Regulations Governing Securities Lending by Securities Firms ( Amended 2006 . 08 . 11)
證券商辦理有價證券借貸管理辦法(民國95年08月11日修正)

Chapter I General Principles
第一章總則

Article 1 These Regulations are adopted pursuant to Article 60, paragraph 2, of the Securities and Exchange Act (the "Act").
第1條本辦法依證券交易法（以下簡稱本法）第六十條第二項規定訂定之。

Article 2 A securities firm shall obtain approval from the competent authority to conduct securities lending business.
第2條證券商辦理有價證券借貸業務，應經主管機關核准。

The term "securities lending business" referred to in the preceding paragraph means business activities in which a securities firm lends securities to a customer under an agreement stipulating redelivery of securities of the same class and quantity.
前項所稱有價證券借貸業務，指證券商出借有價證券予其客戶，並約定以同種類、同數量有價證券返還之業務行為。

Article 3 A securities firm applying to conduct securities lending business shall meet the following eligibility requirements:
第3條證券商申請辦理有價證券借貸業務，應具備下列條件：

1. Have net worth per share of not less than par value, as shown in the latest CPA-audited and certified financial report, and financial condition meeting the requirements of the Regulations Governing Securities Firms.
一、最近期經會計師查核簽證之財務報告每股淨值不低於票面金額，且財務狀況符合證券商管理規則之規定。

2. Have a regulatory capital adequacy ratio of 200 percent or higher for the half-year period immediately prior to the date of application.
二、申請日前半年自有資本適足比率應達百分之二百以上。

3. Have not been sanctioned by any warning imposed by the competent authority under Article 66, subparagraph 1, of the Act during the three most recent months.
三、最近三個月未曾受主管機關依本法第六十六條第一款所為之警告處分。

4. Have not been subject to any sanction imposed by the competent authority during the most recent half-year ordering the securities firm to remove from office any of its directors, supervisors, or officers or to replace any of its responsible persons or other related persons.
四、最近半年未曾受主管機關命令該證券商解除其董事、監察人或經理人職務處分，或撤換其負責人或其他有關人員之處分。

5. Have not been subject to any sanction imposed by the competent authority during the most recent year involving suspension of business activities.
五、最近一年未曾受主管機關為停業之處分。

6. Have not been subject to any sanction imposed by the competent authority during the two most recent years involving partial revocation of permission for business.
六、最近二年未曾受主管機關撤銷部分營業許可之處分。

7. Have not been subject to any measures taken by a securities exchange, an over-the-counter securities market, or a futures exchange during the most recent year under its rules and regulations involving suspension of or restriction on trading activities.
七、最近一年未曾受證券交易所、證券櫃檯買賣中心或期貨交易所依其章則為處以停止或限制買賣之處置。

8. Such other eligibility requirements as may be imposed by the competent authority.
八、其他經主管機關規定應具備之條件。

A securities firm not meeting any of the eligibility requirements in subparagraphs 3 to 7 of the preceding paragraph may be exempted from restriction thereunder if the circumstances have been specifically corrected and the corrections have been recognized by the competent authority.
證券商不符前項第三款至第七款之條件，但其情事已具體改善，並經主管機關認可者，得不受其限制。

A securities firm having received approval from the competent authority to conduct securities lending business shall stop conducting such business if its regulatory capital adequacy ratio has been lower than 200 percent for a period of two consecutive months and may not resume the business until and unless it has been in compliance with the requirement for a period of three consecutive months and the business resumption has been filed with and approved by the competent authority; a securities firm having received the approval but not yet commenced such business may not so commence.
證券商經主管機關核准辦理有價證券借貸業務後，自有資本適足比率連續二個月低於百分之二百者，應停止辦理本項業務，俟連續三個月符合規定並報經主管機關核准後，始得恢復；其已獲准辦理而尚未辦理者，應停止辦理。

Article 4 A securities firm shall adopt an effective internal control system for the conduct of securities lending business.
第4條證券商辦理有價證券借貸業務，應訂定有效之內部控制制度。

The internal control system under the preceding paragraph shall set out "Know your Customer" assessment and credit review procedures, operating procedures for the conduct of securities lending, division of authority and responsibilities, control of lending amounts, customer accounts management, as well as relevant risk management mechanisms.
前項內部控制制度應訂定瞭解客戶評估作業及徵信程序、辦理有價證券借貸作業手續、權責劃分、借貸交易額度控管及帳戶管理等事宜，並訂定相關風險管理機制。

