Regulations Governing Securities Firms Article 26
If any of the following events exists between a securities underwriter and an issuer, such underwriter shall not act as the lead underwriter of that issuance:1. Where either party and its parent company, and all of the subsidiaries of its parent company, aggregately hold 10 percent or more of the total shares of the other party.2. Where either party and its subsidiaries appoint more than half of the directors of the other party.3. Where the board chairperson or president of either party is the spouse or a relative within the second degree or closer of the board chairperson or president of the other party.4. Where 20 percent or more of the total number of shares of either party is held by the same shareholder.5. Where half or more of the directors or supervisors of either party are the same as the directors or supervisors of the other party; the spouses, children, and relatives within the second degree or closer of those persons count as "the same".6. Where either party and related parties hold a total of 50 percent or more of the total issued shares of the other party. However, where the securities underwriter is a subsidiary securities firm of a financial institution or a financial holding company, this restriction shall not apply if the total shares of the issuing company held aggregately by the subsidiary's parent company, and by all subsidiaries of the parent company, do not exceed 10 percent of the total issued shares of the issuing company, and neither the director nor supervisor seats of the issuing company held by such companies exceed one-third of the director or supervisor seats, respectively.7. Where the two parties, according to the relevant laws or regulations, are required to apply for combination, or have filed with the Fair Trade Commission for combination and have not had the combination prohibited thereby.8. Where, other laws or regulations provide, or facts demonstrate, that either party directly or indirectly controls the personnel, finances, or business operations of the other party.If an issuer issues straight corporate bonds, or financial bonds without equity characteristics, and the sales target is limited to professional investors as specified in the Taipei Exchange Rules Governing Management of Foreign Currency Denominated International Bonds, the lead underwriter is exempt from the restrictions of paragraph 1. If the issuer qualifies as a securities underwriter, it may also act as the lead underwriter.The terms "parent company" and "subsidiaries" in these Regulations are defined as determined in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Firms.
中文原文 證券商管理規則第26條
證券承銷商與發行公司間，有下列情事之一，不得為該公司發行有價證券之主辦承銷商：
一、任何一方與其母公司、母公司之全部子公司，合計持有對方股份總額百分之十以上者。
二、任何一方與其子公司派任於對方之董事，超過對方董事總席次半數者。
三、任何一方董事長或總經理與對方之董事長或總經理為同一人，或具有配偶、二親等以內親屬關係者。
四、任何一方股份總額百分之二十以上之股份為相同之股東持有者。
五、任何一方董事或監察人與對方之董事或監察人半數以上相同者。
其計算方式係包括該等人員之配偶、子女及具二親等以內之親屬關係者在內。
六、任何一方與其關係人總計持有他方已發行股份總額百分之五十以上者。
但證券承銷商為金融機構或金融控股公司之證券子公司時，如其母公司、母公司之全部子公司總計持有發行公司股份未逾發行公司已發行股份總額百分之十，且擔任發行公司董事或監察人席次分別未逾三分之一者，不在此限。
七、雙方依相關法令規定，應申請結合者或申報後未經公平交易委員會禁止結合者。
八、其他法令規定或事實證明任何一方直接或間接控制他方之人事、財務或業務經營者。
發行公司發行普通公司債及未涉及股權之金融債券，如銷售對象僅限於證券櫃檯買賣中心外幣計價國際債券管理規則所定之專業投資人，其主辦承銷商得不受前項規定之限制，發行公司如具證券承銷商之資格者，亦得擔任主辦承銷商。
本規則所稱母公司及子公司，應依證券商財務報告編製準則規定認定之。
一、任何一方與其母公司、母公司之全部子公司，合計持有對方股份總額百分之十以上者。
二、任何一方與其子公司派任於對方之董事，超過對方董事總席次半數者。
三、任何一方董事長或總經理與對方之董事長或總經理為同一人，或具有配偶、二親等以內親屬關係者。
四、任何一方股份總額百分之二十以上之股份為相同之股東持有者。
五、任何一方董事或監察人與對方之董事或監察人半數以上相同者。
其計算方式係包括該等人員之配偶、子女及具二親等以內之親屬關係者在內。
六、任何一方與其關係人總計持有他方已發行股份總額百分之五十以上者。
但證券承銷商為金融機構或金融控股公司之證券子公司時，如其母公司、母公司之全部子公司總計持有發行公司股份未逾發行公司已發行股份總額百分之十，且擔任發行公司董事或監察人席次分別未逾三分之一者，不在此限。
七、雙方依相關法令規定，應申請結合者或申報後未經公平交易委員會禁止結合者。
八、其他法令規定或事實證明任何一方直接或間接控制他方之人事、財務或業務經營者。
發行公司發行普通公司債及未涉及股權之金融債券，如銷售對象僅限於證券櫃檯買賣中心外幣計價國際債券管理規則所定之專業投資人，其主辦承銷商得不受前項規定之限制，發行公司如具證券承銷商之資格者，亦得擔任主辦承銷商。
本規則所稱母公司及子公司，應依證券商財務報告編製準則規定認定之。