Regulations Governing Borrowing or Lending Money in Connection with Securities Business by Securities Firms ( Amended 2006 . 06 . 12)
證券商辦理證券業務借貸款項管理辦法(民國95年06月12日修正)

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 To conduct money lending in connection with securities business, a securities firm shall obtain the approval of the competent authority.
第2條證券商辦理證券業務借貸款項，應經主管機關核准。

"Money lending in connection with securities business" in the preceding paragraph means any financing business the securities firm and customer agree to engage in to meet settlement needs for purchases of exchange-listed or OTC-listed securities by the customer.
前項所稱證券業務借貸款項，指證券商與客戶約定，為因應客戶購買上市或上櫃有價證券交割之需，所從事之資金融通業務。

The scope of financing by securities firms conducting securities business money lending shall be jointly drafted by the Taiwan Stock Exchange Corporation ("TSEC") and the GreTai Securities Market ("GTSM"), and submitted to the competent authority for final approval.
證券商辦理證券業務借貸款項融通範圍，由臺灣證券交易所股份有限公司（以下簡稱證券交易所）會同財團法人中華民國證券櫃檯買賣中心（以下簡稱證券櫃檯買賣中心）擬訂，報請主管機關核定。

Article 3 A securities firm that applies to conduct securities business money lending shall possess the qualifications listed below:
第3條證券商申請辦理證券業務借貸款項，應具備下列條件：

1. In the most recent financial report audited and certified by a certified public accountant (CPA), its net worth per share is not lower than par value, and its financial condition is in compliance with 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. Its regulatory capital adequacy ratio has not been lower than 200 percent in the half-year prior to the application date.
二、申請日前半年自有資本適足比率未低於百分之二百者。

3. It has not been subject to any warning sanction imposed by the competent authority under Article 66, subparagraph 1, of the Act in the past 3 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. It has not been subject to any sanction imposed by the competent authority ordering dismissal of a director, supervisor, or managerial officer of the securities firm, or any disposition to dismiss and replace its responsible person or other relevant personnel in the most recent half year.
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. It has not been subject to any sanction imposed by the competent authority requiring the suspension of business in the past year.
五、最近一年未曾受主管機關為停業之處分。

6. It has not be subject to any sanction imposed by the competent authority voiding any portion of its business permission in the past two years.
六、最近二年未曾受主管機關撤銷部分營業許可之處分。

7. It has not been subject to any sanction imposed by the TSEC, GTSM, or the Taiwan Futures Exchange Corporation pursuant to the bylaws of those exchanges suspending or restricting its trading in the past year.
七、最近一年未曾受證券交易所、證券櫃檯買賣中心或臺灣期貨交易股份有限公司所依其章則為處以停止或限制買賣之處置。

8. Other qualifications as required by the competent authority.
八、其他經主管機關規定應具備之條件。

Where a securities firm fails to meet a qualification in subparagraphs 3 through 7 of the preceding paragraph, but the violation has been specifically corrected and the correction is recognized by the competent authority, it may be exempted from the requirements of the subparagraph in question.
證券商不符前項第三款至第七款之條件，但其違法情事已具體改善，並經主管機關認可者，得不受其限制。

After a securities firm has been approved by the competent authority to conduct securities business money lending, if its regulatory capital adequacy ratio falls below 200 percent for two consecutive months, it shall suspend such lending, which may resume only after the securities firm is in compliance with regulations for three consecutive months and is approved by the competent authority; if the securities firm has already received approval to conduct such lending but has not begun doing so, it shall suspend proceeding.
證券商經主管機關核准辦理證券業務借貸款項後，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 that conducts securities business money lending shall adopt an effective internal control system.
第4條證券商辦理證券業務借貸款項，應訂定有效之內部控制制度。

The internal control system of the preceding paragraph shall adopt "know your customer" assessment and credit investigation procedures, and operating procedures, division of powers and duties, financing limit controls, and account management for the conduct of securities business money lending, as well as related 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、辦理證券業務借貸款項之作業手續、權責劃分、融通額度控管及帳戶管理等事宜，並訂定相關風險管理機制。

Article 5 A securities firm that applies to conduct securities business money lending shall fill out an application form, attach the documents listed below, and submit them to the TSEC to review and forward to the competent authority for approval:
第5條證券商申請辦理證券業務借貸款項，應填具申請書並檢具下列書件，由證券交易所審查並轉報主管機關核准：