A securities firm conducting securities lending business shall set up a separate account ledger for each customer and record therein on a daily basis the following:
價證券借貸業務，應按每一客戶分別設帳，每日逐筆登載下列事項：

1. Subject matter of securities lending and outstanding balance.
一、借券交易事項及餘額。

2. Itemized collaterals and their values.
二、擔保品明細及其價值。

3. Margin calls for and disposal of collaterals.
三、擔保品之追繳與處分。

Article 5 An officer or associated person of a securities firm who is charged with the conduct of securities lending business shall have attended training, and passed the test, held by an institution recognized by the competent authority.
第5條證券商辦理有價證券借貸業務之主管及業務人員應經主管機關認可機構訓練並測驗合格。

An associated person conducting securities lending business under the preceding paragraph may concurrently provide services relating to margin purchases and short sales of securities and securities business money lending.
前項辦理有價證券借貸業務之業務人員得兼辦有價證券買賣融資融券及證券業務借貸款項之業務。

Article 6 A securities firm applying to conduct securities lending business shall fill out an application form, attach the documentation listed below, and submit them to the securities exchange or over-the-counter securities market to review and forward to the competent authority for approval:
第6條證券商申請辦理有價證券借貸業務，應填具申請書並檢具下列書件，由證券交易所或證券櫃檯買賣中心審查並轉報主管機關核准：

1. Internal control system.
一、內部控制制度。

2. A financial report for the most recent fiscal year that has been audited and certified by a CPA. If at the time of application six months have elapsed since the beginning of the current fiscal year, a CPA-audited and certified financial report for the first half-year shall be submitted additionally.
二、最近年度經會計師查核簽證之財務報告。其於申請時已逾年度開始六個月者，應加送上半年度經會計師查核簽證之財務報告。

3. Board of directors meeting minutes.
三、董事會議事錄。

4. Documentation evidencing compliance with Article 3, paragraph 1, subparagraphs 1, 2, and 7.
四、符合第三條第一項第一款、第二款及第七款之證明文件。

5. Other documents as required by the competent authority.
五、其他經主管機關規定應檢附之文件。

Chapter II Book-Entry Central Government Bond Lending Business
第二章中央登錄公債借貸業務

Article 7 A securities firm may only use the following bonds as a source for its conduct of book-entry central government bond lending business.
第7條證券商辦理中央登錄公債借貸業務之券源，以下列為限：

1. Book-entry central government bonds held for its own account.
一、自有中央登錄公債。

2. Bonds borrowed through the securities lending system of an over-the-counter securities market.
二、自證券櫃檯買賣中心借券系統借入者。

3. Bonds acquired through reverse repo trades.
三、因附賣回交易所取得者。

Article 8 A securities firm conducting book-entry central government bond lending business shall enter into a lending agreement with each customer.
第8條證券商辦理中央登錄公債借貸業務，應與客戶簽訂借貸契約。

The lending agreement under the preceding paragraph shall at least contain the following:
前項借貸契約內容至少應載明下列事項：

1. Methods of trading and confirmation.
一、交易與確認方式。

2. Information to be included in a trade confirmation document.
二、交易確認書件應記載事項。

3. Lending period.
三、借券期間。

4. Handling fee rate, and lending fee rate expressed as an annual percentage rate.
四、手續費費率及以年百分率揭示之借券費率。

5. Method of redelivery and conditions for early redelivery.
五、返還方式及提前返還條件。

6. Collateral type, substitution, ratio, and maintenance ratio.
六、擔保品之種類、更換、比率及維持率計算。

7. Method of transfer or delivery of the underlying securities and collateral.
七、標的證券及擔保品移轉或交付方式。

8. Calculation and payment of interest on cash collateral.
八、現金擔保品利息之計算與給付。

9. Compensation of entitlements and actions upon event of default.
九、權益補償與違約之處理。

10. Handling of customer information.
十、客戶資料之處理。

11. Cause for termination.
十一、終止之事由。

Article 9 A securities firm conducting book-entry central government bond lending business may accept only the following types of collateral from borrowers:
第9條證券商辦理中央登錄公債借貸業務，向借券客戶收取之擔保品，其種類以下列為限：

