Regulations Governing the Offering and Issuance of Overseas Securities by Issuers Article 9
Where any of the circumstances listed below exists at an issuer, the FSC may reject its plan for offering and issuance of overseas securities:1. Any of the circumstances referred to in Article 156, paragraph 1 of the Act.2. The plan for the current offering and issuance of overseas securities is unfeasible, unnecessary, or unreasonable.3. The implementation of any previous plan for offering and issuance, or private placement, of securities has been accompanied by any of the following problems and no improvement has been made:A. The implementation is seriously behind schedule without justifiable reason and has not been completed.B. The plan was materially changed without justifiable reason; provided, however, that this provision shall not apply where the time between the actual completion of the plan and the filing of the registration exceeds 3 years.C. The securities offering and issuance plan was materially changed without being submitted to and approved by a shareholders' meeting.D. The issuer has not complied in the most recent 1 year with Article 11 herein and with Article 9, paragraph 1, subparagraphs 4 through 9 of the Regulations Governing the Offering and Issuance of Securities by Securities Issuers.E. Failure to faithfully comply with the Directions for Public Companies Conducting Private Placements of Securities, where the circumstances are of material significance.F. Reasonable benefits have not been achieved without justifiable reason; provided, however, that this provision shall not apply if the period between the actual completion date of the plan and the registration date is more than 3 years.4. An important part of the plan for this offering and issuance of overseas securities (such as issuance rules, source of funds, project particulars, implementation schedule, and expected benefits) has not been proposed and submitted to a board meeting or shareholders meeting for discussion and resolution/approval in accordance with the Company Act and the issuer's articles of incorporation.5. The company has lent large amounts of capital to others in excess of financing needs resulting from the company's business transactions with other companies or firms, and no improvement has yet been made at the time of registration.6. The company has entered into an irregular transaction of material significance, and has not rectified the situation at the time of filing the registration .7. The company 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 equity attributable to owners of the parent in the most recent CPA-audited and -attested financial report, or (2) 60 percent of the total amount of funds to be raised through the overseas securities issue that the company is registering to issue; provided, however, that this provision shall 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 for fund raising evidencing the necessity to raise the funds.8. The company has provided security for a loan to another party in violation of Article 5 of the Regulations Governing Loaning of Funds and Making of Endorsements/Guarantees by Public Companies, where the circumstances are serious, and the violation has not been rectified.9. The overseas securities being offered and issued are to be purchased by a subscriber that is related to the issuer, or the ultimate source of the funds used to purchase the issue is a party related to the issuer. The meaning of the term "related party" shall be determined in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers.10. The total dollar amount of direct or indirect investment in mainland China exceeds the upper limit set by the Investment Commission, Ministry of Economic Affairs; provided, however, that this provision shall not apply where the capital utilization plan for the present offering is to purchase domestic property, plant and equipment and a commitment is made not to increase investment in the mainland.11. Any one of the following descriptions applies to 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 the FSC has notified them to make up for the shortfall but they have not yet done so.B. The percent 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 shall 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 is made, and also in 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.12. The company's financial statements in the most recent 2 years have not been prepared in accordance with relevant acts, regulations, and generally accepted accounting principles, and such violations are significant.13. In the past 3 years, a court has rendered a final and unappealable judgment against the issuer or its current chairperson, general manager, or de facto responsible person due to violation of laws governing business operations such as the Act, Company Act, Banking Act, Financial Holding Company Act, and Business Accounting Act, or due to a breach of good faith crime such as corruption, malfeasance, fraud, breach of fiduciary duty, or embezzlement.14. New shares are issued for the purpose of a merger, for the purpose of acquiring the shares of another company, or for the purpose of an acquisition or separation conducted in accordance with law, and such issue has been conducted under any of the following conditions:A. The issue involves a material violation of the provisions of Chapter II, Section V of the Regulations Governing the Acquisition or Disposal of Assets by Public Companies.B. The acquisition of shares or of a corporation involves shares that are not newly issued by another company, or the non-current equity investment holdings of another company, or outstanding shares that are held by the shareholders of another company.C. The ownership rights of the acquired shares, business, or assets are impaired or encumbered in some way, such as through the creation of pledge thereupon or placing of restrictions on the purchase or sale thereof.D. The provisions of Article 167, paragraph 3 or 4 of the Company Act are violated.E. An audit report with unqualified opinion was not issued by a CPA regarding the financial report on the acquired company for the most recent fiscal year, except where an audit report with qualified opinion was issued together with an unqualified opinion regarding the balance sheet.15. The internal control system is materially flawed in terms of either design or enforcement.16. The company's share price has fluctuated abnormally during the month prior to the date of registration of the offering and issuance.17. The provisions of Article 8, paragraph 2 are violated.18. A listed company, OTC company, or emerging stock company fails to appoint a remuneration committee in accordance with Article 14-6, paragraph 1 of the Act, or fails to comply with applicable laws and regulations regarding remuneration committees, where the circumstances are of material significance.19. Failure to adopt electronic transmission as one of the methods for exercising voting rights in accordance with the proviso to paragraph 1 of Article 177-1 of the Company Act.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.21. Other acts and regulations are violated, or where the FSC deems disapproval necessary for protection of the public interest or national reputation.The term "engaged primarily in the business of trading of securities" as referred to in subparagraph 7 of the preceding paragraph shall mean, of a company merged by the issuer, that the merged 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.Subparagraphs 4 to 10 of paragraph 1 are not applicable in the case of registrations to use outstanding shares to sponsor issuance of overseas depositary receipts, or to use outstanding shares to engage in trading on offshore stock exchanges.The provisions of paragraph 1, subparagraphs 3, 5, and 10 shall not apply where the issuer registers to sponsor issuance of overseas depositary receipts through capital increase, which in turn is done in order to acquire a foreign company, to acquire the shares of a foreign company, or to issue new shares for the purpose of an acquisition or separation of a foreign company conducted in accordance with the law.When an issuer that is a financial holding company, banking enterprise, securities enterprise, or futures enterprise, calculates the assets of paragraph 1, subparagraph 7, it need not include investments in financial asset items distinguished as current in such calculations. An issuer that is an insurance enterprise need not apply the provisions of paragraph 1, subparagraph 7.
