Regulations Governing Securities Firms ( Amended 2006 . 08 . 25)
证券商管理规则(民國95年08月25日修正)

CHAPTER I GENERAL PROVISIONS
第一章總則

Article 1 These Regulations are prescribed in accordance with Paragraph 4 of Article 44 of the Securities and Exchange Act (hereinafter referred to as "the Act").
第1條本規則依證券交易法(以下簡稱本法)第四十四條第四項之規定訂定之。

Article 2 A securities firm shall, according to the Criteria Governing Internal Control Systems of Services Enterprises in the Securities and Futures Market set by the Financial Supervisory Commission, Executive Yuan (the “Commission”), and other securities firm internal control regulations set by the Taiwan Stock Exchange Corporation (hereinafter referred to as "the Stock Exchange"), and other securities-related institutions, establish its own internal control system.
第2條證券商應依行政院金融監督管理委員會(以下簡稱本會)訂定之證券暨期貨市場各服務事業建立內部控制制度處理準則及台灣證券交易所股份有限公司(以下簡稱證券交易所)等證券相關機構共同訂定之證券商內部控制制度標準規範訂定內部控制制度。

The operation of securities firm shall be in accordance with laws and regulations, articles of incorporation, and the internal control system referred to in the preceding Paragraph.
證券商業務之經營，應依法令、章程及前項內部控制制度為之。

Any amendments to be made to the internal control system referred to in Paragraph 1 per the notice of the Commission or a securities-related institution shall be made within the specified time limit.
第一項內部控制制度經本會或證券相關機構通知變更者，應於限期內變更。

Article 3 In case of any of the following events, a securities firm shall report to the Commission for approval in advance:
第3條證券商有下列情事之一者，應先報經本會核准：

1. Change of name of the firm;
一、變更機構名稱。

2. Change of capital amount, working capital, or the fund for operating business;
二、變更資本額、營運資金或營業所用資金。

3. Change of the business premises of the firm or its branch office;
三、變更機構或分支機構營業處所。

4. Acquisition of the entire or major part of the business or assets of another person, or transfer of the entire or major part of the business or assets of the firm to another person;
四、受讓或讓與他人全部或主要部分營業或財產。

5. Merger or dissolution;
五、合併或解散。

6. Investment in foreign securities firms;
六、投資外國證券商。

7. Any other matters which under the regulation of the Commission shall be reported to and approved by the Commission in advance.
七、其他經本會規定應先報經核准之事項。

Where a securities firm has entered into a contract for using the centralized securities market with the Stock Exchange, matters to be reported and approved as referred to in the preceding Paragraph shall be submitted to the Stock Exchange for transmittal to the Commission.
證券商與證券交易所訂立有價證券集中交易市場使用契約者，前項所列須先報經核准之事項，應送由證券交易所轉送本會；

Where a securities firm only entered into a contract for trading securities on the over-the-counter market with the GreTai Securities Market("the GreTai"), the said submission shall be made to the Commission through the GreTai. Where no contract has been entered into, the submission shall be made to the Commission through a securities dealers´ association.
僅與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)訂立證券商經營櫃檯買賣有價證券契約者，應送由證券櫃檯買賣中心轉送本會；均未訂立者，應送由證券商同業公會轉送本會。

Article 4 In case any of the following events occurs, a securities firm shall report to the Commission:
第4條證券商有下列情事之一者，應向本會申報：

1. Where the business operation is commenced, suspended, resumed or terminated;
一開業、停業、復業或終止營業。

2. Where litigation arises due to operation of or engagement in securities business by a securities firm or its director, supervisor, or employee;
二證券商或其董事、監察人及受僱人因經營或從事證券業務，發生訴訟事件。

3. Where any director, supervisor, or manager has any of the conditions referred to in Article 53 of the Act;
三董事、監察人及經理人有本法第五十三條所定之情事。

4. Where any director, supervisor, or employee has violated the order promulgated by the Commission in accordance with the Act;
四董事、監察人及受僱人，有違反本法或本會依照本法所發布之命令之行為。