1. Cash.
一、現金。

2. Book-entry central government bonds.
二、中央登錄公債。

The collateral under the preceding paragraph may not be used for purposes other than:
前項擔保品，除作下列之運用外，不得移作他用：

1. As collateral to borrow securities through the securities lending system of an over-the-counter securities market.
一、作為向證券櫃檯買賣中心借券系統借券之擔保。

2. Bank deposits.
二、銀行存款。

3. Purchase of short-term bills.
三、購買短期票券。

A securities firm shall pay interest on cash collateral it collects from a borrower at a rate agreed between the two parties.
證券商向借券客戶收取之現金擔保品，應支付利息予客戶，其利率由雙方約定之。

Article 10 Book-entry central government bonds may be loaned only for a period of no more than six months starting from the execution date of a lending transaction, and such period may not overlap with the period of two business days prior to any coupon payment date of the underlying asset or of any book-entry central government bond used as collateral, if applicable, in that transaction.
第10條中央登錄公債借券期間自借貸交易成交日起算，不得逾六個月，且不得跨越其借貸標的及以中央登錄公債為擔保品之各該公債付息日之前二營業日。

However, if the securities firm has reached a prior written agreement with the customer as to taxation on the payment of principal and coupon interest on the bonds and other relevant fees, such agreement may control.
但證券商與客戶間已就中央登錄公債本息支領之稅負及相關費用另於事前以書面約定者，得從其約定。

Article 11 The delivery and redelivery of book-entry central government bonds in a lending transaction shall be made through title transfer registration as provided in the Directions for the Operation of Book-Entry Central Government Securities. However, in the case of government strip bonds, the delivery and redelivery shall be made by book-entry transfer.
第11條中央登錄公債借貸之交付及返還，應依經理中央登錄債券作業要點規定採轉讓登記方式辦理。但分割公債之交付及返還，應採帳簿劃撥方式辦理。

Article 12 Book-entry central government bonds that are subject to a pledge may not be loaned nor may they be used as collateral.
第12條設質之中央登錄公債不得出借或作為擔保品。

Article 13 The outstanding balance of a securities firm´s loans of book-entry central government bonds plus repo transactions may not exceed 600 percent of its net worth. However, a financial institution concurrently operating securities business is separately subject to the applicable rules set out by the competent authority.
第13條證券商出借中央登錄公債加計附買回交易之餘額不得超過其淨值百分之六百。但兼營證券業務之金融機構另依主管機關相關規定辦理。

Article 14 The provisions of Article 16, paragraph 2, Article 25, paragraphs 1, 3, and 4, Article 29, and Articles 31 to 33 hereof shall apply mutatis mutandis to book-entry central government bond lending business.
第14條第十六條第二項、第二十五條第一項、第三項及第四項、第二十九條及第三十一條至第三十三條規定，於中央登錄公債借貸業務準用之。

Chapter III Lending of Other Types of Securities
第三章其他有價證券借貸業務

Article 15 For the purposes of this Chapter, the term "underlying assets" of securities lending transactions refers to those securities eligible for margin purchases and short sales, and such other securities as may be approved by the competent authority.
第15條本章所稱有價證券借貸交易標的，係指得為融資融券交易之有價證券或其他經主管機關核准之有價證券。

Article 16 A securities firm conducting securities lending business shall enter into a securities lending agreement with each customer, and shall open one and only one securities lending account for each customer.
第16條證券商辦理有價證券借貸業務，應與客戶簽訂有價證券借貸契約，並開立有價證券借貸交易帳戶，每一客戶以開立一戶為限。

The securities firm shall approve a line of credit to a customer based on the result of a credit check against such customer, and furnish a risk disclosure statement disclosing therein the risks associated with securities lending transactions.
證券商應依客戶徵信結果，核定其客戶得借貸額度，並提供風險預告書，揭露有價證券借貸交易之可能風險。

A securities firm may lend securities to the following persons only:
證券商出借有價證券之對象，以下列為限：

1. A person who has a brokerage contract with the securities firm that has been in effect for a period of more than three months.
一、訂立委託買賣契約逾三個月以上者。

2. Such other persons as may be approved by the competent authority.
二、其他經主管機關核准者。

A securities firm conducting securities lending business may not engage in such business with another securities firm as the counterparty.
證券商辦理有價證券借貸業務不得以其他證券商為對象。

Article 17 Securities may be loaned only for a period of no more than six months starting from the execution date of a lending transaction.
第17條有價證券借貸期間，自借貸交易成交日起算，最長不得超過六個月。

