Securities and Exchange Act ( Amended 2006 . 01 . 11)
證券交易法(民國95年01月11日修正)

Chapter I General Principles
第一章總則

Article 1 This Act is enacted for the purpose of promoting the national economic development and the protection of investors.
第1條（立法宗旨）為發展國民經濟，並保障投資，特制定本法。

Article 2 The regulation and supervision of public offering, issuing, and trading of securities shall be governed by this Act; such matters not provided for in this Act shall be governed by the provision of the Company Act and other relevant acts.
第2條（法律適用）有價證券之募集、發行、買賣，其管理、監督依本法之規定；本法未規定者，適用公司法及其他有關法律之規定。

Article 3 The term "Competent Authority" as used in this Act means the Financial Supervisory Commission, Executive Yuan.
第3條本法所稱主管機關，為行政院金融監督管理委員會。

Article 4 The term "company" as used in this Act means a company limited by shares organized under the Company Act.
第4條（公司之定義）本法所稱公司，謂依公司法組織之股份有限公司。

Article 5 The term "issuer" as used in this Act means either a company which publicly offers and issues securities, or promoters who publicly offer securities.
第5條（發行人）本法所稱發行人，謂募集及發行有價證券之公司，或募集有價證券之發起人。

Article 6 The term "securities" as used in this Act shall mean government bonds, corporate stocks, corporate bonds, and other securities approved by the Competent Authority.
第6條本法所稱有價證券，指政府債券、公司股票、公司債券及經主管機關核定之其他有價證券。

Any stock warrant certificate, certificate of entitlement to new shares, and certificate of payment or document of title to any of the securities referred to in the preceding paragraph shall be deemed as securities.
新股認購權利證書、新股權利證書及前項各種有價證券之價款繳納憑證或表明其權利之證書，視為有價證券。

Any securities referred to in the preceding two paragraphs, even without the physical certificate representing title being printed, shall still be deemed as securities.
前二項規定之有價證券，未印製表示其權利之實體有價證券者，亦視為有價證券。

Article 7 The term "public offer" as used in this Act means the act of offering securities to the general public by the promoters prior to the incorporation of the company, or by the issuing company prior to the issuance of said securities.
第7條本法所稱募集，謂發起人於公司成立前或發行公司於發行前，對非特定人公開招募有價證券之行為。

The term "private placement" as used in this Act means the act of offering securities to specific persons pursuant to paragraphs 1 and 2 of Article 43-6 by a public company.
本法所稱私募，謂已依本法發行股票之公司依第四十三條之六第一項及第二項規定，對特定人招募有價證券之行為。

Article 8 The term "issuance" as used in this Act means the act of producing and physical delivery or book-entry transfer of securities by an issuer following its public offer.
第8條本法所稱發行，謂發行人於募集後製作並交付，或以帳簿劃撥方式交付有價證券之行為。

Securities delivered by book-entry transfer referred to in the preceding paragraph may be issued without printing physical securities.
前項以帳簿劃撥方式交付有價證券之發行，得不印製實體有價證券。

Article 9 (deleted)
第9條（刪除）

Article 10 The term "underwriting" as used in this Act means the act of underwriting securities issued by an issuer on a firm commitment or a best efforts basis in accordance with the agreement between the parties.
第10條（承銷）本法所稱承銷，謂依約定包銷或代銷發行人發行有價證券之行為。

Article 11 The term "stock exchange" as used in this Act means a juristic person which in accordance with the provisions of this Act establishes premises and facilities for the purpose of providing a centralized securities exchange market.
第11條（證券交易所）本法所稱證券交易所，謂依本法之規定，設置場所及設備，以供給有價證券集中交易市場為目的之法人。

Article 12 The term "centralized securities exchange market" as used in this Act means a marketplace maintained by a stock exchange for the purchase and sale of securities through a competitive bidding process.
第12條（有價證券集中交易市場）本法所稱有價證券集中交易市場，謂證券交易所為供有價證券之競價買賣所開設之市場。

Article 13 The term "prospectus" as used in this Act means an explanatory written statement rendered to the general public in compliance with this Act for the purpose of offering or selling securities.
第13條（公開說明書）本法所稱公開說明書，謂發行人為有價證券之募集或出賣，依本法之規定，向公眾提出之說明文書。

Article 14 The term "financial reports" as used in this Act means the financial reports prepared by issuers, securities firms, and stock exchanges that are to be filed periodically with the Competent Authority in compliance with Acts and regulations.
第14條本法所稱財務報告，指發行人及證券商、證券交易所依法令規定，應定期編送主管機關之財務報告。

Regulations governing the content, scope, procedures, preparation, and other matters to be complied with for the financial reports referred to in the preceding paragraph shall be prescribed by the Competent Authority.
前項財務報告之內容、適用範圍、作業程序、編製及其他應遵行事項之準則，由主管機關定之。

The financial reports referred to in paragraph 1 shall be signed or stamped with the seal of the chairperson, managers, and accounting officers, who shall also produce a declaration that the report contains no misrepresentations or nondisclosures.
第一項財務報告應經董事長、經理人及會計主管簽名或蓋章，並出具財務報告內容無虛偽或隱匿之聲明。

The accounting officers referred to in the preceding paragraph shall possess certain qualifications and shall receive continuing professional education while holding the position. Regulations governing the qualifications of an accounting officer, the minimum hours of continuing education required, and the qualifications required of the institution offering the continuing education curriculum shall be prescribed by the Competent Authority.
前項會計主管應具備一定之資格條件，並於任職期間內持續專業進修；其資格條件、持續專業進修之最低進修時數及辦理進修機構應具備條件等事項之辦法，由主管機關定之。

Article 14- 1 Public companies, securities exchanges, securities firms, and enterprises set forth in Article 18 shall establish financial and operational internal control systems.
第14-1條公開發行公司、證券交易所、證券商及第十八條所定之事業應建立財務、業務之內部控制制度。

The Competent Authority may prescribe rules governing internal control systems of companies or enterprises under the preceding paragraph.
主管機關得訂定前項公司或事業內部控制制度之準則。

A company or enterprise under paragraph 1 shall file an Internal Control Declaration with the Competent Authority within four months of the close of each accounting year, unless approval otherwise has been granted by the Competent Authority.
第一項之公司或事業，除經主管機關核准者外，應於每會計年度終了後四個月內，向主管機關申報內部控制聲明書。

Article 14- 2 A company that has issued stock in accordance with this Act may appoint independent directors in accordance with its articles of incorporation.
第14-2條已依本法發行股票之公司，得依章程規定設置獨立董事。

The Competent Authority, however, shall as necessary in view of the company´s scale, shareholder structure, type of operations, and other essential factors, require it to appoint independent directors, not less than two in number and not less than one-fifth of the total number of directors.
但主管機關應視公司規模、股東結構、業務性質及其他必要情況，要求其設置獨立董事，人數不得少於二人，且不得少於董事席次五分之一。

Independent directors shall possess professional knowledge and there shall be restrictions on their shareholdings and the positions they may concurrently hold.
獨立董事應具備專業知識，其持股及兼職應予限制，

They shall maintain independence within the scope of their directorial duties, and may not have any direct or indirect interest in the company.
且於執行業務範圍內應保持獨立性，不得與公司有直接或間接之利害關係。

Regulations governing the professional qualifications, restrictions on shareholdings and concurrent positions held, assessment of independence, method of nomination, and other matters for compliance with respect to independent directors shall be prescribed by the Competent Authority.
獨立董事之專業資格、持股與兼職限制、獨立性之認定、提名方式及其他應遵行事項之辦法，由主管機關定之。

Given any of the following circumstances, a person may not act as an independent director, or if already acting in such capacity, shall be dismissed:
有下列情事之一者，不得充任獨立董事，其已充任者，當然解任：

1. Any circumstance set out in a subparagraph of Article 30 of the Company Act.
一、有公司法第三十條各款情事之一。

2. The director is a government agency, juristic person, or representative thereof, and was elected in accordance with Article 27 of the Company Act.
二、依公司法第二十七條規定以政府、法人或其代表人當選。

3. The person fails to meet the qualifications for independent director set forth in the preceding paragraph.
三、違反依前項所定獨立董事之資格。

Transfer of an independent director´s shareholdings is not subject to the provisions of the latter part of paragraph 1 or of paragraph 3, Article 197, of the Company Act.
獨立董事持股轉讓，不適用公司法第一百九十七條第一項後段及第三項規定。

When an independent director is dismissed for any reason, resulting in a number of directors lower than that required under paragraph 1 or the company´s articles of incorporation, a by-election for independent director shall be held at the next following shareholders meeting.
獨立董事因故解任，致人數不足第一項或章程規定者，應於最近一次股東會補選之。

When all independent directors have been dismissed, the company shall convene a special shareholders meeting to hold a by-election within 60 days from the date on which the situation arose.
獨立董事均解任時，公司應自事實發生之日起六十日內，召開股東臨時會補選之。

Article 14- 3 When a company has selected independent directors as set forth in paragraph 1 of the preceding article, then the following matters shall be submitted to the board of directors for approval by resolution unless approval has been obtained from the Competent Authority;
第14-3條已依前條第一項規定選任獨立董事之公司，除經主管機關核准者外，下列事項應提董事會決議通過；

when an independent director has a dissenting opinion or qualified opinion, it shall be noted in the minutes of the directors meeting:
獨立董事如有反對意見或保留意見，應於董事會議事錄載明：

1. Adoption or amendment of an internal control system pursuant to Article 14-1.
一、依第十四條之一規定訂定或修正內部控制制度。

2. Adoption or amendment, pursuant to Article 36-1, of handling procedures for financial or operational actions of material significance, such as acquisition or disposal of assets, derivatives trading, extension of monetary loans to others, or endorsements or guarantees for others.
二、依第三十六條之一規定訂定或修正取得或處分資產、從事衍生性商品交易、資金貸與他人、為他人背書或提供保證之重大財務業務行為之處理程序。

3. A matter bearing on the personal interest of a director.
三、涉及董事或監察人自身利害關係之事項。

4. A material asset or derivatives transaction.
四、重大之資產或衍生性商品交易。

5. A material monetary loan, endorsement, or provision of guarantee.
五、重大之資金貸與、背書或提供保證。

6. The offering, issuance, or private placement of any equity-type securities.
六、募集、發行或私募具有股權性質之有價證券。

7. The hiring or dismissal of an attesting CPA, or the compensation given thereto.
七、簽證會計師之委任、解任或報酬。

8. The appointment or discharge of a financial, accounting, or internal auditing officer.
八、財務、會計或內部稽核主管之任免。

9. Any other material matter so required by the Competent Authority.
九、其他經主管機關規定之重大事項。

Article 14- 4 A company that has issued stock in accordance with this Act shall establish either an audit committee or a supervisor.
第14-4條已依本法發行股票之公司，應擇一設置審計委員會或監察人。

The Competent Authority may, however, in view of the company´s scale, type of operations, or other essential considerations, order it to establish an audit committee in lieu of a supervisor; the relevant regulations shall be prescribed by the Competent Authority.
但主管機關得視公司規模、業務性質及其他必要情況，命令設置審計委員會替代監察人；其辦法，由主管機關定之。