5. Where there is any change in the shareholding of any director, supervisor, manager or shareholder holding more than 10% of the shares of the company; or
五董事、監察人、經理人及持有公司股份超過百分之十之股東，持有股份變動。

6. Where there is any matter required to be reported by the Commission.
六其他經本會規定應申報之事項。

For the matters in Subparagraph 1 in the preceding Paragraph, the company shall report in advance; for the matters in Subparagraphs 2 through 4, the company shall report within five (5) days from the date on which it becomes aware thereof or on which the matters occur; for matters in Subparagraph 5, the company shall report by the 15th day of the following month.
前項第一款之事項，公司應事先申報；第二款至第四款之事項，公司應於知悉或事實發生之日起五日內申報；第五款之事項，公司應於次月十五日以前彙總申報。

Where a securities firm has entered into a contract for using the centralized securities market with the Stock Exchange, matters to be reported and approved as referred to in Paragraph 1 above shall be submitted to the Stock Exchange for transmittal to the Commission. Where a securities firm only entered into a contract for trading securities on over-the-counter market with the GreTai, the said submission shall be made to the Commission through the GreTai. Where no contract has been entered into, the submission shall be made to the Commission through a securities dealers´ association.
證券商與證券交易所訂立有價證券集中交易市場使用契約者，第一項所列應申報之事項，應送由證券交易所轉送本會；僅與證券櫃檯買賣中心訂立證券商經營櫃檯買賣有價證券契約者，應送由證券櫃檯買賣中心轉送本會；均未訂立者，應送由證券商同業公會轉送本會。

Article 5 The advertisements produced and broadcasted by a securities firm shall not be exaggerated or biased.
第5條證券商為廣告之製作及傳播，不得有誇大或偏頗之情事。

The regulation for the production and broadcasting of advertisements by securities firms referred to in the preceding Paragraph shall be prescribed by the securities dealers´ association and submitted to the Commission for recordation.
前項證券商廣告之製作及傳播，由證券商同業公會訂定辦法，函報本會備查。

Article 6 A securities firm shall install internal auditors to regularly or from time to time examine the company´s finance and business and prepare audit reports and keep them available for audit.
第6條證券商應設置內部稽核，定期或不定期稽核公司之財務及業務，並作成稽核報告，備供查核。

The audit reports referred to in the preceding Paragraph shall include comments on the compliance of the company´s finance and business with relevant laws and regulations and the internal control system of the company.
前項之稽核報告，應包括公司之財務及業務，是否符合有關法令及公司內部控制制度之規定。

Article 7 A securities firm which engages in more than two types of securities businesses shall independently operate the business based on the types thereof.
第7條證券商經營二種以上證券業務者，應按其經營證券業務種類獨立作業。

Article 8 In operating securities business, a securities firm shall have its duly registered qualified associated persons business in accordance with the Regulations Governing the Responsible Persons and Associated Persons of Securities Firms.
第8條證券商經營證券業務，應依證券商負責人及業務人員管理規則之規定，由登記合格之業務人員執行業務。

CHAPTER II FINANCE
第二章財務

Article 9 After completion of corporate registration, a securities firm shall lodge an operation bond with a bank designated by the Commission as follows:
第9條證券商應於辦理公司登記後，依下列規定，向本會所指定銀行提存營業保證金：

1. securities underwriter: NT$40 million.
一證券承銷商：新臺幣四千萬元。

2. securities dealer: NT$10 million.
二證券自營商：新臺幣一千萬元。

3. securities broker: NT$50 million.
三證券經紀商：新臺幣五千萬元。

4. Operators of two (2) or more types of securities business: aggregate of the amounts as referred to in the preceding three subparagraphs according to the types of business being engaged in.
四經營二種以上證券業務者：按其經營種類依前三款規定併計之。

5. Branch office: additional NT$10 million for each branch.
五設置分支機構：每設置一家增提新臺幣一千萬元。

The operation bond referred to in the preceding Paragraph shall be paid in cash, government bond, or financial bond.
前項之營業保證金，應以現金、政府債券或金融債券提存。