A securities borrower may request a securities firm prior to the expiration of the term of a lending transaction for an extension of time of no more than six months, which may be granted one time only. However, the borrower may not request a change in any other terms or conditions of a lending transaction.
借券客戶得經證券商之同意，於借貸期限屆滿前，申請展延，其期間不得超過六個月，並以一次為限。但不得要求變更其他借貸條件。

Article 18 A securities lending agreement shall at least contain the following:
第18條有價證券借貸契約內容，至少應載明下列事項：

1. Lending period.
一、借券期間。

2. Handling fee rate, and lending fee rate expressed as percentage.
二、手續費費率及以年百分率揭示之借券費率。

3. Purpose for borrowing the securities.
三、借券用途。

4. Methods of custody and redelivery of securities, and conditions for early redelivery.
四、證券之保管、返還方式及提前返還條件。

6. Collateral type, substitution, ratio, and maintenance ratio.
五、擔保品之種類、更換、比率及維持率計算。

6. In the event the market value of the collateral exceeds the required ratio, the mode for returning the excess amount or offsetting it against other collateral requirements.
六、擔保品溢價之退還與抵充。

7. Calculation and payment of interest on cash collateral.
七、現金擔保品利息之計算與給付。

8. Compensation of entitlements.
八、權益補償。

9. Actions upon event of default.
九、違約之處理。

10. Handling of customer information.
十、客戶資料之處理。

11. Cause for termination.
十一、終止之事由。

Article 19 The delivery and redelivery of the underlying securities and collateral securities in a securities lending transaction shall be made either by book-entry transfer or by title transfer registration.
第19條有價證券借貸交易標的證券及擔保品證券之交付及返還，應採帳簿劃撥或轉讓登記方式辦理。

A securities firm shall transmit the information about any delivery and redelivery of underlying securities and collateral securities to the securities exchange or the over-the-counter securities market, with a copy to the centralized securities depository enterprise for delivery of the securities by book-entry transfer, or a notice to the clearing bank for account transfer registration.
證券商應將標的證券及擔保品證券之交付及返還等資料傳送證券交易所及證券櫃檯買賣中心，轉知證券集中保管事業辦理有價證券撥付作業，或通知清算銀行辦理轉帳登記。

Article 20 A securities firm conducting securities lending business shall publish the following information at its place of business or on its website, and also transmit such information to the securities exchange or the over-the-counter securities market:
第20條證券商辦理有價證券借貸業務，應將下列資訊於其營業處所或網站公布，並傳送證券交易所及證券櫃檯買賣中心：

1. Classes and amounts of securities loaned each day.
一、每日出借有價證券之種類與限額。

2. Securities lending fees and service charges.
二、證券出借之費率及服務手續費。

3. Such other information as the competent authority may require to be disclosed.
三、其他經主管機關規定應揭示事項。

Article 21 A securities firm shall on a daily basis transmit information about the transaction amount, transaction details, and outstanding balance with respect to securities lending transactions for each customer, to the securities exchange or the over-the-counter securities market, and the latter shall compile such information and publish the outstanding amount of all securities lending transactions before the opening of market on the next business day.
第21條證券商應每日將其客戶借貸額度、借貸之交易明細與餘額等資料傳送證券交易所及證券櫃檯買賣中心，由證券交易所及證券櫃檯買賣中心彙計，於次一營業日開市前公告有價證券借貸交易餘額。

Article 22 A securities firm may lend only the following securities in conducting securities lending business:
第22條證券商辦理有價證券借貸業務之券源，以下列為限：

1. Securities held for its own account.
一、自有有價證券。

2. Securities borrowed through the securities lending system of a securities exchange.
二、自證券交易所借券系統借入之有價證券。

3. Collateral securities obtained in connection with customer margin purchases when conducting securities trading margin purchase and short sale business.
三、辦理有價證券買賣融資融券業務取得之融資買進擔保證券。

If a securities firm is short of underlying securities to meet its obligations to redeliver securities, it may seek refinancing from a securities finance enterprise.
證券商為因應還券所需而無標的證券可供返還時，得向證券金融事業辦理轉融通。

Article 23 A securities firm conducting securities lending business may not lend, or accept as collateral, securities that are:
第23條證券商辦理有價證券借貸業務，出借之標的或收受之擔保品，不得為下列有價證券：