The audit committee shall be composed of the entire number of independent directors. It shall not be fewer than three persons in number, one of whom shall be convener, and at least one of whom shall have accounting or financial expertise.
審計委員會應由全體獨立董事組成，其人數不得少於三人，其中一人為召集人，且至少一人應具備會計或財務專長。

For a company that has established an audit committee, the provisions regarding supervisors in this Act, the Company Act, and other laws and regulations shall apply mutatis mutandis to the audit committee.
公司設置審計委員會者，本法、公司法及其他法律對於監察人之規定，於審計委員會準用之。

The following provisions of the Company Act shall apply mutatis mutandis with regard to independent directors who are members of the audit committee: Article 200; Articles 213 - 215; Article 216, paragraphs 1, 3, and 4; Article 218, paragraphs 1 and 2; Article 218-1; Article 218-2, paragraph 2; Article 220; Articles 223 - 226; the proviso of Article 227; and Article 245, paragraph 2.
公司法第二百條、第二百十三條至第二百十五條、第二百十六條第一項、第三項、第四項、第二百十八條第一項、第二項、第二百十八條之一、第二百十八條之二第二項、第二百二十條、第二百二十三條至第二百二十六條、第二百二十七條但書及第二百四十五條第二項規定，對審計委員會之獨立董事成員準用之。

Regulations governing exercise by the audit committee and its independent director members of the powers set out in the preceding two paragraphs, and matters related thereto, shall be prescribed by the Competent Authority.
審計委員會及其獨立董事成員對前二項所定職權之行使及相關事項之辦法，由主管機關定之。

A resolution of the audit committee shall have the concurrence of one-half or more of all members.
審計委員會之決議，應有審計委員會全體成員二分之一以上之同意。

Article 14- 5 For a company that has issued stock in accordance with this Act and established an audit committee, the provisions of Article 14-3 shall not apply to the following matters, which shall be subject to the consent of one-half or more of all audit committee members and be submitted to the board of directors for a resolution:
第14-5條已依本法發行股票之公司設置審計委員會者，下列事項應經審計委員會全體成員二分之一以上同意，並提董事會決議，不適用第十四條之三規定：

1. Adoption or amendment of an internal control system pursuant to Article 14-1.
一、依第十四條之一規定訂定或修正內部控制制度。

2. Assessment of the effectiveness of the internal control system.
二、內部控制制度有效性之考核。

3. Adoption or amendment, pursuant to Article 36-1, of handling procedures for financial or operational actions of material significance, such as acquisition or disposal of assets, derivatives trading, extension of monetary loans to others, or endorsements or guarantees for others.
三、依第三十六條之一規定訂定或修正取得或處分資產、從事衍生性商品交易、資金貸與他人、為他人背書或提供保證之重大財務業務行為之處理程序。

4. A matter bearing on the personal interest of a director or supervisor.
四、涉及董事自身利害關係之事項。

5. A material asset or derivatives transaction.
五、重大之資產或衍生性商品交易。

6. A material monetary loan, endorsement, or provision of guarantee.
六、重大之資金貸與、背書或提供保證。

7. The offering, issuance, or private placement of any equity-type securities.
七、募集、發行或私募具有股權性質之有價證券。

8. The hiring or dismissal of an attesting CPA, or the compensation given thereto.
八、簽證會計師之委任、解任或報酬。

9. The appointment or discharge of a financial, accounting, or internal auditing officer.
九、財務、會計或內部稽核主管之任免。

10. Annual and semi-annual financial reports.
十、年度財務報告及半年度財務報告。

11. Any other material matter so required by the company or the Competent Authority.
十一、其他公司或主管機關規定之重大事項。

With the exception of subparagraph 10, any matter under a subparagraph of the preceding paragraph that has not been approved with the consent of one-half or more of all audit committee members may be undertaken upon the consent of two-thirds or more of all directors, without regard to the restrictions of the preceding paragraph, and the resolution of the audit committee shall be recorded in the minutes of the directors meeting.
前項各款事項除第十款外，如未經審計委員會全體成員二分之一以上同意者，得由全體董事三分之二以上同意行之，不受前項規定之限制，並應於董事會議事錄載明審計委員會之決議。

A company that has established an audit committee is not subject to the provisions of Article 36-1 requiring that its financial reports be recognized by a supervisor.
公司設置審計委員會者，不適用第三十六條第一項財務報告應經監察人承認之規定。

"All audit committee members" as used in paragraph 1 and the preceding article´s paragraph 6, and "all directors" as used in paragraph 2, shall mean the actual number persons currently holding those positions.
第一項及前條第六項所稱審計委員會全體成員及第二項所稱全體董事，以實際在任者計算之。

Article 15 The securities businesses that may be operated in accordance with this Act are:
第15條依本法經營之證券業務，其種類如左：

1.securities underwriting and other relevant businesses approved by the Competent Authority.
一有價證券之承銷及其他經主管機關核准之相關業務。

2.Securities dealing and other relevant businesses approved by the Competent Authority.
二有價證券之自行買賣及其他經主管機關核准之相關業務。

3.Securities commission agency, brokerage, agency, and other relevant businesses approved by the Competent Authority.
三有價證券買賣之行紀、居間、代理及其他經主管機關核准之相關業務。

Article 16 Anyone which operates any of the securities businesses specified in the preceding Article shall be a securities firm; securities firms may be categorized into:
第16條（證券商種類）經營前條各款業務之一者為證券商，並依左列各款定其種類：

1.a "securities underwriter" operates the business specified in subparagraph 1 of the preceding Article.
一　經營前條第一款規定之業務者，為證券承銷商。

2.a "securities dealer" operates the business specified in subparagraph 2 of the preceding Article.
二　經營前條第二款規定之業務者，為證券自營商。

3.a "securities broker" operates the business specified in subparagraph 3 of the preceding Article.
三　經營前條第三款規定之業務者，為證券經紀商。

Article 17 (deleted)
第17條（刪除）

Article 18 Approval from the Competent Authority is required for the operation of any securities finance enterprise, securities central depository enterprise, or any other securities-related services.
第18條經營證券金融事業、證券集中保管事業或其他證券服務事業，應經主管機關之核准。

Rules governing the conditions for establishment, application and approval procedures, finances, operations, regulation, and other matters for compliance with respect to the securities enterprises referred to in the preceding paragraph shall be prescribed by the Competent Authority.
前項事業之設立條件、申請核准之程序、財務、業務與管理及其他應遵行事項之規則，由主管機關定之。

Article 18- 1 The provisions of Article 38, Article 39, and Article 66 of this Act shall apply mutatis mutandis to enterprises referred to in the preceding Article.
第18-1條（準用規定）第三十八條、第三十九條及第六十六條之規定，於前條之事業準用之。

The provisions of Article 53, Article 54, and Article 56 of this Act shall apply mutatis mutandis to employees of enterprises referred to in the preceding Article.
第五十三條、第五十四條及第五十六條之規定，於前條事業之人員準用之。

Article 18- 2 (deleted)
第18-2條（刪除）

Article 18- 3 (deleted)
第18-3條（刪除）

Article 19 All contracts entered into pursuant to this Act shall be in writing.
第19條（契約方式）凡依本法所訂立之契約，均應以書面為之。

Article 20 During the public offering, issuing, private placement, or trading of securities, there shall be no misrepresentations, frauds, or any other acts which are sufficient to mislead other persons.
第20條有價證券之募集、發行、私募或買賣，不得有虛偽、詐欺或其他足致他人誤信之行為。

The financial reports or any other relevant financial or business documents filed or publicly disclosed by an issuer in accordance with this Act shall contain no misrepresentations or nondisclosures.
發行人依本法規定申報或公告之財務報告及財務業務文件，其內容不得有虛偽或隱匿之情事。

Anyone who violates the provisions of paragraph 1 shall be held liable for damages sustained by bona fide purchasers or sellers of the said securities.
違反第一項規定者，對於該有價證券之善意取得人或出賣人因而所受之損害，應負賠償責任。

The principal who commissions a securities broker to purchase or sell securities as a commission agent shall be deemed as a "purchaser" or "seller" for the purpose of the preceding paragraph.
委託證券經紀商以行紀名義買入或賣出之人，視為前項之取得人或出賣人。

Article 20- 1 When the essential content of the financial reports or relevant financial or business documents referred to in paragraph 2 of the preceding article, or financial reports filed or publicly disclosed pursuant to Article 36, paragraph 1 contain misrepresentations or nondisclosures, the persons under the following subparagraphs shall bear liability for damages suffered by the bona fide purchasers, sellers, or holders of securities issued by the issuer:
第20-1條前條第二項之財務報告及財務業務文件或依第三十六條第一項公告申報之財務報告，其主要內容有虛偽或隱匿之情事，下列各款之人，對於發行人所發行有價證券之善意取得人、出賣人或持有人因而所受之損害，應負賠償責任：

1. The issuer and its responsible person.
一、發行人及其負責人。

2. Employees of the issuer who placed their signatures or seals on the financial report or the financial or business document in question.
二、發行人之職員，曾在財務報告或財務業務文件上簽名或蓋章者。

With the exception of the issuer and the issuer´s chairman and general manager, a person under any paragraph of the preceding subparagraph shall not be liable for damages when he or she can demonstrate that they exercised all due diligence and had legitimate cause to believe that the reports or documents contained no misrepresentations or nondisclosures.
前項各款之人，除發行人、發行人之董事長、總經理外，如能證明已盡相當注意，且有正當理由可合理確信其內容無虛偽或隱匿之情事者，免負賠償責任。

A CPA who performs attestation of the financial reports or financial and business documents referred to in paragraph 1 shall be liable for the occurrence of any damages as set forth in paragraph 1 that arise out of misconduct, violation or negligence in connection with the performance of his or her duties as CPA.
會計師辦理第一項財務報告或財務業務文件之簽證，有不正當行為或違反或廢弛其業務上應盡之義務，致第一項之損害發生者，負賠償責任。

In respect of the liability of a CPA under the preceding paragraph, a good-faith buyer, seller, or holder of securities may petition a court to requisition the CPA´s working papers, and further, to review or make copies of the same. The CPA and the accounting firm may not refuse such action.
前項會計師之賠償責任，有價證券之善意取得人、出賣人或持有人得聲請法院調閱會計師工作底稿並請求閱覽或抄錄，會計師及會計師事務所不得拒絕。

With the exception of the issuer and the issuer´s chairman and general manager, when the negligence of a person under any subparagraph of paragraph 1 or under paragraph 3 results in the occurrence of the damages set forth in paragraph 1, each such person shall bear liability for damages in proportion to their degree of responsibility.
第一項各款及第三項之人，除發行人、發行人之董事長、總經理外，因其過失致第一項損害之發生者，應依其責任比例，負賠償責任。

The provisions of paragraph 4 of the preceding Article shall apply mutatis mutandis to paragraph 1.
前條第四項規定，於第一項準用之。

Article 21 The rights to claim damages prescribed in this Act shall be extinguished if not exercised within two years from the time the claimant learns of the cause which entitles him the right to claim the said damages, or within five years since the date of the offering, the issuance, or the trading.
第21條（損害償請求權之期限）本法規定之損害賠償請求權，自有請求權人知有得受賠償之原因時起二年間不行使而消滅；自募集、發行或買賣之日起逾五年者亦同。