Article 10 A securities firm operating the business of accepting orders to trade securities on the centralized securities exchange market shall deposit a settlement/ clearing fund with the Stock Exchange in the following manners:
第10條證券商經營在集中交易市場受託買賣有價證券業務者，依下列規定，向證券交易所繳存交割結算基金：

1. Before commencement of business operation, the securities firm shall pay a basic amount of NT$15 million; after commencement of business operation, it shall lodge the deposit based on a specified percentage of the value of the executed trades of securities for which it has accepted trading orders within 10 days after the close of each quarter until the end of the then-current year. The said percentage shall be separately determined by the Commission.
一、開始營業前，應繳基本金額新臺幣一千五百萬元，並於開始營業後，按受託買賣有價證券成交金額一定比率，於每季終了後十日內繼續繳存至當年底，其比率由本會另訂之。

2. From the year following the commencement of business operation, the original basic amount shall be reduced to NT$7 million and combined into the amount equal to the above-mentioned percentage of the value of the executed trades of securities for which it accepted trading orders for the previous year on a yearly basis. At the end of January of each year, the insufficient or excessive amount of the fund shall be deposited or withdrawn from the Stock Exchange.
二、開業次一年起，其原繳之基本金額減為新臺幣七百萬元，並逐年按前一年受託買賣上市有價證券成交金額依前揭比率併計，於每年一月底前就已繳存基金不足或多餘部分向證券交易所繳存或領回。

Before the commencement of business operation, a securities firm trading securities for its own account on the centralized securities exchange shall deposit a settlement/clearing fund of NT$10 million in a lump sum with the Stock Exchange.
證券商經營在集中交易市場自行買賣有價證券業務者，於開始營業前，應一次向證券交易所繳存交割結算基金新臺幣一千萬元。

A securities firm trading securities for customers´ accounts and its own account on centralized securities exchange shall deposit an aggregate of the amounts referred to in the preceding two Paragraphs.
證券商經營在集中交易市場受託及自行買賣有價證券業務者，應按前二項併計繳存。

Before commencement of business operation of each domestic branch office, a securities firm shall pay a settlement/clearing fund of NT$3 million in a lump sum to the Stock Exchange; provided that from the year following the business operation, the original amount shall be reduced to NT$2 million.
證券商每增設一國內分支機構，應於開業前，向證券交易所一次繳存交割結算基金新臺幣三百萬元，但自開業次一年起，其原繳之金額減為新臺幣二百萬元。

A joint liability system shall be adopted for the settlement/ clearing fund deposited by securities firms, and a special management committee of the fund shall be set up. The management rules shall be drafted by the Stock Exchange with input from the securities dealers´ association and reported to the Commission for approval. This provision shall apply to the amendment of the said rules.
證券商繳存之交割結算基金為共同責任制，並設置基金特別管理委員會；其管理辦法由證券交易所洽商證券商業同業公會擬訂，函報本會核定；修正時亦同。

The special management committee of the fund may, depending on the degree of operational risk of securities firms, notify the securities firms to pay additional settlement/clearing fund and report such to the Commission for recordation. The detailed rules for the above fund shall be drafted by the special management committee of the fund and reported to the Commission for approval. This provision shall apply to the amendment of the said rules.
基金特別管理委員會得視證券商之經營風險程度，通知證券商增繳交割結算基金，並報本會備查；其具體辦法，由基金特別管理委員會擬訂，函報本會核定；修正時亦同。

Article 11 For a securities firm trading securities for its own account, if the profit for trading securities for its own account exceeds the amount of loss, it shall allocate 10% of the portion in excess on a monthly basis as the trading loss reserve.
第11條證券商經營自行買賣有價證券業務者，其自行買賣有價證券利益額超過損失額時，應按月就超過部分提列百分之十，作為買賣損失準備。