1. Internal control system.
一、內部控制制度。

2. Financial report of the most recent fiscal year audited and attested by a certified public accountant (CPA).
二、最近年度經會計師查核簽證之財務報告。

Where the application is submitted more than six months after the beginning of the fiscal year, the financial report for the first half of the year audited and certified by a CPA, shall also be submitted.
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. Evidentiary documentation of 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 required by the competent authority.
五、其他經主管機關規定應檢附之文件。

Article 6 The amount of securities business money lending conducted by a securities firm is limited to the amount payable by each customer after netting the prices of securities bought and sold by that customer on that trading day, excluding the amounts of margin purchases and short sales in margin trading.
第6條證券商辦理證券業務借貸款項其金額以每一客戶成交日買進、賣出證券價金相抵後之應付價金為限，但不包括信用交易融資買進及融券賣出款項。

Article 7 Where a securities firm conducts securities business money lending and the customer uses the securities it has purchased as collateral, the customer´s financing period shall be from the second business day to the fifth business day after the trade date.
第7條證券商辦理證券業務借貸款項，客戶以其買進證券為擔保者，其融通期限為成交日次二營業日至次五營業日。

The value of the collateral referred to in the preceding paragraph shall be limited to a certain percentage of the amount of money loaned by the securities firm to the customer.
前項擔保品價值應以證券商借貸與客戶之金額一定比率為限。

The percentage shall be jointly drafted by the TSEC and GTSM, and submitted to the competent authority for final approval.
其比率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。

Up to the second business day after the trade date, a securities firm may notify a customer of any additional requirement to provide securities as collateral, which shall be limited to exchange- or OTC-listed securities or government strip bonds only.
證券商於成交日次二營業日前，得通知客戶另提出有價證券為擔保品，並以上市或上櫃有價證券及分割公債為限。

The securities firm and customer shall agree that prior to the expiration of the financing period, the customer may use its securities trading funds balance to repay money lending.
證券商應與客戶約定，融通期限屆滿前，客戶得以有價證券買賣結餘款償還借貸款項。

Article 8 Where a securities firm conducts securities business money lending and its customer uses securities it owns as collateral, that customer´s financing period may not exceed sixth months; the ratio between the value of such collateral and the amount of money lending by the securities firm to that customer may not fall below a certain ratio.
第8條證券商辦理證券業務借貸款項，客戶以其持有之有價證券為擔保者，其融通期限不得超過六個月，擔保品價值與證券商借貸與客戶金額之比率，不得低於一定比率。

Prior to the expiration of the period in the preceding paragraph, a securities firm may, depending on the customer´s credit standing, grant a one-time only extension of 6 months.
前項期限屆滿前，證券商得視客戶信用狀況，展延六個月，並以一次為限。

Collateral referred to in paragraph 1 shall be limited to the following:
第一項擔保品以下列為限：

1. Common stock of component companies of the Taiwan 50 Index, Taiwan Mid-Cap 100 Index, or Taiwan Technology Index; exchange-traded fund (ETF) beneficiary certificates and common stock of the component companies of those funds.
一、證券交易所公告之臺灣50指數成分公司普通股、臺灣中型100指數成分公司普通股、臺灣資訊科技指數成分公司普通股、指數股票型基金受益憑證（ETF）及其成分公司普通股。

2. Common stock of MSCI Taiwan Index component companies as announced by Morgan Stanley Capital International (MSCI).
二、摩根士丹利資本國際公司（MSCI）公告之臺灣股價指數成分公司普通股。

3. Government strip bonds.
三、分割公債。

4. Other collateral approved by the competent authority.
四、其他經主管機關核准之擔保品。

A securities firm shall mark to market on a daily basis the ratio of collateral value to customer debt in each lending account; when that ratio is below the prescribed percentage, it shall immediately notify the customer to make up the difference by a deadline with collateral of the types prescribed in the preceding paragraph.
證券商應逐日計算每一借貸帳戶內之擔保品價值與客戶債務之比率，其低於規定之比率時，應即通知客戶於限期內以前項所定擔保品種類補繳差額。

The ratio referred to in paragraph 1 and the preceding paragraph shall be jointly drafted by TSEC and GTSM, and submitted to the competent authority for final approval.
第一項及前項比率，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 9 A securities firm conducting securities business money lending may not accept as collateral the securities listed below:
第9條證券商辦理證券業務借貸款項，不得受理以下列有價證券作為擔保品：