Article 21- 1 In order to further international cooperation between the competent securities authorities of the ROC government and foreign countries, the ROC government and agencies (or institutions) authorized by it may, based on the principle of reciprocity, enter into a cooperative treaty or agreement with a foreign government or agency (institution), or with an international organization, to facilitate matters such as information exchange, technical cooperation, and investigation assistance.
第21-1條為促進我國與其他國家證券市場主管機關之國際合作，政府或其授權之機構依互惠原則，得與外國政府、機構或國際組織，就資訊交換、技術合作、協助調查等事項，簽訂合作條約或協定。

Unless such action otherwise conflicts with the interests of the state or the rights of the investing public, the Competent Authority may, in accordance with the treaty or agreement made pursuant to the preceding paragraph, request the provision of necessary information from related authorities and agencies (institutions) in accordance with the law, and based on the principles of reciprocity and confidentiality, provide such information to the foreign government, agency (institution), or international organization which has executed the given treaty or agreement.
除有妨害國家利益或投資大眾權益者外，主管機關依前項簽訂之條約或協定，得洽請相關機關、機構依法提供必要資訊，並基於互惠及保密原則，提供予與我國簽訂條約或協定之外國政府、機構或國際組織。

Chapter II The Offering, Issuing, Private Placement, and Trading of Securities
第二章有價證券之募集、發行、私募及買賣

Section I The Offering, Issuing, and Trading of Securities
第一節有價證券之募集、發行及買賣

Article 22 With the exception of government bonds or other securities exempted by the Competent Authority, the public offering or issuing of securities without an effective registration with the Competent Authority shall be prohibited.
第22條有價證券之募集及發行，除政府債券或經主管機關核定之其他有價證券外，非向主管機關申報生效後，不得為之。

An issuer under this Act shall be required to comply with the preceding paragraph when it issues new shares pursuant to the provisions of the Company Act, except where the issuance is handled under Article 43-6, paragraphs 1 and 2.
已依本法發行股票之公司，於依公司法之規定發行新股時，除依第四十三條之六第一項及第二項規定辦理者外，仍應依前項規定辦理。

The provisions of paragraph 1 shall apply mutatis mutandis to a holder of corporate stocks, corporate bonds, certificates of payment for, or documents of title to stocks or bonds, stock warrant certificates, or certificates of entitlement to new shares, who publicly offers to resell his/her securities.
第一項規定，於出售所持有之公司股票、公司債券或其價款繳納憑證、表明其權利之證書或新股認購權利證書、新股權利證書，而公開招募者，準用之。

Regulations governing the conditions, documents to be attached, review and approval procedures, and other matters for compliance with respect to the effective registrations under the preceding three paragraphs shall be prescribed by the Competent Authority.
依前三項規定申報生效應具備之條件、應檢附之書件、審核程序及其他應遵行事項之準則，由主管機關定之。

In formulating or amending provisions of the preceding paragraph´s regulations relating to foreign exchange, the Competent Authority shall consult the Central Bank of China.
前項準則有關外匯事項之規定，主管機關於訂定或修正時，應洽商中央銀行同意。

Article 22- 1 In the issuance of new shares to increase the capital by an issuer under this Act, the Competent Authority may prescribe the shareholding dispersal standards.
第22-1條（增資發行新股）已依本法發行股票之公司，於增資發行新股時，主管機關得規定其股權分散標準。

The guidelines governing the processing of securities matters by an issuer shall be prescribed by the Competent Authority.
公開發行股票公司股務處理準則，由主管機關定之。

Article 22- 2 The transfer of stocks by the directors, supervisors, managers, or shareholders holding more than ten percent of the total shares of an issuer under this Act shall be effected in accordance with any of the following methods:
第22-2條（董事、監察人等股票之轉讓方式）已依本法發行股票公司之董事、監察人、經理人或持有公司股份超過股份總額百分之十之股東，其股票之轉讓，應依左列方式之一為之：

1.an offering to the public following approval from or an effective registration with the Competent Authority.
一經主管機關核准或自申報主管機關生效日後，向非特定人為之。

2.to transfer, at least three days following registration with the Competent Authority, on a centralized exchange market or an over-the-counter market, shares that have satisfied the holding period requirement and within the daily transfer allowance ratio prescribed by the Competent Authority.
二依主管機關所定持有期間及每一交易日得轉讓數量比例，於向主管機關申報之日起三日後，在集中交易市場或證券商營業處所為之。

However, this requirement shall not apply to transfers totaling less than 10,000 shares per exchange day.
但每一交易日轉讓股數未超過一萬股者，免予申報。

3. to transfer, within three days following registration with the Competent Authority, by means of private placement to designated persons satisfying the qualifications prescribed by the Competent Authority.
三於向主管機關申報之日起三日內，向符合主管機關所定條件之特定人為之。

The resale of securities within one year of their initial acquisition by persons which acquired the said shares by means of a private placement under subparagraph 3 of the preceding paragraph shall be effected only in compliance with the methods specified in the preceding paragraph.
經由前項第三款受讓之股票，受讓人在一年內欲轉讓其股票，仍須依前項各款所列方式之一為之。

The calculation of shares held by shareholders referred to in paragraph 1 shall include those shares held under the names of their spouses, minor children, and those held under the name of other parties.
第一項之人持有之股票，包括其配偶、未成年子女及利用他人名義持有者。

Article 23 The transfer of stock warrant certificates shall be effected during the time period the option of the original warrant holder remains effective.
第23條（新股認購權利證書轉讓期限）新股認購權利證書之轉讓，應於原股東認購新股限期前為之。

Article 24 Where an issuer issues new shares in accordance with this Act, any of its previous shares not issued in accordance with this Act shall be deemed as having been issued in accordance with this Act.
第24條（依本法發行新股後未依法發行股份地位之擬制）公司依本法發行新股者，其以前未依本法發行之股份，視為已依本法發行。

Article 25 Upon registering the public issuance of its shares, a company shall file with the Competent Authority and announce to the public the class and numbers of the shares held by its directors, supervisors, managers, and shareholders holding more than ten percent of the total shares of the company.
第25條公開發行股票之公司於登記後，應即將其董事、監察人、經理人及持有股份超過股份總額百分之十之股東，所持有之本公司股票種類及股數，向主管機關申報並公告之。

The stockholders referred to in the preceding paragraph shall file, by the fifth day of each month, a report with the issuer of the changes in the number of shares they held during the preceding month. The issuer shall compile and file such report of changes with the Competent Authority by the fifteenth day of each month.
前項股票持有人，應於每月五日以前將上月份持有股數變動之情形，向公司申報，公司應於每月十五日以前，彙總向主管機關申報。

The Competent Authority may order an issuer to make public announcement of such information should it deem the measure necessary.
必要時，主管機關得命令其公告之。

The provisions of paragraph 3 of Article 22-2 shall apply mutatis mutandis to the calculation of shareholding referred to in the preceding two paragraphs of this Article.
第二十二條之二第三項之規定，於計算前二項持有股數準用之。

When the shares referred to in the first paragraph hereof are pledged, the pledgor shall make immediate notification to the issuer; the issuer shall inform the Competent Authority of such pledges within five days of their formation, and publicly announce such pledge.
第一項之股票經設定質權者，出質人應即通知公司；公司應於其質權設定後五日內，將其出質情形，向主管機關申報並公告之。

Article 25- 1 The use of proxies for the attendance of a shareholders meeting of an issuer shall be restricted, enjoined, or regulated;
第25-1條公開發行股票公司出席股東會使用委託書，應予限制、取締或管理；

the rules governing the qualifications of an issuer´s proxy solicitors, proxy agents, and those handling proxy solicitation matters on its behalf, the format, acquisition, and methods of solicitation or agenting of proxy forms, the number of shares represented, statistical tallying and verification, the conditions under which votes cast by proxy shall be excluded, documents for reporting and public access, provision of information and other matters for compliance shall be prescribed by the Competent Authority.
其徵求人、受託代理人與代為處理徵求事務者之資格條件、委託書之格式、取得、徵求與受託方式、代理之股數、統計驗證、使用委託書代理表決權不予計算之情事、應申報與備置之文件、資料提供及其他應遵行事項之規則，由主管機關定之。

Article 26 The total shares of nominal stocks held by the entire body of either directors or supervisors of an issuer shall not be less than a specified percentage of its total issued shares.
第26條（董事、監察人持有記名股票數額最低成數）凡依本法公開募集及發行有價證券之公司，其全體董事及監察人二者所持有記名股票之股份總額，各不得少於公司已發行股份總額一定之成數。

The rules regulating the minimum percentage to be held by the directors and supervisors referred to in the preceding paragraph, and the examination of such holding shall be prescribed by an order from the Competent Authority.
前項董事、監察人股權成數及查核實施規則，由主管機關以命令定之。

Article 26- 1 In convening a shareholders meeting, an issuer under this Act shall specify, with explanation of the material contents, in the notice of shareholders meeting where there are proposals relating to paragraph 1 of Article 209, paragraph 1 of Article 240, and paragraph 1 of Article 241 of the Company Act. Extraordinary motions regarding such proposals shall be prohibited.
第26-1條（召集股東會應列舉主要內容之情形）已依本法發行有價證券之公司召集股東會時，關於公司法第二百零九條第一項、第二百四十條第一項及第二百四十一條第一項之決議事項，應在召集事由中列舉並說明其主要內容，不得以臨時動議提出。

Article 26- 2 The notice of the shareholders meeting to be given by an issuer to shareholders who own less than 1,000 shares of nominal stocks may be given in the form of a public announcement; for a regular shareholders meeting, such public announcements shall be served with thirty days prior notice, and for a special shareholders meeting with fifteen days prior notice.
第26-2條（對小額記名股票股東股東會之通知期間）已依本法發行股票之公司，對於持有記名股票未滿一千股股東，其股東常會之召集通知得於開會三十日前；股東臨時會之召集通知得於開會十五日前，以公告方式為之。

Article 26- 3 The board of directors of a company that has issued stock in accordance with the Act may not number less than five persons.
第26-3條已依本法發行股票之公司董事會，設置董事不得少於五人。

When the government or a juristic person is a shareholder of a public company, then except with the approval of the Competent Authority, the provisions of Article 27, paragraph 2 of the Company Act shall not apply, and a representative of the government or juristic person may not concurrently be selected or serve as the director or supervisor of the company.
政府或法人為公開發行公司之股東時，除經主管機關核准者外，不得由其代表人同時當選或擔任公司之董事及監察人，不適用公司法第二十七條第二項規定。

Except where the Competent Authority has granted approval, the following relationships may not exist among more than half of a company´s directors:
公司除經主管機關核准者外，董事間應有超過半數之席次，不得具有下列關係之一：

1. A spousal relationship.
一、配偶。

2. A familial relationship within the second degree of kinship.
二、二親等以內之親屬。

Except where the Competent Authority has granted approval, a company shall have at least one or more supervisors, or one or more supervisors and directors, among whom no relationship under the preceding subparagraphs exists.
公司除經主管機關核准者外，監察人間或監察人與董事間，應至少一席以上，不得具有前項各款關係之一。