The trading loss reserve shall not be used except for the purpose of covering the amount of loss in excess of the amount of profit.
前項之買賣損失準備，除彌補買賣損失額超過買賣利益額之差額外，不得使用之。

When the accumulated amount of the trading loss reserve referred to in Paragraph 1 above reaches NT$200 million, allocation may be suspended.
第一項之買賣損失準備累積已達新臺幣二億元者，得免繼續提列。

Article 12 A securities firm trading securities for customers´ accounts shall allocate 0.0028% of the transaction price of the traded securities on a monthly basis as reserve for breach of contract losses.
第12條證券商經營受託買賣有價證券業務者，應按月就受託買賣有價證券成交金額提列萬分之零點二八，作為違約損失準備。

The reserve for breach of contract losses referred to in the preceding Paragraph shall not be used except for the purpose of covering the losses caused by breach of contract for trading on customers´ accounts or for purposes approved by the Commission.
前項違約損失準備，除彌補受託買賣有價證券違約所發生損失或本會核准者外，不得使用之。

When the accumulated reserve for breach of contract losses reaches NT$200 million allocation will be suspended.
第一項之違約損失準備累積已達新臺幣二億元者，免繼續提列。

In calculating the income of a profit-seeking enterprise, the reserve for breach of contract loss shall be handled in accordance with the relevant provisions of the tax laws.
違約損失準備於計算營利事業所得時，應依稅法之規定辦理。

Article 13 Unless a securities firm is concurrently operated by a financial institution and subject to other relevant acts or regulations, its total debts to other parties shall not be more than 4 times its capital net worth. The total amount of its current liabilities shall not exceed the total amount of its current assets;
第13條證券商除由金融機構兼營者另依有關法令規定辦理外，其對外負債總額不得超過其資本淨值之四倍；其流動負債總額不得超過其流動資產總額。

provided that, unless otherwise provided by the Commission, the total amount of debts to other parties of a securities firm trading securities for customers´ accounts or for its own account shall not exceed its capital net worth.
但經營受託買賣有價證券或自行買賣有價證券業務，除本會另有規定者外，其對外負債總額不得超過其資本淨值。

In calculating the total amount of liabilities referred to in the preceding Paragraph, the reserve for trading losses, reserve for breach of contract losses referred to in the preceding two Articles and liabilities arising from trading of government bonds may be deducted.
前項負債總額之計算，得扣除依前二條規定所提列之買賣損失準備、違約損失準備及承做政府債券買賣所發生之負債金額。

Article 14 A securities firm, unless concurrently operated by a financial institution and subject to other relevant acts or regulations, shall set aside a 20% special reserve from the annual after-tax profit.
第14條證券商除由金融機構兼營者另依有關法令規定外，已依本法發行有價證券者，應依本法第四十一條規定，於每年稅後盈餘項下，提存百分之二十特別盈餘公積。但金額累積已達實收資本額者，得免繼續提存。

The special reserve of a securities firm concurrently engaging in securities-related futures business shall be increased to 30%. However, if the accumulated amount reaches the paid-in capital amount, no further fund needs to be set aside
未依本法發行有價證券者，應於每年稅後盈餘項下，提存百分之二十特別盈餘公積。但金額累積已達實收資本額者，得免繼續提存。

The special reserve referred to in the preceding Paragraph shall not be used for purposes other than covering the losses of the company or, when the special reserve reaches 50% of the amount of paid-in capital, half of it may be used for capitalization.
前二項特別盈餘公積，除填補公司虧損，或特別盈餘公積已達實收資本百分之五十，得以其半數撥充資本者外，不得使用之。

Article 14- 1 Where any of the following circumstances applies to a securities firm, the Commission may reject or disapprove its application to carry out capital increase for cash or issue corporate bonds; provided, this restriction shall not apply where the application arises from a merger of securities firms:
第14-1條證券商有下列情事之一者，本會得退回或不核准其辦理現金增資或募集公司債案件。但因證券商合併者，不在此限：

1. It has been sanctioned by the Commission under Article 66, Subparagraph 1 of the Act within the past three months.
一最近三個月曾受本會依本法第六十六條第一款之處分者。