1. Stocks or book-entry central government bonds that are subject to a pledge; or
一、設質之股票或中央登錄公債。

2. Shares, or any other equity-type securities, of the securities firm itself that it acquires through share buybacks, gifts from others, mergers, transfer of business from others, or otherwise.
二、公司因買回、受贈、合併、營業受讓或其他原因取得之本公司股份或其他具有股權性質之有價證券。

Article 24 Securities associated with securities lending business conducted by securities firms may be used only for the following purposes:
第24條證券商辦理有價證券借貸業務，其有價證券之用途以下列為限：

1. For sale by customers through brokerage orders placed with the securities firm.
一、供客戶委託證券商賣出。

2. For securities firms and customers to redeliver securities borrowed or to compensate for securities entitlements.
二、供證券商及客戶返還借券或證券權益補償。

3. For securities firms to use as a source of securities for conducting securities margin purchase and short sale business.
三、供證券商辦理有價證券買賣融資融券業務之券源。

4. For securities firms to use as a source of securities to return collateral to customers in conducting securities margin purchase and short sale business.
四、供證券商因應有價證券買賣融資融券業務，作為返還客戶擔保品之券源。

5. For customers to redeliver spot securities borrowed in short sales.
五、供客戶融券賣出之現券償還。

6. For securities firms to cover shortfalls of securities in connection with short sales.
六、供證券商彌補融券短差之有價證券。

7. For securities firms to fulfill settlement obligations on securities trading markets.
七、供證券商為履行證券交易市場之交割義務。

8. For customers to fulfill settlement obligations associated with call/put warrants, equity options, and other equity-type financial instruments.
八、供客戶為認購（售）權證、股票選擇權或其他具有股權性質金融商品之履約。

9. For customers to use in the in-kind creation or redemption of exchange traded fund (ETF) units.
九、供客戶因應指數股票型證券投資信託基金之實物申購或買回。

10. Such other purposes as may be approved by the competent authority.
十、其他經主管機關核准之用途。

Article 25 A securities firm conducting securities lending business shall collect collateral from borrowers at the collateral ratio required by the competent authority.
第25條證券商辦理有價證券借貸業務，應依主管機關規定之擔保比率向借券客戶收取擔保品。

The collateral under the preceding paragraph may only take the form of:
前項擔保品種類以下列為限：

1. cash;
一、現金。

2. Book-entry central government bonds; and
二、中央登錄公債。

3. Securities eligible for margin purchases and short sales.
三、得為融資融券交易之有價證券。

A securities firm shall mark to market on a daily basis the ratio of the value of collateral deposited by a customer to the dollar amount of securities it lends to that customer; when that ratio is below a stated percentage, it shall immediately issue a margin call requiring the customer to cover the shortfall within a stated period of time.
證券商應逐日計算每一客戶所繳擔保品價值與證券商貸與客戶有價證券金額之比率，其低於規定之比率時，應即通知客戶於限期內補繳差額。

The calculation of value, substitution, and ratios with respect to collateral and time limits for meeting margin calls shall be prepared by the securities exchange in joint consultation with the over-the-counter securities market, and submitted to the competent authority for ratification.
擔保品價值之計算方式、更換、比率及補繳期限，由證券交易所會同證券櫃檯買賣中心擬訂，報請主管機關核定。

Article 26 A securities firm conducting securities lending business shall, when a borrower fails to cover a collateral shortfall by the due date, or fails to redeliver the securities by the end of the stipulated time period, dispose of the collateral immediately.
第26條證券商辦理有價證券借貸業務，於借券客戶逾期未補繳擔保品差額，或逾約定期限未返還有價證券時，證券商應即處分擔保品。

Article 27 Securities collateral that a securities firm receives in a securities lending transaction, for which the customer has signed a re-collateralization agreement, may not be used for purposes other than the following, and shall be delivered for deposit in a central depository:
第27條證券商出借有價證券所取得之證券擔保品，經借券客戶出具轉擔保同意書者，除作下列之運用外，不得移作他用，且應送存集中保管：

1. As collateral to borrow securities from the securities lending system of a securities exchange.
一、作為向證券交易所借券系統借券之擔保。

2. As collateral to refinance securities through a securities finance enterprise.
二、作為向證券金融事業轉融通證券之擔保。

Article 28 Cash collateral that a securities firm receives in a securities lending transaction may not be used for purposes other than the following:
第28條證券商出借有價證券所取得之現金擔保品，除作下列之運用外，不得移作他用：