When a company convenes a shareholders meeting for the election of supervisors or directors and the original selectees do not meet the conditions of the two preceding paragraphs, determination of which directors or supervisors are elected shall be made according to the following provisions:
公司召開股東會選任董事及監察人，原當選人不符前二項規定時，應依下列規定決定當選之董事或監察人：

1. When there are some among the directors who do not meet the conditions, the election of the director receiving the lowest number of votes among those not meeting the conditions shall be deemed invalid.
一、董事間不符規定者，不符規定之董事中所得選票代表選舉權較低者，其當選失其效力。

2. When there are some among the supervisors who do not meet the conditions, the provisions of the preceding subparagraph shall apply mutatis mutandis.
二、監察人間不符規定者，準用前款規定。

3. When there are some among the directors and supervisors who do not meet the conditions, the election of the supervisor receiving the lowest number of votes among those not meeting the conditions shall be deemed invalid.
三、監察人與董事間不符規定者，不符規定之監察人中所得選票代表選舉權較低者，其當選失其效力。

When a person serving as director or supervisor is in violation of the provisions of paragraph 3 or paragraph 4, that person shall be subject to ipso facto dismissal through the mutatis mutandis application of the provisions of the preceding paragraph.
已充任董事或監察人違反第三項或第四項規定者，準用前項規定當然解任。

When the number of directors falls below five due to the dismissal of a director for any reason, the company shall hold a by-election for director at the next following shareholders meeting.
董事因故解任，致不足五人者，公司應於最近一次股東會補選之。

When the number of directors falls short by one-third of the total number prescribed by the articles of incorporation, the company shall convene a special shareholders meeting within 60 days of the occurrence of that fact to hold a by-election for directors.
但董事缺額達章程所定席次三分之一者，公司應自事實發生之日起六十日內，召開股東臨時會補選之。

A company shall formulate rules for the conduct of directors meetings; regulations governing the content of deliberations, procedures, matters to be recorded in the meeting minutes, public announcement, and other matters for compliance shall be prescribed by the Competent Authority.
公司應訂定董事會議事規範；其主要議事內容、作業程序、議事錄應載明事項、公告及其他應遵行事項之辦法，由主管機關定之。

Article 27 The minimum or the maximum values for each share of publicly issued stocks shall be determined by the Competent Authority.
第27條主管機關對於公開發行之股票，得規定其每股之最低或最高金額。

The value of stocks issued prior to such a determination shall be its original value; the value of stocks newly issued for capital increases shall be determined in like manner.
但規定前已准發行者，得仍照原金額；其增資發行之新股，亦同。

A company shall report any modification of its share issue price to the Competent Authority.
公司更改其每股發行價格，應向主管機關申報。

Article 28 (deleted)
第28條（刪除）

Article 28- 1 For public companies whose stocks are neither listed on a stock exchange nor traded on the over-the-counter market, and whose ownership dispersal failed to meet the standards prescribed by the Competent Authority pursuant to paragraph 1 of Article 22-1, the Competent Authority may require a certain percentage of its new issues to be publicly offered, unless such a public offering is deemed to be unnecessary or inappropriate by the Competent Authority; the provisions of paragraph 3 of Article 267 of the Company Act which allows the original shareholders the rights to priority subscription to new issues shall not be applicable.
第28-1條股票未在證券交易所上市或未於證券商營業處所買賣之公開發行股票公司，其股權分散未達主管機關依第二十二條之一第一項所定標準者，於現金發行新股時，除主管機關認為無須或不適宜對外公開發行者外，應提撥發行新股總額之一定比率，對外公開發行，不受公司法第二百六十七條第三項關於原股東儘先分認規定之限制。

In cash offering of new shares by a public issued company whose stocks are either listed on a stock exchange or traded on the over-the-counter market, the Competent Authority may require a certain percentage of its new issues to be offered at the market value to the public; in such circumstance, the provisions of paragraph 3 of Article 267 of the Company Act which allows the original shareholders the rights to priority subscription to new issues shall not be applicable.
股票已在證券交易所上市或於證券商營業處所買賣之公開發行股票公司，於現金發行新股時，主管機關得規定提撥發行新股總額之一定比率，以時價向外公開發行，不受公司法第二百六十七條第三項關於原股東儘先分認規定之限制。

The percentage referred to in the preceding two paragraphs shall be ten percent of the total shares newly issued.
前二項提撥比率定為發行新股總額之百分之十。

The ten percent requirement shall be precluded in case a higher percentage has been so determined by a resolution of the shareholders meeting.
但股東會另有較高比率之決議者，從其決議。

The value of the shares publicly offered in compliance with paragraphs 1 and 2 and the value of the shares in the same issue reserved for subscription by the employees and original shareholders shall be identical.
依第一項或第二項規定提撥向外公開發行時，同次發行由公司員工承購或原有股東認購之價格，應與向外公開發行之價格相同。

Article 28- 2 In any of the following situations, a company whose stocks are either listed on a stock exchange or traded on the over-the-counter market may, upon the approval of a majority of the directors present at a directors meeting attended by two-thirds or more of directors, buy back its shares from the centralized securities exchange market or over-the-counter market or in accordance with paragraph 2 of Article 43-1, without being subject to the provisions of paragraph 1 of Article 167 of the Company Act:
第28-2條股票已在證券交易所上市或於證券商營業處所買賣之公司，有左列情事之一者，得經董事會三分之二以上董事之出席及出席董事超過二分之一同意，於有價證券集中交易市場或證券商營業處所或依第四十三條之一第二項規定買回其股份，不受公司法第一百六十七條第一項規定之限制：

1. Where the buyback is for transferring shares to its employees;
一轉讓股份予員工。

2. Where the buyback is for equity conversion in coordination with the issuance of corporate bonds with subscription right, special shares with subscription right, convertible corporate bonds, convertible special shares or stock/subscription warrants; or
二配合附認股權公司債、附認股權特別股、可轉換公司債、可轉換特別股或認股權憑證之發行，作為股權轉換之用。

3. Where the buyback is required to maintain the company´s credit and shareholders´ equity and the shares so purchased are cancelled.
三為維護公司信用及股東權益所必要而買回，並辦理銷除股份者。

The number of shares bought back under the preceding paragraphs shall not be more than ten percent of the total number of issued and outstanding shares of the company.
前項公司買回股份之數量比例，不得超過該公司已發行股份總數百分之十；

The total amount of the shares bought back shall not be more than the amount of retained earnings plus premium on capital stock plus realized capital reserve.
收買股份之總金額，不得逾保留盈餘加發行股份溢價及已實現之資本公積之金額。

The procedure, price, quantity, method, conversion method, and public announcement to be reported in connection with buyback of shares by a company in accordance with paragraph 1 above shall be prescribed by an order of the Competent Authority
公司依第一項規定買回其股份之程序、價格、數量、方式、轉讓方法及應申報公告事項，由主管機關以命令定之。

The shares bought back by a company in accordance with paragraph 1, except for the portion referred to in subparagraph 3 for which amendment registration shall be effected within six months from the date of buyback, shall be transferred within three years from the date of buyback.
公司依第一項規定買回之股份，除第三款部分應於買回之日起六個月內辦理變更登記外，應於買回之日起三年內將其轉讓；

The shares not transferred within the said time limit shall be deemed as not issued by the company, and amendment registration shall be processed.
逾期未轉讓者，視為公司未發行股份，並應辦理變更登記。

The shares bought back by a company in accordance with paragraph 1 shall not be pledged. Before transfer, the shareholder´s rights shall not be enjoyed.
公司依第一項規定買回之股份，不得質押；於未轉讓前，不得享有股東權利。

In the event that a company buys back shares from the centralized securities exchange market or over-the-counter market, the shares held by its affiliated enterprises defined under Article 369-1 of the Company Act, its directors, supervisors, managers, their spouses, minor children, or shares held in the name of other persons shall not be sold during the buyback period.
公司於有價證券集中交易市場或證券商營業處所買回其股份者，該公司其依公司法第三百六十九條之一規定之關係企業或董事、監察人、經理人之本人及其配偶、未成年子女或利用他人名義所持有之股份，於該公司買回之期間內不得賣出。

The resolution referred to in paragraph 1 and the implementation thereof shall be reported in the most recent shareholders meeting. This provision shall also apply if the shares are not bought back for any reason.
第一項董事會之決議及執行情形，應於最近一次之股東會報告；其因故未買回股份者，亦同。

Article 28- 3 The public issued companies which offer or issue stock warrants, special shares with subscription right or corporate bonds with subscription right shall, upon subscribers exercising subscription right in accordance with the subscription rules prescribed by the companies, be obligated to issue shares to them; the provisions of paragraph 7 of Article 156 of the Company Act which provides for identical price and paragraphs 1, 2, and 3 of Article 267 of the same act which allow the employees and original shareholders the rights to priority subscription to new issues shall not be applicable.
第28-3條募集、發行認股權憑證、附認股權特別股或附認股權公司債之公開發行公司，於認股權人依公司所定認股辦法行使認股權時，有核給股份之義務，不受公司法第一百五十六條第七項價格應歸一律與第二百六十七條第一項、第二項及第三項員工、原股東儘先分認規定之限制。

The articles of incorporation shall state the number of shares to be subscribed for under the subscription rules prescribed by the companies referred to in the preceding paragraph and shall not be subject to the restrictions under paragraphs 1 and 2 of Article 278 of the Company Act.
前項依公司所定認股辦法之可認購股份數額，應先於公司章程中載明，不受公司法第二百七十八條第一項及第二項規定之限制。

Article 28- 4 The total issue amount of the secured corporate bonds, convertible corporate bonds or corporate bonds with subscription right offered and issued by a company which has issued stocks in accordance with this Act shall not be more than 200% of its total assets less total liabilities, unless the Competent Authority has obtained the approval of the central authority with jurisdiction over the business of the company, and is not subject to the restrictions under Article 247 of the Company Act.
第28-4條已依本法發行股票之公司，募集與發行有擔保公司債、轉換公司債或附認股權公司債，其發行總額，除經主管機關徵詢目的事業中央主管機關同意者外，不得逾全部資產減去全部負債餘額之百分之二百，不受公司法第二百四十七條規定之限制。

Article 29 An issue of corporate bonds with a guaranty provided by financial institutions shall be deemed as a secured issue.
第29條（由金融機構任保證人之發行）公司債之發行如由金融機構擔任保證人者，得視為有擔保之發行。

Article 30 In its application for approval to publicly offer and issue securities, an issuer is required to submit a prospectus, in addition to those items already required by the Company Act.
第30條公司募集、發行有價證券，於申請審核時，除依公司法所規定記載事項外，應另行加具公開說明書。

The information required to be supplied in the prospectus referred to in the proceeding paragraph shall be prescribed by the Competent Authority.
前項公開說明書，其應記載之事項，由主管機關以命令定之。

The provisions of paragraph 1 shall apply mutatis mutandis where a company applies for listing on a stock exchange or trading over-the-counter trading of its securities;
公司申請其有價證券在證券交易所上市或於證券商營業處所買賣者，準用第一項之規定；

the rules governing the information required to be included in the prospectus shall be prescribed by the stock exchange and over-the-counter securities exchange, respectively, and submitted for approval by the Competent Authority.
其公開說明書應記載事項之準則，分別由證券交易所與證券櫃檯買賣中心擬訂，報請主管機關核定。