2. It has been sanctioned by the Commission under Article 66, Subparagraph 2 of the Act within the past half year.
二最近半年曾受本會依本法第六十六條第二款之處分者。

3. It has been sanctioned by the Commission under Article 66, Subparagraph 3 of the Act within the past one year.
三最近一年曾受本會依本法第六十六條第三款之處分者。

4. It has been sanctioned by the Commission under Article 66, Subparagraph 4 of the Act within the past two years.
四最近二年曾受本會依本法第六十六條第四款之處分者。

5. It has had its trading rights terminated or restricted by the Stock Exchange, GreTai, or Futures Exchange pursuant to bylaws thereof within the past year.
五最近一年曾受證券交易所、證券櫃檯買賣中心、期貨交易所依其章則處以停止或限制買賣處分者。

Calculation of the periods in the subparagraphs of the preceding paragraph shall commence from the date of issuance of the disposition letter by the Commission, Stock Exchange, GreTai, or Futures Exchange.
前項各款期間，自本會、證券交易所、證券櫃檯買賣中心或期貨交易所處分函發文之日起算。

Article 14- 2 Within the same fiscal year in which it receives a letter of approval or effectiveness from the Commission for a capital increase for cash or a corporate bond issue, a Listed or OTC securities firm may not file another filing (application) for a capital increase for cash or corporate bond issue.
第14-2條上市或上櫃證券商於接獲本會現金增資或募集公司債之核准或生效函同一年度內，不得再行申報(請)辦理現金增資或募集公司債。

A listed or OTC securities firm may be exempt from the restriction in the preceding paragraph where it has an actual need for a capital increase to achieve statutory capitalization or net worth or conform to regulations governing the regulatory capital adequacy ratio as required for merger or to take assignment of the business or assets of another person in whole or in part, establish a branch institution, increase its business or categories or items, or concurrently engage in futures business.
上市或上櫃證券商因合併、受讓他人全部或主要部分營業或財產、設立分支機構、增加業務種類、營業項目及兼營期貨業務，為達法定資本或淨值或為符合自有資本適足比率之相關規定而確有增資必要者，得不受前項規定限制。

Article 14- 3 Where the securities firm substitutes a report from a credit rating institution for the evaluation report issued by the lead underwriter pursuant to the Criteria Governing the Offering and Issuance of Securities by Securities Issuers, it shall obtain a credit rating of a specific grade or higher from a credit rating agency approved or recognized by the Commission.
第14-3條證券商依發行人募集與發行有價證券處理準則規定以評等報告取代承銷商評估報告者，應取得經本會核准或認可之信用評等機構一定等級以上之信用評等。

Article 14- 4 (deleted)
第14-4條（刪除）

Article 14- 5 A securities firm offering and issuing securities shall comply with the provisions of the Criteria Governing the Offering and Issuance of Securities by Securities Issuers or the Criteria Governing the Offering and Issuance of Overseas Securities by Issuers in addition to the provisions of these Regulations.
第14-5條證券商募集與發行有價證券，除本規則規定者外，應依發行人募集與發行有價證券處理準則或發行人募集與發行海外有價證券處理準則之規定辦理。

The Commission shall separately prescribe the required application forms and rules applicable to issuance of securities by securities firms that have not publicly issued stock.
未公開發行股票之證券商於發行有價證券時，應檢具之申請書件及相關規範由本會另定之。

Article 15 A securities firm, unless concurrently operated by a financial institution and subject to other relevant acts or regulations, shall not act as a guarantor of any nature, make endorsement for transfer of negotiable instruments, or provide its property as security for other persons without the approval of the Commission.
第15條證券商除由金融機構兼營者另依有關法令規定外，非經本會核准，不得為任何保證人、票據轉讓之背書或提供財產供他人設定擔保。

