Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises Article 16
A responsible person, department supervisor, branch unit manager, associated person, or any other employee of a SICE may not engage in any of the following conduct when engaging in business advertising or publicly holding securities investment analysis activities:1. Providing programs on securities investment analysis through mass media in violation of any provision of Article 15.2. Using deception or other improper means to induce an investor to participate in a securities investment analysis activity for the purpose of soliciting customers.3. Making unsubstantiated advertising claims that the performance, content, or methods of its own securities investment services are superior to those of others.4. Revealing in advertising only matters advantageous to the SICE, or other types of exaggerated presentation of content.5. Using advertising that will cause a mistaken belief that the SICE offers discretionary investment services when the SICE has not yet received approval to conduct such business.6. Making representations guaranteeing that investments will be profitable or that the SICE will bear losses.7. Engaging in advertising to solicit customers at the same time as engaging in investment analysis via mass media.8. Engaging in conduct involving conflicts of interest, fraud, misrepresentation, or the intent to influence securities market prices.9. Making judgment or forecasts about future prices of specific securities.10. Making recommendations or soliciting unspecified persons to trade in a specific security over radio or television during the trading hours of the centralized securities exchange market or an over-the-counter market, or within one hour before or after trading hours.11. Using radio or television at any time outside the period prescribed in the preceding subparagraph to provide analytical opinions to unspecified persons on the industry or on the operations or finances of a company connected with a specific security, or to make recommendations for trading in any specific security, without providing reasonable analytical basis for judgments.12. Failing to provide a reasonable analytical basis for judgments about securities market prices, market analysis, or industry trends.13. Using collusion among major investors, group speculation, insider information, or other improper or unlawful information in appeals to solicit customers or as the basis for recommending specific securities.14. Using letters of recommendation, letters of thanks, records of past performance, or any other similar text or representation likely to cause a belief in the certainty of profit.15. Failing to list the company's registered name, address, telephone number, or business license number in written documents produced for the purpose of promoting business.16. Holding securities investment analysis activities or producing written or electronic documents in the name of an associated person, internal research department, or other name other than that of the SICE.17. Violating the SITCA code of conduct for advertising and promotional activities.The code of conduct referred to in subparagraph 17 of the preceding paragraph shall be prescribed by the SITCA and implemented after ratification by the FSC; the same also applies to any amendments thereto.
中文原文 證券投資顧問事業負責人與業務人員管理規則第16條
證券投資顧問事業之負責人、部門主管、分支機構經理人、業務人員或其他受僱人，從事業務廣告及公開舉辦證券投資分析活動，不得有下列行為：
一、於傳播媒體提供證券投資分析節目，違反第十五條規定。
二、為招攬客戶，以詐術或其他不正當方式，誘使投資人參加證券投資分析活動。
三、對所提供證券投資服務之績效、內容或方法無任何證據時，於廣告中表示較其他業者為優。
四、於廣告中僅揭示對公司本身有利之事項，或有其他過度宣傳之內容。
五、未取得核准辦理全權委託投資業務，而為使人誤信其有辦理該項業務之廣告。
六、為保證獲利或負擔損失之表示。
七、於傳播媒體從事投資分析之同時，有招攬客戶之廣告行為。
八、涉有利益衝突、詐欺、虛偽不實或意圖影響證券市場行情之行為。
九、涉有個別有價證券未來價位研判預測。
十、於有價證券集中交易市場或櫃檯買賣成交系統交易時間及前後一小時內，在廣播或電視媒體，對不特定人就個別有價證券之買賣進行推介或勸誘。
十一、於前款所定時間外，在廣播或電視媒體，未列合理研判分析依據，對不特定人就個別有價證券之產業或公司財務、業務資訊提供分析意見，或就個別有價證券之買賣進行推介。
十二、對證券市場之行情研判、市場分析及產業趨勢，未列合理研判依據。
十三、以主力外圍、集團炒作、內線消息或其他不正當或違反法令之內容，作為招攬之訴求及推介個別有價證券之依據。
十四、引用各種推薦書、感謝函、過去績效或其他易使人認為確可獲利之類似文字或表示。
十五、為推廣業務所製發之書面文件未列明公司登記名稱、地址、電話及營業執照字號。
十六、以業務人員或內部研究單位等非證券投資顧問事業名義，舉辦證券投資分析活動、製作書面或電子文件。
十七、違反同業公會訂定廣告及促銷活動之自律規範。
前項第十七款之自律規範，由同業公會擬訂，申報本會核定後實施；修正時，亦同。
一、於傳播媒體提供證券投資分析節目，違反第十五條規定。
二、為招攬客戶，以詐術或其他不正當方式，誘使投資人參加證券投資分析活動。
三、對所提供證券投資服務之績效、內容或方法無任何證據時，於廣告中表示較其他業者為優。
四、於廣告中僅揭示對公司本身有利之事項，或有其他過度宣傳之內容。
五、未取得核准辦理全權委託投資業務，而為使人誤信其有辦理該項業務之廣告。
六、為保證獲利或負擔損失之表示。
七、於傳播媒體從事投資分析之同時，有招攬客戶之廣告行為。
八、涉有利益衝突、詐欺、虛偽不實或意圖影響證券市場行情之行為。
九、涉有個別有價證券未來價位研判預測。
十、於有價證券集中交易市場或櫃檯買賣成交系統交易時間及前後一小時內，在廣播或電視媒體，對不特定人就個別有價證券之買賣進行推介或勸誘。
十一、於前款所定時間外，在廣播或電視媒體，未列合理研判分析依據，對不特定人就個別有價證券之產業或公司財務、業務資訊提供分析意見，或就個別有價證券之買賣進行推介。
十二、對證券市場之行情研判、市場分析及產業趨勢，未列合理研判依據。
十三、以主力外圍、集團炒作、內線消息或其他不正當或違反法令之內容，作為招攬之訴求及推介個別有價證券之依據。
十四、引用各種推薦書、感謝函、過去績效或其他易使人認為確可獲利之類似文字或表示。
十五、為推廣業務所製發之書面文件未列明公司登記名稱、地址、電話及營業執照字號。
十六、以業務人員或內部研究單位等非證券投資顧問事業名義，舉辦證券投資分析活動、製作書面或電子文件。
十七、違反同業公會訂定廣告及促銷活動之自律規範。
前項第十七款之自律規範，由同業公會擬訂，申報本會核定後實施；修正時，亦同。