中文原文 發行人募集與發行海外有價證券處理準則第9條
發行人有下列情形之一，本會得退回其募集與發行海外有價證券：
一、有本法第一百五十六條第一項各款所列情事之一者。
二、本次募集與發行海外有價證券計畫不具可行性、必要性及合理性者。
三、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十一條及發行人募集與發行有價證券處理準則第九條第一項第四款至第九款規定辦理。
（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。
四、本次募集與發行海外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。
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，迄申報時尚未改善者。
六、有重大非常規交易，迄申報時尚未改善者。
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發行海外有價證券募集總金額之百分之六十者。
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增資計畫佐證其募集資金之必要性，不在此限。
八、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。
九、本次募集與發行海外有價證券之認購人或認購之最終資金來源為發行人之關係人者。
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、直接或間接赴大陸地區投資金額違反經濟部投資審議委員會規定者。
但本次募集資金運用計畫係用於國內購置不動產、廠房及設備並承諾不再增加對大陸地區投資者，不在此限。
十一、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，經本會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持股成數。
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。
十二、最近二年度財務報告，未依有關法令及一般公認會計原則編製，且情節重大者。
十三、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，經法院判決有罪確定者。
十四、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，而有下列情形之一者：
（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形。
（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。
十五、內部控制制度之設計或執行有重大缺失者。
十六、申報日前一個月，其股價變化異常者。
十七、違反第八條第二項規定情事者。
十八、上市、上櫃公司或興櫃股票公司未依本法第十四條之六第一項規定設置薪資報酬委員會或未依相關法令規定辦理，情節重大者。
十九、未依公司法第一百七十七條之一第一項但書規定將電子方式列為表決權行使管道之一者。
二十、證券承銷商於發行人申報時最近一年內經本會、臺灣證券交易所股份有限公司、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者。
二十一、違反其他法令規定，或本會為保護公益或維護國家信譽，認為有必要者。
前項第七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。
第一項第四款至第十款規定，對於發行人申報以已發行股份參與發行海外存託憑證或以已發行股票至國外證券市場交易者，不適用之。
發行人合併外國公司、受讓外國公司股份，或依法律規定收購或分割外國公司而申報增資發行新股參與發行海外存託憑證者，不適用第一項第三款、第五款及第十款規定。
發行人屬金融控股公司、銀行業、證券業或期貨業，於計算第一項第七款之資產時，得免將流動性質之金融資產投資項目計入。
發行人屬保險業，得不適用第一項第七款規定。
一、有本法第一百五十六條第一項各款所列情事之一者。
二、本次募集與發行海外有價證券計畫不具可行性、必要性及合理性者。
三、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十一條及發行人募集與發行有價證券處理準則第九條第一項第四款至第九款規定辦理。
（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。
四、本次募集與發行海外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。
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，迄申報時尚未改善者。
六、有重大非常規交易，迄申報時尚未改善者。
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發行海外有價證券募集總金額之百分之六十者。
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增資計畫佐證其募集資金之必要性，不在此限。
八、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。
九、本次募集與發行海外有價證券之認購人或認購之最終資金來源為發行人之關係人者。
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、直接或間接赴大陸地區投資金額違反經濟部投資審議委員會規定者。
但本次募集資金運用計畫係用於國內購置不動產、廠房及設備並承諾不再增加對大陸地區投資者，不在此限。
十一、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，經本會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持股成數。
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。
十二、最近二年度財務報告，未依有關法令及一般公認會計原則編製，且情節重大者。
十三、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，經法院判決有罪確定者。
十四、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，而有下列情形之一者：
（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形。
（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。
十五、內部控制制度之設計或執行有重大缺失者。
十六、申報日前一個月，其股價變化異常者。
十七、違反第八條第二項規定情事者。
十八、上市、上櫃公司或興櫃股票公司未依本法第十四條之六第一項規定設置薪資報酬委員會或未依相關法令規定辦理，情節重大者。
十九、未依公司法第一百七十七條之一第一項但書規定將電子方式列為表決權行使管道之一者。
二十、證券承銷商於發行人申報時最近一年內經本會、臺灣證券交易所股份有限公司、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者。
二十一、違反其他法令規定，或本會為保護公益或維護國家信譽，認為有必要者。
前項第七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。
第一項第四款至第十款規定，對於發行人申報以已發行股份參與發行海外存託憑證或以已發行股票至國外證券市場交易者，不適用之。
發行人合併外國公司、受讓外國公司股份，或依法律規定收購或分割外國公司而申報增資發行新股參與發行海外存託憑證者，不適用第一項第三款、第五款及第十款規定。
發行人屬金融控股公司、銀行業、證券業或期貨業，於計算第一項第七款之資產時，得免將流動性質之金融資產投資項目計入。
發行人屬保險業，得不適用第一項第七款規定。