Article 16 The sum of the total amount of fixed assets used for operating purposes and the total amount of real property used for non-operating purposes of a securities firm, unless it is concurrently operated by a financial institution and subject to other relevant acts or regulations, shall not be more than 60% of the total amount of its assets.
第16條證券商除由金融機構兼營者另依有關法令規定外，所持有營業用固定資產總額及非營業用不動產總額合計不得超過其資產總額之百分之六十。

Article 17 A securities firm, unless concurrently operated by a financial institution, shall not borrow funds from a non-financial or non-insurance institution; provided that this rule shall not apply to the following:
第17條證券商除由金融機構兼營者外，不得向非金融保險機構借款，但下列情事不在此限：

1. Issuance of commercial paper;
一、發行商業本票。

2. Issuance of corporate bonds;
二、發行公司債。

3. Meeting urgent capital needs of the company.
三、為因應公司緊急資金週轉。

When borrowing funds to meet urgent capital needs referred to in Subparagraph 3 of the preceding Paragraph, a securities firm shall report to the Commission within 2 days from the date of occurrence of the event.
證券商為前項第三款緊急資金週轉，應於事實發生之日起二日內向本會申報。

Article 18 Unless a securities firm is concurrently operated by a financial institution and subject to other relevant acts or regulations, its funds not required for business operation shall not be loaned to other persons or used for other purposes; the funds shall be used for the following purposes only:
第18條證券商之資金，除由金融機構兼營者另依有關法令規定辦理外，非屬經營業務所需者，不得借貸予他人或移作他項用途，其資金之運用，以下列為限：

1. Bank deposits;
一、銀行存款。

2. Purchase of government bonds or financial bonds;
二、購買政府債券或金融債券。

3. Purchase of treasury bills, transferable certificates of deposit, or commercial papers;
三、購買國庫券、可轉讓之銀行定期存單或商業票據。

4. Purchase of Commission-approved securities of a specific ratio, or transfer of investment in an Commission-approved securities, futures, banking, finance or other related institution of a specific ratio; and
四、購買經本會核准一定比率之有價證券及轉投資經本會核准一定比率之證券、期貨、金融等相關事業。

5. Other purposes approved by the Commission.
五、其他經本會核准之用途。

The total combined amount of funds utilized under Subparagraph 4 and Subparagraph 5 of the preceding paragraph shall not exceed 40 percent of the firm´s capital net worth, and the total amount of equity investments of such funds shall not exceed 40 percent of the firm´s paid-in capital, unless approved by the Commission.
依前項第四款、第五款運用之資金，其總金額合計不得超過資本淨值之百分之四十，且其中具有股權性質之投資，除經本會核准者外，其投資總金額不得超過實收資本額之百分之四十。

Article 19 A securities firm trading securities for its own account, unless it is concurrently operated by a financial institution and subject to other relevant acts or regulations, shall not hold more than 10% of the total issued shares of any company.
第19條證券商除由金融機構兼營者依有關法令規定外，其經營自行買賣有價證券業務者，持有任一公司股份之總額不得超過該公司已發行股份總額之百分之十；

The total amount of the cost of the securities issued by any company held by such securities firm shall not be more than 20% of its capital net worth, and the total amount of the cost of the OTC Second Board stocks held by such securities firm shall not be more than 10% of its capital net worth. However, this provision shall not apply if the Commission provides otherwise.
其持有任一公司所發行有價證券之成本總額，並不得超過其資本淨值之百分之二十；持有櫃檯買賣第二類股票之成本總額不得超過其資本淨值之百分之十。但本會另有規定者，不在此限。

If the aggregate of the securities acquired by a securities firm through underwriting and those traded for its own account by such firm exceeds the limit referred to in the preceding Paragraph, the portion in excess shall be sold within 1 year after its acquisition in accordance with Article 75 of the Act.
證券商因承銷取得有價證券，與自行買賣部分併計超過前項限額者，其超過部分，應於取得後一年內，依本法第七十五條之規定出售。