Article 31 A prospectus shall be delivered to the subscriber of securities prior to its public offer.
第31條（公開說明書之交付）募集有價證券，應先向認股人或應募人交付公開說明書。

Any person which violates the preceding paragraph shall be held liable for the compensation of damages sustained by any bona fide counterpart.
違反前項之規定者，對於善意之相對人因而所受之損害，應負賠償責任。

Article 32 In the event the prospectus referred to in the preceding Article contains false information or omissions in its material contents, the following persons, within the scope of their responsibilities, shall be held jointly liable with the issuer to any bona fide counterpart for damages resulted therefrom:
第32條（公開說明書虛偽或隱匿之責任）前條之公開說明書，其應記載之主要內容有虛偽或隱匿之情事者，左列各款之人，對於善意之相對人，因而所受之損害，應就其所應負責部分與公司負連帶賠償責任：

1.the issuer and its responsible persons.
一　發行人及其負責人。

2.any employees of the issuer who has signed and affixed his/her seal on the prospectus to certify its accuracy in whole or in part.
二　發行人之職員，曾在公開說明書上簽章，以證實其所載內容之全部或一部者。

3.any underwriter with respect to such securities.
三　該有價證券之證券承銷商。

4.any certified public accountant, lawyer, engineer, or any professional or technical person who has signed and affixed his/her seal to certify in whole or in part, or to present his/her opinion, on the correctness of the prospectus.
四　會計師、律師、工程師或其他專門職業或技術人員，曾在公開說明書上簽章，以證實其所載內容之全部或一部，或陳述意見者。

With the exception of the issuer, the persons referred to in subparagraphs 1 through 3 of the preceding paragraph shall not be held liable if he/she can prove that he/she has exercised reasonable care, and that he/she has just cause to believe that with respect to portions of materials not certified by a person referred to in subparagraph 4, the material contents have no false information nor omissions, or that he/she has just causes to believe that the portion he/she certified was accurate;
前項第一款至第三款之人，除發行人外，對於未經前項第四款之人簽證部分，如能證明已盡相當之注意，並有正當理由確信其主要內容無虛偽、隱匿情事或對於簽證之意見有正當理由確信其為真實者，免負賠償責任；

the persons referred to in subparagraph 4 of the preceding paragraph also shall not be held liable if he/she can prove that reasonable investigation has been exercised and that he/she has just causes to believe that the certification or the opinions rendered thereto were accurate.
前項第四款之人，如能證明已經合理調查，並有正當理由確信其簽證或意見為真實者，亦同。

Article 33 The stock or bond subscriber shall deliver the payment due for the subscription of stocks or bonds, together with the subscription forms for stocks or bonds, to the collecting agent.
第33條（股款或債款之繳納）認股人或應募人繳納股款或債款，應將款項連同認股書或應募書向代收款項之機構繳納之；

Upon receipt of the payment, the collecting agent shall deliver to the subscriber a stock or bond certificate of payment signed and sealed by the issuer.
代收機構收款後，應向各該繳款人交付經由發行人簽章之股款或債款之繳納憑證。

Both the certificate of payment referred to in the preceding paragraph and its counterpart shall be signed and sealed by the collecting agent, and the counterpart certificate shall be returned to the issuer.
前項繳納憑證及其存根，應由代收機構簽章，並將存根交還發行人。

In the issuance of new shares by an issuer under this Act, where the publicly announced period for payment of subscription pursuant to Article 273 is longer than one month, the failure of a subscriber to effect payment within the said period shall result in the forfeiture of his/her rights of subscription. The provisions of paragraph 3 of Article 266 of the Company Act applying mutatis mutandis the provisions of Article 142 of the Company Act shall not be applicable.
已依本法發行有價證券之公司發行新股時，如依公司法第二百七十三條公告之股款繳納期限在一個月以上者，認股人逾期不繳納股款，即喪失其權利，不適用公司法第二百六十六條第三項準用同法第一百四十二條之規定。

Article 34 An issuer shall deliver the share certificates or bond certificates to the subscribers against the aforesaid certificates of payment as referred to in the preceding Article within thirty days from the date such stocks or bonds may be issued pursuant to the Company Act; public announcement shall be made prior to the delivery of such certificates.
第34條（股票或公司債券之交付）發行人應於依公司法得發行股票或公司債券之日起三十日內，對認股人或應募人憑前條之繳納憑證，交付股票或公司債券，並應於交付前公告之。

The transfer of stock or bond certificates of payment beyond the period specified in the preceding paragraph shall be prohibited.
公司股款、債款繳納憑證之轉讓，應於前項規定之限期內為之。

Article 35 Stock certificates or bond certificates issued by a company shall be duly certified. The regulations governing such certification shall be prescribed by the Competent Authority.
第35條（簽證）公司發行股票或公司債券應經簽證，其簽證規則，由主管機關定之。

Article 36 Within four months following the close of each fiscal year, an issuer under this Act shall announce to the public and register with the Competent Authority financial reports which have been duly audited and certified by a certified public accountant, approved by the board of directors, and recognized by the supervisors.
第36條已依本法發行有價證券之公司，應於每營業年度終了後四個月內公告並向主管機關申報，經會計師查核簽證、董事會通過及監察人承認之年度財務報告。

Unless otherwise approved by the Competent Authority, an issuer shall also comply with the following requirements:
其除經主管機關核准者外，並依左列規定辦理：

1.within two months after the close of each semi-annual fiscal year, publicly announce and register with the Competent Authority financial reports duly audited and certified by a certified public accountant, approved by the board of directors, and recognized by the supervisors.
一於每半營業年度終了後二個月內，公告並申報經會計師查核簽證、董事會通過及監察人承認之財務報告。

2.within one month after the end of the first and third quarters of each fiscal year publicly announce and register with the Competent Authority financial reports duly reviewed by a certified public accountant.
二於每營業年度第一季及第三季終了後一個月內，公告並申報經會計師核閱之財務報告。

3.within the first ten days of each calendar month publicly announce and register with the Competent Authority the operating status for the preceding month.
三於每月十日以前，公告並申報上月份營運情形。

Within two days from the date of occurrence of any of the following events, any company referred to in the preceding paragraph of this Article shall publicly announce and register with the Competent Authority:
前項公司有左列情事之一者，應於事實發生之日起二日內公告並向主管機關申報：

1.the annual financial reports approved by the regular meeting of shareholders if such reports are inconsistent with the annual financial reports which have been announced to the public and filed with the Competent Authority.
一股東常會承認之年度財務報告與公告並向主管機關申報之年度財務報告不一致者。

2.any events which has had a significant impact on shareholders rights or the prices for the securities.
二發生對股東權益或證券價格有重大影響之事項。

The companies referred to in paragraph 1 shall prepare an annual report and distribute it to all shareholders prior to or at the regular meeting of shareholders. Particulars to be covered in the annual report shall be prescribed by the Competent Authority.
第一項之公司，應編製年報，於股東常會分送股東；其應記載之事項，由主管機關定之。

Copies of the reports publicly announced and registered with the Competent Authority referred to in paragraphs 1 and 2, and the annual report referred to in the preceding paragraph shall, in case such securities are listed on the stock exchange, be sent to the stock exchange and the securities dealers association, or in the case of securities traded over-the-counter, sent to the securities dealers association for review by the public.
第一項及第二項公告、申報事項暨前項年報，有價證券已在證券交易所上市買賣者，應以抄本送證券交易所及證券商同業公會；有價證券已在證券商營業處所買賣者，應以抄本送證券商同業公會供公眾閱覽。

The regular meeting of shareholders referred to in subparagraph 1 of paragraph 2, and paragraph 3 shall be convened within six months after the close of each fiscal year.
第二項第一款及第三項之股東常會，應於每營業年度終了後六個月內召集之。

During the reorganization procedure of an issuer, matters to be ratified by the board of directors and the supervisors under paragraph 1 shall be ratified by the reorganizers or the reorganization supervisors of the issuer.
公司在重整期間，第一項所定董事會及監察人之職權，由重整人及重整監督人行使。

Article 36- 1 The Competent Authority shall prescribe rules governing the applicable scope, work procedures, required public announcements, required filings, and other matters for compliance for major financial or operational actions of public companies such as acquisition or disposal of assets, engaging in derivatives trading, extension of monetary loans to others, endorsements or guarantees for others, and disclosure of financial projections.
第36-1條公開發行公司取得或處分資產、從事衍生性商品交易、資金貸與他人、為他人背書或提供保證及揭露財務預測資訊等重大財務業務行為，其適用範圍、作業程序、應公告、申報及其他應遵行事項之處理準則，由主管機關定之。

Article 37 Permission from the Competent Authority is required for a certified public accountant to audit and certify the financial reports referred to in Article 36; the criteria governing the said approval procedures shall be prescribed by the Competent Authority.
第37條會計師辦理第三十六條財務報告之查核簽證，應經主管機關之核准；其準則，由主管機關定之。

Except as otherwise provided by the Certified Public Accountant Act or other acts, a certified public accountant conducting audit and certification under the preceding paragraph shall do so in compliance with the audit and certification rules promulgated by the Competent Authority.
會計師辦理前項查核簽證，除會計師法及其他法律另有規定者外，應依主管機關所定之查核簽證規則辦理。

Depending upon the seriousness of mistake or omission committed by a certified public accountant in the certification of the financial reports referred to in paragraph 1, the Competent Authority may impose any of the following sanctions:
會計師辦理第一項簽證，發生錯誤或疏漏者，主管機關得視情節之輕重，為左列處分：

1.warning.
一警告。

2.suspension from practicing any certification under this Act for a period of two years.
二停止其二年以內辦理本法所定之簽證。

3.revocation of his/her certification permission.
三撤銷簽證之核准。

The financial reports referred to in paragraph 1 of Article 36 shall be placed at the company´s office and branch units for the inspection or copying by the shareholders and creditors.
第三十六條第一項之財務報告，應備置於公司及其分支機構，以供股東及公司債權人之查閱或抄錄。

Article 38 In order to protect public interests and the interests of investors, the Competent Authority may, prior to the approval of a public offer or issuance, either require the issuer, securities underwriters, and other interested parties to submit reference materials or reports, or make a direct examination of relevant documents and accounts.
第38條（發行之保護措施）主管機關為有價證券募集或發行之核准，因保護公益或投資人利益，對發行人、證券承銷商或其他關係人，得命令其提出參考或報告資料，並得直接檢查其有關書表、帳冊。

The Competent Authority may, at any time after the issuance of securities, order the issuer to submit financial and business reports or makes a direct examination of the financial and business conditions of the issuer.
有價證券發行後，主管機關得隨時命令發行人提出財務、業務報告或直接檢查財務、業務狀況。

Article 38- 1 When the Competent Authority deems necessary, it may from time to time appoint a certified public accountant, lawyer, engineer, or any other professionals or technicians to examine the financial and business conditions and related documents and books of account of the issuer, securities underwriter, or other related parties and to submit reports or opinions to the Competent Authority, at the expense of the examinee.
第38-1條主管機關認為必要時，得隨時指定會計師、律師、工程師或其他專門職業或技術人員，檢查發行人、證券承銷商或其他關係人之財務、業務狀況及有關書表、帳冊，並向主管機關提出報告或表示意見，其費用由被檢查人負擔。