1. Pledged shares.
一、設質之股票。

2. A company´s own shares or other equity securities acquired through a buyback of its own shares, donation, merger, transfer of operations, or other reason.
二、公司因買回本公司股份、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 10 For a securities firm that conducts securities business money lending under Article 8 herein, the total outstanding financing balance for each type of security or beneficiary certificate eligible for use as financing collateral may not exceed 5 percent of the listed shares or beneficiary units of that type of security, and, calculated in aggregate with the outstanding balance of margin financing [for that type of security] in the margin trading market and the outstanding balance of securities settlement financing [for that type of security] by securities finance enterprises may not exceed 25 percent of the listed shares or beneficiary units of that type of security.
第10條證券商依第八條規定辦理證券業務借貸款項，每種得為借貸款項融通擔保品之證券或受益憑證，證券商合計融通餘額不得超過該種證券上市股份或受益權單位數之百分之五，且與信用交易市場融資餘額及證券金融事業辦理有價證券交割款項融資餘額合併計算不得超過該種證券上市股份或受益權單位數之百分之二十五。

When the aggregate total of margin financing [for that type of security] in securities business money lending, in the margin trading market, and in securities settlement financing by securities finance enterprises as referred to in the preceding paragraph exceeds 20 percent of the listed shares or number of beneficiary units of that type of security, the remainder under the limit shall be distributed proportionally; the distribution method shall be drafted by the TSEC and submitted to the competent authority for final approval.
前項辦理證券業務借貸款項與信用交易市場及證券金融事業辦理有價證券交割款項之融資餘額合併計算超過該種證券上市股份或受益權單位數之百分之二十時，應依比例分配所餘額度，其分配方式由證券交易所擬訂，並報主管機關核定。

Article 11 When the customer of a securities firm fails to repay money upon the expiration of the financing period, or fails to meet a margin call within the prescribed time period under Article 8, paragraph 4, herein, the securities firm shall immediately dispose of its collateral.
第11條證券商對客戶融通期限屆滿未償還款項或未依第八條第四項規定期限補繳差額時，應即處分其擔保品。

Article 12 Collateral that a securities firm obtains in conducting securities business money lending and for which a customer has issued a collateral transfer agreement may not be transferred to any other purposes except for the purposes listed below, and shall be deposited in central custody:
第12條證券商辦理證券業務借貸款項所取得之擔保品，經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 for securities borrowing through the securities lending system of the TSEC.
一、作為向證券交易所借券系統借券之擔保。

2. As collateral for securities borrowing or refinancing through a securities finance enterprise.
二、作為向證券金融事業借券及轉融通之擔保。

Article 13 A securities firm that conducts securities business money lending may charge its customers interest and processing fees on the loans; the interest rate shall be calculated on a per annum basis, and be posted at its place of business.
第13條證券商辦理證券業務借貸款項，得向客戶收取借貸款項之利息及手續費，其利率應以年率為準，並於營業埸所揭示。

Article 14 A securities firm conducting securities business money lending shall sign and execute a loan contract with the customer.
第14條證券商辦理證券業務借貸款項，應與客戶簽訂借貸款項契約書。

The loan contract referred to in the preceding paragraph shall clearly state at least the matters listed below:
前項借貸款項契約書內容，應至少載明下列事項：

1. Reason for the financing.
一、融通事由。

2. Scope of the financing.
二、融通範圍。

3. Financing period.
三、融通期限。

4. Financing limit.
四、融通額度。

5. Financing interest rate, processing fee rate, and the total cost expressed as an annual percentage rate.
五、融通利率、手續費費率及以年百分率揭示之總費用。

6. Rules for protecting creditor rights, including eligible collateral, types of maintenance collateral, collateral maintenance ratio, remargining deadline, and the repayment method under Article 7, paragraph 4.
六、債權確保規範，包括擔保品標的、補繳擔保品種類、擔保維持率、補繳期限及第七條第四項約定之償還方式。

7. Method by which the securities firm will return collateral to a customer that has repaid loaned funds.
七、客戶償還融通款項，證券商將擔保品撥還客戶之方式。

8. Disposal of collateral.
八、擔保品之處分。

9. Effective date and duration of the contract, and procedures for amendment and termination of the contract.
九、契約之生效及存續期間、契約變更與終止之處理方式。

