Securities Investor and Futures Trader Protection Act Article 21
Under any of the following circumstances with respect to a securities investor or a futures trader, the protection institution may use the protection fund for payment of what is due to the investor or futures trader:1. When the securities firm engaged by an investor defaults because of insolvency from financial difficulties, and the investor, having traded securities on the securities market and having completed the settlement obligations or having engaged the securities firm to request the exercise of warrant rights with the issuer of call (put) warrants and having paid the price payable or delivered the securities deliverable, fails to obtain the securities or securities price to which the investor is entitled.2. When the futures commission merchant engaged by a futures trader defaults because of insolvency from financial difficulties, and the futures trader, having engaged in futures trading on the futures market, fails to obtain the margin or premium to which the futures trader is entitled, or the gains after the completion of clearing procedures by the futures clearing house.Limits on payments to each securities investor or futures trader from the protection fund pursuant to the preceding paragraph and limits on the total amount of such payments to all securities investors or futures traders of any given securities firm or futures commission merchant, as well as the regulations and procedures governing such payments, shall be prescribed by the competent authority.After making a payment pursuant to paragraph 1, the protection institution assumes the rights of the securities investor or futures trader against the defaulting securities firm or futures commission merchant within the amount of the payment made.The provisions of Articles 34 through 36 apply mutatis mutandis when the protection institution assumes rights pursuant to the preceding paragraph and institutes an action or an appeal or moves for an injunctive or executory proceeding against the defaulting securities firm or futures commission.
中文原文 證券投資人及期貨交易人保護法第21條
證券投資人及期貨交易人有下列情形時，保護機構得動用保護基金償付之：
一、證券投資人於所委託之證券商因財務困難失卻清償能力而違約時，其於證券交易市場買賣有價證券並已完成交割義務，或委託該證券商向認購（售）權證之發行人請求履約並已給付應繳之價款或有價證券，而未取得其應得之有價證券或價款。
二、期貨交易人於所委託之期貨商因財務困難失卻清償能力而違約時，其於期貨交易市場從事期貨交易，而未取得其應得之保證金、權利金，及經期貨結算機構完成結算程序後之利得。
保護基金依前項規定，償付每一證券投資人或期貨交易人之金額上限、對每一證券商或期貨商之全體證券投資人或期貨交易人之償付總額上限、償付程序及償付辦法，由主管機關定之。
保護機構依第一項規定償付後，於其償付之限度內承受證券投資人或期貨交易人對於違約證券商或期貨商之權利。
第三十四條至第三十六條規定，於保護機構依前項規定承受權利而對違約證券商或期貨商提起訴訟、上訴或聲請保全程序、執行程序時，準用之。
一、證券投資人於所委託之證券商因財務困難失卻清償能力而違約時，其於證券交易市場買賣有價證券並已完成交割義務，或委託該證券商向認購（售）權證之發行人請求履約並已給付應繳之價款或有價證券，而未取得其應得之有價證券或價款。
二、期貨交易人於所委託之期貨商因財務困難失卻清償能力而違約時，其於期貨交易市場從事期貨交易，而未取得其應得之保證金、權利金，及經期貨結算機構完成結算程序後之利得。
保護基金依前項規定，償付每一證券投資人或期貨交易人之金額上限、對每一證券商或期貨商之全體證券投資人或期貨交易人之償付總額上限、償付程序及償付辦法，由主管機關定之。
保護機構依第一項規定償付後，於其償付之限度內承受證券投資人或期貨交易人對於違約證券商或期貨商之權利。
第三十四條至第三十六條規定，於保護機構依前項規定承受權利而對違約證券商或期貨商提起訴訟、上訴或聲請保全程序、執行程序時，準用之。