Article 39 During its examination of the disclosed financial reports and other reference materials or reports of the issuer, or by its direct investigation of the financial and business conditions of the issuer, the Competent Authority may issue a corrective order, or it may additionally impose penalties pursuant to this Act if it finds that the issuer has failed to comply with an act or regulation.
第39條（發行人不合法令之處罰）主管機關於審查發行人所申報之財務報告、其他參考或報告資料時，或於檢查其財務、業務狀況時，發現發行人有不符合法令規定之事項，除得以命令糾正外，並得依本法處罰。

Article 40 Approval of a public offering shall not be used as reference in the promotion as if that the application materials have been verified or that the value of the securities thereof has been guaranteed.
第40條（藉核准為宣傳之禁止）對於有價證券募集之核准，不得藉以作為證實申請事項或保證證券價值之宣傳。

Article 41 Where the Competent Authority deems necessary, it may order an issuer under this Act to set aside, in addition to the allocation for legal reserve required by law, a certain proportion of its earnings as special reserve.
第41條主管機關認為有必要時，對於已依本法發行有價證券之公司，得以命令規定其於分派盈餘時，除依法提出法定盈餘公積外，並應另提一定比率之特別盈餘公積。

Where an issuer under this Act files an application for permission to capitalize its legal reserve or capital reserve, it shall first make up its deficit. In the event that the capitalization is to be realized from capital reserve, a cap of certain percentage shall be provided.
已依本法發行有價證券之公司，申請以法定盈餘公積或資本公積撥充資本時，應先填補虧損；其以資本公積撥充資本者，應以其一定比率為限。

Article 42 An issuer shall file an application with the Competent Authority for commencement of the examination and approval procedures prescribed in this Act where it intends to have its stock that were not issued pursuant to this Act listed on a stock exchange or traded on the over-the-counter markets.
第42條（發行審核程序之補辦）公司對於未依本法發行之股票，擬在證券交易所上市或於證券商營業處所買賣者，應先向主管機關申請補辦本法規定之有關發行審核程序。

The trading, public tender offer, or brokerage of stocks not registered under the public issuance examination and approval procedures referred to in the preceding paragraph shall be prohibited.
未依前項規定補辦發行審核程序之公司股票，不得為本法之買賣，或為買賣該種股票之公開徵求或居間。

Article 43 The payment or settlement of securities listed on the stock exchange or traded on over-the-counter markets shall be effected on a cash payment and actual delivery basis.
第43條在證券交易所上市或證券商營業處所買賣之有價證券之給付或交割應以現款、現貨為之。

The settlement period and the margin deposit to be paid in advance shall be prescribed by an order of the Competent Authority.
其交割期間及預繳買賣證據金數額，得由主管機關以命令定之。

Settlement for transactions in securities held in the custody of a securities depository may be effected through book-entry transfer;
證券集中保管事業保管之有價證券，其買賣之交割，得以帳簿劃撥方式為之；

the guidelines for operation of such transfer shall be prescribed by the Competent Authority.
其作業辦法，由主管機關定之。

In the event that securities held in the custody of a securities depository are the subject of a pledge, the delivery of the pledge created may be effected through book-entry transfer; Article 908 of the Civil Code shall not be applicable.
以證券集中保管事業保管之有價證券為設質標的者，其設質之交付，得以帳簿劃撥方式為之，並不適用民法第九百零八條之規定。

The securities held in the custody of a securities depository on a commingled basis shall be co-owned by the owners in accordance with the types and quantities of securities deposited by them.
證券集中保管事業以混合保管方式保管之有價證券，由所有人按其送存之種類數量分別共有；

Upon withdrawal, the securities with the same type and the same quantity may be returned.
領回時，並得以同種類、同數量之有價證券返還之。

To handle custody business, a securities depository may enter the stocks and corporate bonds held in its custody into the issuer´s shareholders register or corporate bond counterfoils in its own name.
證券集中保管事業為處理保管業務，得就保管之股票、公司債以該證券集中保管事業之名義登載於股票發行公司股東名簿或公司債存根簿。

Before the stock or corporate bond issuer calls a shareholders meeting or corporate bondholders meeting, decides to distribute dividends and bonus or other benefits, or pays principal or interest, the notification by a securities depository to the issuer of the true name or title, domicile or residence of the owner of stocks or corporate bonds held in its custody, and the amount held by such owner shall have the effect that such information has been entered into the issuer s shareholders register or corporate bond counterfoils or that the stocks or corporate bonds have been delivered to the issuer; the provisions of paragraph 1 of Article 165, Article 176, Article 260, and paragraph 3 of Article 263 of the Company Act shall not be applicable.
證券集中保管事業於股票、公司債發行公司召開股東會、債權人會議，或決定分派股息及紅利或其他利益，或還本付息前，將所保管股票及公司債所有人之本名或名稱、住所或居所及所持有數額通知該股票及公司債之發行公司時，視為已記載於公司股東名簿、公司債存根簿或已將股票、公司債交存公司，不適用公司法第一百六十五條第一項、第一百七十六條、第二百六十條及第二百六十三條第三項之規定。

The provisions in the preceding two paragraphs shall apply mutatis mutandis to government bonds and other securities.
前二項規定於政府債券及其他有價證券準用之。

Section II Purchase of Securities
第二節有價證券之收購

Article 43- 1 Any person who acquires, either individually or jointly with other persons, more than ten percent of the total issued shares of a public company shall file a statement with the Competent Authority within ten days after such acquisition, stating the purpose and the sources of funds for the purchase of shares and any other matters required to be disclosed by the Competent Authority; such persons shall file timely amendment when there are changes in the matters reported.
第43-1條任何人單獨或與他人共同取得任一公開發行公司已發行股份總額超過百分之十之股份者，應於取得後十日內，向主管機關申報其取得股份之目的、資金來源及主管機關所規定應行申報之事項；申報事項如有變動時，並隨時補正之。

Any public tender offer to purchase the securities of a public company bypassing the centralized securities exchange market or the over-the-counter market may be conducted only after it has been reported to the Competent Authority and publicly announced, except under the following circumstances:
不經由有價證券集中交易市場或證券商營業處所，對非特定人為公開收購公開發行公司之有價證券者，除左列情形外，應先向主管機關申報並公告後，始得為之：

1. The number of securities proposed for public tender offer by the offeror plus the total number of securities of the public company already obtained by the offeror and its affiliates do not exceed five percent of the total number of voting shares issued by the public company.
一公開收購人預定公開收購數量，加計公開收購人與其關係人已取得公開發行公司有價證券總數，未超過該公開發行公司已發行有表決權股份總數百分之五。

2. The securities purchased by the offeror through the public tender offer are securities of a company of which the offeror holds more than 50 percent of the issued voting shares.
二公開收購人公開收購其持有已發行有表決權股份總數超過百分之五十之公司之有價證券。

3. Other circumstances in conformity with the regulations prescribed by the Competent Authority.
三其他符合主管機關所定事項。

Where any person independently or jointly with another person(s) proposes to acquire a certain percentage of the total issued shares of a public company shall make the acquisition by means of a public tender offer, unless certain conditions are satisfied.
任何人單獨或與他人共同預定取得公開發行公司已發行股份總額達一定比例者，除符合一定條件外，應採公開收購方式為之。

The scope, conditions, period, affiliates, and particulars for filing and public announcement in connection with purchases of securities pursuant to paragraph 2, and the "certain percentage" and "conditions" in the preceding paragraph shall be prescribed by the Competent Authority.
依第二項規定收購有價證券之範圍、條件、期間、關係人及申報公告事項與前項之一定比例及條件，由主管機關定之。

Article 43- 2 A public tender offeror shall adopt uniform purchase conditions in the public tender offer, and may not make any of the following modifications to the purchase conditions:
第43-2條公開收購人應以同一收購條件為公開收購，且不得為左列公開收購條件之變更：

1. Lower the public tender offer price.
一調降公開收購價格。

2. Lower the proposed number of securities to be purchased through the public tender offer.
二降低預定公開收購有價證券數量。

3. Shorten the public tender offer period.
三縮短公開收購期間。

4. Other particulars as prescribed by the Competent Authority.
四其他經主管機關規定之事項。

A public tender offeror that violates the requirement of uniform purchase conditions set forth in the preceding paragraph shall be liable for damages to the offeree up to the amount of the difference between the highest price paid under the public tender offer and the price paid to the offeree, multiplied by the number of shares subscribed.
違反前項應以同一收購條件公開收購者，公開收購人應於最高收購價格與對應賣人公開收購價格之差額乘以應募股數之限額內，對應賣人負損害賠償責任。

Article 43- 3 From the date of filing and public announcement until the date of lapse of the public tender offer period, the public tender offeror and its affiliates shall not purchase securities of the same type of the public company through the centralized securities exchange, over-the-counter markets, or any other markets, or by any other means.
第43-3條公開收購人及其關係人自申報並公告之日起至公開收購期間屆滿日止，不得於集中交易市場、證券商營業處所、其他任何場所或以其他方式，購買同種類之公開發行公司有價證券。

A public tender offeror that violates the preceding paragraph shall be liable to the offeree for damages up to the amount of the difference between the price paid for the securities purchased through other means and the price under the public tender offer, multiplied by the number of shares subscribed.
違反前項規定者，公開收購人應就另行購買有價證券之價格與公開收購價格之差額乘以應募股數之限額內，對應賣人負損害賠償責任。

Article 43- 4 The public tender offeror, unless buying back shares pursuant to Article 28-2, shall deliver the public tender offer prospectus to the offeree upon the offeree´s request or upon the offeree´s deposit of the securities with the appointed institution.
第43-4條公開收購人除依第二十八條之二規定買回本公司股份者外，應於應賣人請求時或應賣人向受委任機構交存有價證券時，交付公開收購說明書。

The particulars to be published in the public tender offer prospectus referred to in the preceding paragraph shall be prescribed by the Competent Authority.
前項公開收購說明書，其應記載之事項，由主管機關定之。

The provisions of Article 31, paragraph 2 and of Article 32 shall apply mutatis mutandis to paragraph 1 hereinabove.
第三十一條第二項及第三十二條之規定，於第一項準用之。

Article 43- 5 After a public tender offeror has initiated a public tender offer, it may not suspend the public tender offer except in any of the following circumstances, where the Competent Authority has granted approval:
第43-5條公開收購人進行公開收購後，除有左列情事之一，並經主管機關核准者外，不得停止公開收購之進行：

1. The public company whose securities are being purchased encounters major changes in its financial or business condition and the offeror has presented evidence of the changes.
一被收購有價證券之公開發行公司，發生財務、業務狀況之重大變化，經公開收購人提出證明者。

2. The offeror becomes bankrupt, dies, is judicially interdicted, or is required by a court ruling to undergo reorganization.
二公開收購人破產、死亡、受禁治產宣告或經裁定重整者。

3. Other circumstances specified by the Competent Authority.
三其他經主管機關所定之事項。

Where content reported or publicly announced by an offeror violates an act or regulation, the Competent Authority may, as necessary to protect the public interest, order the offeror to amend the particulars of the public tender offer report and carry out reporting and public announcement procedures anew.
公開收購人所申報及公告之內容有違反法令規定之情事者，主管機關為保護公益之必要，得命令公開收購人變更公開收購申報事項，並重行申報及公告。

