適用第一項第一款、第四款關於前各次現金增資或公司債計畫執行部分、第十三款、第十五款及第十九款規定。
一、申報年度及前二年度公司董事變動達二分之一，且其股東取得股份有違反本法第四十三條之一規定。
但於申報日前已完成補正者，不在此限。
二、上市或上櫃公司有本法第一百五十六條各款情事之一者。
但依本法第一百三十九條第二項規定限制其上市買賣，不在此限。
三、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。
四、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。
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九條第一項第四款至第九款及發行人募集與發行海外有價證券處理準則第十一條規定辦理。
（五）未確實依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。
（六）未能產生合理效益且無正當理由。
但計畫實際完成日距申報時已逾三年，不在此限。
五、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、預定進度及預計可能產生效益等）未經列成議案，依公司法及章程提董事會或股東會討論並決議通過者。
六、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，而辦理現金增資或發行公司債者。
七、有重大非常規交易，迄未改善者。
八、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。
九、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。
十、不依有關法令及一般公認會計原則編製財務報告，情節重大者。
十一、違反第五條第二項規定情事者。
十二、內部控制制度之設計或執行有重大缺失者。
十三、申報日前一個月，其股價變化異常者。
十四、公司全體董事或監察人持股有下列情形之一者：
（一）違反本法第二十六條規定，經通知補足持股尚未補足。
（二）加計本次申報發行股份後，未符本法第二十六條規定。
但經全體董事或監察人承諾於募集完成時，補足持股，不在此限。
（三）申報年度及前一年度公司全體董事或監察人未依承諾補足持股。
十五、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，因違反本法、公司法、銀行法、金融控股公司法、商業會計法等工商管理法律，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者。
十六、因違反本法，經法院判決確定須負擔損害賠償義務，迄未依法履行者。
十七、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。
十八、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）違反本會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）違反公司法第一百六十七條第三項及第四項規定。
（五）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。
十九、有第十三條第一項第二款第六目規定之情事，且有下列情形之一：
（一）申報現金發行新股，公司董事、監察人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）申報發行轉換公司債或附認股權公司債，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。
二十、證券承銷商於發行人申報時最近一年內經本會、證券交易所、財團法人中華民國證券櫃檯買賣中心及中華民國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。
但發行人辦理現金發行新股為初次上市、上櫃公開銷售者，不在此限。
二十一、其他本會為保護公益認為有必要者。
前項第八款及第九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及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。
發行人辦理第六條第二項第二款、第三款及第十三條第二項第四款規定之案件，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，得不適用前條第五款及本條第一項第三款有關計畫必要性之規定。
發行人若屬證券、期貨或金融事業，於計算第一項第八款之資產時，得免將具流動性質之金融資產投資計入。
發行人若屬保險事業、發行人辦理第六條第二項第二款、第三款及第十三條第二項第四款規定之案件，得不適用第一項第八款規定。
發行人為享有租稅優惠而辦理現金增資且募集資金不超過目的事業主管機關規定之限額或新臺幣一億元者，得不適用第一項第八款規定。
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，得不適用第一項第一款、第四款關於前各次現金增資或公司債計畫執行部分、第十三款、第十五款及第十九款規定。