1. As collateral to borrow securities from the securities lending system of a securities exchange.
一、作為向證券交易所借券系統借券之擔保。

2. As collateral to refinance securities from a securities finance enterprise.
二、作為向證券金融事業轉融通證券之擔保。

3. As a source of funds for conducting securities margin purchase and short sale business.
三、作為辦理有價證券買賣融資融券業務之資金來源。

4. As a source of funds for conducting securities business money lending.
四、作為辦理證券業務借貸款項之資金來源。

5. For bank deposits.
五、銀行存款。

6. To purchase short-term bills.
六、購買短期票券。

A securities firm shall pay interest on the money it receives from a customer under the preceding paragraph, at a rate agreed between the two parties.
證券商對前項款項應支付利息予客戶，其利率由雙方約定之。

Article 29 If during the term of a securities lending agreement, because of a natural disaster or other emergency, trading on the securities market is suspended across the board or is suspended for a security [that underlies the agreement], and the time for resumption of trading has not been determined, the securities firm shall notify the customer to close out the securities lending transaction in either of the following manners within a stated period of time:
第29條證券商辦理有價證券借貸業務，於有價證券借貸契約存續期間，如遇天然災害或其他非常事故，致證券市場全部停止交易或停止某種證券之買賣，而未定恢復期限者，證券商應通知其客戶於約定期間內，得依下列方式了結有價證券借貸交易：

1. Apply to the securities exchange or over-the-counter securities market for purchase of the underlying security by public tender offer, with any expense arising from the public tender offer to be borne by the customer.
一、向證券交易所或證券櫃檯買賣中心申請辦理公開標購，標購費用由該客戶負擔。

2. Settle the transaction by cash, as agreed between the two parties.
二、由雙方協議以現金償還了結。

Article 30 Where a securities firm is unable to obtain stock dividend, cash dividend, or any other entitlement accrued on securities loaned to a borrower in a securities lending transaction, the borrower shall repay the same to the securities firm or otherwise make repayment in cash as may be agreed between the two parities.
第30條證券商辦理有價證券借貸業務，因出借有價證券而未取得之股息、紅利或其他利益等，借券客戶應償還證券商，或由雙方協議以現金償還。

Article 31 The borrower in a securities lending transaction with a securities firm may redeliver the borrowed securities at any time earlier than the expiration of the agreed term of the loan. Notwithstanding the foregoing, the securities firm may not call for early redelivery of the securities unless so agreed by the borrower.
第31條證券商辦理有價證券借貸業務，客戶得於約定期限內，提前返還借用之有價證券，惟證券商如請求提前返還有價證券，應經借券客戶之同意。

Article 32 A securities firm may not enter into a securities lending transaction with any of the following related parties:
第32條證券商辦理有價證券借貸業務，不得與具有下列關係者從事交易：

1. A director, a supervisor, a representative of a juristic-person director or supervisor, an employee, or a shareholder holding more than ten percent of the shares, of the securities firm.
一、本證券商之董事、監察人及法人董事、監察人之代表人、受僱人或持有公司股份超過股份總額百分之十之股東。

2. A juristic-person shareholder of the securities firm that, through a representative, is elected as a director or supervisor of the securities firm as under Article 27, paragraph 2, of the Company Act.
二、依公司法第二十七條第二項規定，由代表人當選為董事或監察人之本證券商法人股東。

3. The spouse of a director, supervisor, or of a representative of a juristic-person director or supervisor, of the securities firm.
三、本證券商之董事、監察人及法人董事、監察人之代表人等之配偶。

4. A minor child of a person in a position described in subparagraph 1.
四、具有第一款身分者之未成年子女。

A securities firm may not lend securities to a related party or affiliate other than those described in the preceding paragraph on terms, including the securities lending fee, more favorable than for other customers.
證券商對前項以外之關係人及關係企業之借券費用等條件，不得優於其他客戶。

Article 33 The total monetary amount of securities that a securities firm conducting securities lending business lends to any same person or any same related parties may not exceed a certain percentage of the securities firm´s net worth or a certain dollar amount.
第33條證券商辦理有價證券借貸業務，對同一人、同一關係人之出借有價證券總金額，不得超過該證券商淨值之一定比率或金額。