10. Dispute resolution.
十、爭議事項之處理。

Article 15 A securities firm that conducts securities business money lending may not engage in transactions with the related parties listed below:
第15條證券商辦理證券業務借貸款項，不得與具有下列關係者從事交易：

1. A director, supervisor, or representative of a juristic-person director or juristic-person supervisor, of the securities firm, or any of its employees or a shareholder holding more than 10 percent of its total shares.
一、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 spouse of a director, supervisor, or representative of a juristic-person director or juristic-person supervisor, of the securities firm.
二、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。

3. A minor child of a person of an identity specified in subparagraph 1 herein.
三、第一款身分者之未成年子女。

The terms and conditions, such as financing interest rates and processing fees, that a securities firm offers to a related party or affiliated enterprise other than those specified in the preceding paragraph may not more favorable than those offered to other customers.
證券商對前項以外之關係人及關係企業之融通利率及手續費等條件，不得優於其他客戶。

Article 16 When a securities firm conducts securities business money lending under Article 8 herein, the combined total of money lending financing limits, plus the limits on margin financing in margin purchase and short sale business, that it extends to a same person or same related parties, may not exceed a certain percentage of that securities firm´s net worth, or a certain amount.
第16條證券商依第八條規定辦理證券業務借貸款項，對同一人、同一關係人之融通額度與有價證券買賣融資融券業務之融資額度合併計算後，不得超過該證券商淨值之一定比率或金額。

"Same person" in the preceding paragraph means a same natural person or same juristic person; the scope of "same related parties" means that person, their spouse, blood relatives within the second degree, and any enterprise of which that person or spouse is a responsible person. A same person or 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、同一關係人應包括利用他人名義者。

The "certain percentage of that securities firm´s net worth" of paragraph 1 means that for a natural person, it may not exceed 1 percent of the securities firm´s net worth, or NT$60 million; for a juristic person, it may not exceed 5 percent of its net worth, or NT$130 million;
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六千萬元，法人不得超過證券商淨值百分之五或新臺幣一億三千萬元；

for same related parties, the limit on total financing is 10 percent of the securities firm´s net worth, of which the limit on financing extended to natural persons may not exceed 2 percent of the securities firm´s net worth.
對同一關係人之總融通額度為證券商淨值之百分之十，其中對自然人之融通額度，不得超過證券商淨值之百分之二。

Article 17 When a securities firm conducts securities business money lending and its customer uses purchased securities as collateral, the outstanding balance of financing to the customer may not exceed 150 percent of the securities firm´s net worth; the combined total of the outstanding balance of financing extended to the customer for securities margin purchase and short sales business plus securities business money lending may not exceed 400 percent of the securities firm´s net worth.
第17條證券商辦理證券業務借貸款項，客戶以其買進證券為擔保者，對客戶融通餘額不得超過其淨值百分之一百五十；辦理有價證券買賣融資融券業務與證券業務借貸款項合併計算後，對客戶融通餘額不得超過其淨值百分之四百。

Where a securities firm is concurrently operated by a financial institution, the net worth provisions of the preceding paragraph shall be calculated based on its allocated operating capital; for a branch of a foreign securities firm located within the territory of the Republic of China (ROC), those provisions shall be calculated based on the capital it has specifically allocated for ROC operations.
前項規定之淨值，證券商由金融機構兼營者，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 18 A securities firm that conducts securities business money lending shall do so in accordance with the regulations governing business operations.
第18條證券商辦理證券業務借貸款項，應依業務操作辦法之規定為之。

The regulations governing business operations of the preceding paragraph shall clearly specify financing application, repayment, and collateralization methods;standards for calculating collateral financing, calculation of the collateral maintenance ratio, types of maintenance collateral, financing calculation standards and deadlines, disposal of collateral, and other matters as required by the competent authority. The regulations shall be jointly drafted by the TSEC and GTSM and submitted to the competent authority for final approval.
前項業務操作辦法應載明融通之申請及償還、擔保之方式、擔保品融通計算標準、擔保維持率之計算、補繳擔保品之種類、融通計算標準及期限、擔保品處分及其他經主管機關規定應記載之事項，並由證券交易所會同證券櫃檯買賣中心擬訂，報經主管機關核定。

Article 19 These Regulations shall be enforced from the date of issuance.
第19條本辦法自發布日施行。