Securities and Exchange Act Article 22

With the exception of government bonds or other securities exempted by the Competent Authority, the public offering or issuance of securities without having filed for effective registration with the Competent Authority is prohibited.A company that has issued stock under this Act, when issuing new shares under the Company Act, shall still be required to comply with the preceding paragraph, except in cases handled as provided in Article 43-6, paragraphs 1 and 2 hereof.The provisions of paragraph 1 shall apply mutatis mutandis to a holder of securities as defined in Article 6, paragraph 1, or certificates of payment therefor, or documents of title thereto, or stock warrant certificates, or certificates of entitlement to new shares, who publicly offers to resell the securities or certificates.Regulations governing the conditions, documents required to be attached, review and approval procedures, and other required matters for compliance with respect to filings for effective registration under the preceding three paragraphs shall be prescribed by the Competent Authority.In formulating or amending provisions of the preceding paragraph's regulations relating to foreign exchange, the Competent Authority shall consult with and obtain the approval of the Central Bank of China.