If the offeror fails to acquire the proposed number of shares within the tender offer period or suspension of the public tender offer is approved by the Competent Authority, the offeror may not, within one year therefrom, carry out a public tender offer on the same company, unless it has legitimate reasons and has obtained approval from the Competent Authority.
公開收購人未於收購期間完成預定收購數量或經主管機關核准停止公開收購之進行者，除有正當理由並經主管機關核准者外，公開收購人於一年內不得就同一被收購公司進行公開收購。

If, after the public tender offer, the total number of issued shares of the acquired company held by the offeror and its affiliates exceeds 50 percent of the total number of shares issued by the company, the offeror may, by a proposal in writing, with reasons stated therein, request the board of directors to convene a special meeting of shareholders; the restrictions set forth in Article 173, paragraph 1 of the Company Act shall not apply.
公開收購人與其關係人於公開收購後，所持有被收購公司已發行股份總數超過該公司已發行股份總數百分之五十者，得以書面記明提議事項及理由，請求董事會召集股東臨時會，不受公司法第一百七十三條第一項規定之限制。

Section III Private Placement and Trading of Securities
第三節有價證券之私募及買賣

Article 43- 6 A public company may carry out private placement of securities with the following persons upon adoption of a resolution by at least two-thirds of the votes of the shareholders present at a meeting of shareholders who represent a majority of the total number of issued shares; the restrictions of Article 28-1 and Article 139, paragraph 2 hereof and Article 267, paragraphs 1 to 3 shall not apply in such case:
第43-6條公開發行股票之公司，得以有代表已發行股份總數過半數股東之出席，出席股東表決權三分之二以上之同意，對左列之人進行有價證券之私募，不受第二十八條之一、第一百三十九條第二項及公司法第二百六十七條第一項至第三項規定之限制：

1. Banks, bills finance enterprises, trust enterprises, insurance enterprises, securities enterprises, or other juristic persons or institutions approved by the Competent Authority.
一銀行業、票券業、信託業、保險業、證券業或其他經主管機關核准之法人或機構。

2. Natural persons, juristic persons, or funds meeting the conditions prescribed by the Competent Authority.
二符合主管機關所定條件之自然人、法人或基金。

3. Directors, supervisors, and managerial officers of the company or its affiliated enterprises.
三該公司或其關係企業之董事、監察人及經理人。

The total number of offerees under subparagraphs 2 and 3 of the preceding paragraph shall not exceed 35 persons.
前項第二款及第三款之應募人總數，不得超過三十五人。

A private placement of ordinary corporate bonds shall have a total issue amount not exceeding 400 percent of its total assets less total liabilities, unless the Competent Authority has obtained the approval of the central authority with jurisdiction over the business of the company; such a private placement is not subject to the restrictions under Article 247 of the Company Act, and may be carried out in installments within one year of the date of the resolution of the board of directors.
普通公司債之私募，其發行總額，除經主管機關徵詢目的事業中央主管機關同意者外，不得逾全部資產減去全部負債餘額之百分之四百，不受公司法第二百四十七條規定之限制。並得於董事會決議之日起一年內分次辦理。

Upon the reasonable request by a person(s) under paragraph 1, subparagraph 2 prior to consummation of the private placement, the company shall bear the obligation to provide information on company finances, business, or other information relevant to the current private placement of securities.
該公司應第一項第二款之人之合理請求，於私募完成前負有提供與本次有價證券私募有關之公司財務、業務或其他資訊之義務。

Within 15 days of the date the share payments or payments of the price of the corporate bonds or other securities have been made in full, the company shall submit the relevant documentation in a report to the Competent Authority for recordation.
該公司應於股款或公司債等有價證券之價款繳納完成日起十五日內，檢附相關書件，報請主管機關備查。

For private placements of securities conducted pursuant to paragraph 1, the following particulars shall be enumerated and explained in the notice to convene the shareholders meeting, and shall not be raised as extemporary motions:
依第一項規定進行有價證券之私募者，應在股東會召集事由中列舉並說明左列事項，不得以臨時動議提出：

1. The basis and rationale for the setting of the price.
一價格訂定之依據及合理性。

2. The means of selecting the specified persons. Where the offerees have already been arranged, the relationship between the offerees and the company shall also be described.
二特定人選擇之方式。其已洽定應募人者，並說明應募人與公司之關係。

3. The reasons necessitating the private placement.
三辦理私募之必要理由。

For private placements of securities conducted pursuant to paragraph 1, where the relevant particulars of the private placement by installments have been enumerated and explained in the proposal to the shareholders meeting as provided in the subparagraphs of the preceding paragraph, the private placement may be carried out by installments within one year of the date of the resolution of the shareholders meeting.
依第一項規定進行有價證券私募，並依前項各款規定於該次股東會議案中列舉及說明分次私募相關事項者，得於該股東會決議之日起一年內，分次辦理。

Article 43- 7 Private placement and resale of securities may not be the subject of general advertisements or public inducements.
第43-7條有價證券之私募及再行賣出，不得為一般性廣告或公開勸誘之行為。

Any violation of the preceding paragraph shall be considered an act of public offering to the general public.
違反前項規定者，視為對非特定人公開招募之行為。

Article 43- 8 Offerees and purchasers of privately placed securities may not resell the securities except under the following circumstances:
第43-8條有價證券私募之應募人及購買人除有左列情形外，不得再行賣出：

1. where the privately placed securities are held by persons specified in Article 43-6, paragraph 1, subparagraph 1 and no securities of the same type as said privately placed securities are traded on the centralized securities exchange market or over-the-counter markets, and the securities are transferred to persons of the same qualifications;
一第四十三條之六第一項第一款之人持有私募有價證券，該私募有價證券無同種類之有價證券於證券集中交易市場或證券商營業處所買賣，而轉讓予具相同資格者。

2. where the privately placed securities are transferred to persons conforming to Article 43-6, paragraphs 1 and 2, at least one full year after the delivery date of the privately placed securities and within three years of said delivery date, subject to the restrictions prescribed by the Competent Authority concerning holding period and trading volume;
二自該私募有價證券交付日起滿一年以上，且自交付日起第三年期間內，依主管機關所定持有期間及交易數量之限制，轉讓予符合第四十三條之六第一項第一款及第二款之人。

3. where three full years have elapsed since the delivery date;
三自該私募有價證券交付日起滿三年。

4. where a transfer occurs by operation of act or regulation;
四基於法律規定所生效力之移轉。

5. where it is a direct private transfer of securities not in excess of one trading unit, and the interval between any two such transfers is not less than three months.
五私人間之直接讓受，其數量不超過該證券一個交易單位，前後二次之讓受行為，相隔不少於三個月。

6. where otherwise approved by the Competent Authority.
六其他經主管機關核准者。

The restrictions on transfers of privately placed securities set forth in the preceding paragraph shall be conspicuously annotated on a company´s share certificates, and shall be stated on the relevant written documentation delivered to the offeree or purchaser.
前項有關私募有價證券轉讓之限制，應於公司股票以明顯文字註記，並於交付應募人或購買人之相關書面文件中載明。

Chapter III Securities Firms
第三章證券商

Section I General Provisions
第一節通則

Article 44 The approval and certificate of license from the Competent Authority are required for the operation of securities business by a securities firm; the operation of securities business by persons other than securities firms shall be prohibited.
第44條證券商須經主管機關之許可及發給許可證照，方得營業；非證券商不得經營證券業務。

Approval from the Competent Authority shall be required for the establishment of branch units by a securities firm.
證券商分支機構之設立，應經主管機關許可。

The establishment of branch units by a foreign securities firm within the territory of the Republic of China shall be prohibited without the approval and a certificate of license from the Competent Authority.
外國證券商在中華民國境內設立分支機構，應經主管機關許可及發給許可證照。

Standards for establishment of securities firms governing matters including the conditions for establishment of securities firms and their branch units, the types of business in which they may engage, application procedures and documents to be attached, and rules governing their finances, operations and other matters for compliance shall be prescribed by the Competent Authority.
證券商及其分支機構之設立條件、經營業務種類、申請程序、應檢附書件等事項之設置標準與其財務、業務及其他應遵行事項之規則，由主管機關定之。

The Competent Authority shall consult with the Central Bank of China when it adopts or amends provisions of the rules referred to in the preceding paragraph regarding foreign exchange business.
前項規則有關外匯業務經營之規定，主管機關於訂定或修正時，應洽商中央銀行意見。

Article 45 A securities firm shall operate within the business categories as authorized under Article 16, and may not operate securities business beyond the authorized scope, provided that with the approval of the Competent Authority, this restriction shall not apply.
第45條證券商應依第十六條規定，分別依其種類經營證券業務，不得經營其本身以外之業務。但經主管機關核准者，不在此限。

A securities firm shall not be operated concurrently by other businesses; however, a financial institution with approval from the Competent Authority shall be allowed to concurrently operate securities business.
證券商不得由他業兼營。但金融機構得經主管機關之許可，兼營證券業務。

A securities firm shall not invest in another securities firm except with the approval of the Competent Authority.
證券商非經主管機關核准，不得投資於其他證券商。

Article 46 A securities firm concurrently operating the business of a securities dealer and a securities broker pursuant to the proviso of paragraph 1 of the preceding Article shall indicate on written documents for every transaction whether such transaction is made for its own account or for its customers.
第46條（兼營買賣之區別）證券商依前條第一項但書之規定，兼營證券自營商及證券經紀商者，應於每次買賣時，以書面文件區別其為自行買賣或代客買賣。

Article 47 A securities dealer shall be a company duly organized under the law; however, a financial institution which is concurrently engaged in securities business in accordance with the proviso of paragraph 2 of Article 45 shall be exempted from this restriction.
第47條（證券商之資格）證券商須為依法設立登記之公司。但依第四十五條第二項但書規定兼營者，不在此限。

Article 48 The minimum capital requirement of securities firms shall be prescribed by the Competent Authority in consideration of the business the securities firm is permitted to operate.
第48條（證券商之最低資本額）證券商應有最低之資本額，由主管機關依其種類以命令分別定之。

The capital referred to in the preceding paragraph shall mean the total monetary amount of outstanding shares.
前項所稱之資本，為已發行股份總額之金額。

Article 49 The aggregate liabilities of a securities firm shall not exceed a prescribed multiple of its capital net worth; the aggregate current liabilities shall not exceed a prescribed percentage of its aggregate current assets.
第49條（證券商之負債總額）證券商之對外負債總額，不得超過其資本淨值之規定倍數；其流動負債總額，不得超過其流動資產總額之規定成數。

The foregoing multiple and percentage shall be prescribed by the Competent Authority.
前項倍數及成數，由主管機關以命令分別定之。

Article 50 The name of a securities firm shall indicate clearly the word "securities." A financial institution which operates securities business under the proviso of paragraph 2 of Article 45 shall be exempted from this requirement.
第50條（證券商公司名稱之使用）證券商之公司名稱，應標明證券之字樣。但依第四十五條第二項但書之規定為證券商者，不在此限。

No persons other than securities firms may use names similar to "securities."
非證券商不得使用類似證券商之名稱。