As used in the preceding paragraph, the term "same person" means a same natural person or same juristic person; the term "same related parties" includes the person, his or her spouse, blood relatives within the second degree, and any enterprise of which the person or his or her spouse is a responsible person. Same person and same related parties shall include those using the names of others.
前項所稱同一人，指同一自然人或同一法人；同一關係人之範圍，包括本人、配偶、二等親以內之血親，及以本人或配偶為負責人之企業。同一人、同一關係人包括利用他人名義者。

For the purpose of paragraph 1, the term "a certain percentage of the securities firm´s net worth" means, in the case of a natural person, not more than 1 percent of the securities firm´s net worth or NT$20 million, or, in the case of a juristic person, not more than 5 percent of the securities firm´s net worth; securities loaned to any same related parties shall in total be not more than 10 percent of the securities firm´s net worth, among which those loaned to natural persons shall in total be not more than 2 percent of the securities firm´s net worth.
第一項所稱該證券商淨值之一定比率，自然人不得超過證券商淨值百分之一或新臺幣二千萬元，法人不得超過證券商淨值百分之五；對同一關係人出借有價證券總金額不得超過證券商淨值之百分之十，其中對自然人出借有價證券總金額，不得超過證券商淨值之百分之二。

Article 34 The total monetary amount of securities loaned by a securities firm conducting securities lending business may not exceed 250 percent of its net worth.
第34條證券商辦理有價證券借貸業務，出借有價證券總金額，不得超過其淨值百分之二百五十。

When a securities firm conducts securities margin purchase and short sale business, the total monetary amount of securities it loans to customer for short sales, plus the total monetary amount under the preceding paragraph, may not exceed 400 percent of the securities firm´s net worth.
證券商辦理有價證券融資融券業務，對客戶融券總金額，合併前項總金額，不得超過該證券商淨值百分之四百。

Article 35 The combined total monetary amount of any one type of securities that a securities firm lends in securities lending business and in securities margin purchase and short sale business may not exceed 5 percent of its net worth.
第35條證券商辦理有價證券借貸業務與辦理有價證券買賣融資融券業務，對每種證券出借與融券之總金額合計不得超過其淨值百分之五。

Article 36 A securities firm conducting securities lending business shall stop lending any given type of securities immediately when, for that type of securities, the aggregate total of the outstanding balance of shares it lends to securities borrowers in conducting securities lending business, plus the outstanding balance of shares it lends to short sellers in conducting securities margin purchase and short sale business, reaches the aggregate total of the number of shares it owns, plus the number of shares it borrows from the securities lending systems of any securities exchanges, plus the number of collateral shares it receives from short sellers in conducting securities margin purchase and short sale business.
第36條證券商辦理有價證券借貸業務，每種證券出借餘額與有價證券買賣融資融券業務之融券餘額合計數達到自有有價證券、向證券交易所借券系統借入之有價證券與有價證券買賣融資融券業務之融資餘額合計數時，應即停止出借。

Chapter IV Supplementary Provisions
第四章附則

Article 37 The net worth of a securities firm shall be determined, if it is a business concurrently operated by a financial institution, by the allocated operating capital, or if it is a branch established within the territory of the Republic of China by a foreign securities firm, by the funds appropriated exclusively for the operation of business within the territory of the Republic of China.
第37條證券商由金融機構兼營者，其淨值按指撥營運資金計算；外國證券商在中華民國境內分支機構，按其專撥在中華民國境內營業所用之資金計算。

Article 38 A securities firm conducting securities lending business shall do so in accordance with the regulations governing such business operations.
第38條證券商辦理有價證券借貸業務，應依業務操作辦法之規定為之。

The regulations governing business operations under the preceding paragraph shall specify, with respect to securities lending transactions, matters relating to application and redelivery, acceptable forms of collateral, substitution and disposal of collateral, calculation of collateral ratio, and such other matters as may be required by the competent authority. The regulations shall be prepared by the securities exchange or over-the-counter securities market and submitted to the competent authority for final approval.
前項業務操作辦法應載明有價證券借貸交易之申請與償還、擔保品種類、更換與處分、擔保比率之計算及其他經主管機關規定應記載之事項，並由證券交易所、證券櫃檯買賣中心擬訂，報經主管機關核定。

Article 39 These Regulations shall be enforced from the date of issuance.
第39條本辦法自發布日施行。