Article 51 A director, supervisor, or manager of a securities firm shall not serve concurrently in any position at another securities firm, provided that when there is an investment relationship, a director, supervisor, or manager may serve concurrently as the director or supervisor of the invested securities firm with the approval of the Competent Authority.
第51條證券商之董事、監察人及經理人，不得兼任其他證券商之任何職務。但因投資關係，並經主管機關核准者，得兼任被投資證券商之董事或監察人。

Article 52 (deleted)
第52條（刪除）

Article 53 No person who falls within any of the following categories shall serve as the director, supervisor, or manager of a securities firm;
第53條有左列情事之一者，不得充任證券商之董事、監察人或經理人；

those appointed and currently serving in any of these capacities shall be discharged; the Competent Authority shall also make written request to the Ministry of Economic Affairs to rescind the registration as the director, supervisor, or manager of such persons:
其已充任者，解任之，並由主管機關函請經濟部撤銷其董事、監察人或經理人登記：

1.any person specified in any subparagraph of Article 30 of the Company Act;
一有公司法第三十條各款情事之一者。

2.any person who served as the director, supervisor, manager or other equivalent position in a juristic person at the time when it was adjudged bankrupt, and that three years have not elapsed since the finalization of the bankruptcy, or that the reconciliation has not yet been fulfilled.
二曾任法人宣告破產時之董事、監察人、經理人或其他地位相等之人，其破產終結未滿三年或調協未履行者。

3.any person with whom in the last three years a financial institution has refused to transact, or who has a bad credit record.
三最近三年內在金融機構有拒絕往來或喪失債信之紀錄者。

4.any person who has been sentenced under this Act to a penalty more severe than the imposition of a fine, and three years have not elapsed since the completion of sentence execution, the expiration of suspension of sentence, or the pardon of such punishment.
四依本法之規定，受罰金以上刑之宣告，執行完畢、緩刑期滿或赦免後未滿三年者。

5.Any person who has violated the provision of Article 51 hereof.
五違反第五十一條之規定者。

6.Any person who was discharged from his position under Article 56 or subparagraph 2 of Article 66 hereof within the last three years.
六受第五十六條及第六十六條第二款解除職務之處分，未滿三年者。

Article 54 Associated persons employed by securities firms whose duties relate to the securities business shall be twenty years of age or over and possess the qualifications required by relevant acts and regulations, and shall not fall within one of the following categories:
第54條證券商僱用對於有價證券營業行為直接有關之業務人員，應年滿二十歲，並具備有關法令所規定之資格條件，且無下列各款情事之一：

1.having been adjudged bankrupt and not reinstated.
一、受破產之宣告尚未復權。

2.concurrently holding a position with another securities firm, provided that this restriction shall not apply when there is an investment relationship and the Competent Authority has granted approval allowing concurrent holding of the position of director or supervisor at the invested securities firm.
二、兼任其他證券商之職務。但因投資關係，並經主管機關核准兼任被投資證券商之董事或監察人者，不在此限。

3.(deleted)
三、（刪除）

4.having been sentenced to a penalty more severe than a term of imprisonment for fraud, breach of trust, or violation of laws governing business and industry, and three years have not elapsed since the date of completion of the sentence execution, the expiration of suspension of sentence, or the pardon of such punishment.
四、曾犯詐欺、背信罪或違反工商管理法律，受有期徒刑以上刑之宣告，執行完畢、緩刑期滿或赦免後未滿三年。

5.falling under any of the situations specified in either subparagraphs 2 through 4 or subparagraph 6 of the preceding Article.
五、有前條第二款至第四款或第六款情事之一。

6.having violated orders issued by the competent Authority in accordance with this Act.
六、違反主管機關依本法所發布之命令。

The job title of the associated persons referred to in the preceding paragraph shall be prescribed by the Competent Authority.
前項業務人員之職稱，由主管機關定之。

Article 55 Following the incorporation and registration process, a securities firm shall, in accordance with the regulation prescribed by the Competent Authority, deposit an operation bond.
第55條（營業保證金）證券商於辦理公司設立登記後，應依主管機關規定，提存營業保證金。

Creditors whose claims arise from the specially approved business of a securities firm shall have preferential right of payment from the deposited operation bond referred to in the preceding paragraph.
因證券商特許業務所生債務之債權人，對於前項營業保證金，有優先受清償之權。

Article 56 If any director, supervisor, or employee of a securities firm is found to have committed any act which violates this Act or another related act or regulation, and if such violation may affect the normal operation of the said securities firm, the Competent Authority, in addition to ordering the said securities firm to suspend business operation of such person for not more than one year or discharge such person at any time, may also impose sanctions in accordance with Article 66 depending on the severity of the violation.
第56條主管機關發現證券商之董事、監察人及受僱人，有違背本法或其他有關法令之行為，足以影響證券業務之正常執行者，除得隨時命令該證券商停止其一年以下業務之執行或解除其職務外，並得視其情節之輕重，對證券商處以第六十六條所定之處分。

Article 57 The approval to operate the securities business, or the approval to establish branch units by a securities firm may be revoked should the said securities firm be found by the Competent Authority to have violated an act or regulation or supplied false information.
第57條（特許或許可之撤銷(一)）證券商取得經營證券業務之特許，或設立分支機構之許可後，經主管機關發覺有違反法令或虛偽情事者，得撤銷其特許或許可。

Article 58 A securities dealer shall register the commencement or suspension of its business or that of its branch units with the Competent Authority for reference.
第58條（證券商營業之申報）證券商或其分支機構於開始或停止營業時，應向主管機關申報備查。

Article 59 The approval to operate the securities business or the approval to establish branch unit may be revoked should the Competent Authority finds that the securities firm has failed to commence business within three months following the approval was granted to operate the securities business; or that the operation of securities business has been commenced but was subsequently voluntarily suspended for a period of more than three consecutive months.
第59條（特許或許可之撤銷(二)）證券商自受領證券業務特許證照，或其分支機構經許可並登記後，於三個月內未開始營業，或雖已開業而自行停止營業連續三個月以上時，主管機關得撤銷其特許或許可。

Where there are just reasons, the securities firm may apply to the Competent Authority for extending the term referred to in the preceding paragraph.
前項所定期限，如有正當事由，證券商得申請主管機關核准延展之。

Article 60 Except with the approval of the Competent Authority, a securities firm may not engage in the following types of business:
第60條證券商非經主管機關核准，不得為下列之業務：

1. Providing margin purchases or short sales for securities transactions.
一、有價證券買賣之融資或融券。

2. Acting as an agent in margin purchases or short sales for securities transactions.
二、有價證券買賣融資融券之代理。

3. Borrowing or lending securities, or acting as an agent or intermediary in the borrowing or lending of securities.
三、有價證券之借貸或為有價證券借貸之代理或居間。

4. Borrowing or lending money in connection with securities business, or acting as an agent or intermediary for such borrowing or lending of money.
四、因證券業務借貸款項或為借貸款項之代理或居間。

5. In connection with securities business, accepting a commission from a client to act as depository or invest the client´s funds.
五、因證券業務受客戶委託保管及運用其款項。

Regulations governing the qualifications, personnel, operations, and risk management of a securities firm applying for approval to engage in related business in accordance with the preceding paragraph shall be prescribed by the Competent Authority.
證券商依前項規定申請核准辦理有關業務應具備之資格條件、人員、業務及風險管理等事項之辦法，由主管機關定之。

Article 61 The permissible amount, terms, financing ratio, and the margin percentage required for margin purchases and short sales for securities transactions shall be prescribed by the Competent Authority after consultation with and consent from the Central Bank of China.
第61條（有價證券買賣融資融券之成數）有價證券買賣融資融券之額度、期限及融資比率、融券保證金成數，由主管機關商經中央銀行同意後定之；

The eligibility criteria of securities for margin purchases and short sales shall be prescribed by the Competent Authority.
有價證券得為融資融券標準，由主管機關定之。

Article 62 Without the approval from the Competent Authority, the trading of securities by securities brokers or dealers in an over-the-counter market, on the account of its customers, or on its own account, shall be prohibited.
第62條（自行買賣有價證券之限制）證券經紀商或證券自營商，在其營業處所受託或自行買賣有價證券者，非經主管機關核准不得為之。

The rules governing the transaction in the over-the-counter market referred to in the preceding paragraph shall be prescribed by the Competent Authority.
前項買賣之管理辦法，由主管機關定之。

The provisions of Article 156 and 157 shall apply mutatis mutandis to the transaction referred to in paragraph 1 hereof.
第一百五十六條及第一百五十七條之規定，於第一項之買賣準用之。

Article 63 The provisions of Article 36 regarding the preparation, submission and publication of financial reports shall apply mutatis mutandis to securities firms.
第63條（三十六條之準用）第三十六條關於編製、申報及公告財務報告之規定，於證券商準用之。

Article 64 At any time whenever it is required for protecting the public interests or the interest of investors, the Competent Authority may order a securities firm to provide financial or business reports and information, or examine the business operations, assets, books and records, documents or other relevant objects.
第64條（保護措施）主管機關為保護公益或投資人利益，得隨時命令證券商提出財務或業務之報告資料，或檢查其營業、財產、帳簿、書類或其他有關物件；

The Competent Authority may seal or take possession of relevant documents should it find that there is substantial likelihood of violation of an act or regulation.
如發現有違反法令之重大嫌疑者，並得封存或調取其有關證件。

Article 65 Upon its examination of the business or financial conditions of a securities firm, should the Competent Authority find that there are matters not in conformity with the related regulations, the Competent Authority may at any time order that the non-conformity be corrected.
第65條（違法之糾正）主管機關於調查證券商之業務、財務狀況時，發現該證券商有不符合規定之事項，得隨時以命令糾正之。

Article 66 Where a securities firm has violated this Act or any order issued thereunder, in addition to being subject to the punishment provided under this Act, the Competent Authority may, depending on the severity of the offense, impose any of the following sanctions:
第66條證券商違反本法或依本法所發布之命令者，除依本法處罰外，主管機關並得視情節之輕重，為左列處分︰

1.warning.
一警告。

2.ordering the securities firm to remove its directors, supervisors, or managers from their office.
二命令該證券商解除其董事、監察人或經理人職務。

3.suspending the business, in whole or in part, of the company or its branch for a period of not more than six months.
三對公司或分支機構就其所營業務之全部或一部為六個月以內之停業。

4.revoking the business license of the company or its branch.
四對公司或分支機構營業許可之撤銷。

Article 67 A securities firm whose license has been revoked, or whose business has been suspended shall settle any transactions in securities or any other matters that have been entrusted to it before the revocation of its license or the suspension of its business.
第67條（業務之了結）證券商經主管機關依本法之規定撤銷其特許或命令停業者，該證券商應了結其被撤銷前或停業前所為有價證券之買賣或受託之事務。

Article 68 A securities firm whose business license has been revoked shall be deemed as a securities firm to the extent and within the scope of winding up and settling the transactions or any other matters entrusted to it in the preceding paragraph;
第68條（資格存續之擬制）經撤銷證券業務特許之證券商，於了結前條之買賣或受託之事務時，就其了結目的之範圍內，仍視為證券商；

a securities firm ordered to suspend operation shall be deemed to be in operation to the extent and within the scope of winding up and settling the transactions or any other matters entrusted p