Article 19- 1 The Commission shall prescribe the total amount limits, and methods for calculation thereof, on the positions held in foreign securities and the expenditures on derivative financial product hedging transactions of a securities firm trading foreign securities for its own account.
第19-1條證券商經營自行買賣外國有價證券業務者，其持有之外國有價證券部位及衍生性金融商品避險交易支出之總額及其計算方式，由本會定之。

A securities firm shall not hold more than 5 percent of the total issued shares of any foreign company. The total amount of the cost of the securities issued by any foreign company that a securities firm holds shall not exceed one-half of the total amount limit under the preceding paragraph.
證券商持有任一外國公司股份之總額，不得超過該公司已發行股份總額之百分之五；其持有任一外國公司所發行有價證券之成本總額，不得超過前項總額之二分之一。

Article 19- 2 Exchange settlement matters for securities firms trading foreign securities for their own accounts and engaging in derivative financial product hedging transactions shall be handled in accordance with the Regulations Governing the Reporting of Foreign Exchange Receipts and Disbursements or Transactions.
第19-2條證券商自行買賣外國有價證券及從事有關外國衍生性金融商品避險交易，其結匯事宜應依外匯收支或交易申報辦法之規定辦理。

A securities firm may carry out hedging transactions only in the status of a customer with a designated bank or foreign financial institution permitted by the Central Bank of China to handle derivative foreign exchange products.
證券商應僅能以客戶身分向經中央銀行許可辦理衍生性外匯商品業務之指定銀行或國外金融機構辦理避險交易。

A securities firm trading foreign securities for its own account shall open a segregated foreign exchange account in the selected foreign currency at a designated foreign exchange bank, from which it shall conduct all deposits and remittances in connection with payment and receipt of settlement money and offshore fees.
證券商自行買賣外國有價證券，應於外匯指定銀行依所選定幣別開立外匯存款專戶，有關交割款項及國外費用之支付，均應以該專戶存撥之。

Article 19- 3 A securities firm may operate derivative financial product trading business at its business premises, and shall do so in accordance with the provisions of the GreTai.
第19-3條證券商得於其營業處所經營衍生性金融商品交易業務，並應依證券櫃檯買賣中心之規定辦理。

"Derivative financial product trading" in the preceding paragraph includes convertible bond asset swaps, structured notes, equity derivatives, interest rate derivatives, and bond derivatives transactions.
前項所稱衍生性金融商品交易，包括轉換公司債資產交換、結構型商品、股權衍生性商品、利率衍生性商品及債券衍生性商品。

Article 19- 4 Securities firms operating derivative financial product trading business that involves foreign exchange operations shall obtain approval from the Central Bank of China.
第19-4條證券商經營衍生性金融商品交易業務，而有涉及外匯業務者，應經中央銀行許可。

Securities firms operating business referred to in the preceding paragraph and engaging in related hedge trades shall handle exchange settlement matters in accordance with the Regulations Governing the Reporting of Foreign Exchange Receipts and Disbursements or Transactions and related provisions.
證券商經營前項業務及從事相關避險交易，其結匯事宜應依外匯收支或交易申報辦法及相關規定辦理。

For a securities firm operating business referred to in paragraph 1, matters relating to settlement of funds, payment and receipt of fees, and payment of funds upon early rescission or expiration of contracts shall be carried out according to the following:
證券商經營第一項業務，有關交割款項、費用收付及提前解約或契約到期款項支付等，應依下列規定辦理：

1. When denominated in New Taiwan Dollars, all settlement of funds and payment and receipt of fees with a customer shall be carried out in New Taiwan Dollars.
一、以新臺幣計價者，與客戶間有關交割款項及費用收付，均應以新臺幣為之。

2. When denominated in a foreign currency, all settlement of funds and payment and receipt of fees with a customer shall be carried out in foreign currency. The customer´s payment of funds may be carried out by transfer from its own foreign exchange deposit account. Where foreign exchange settlement is required, it shall be carried out by the customer at a designated foreign exchange bank in accordance with the Regulations Governing the Reporting of Foreign Exchange Receipts and Disbursements or Transactions.
二、以外幣計價者，與客戶間有關交割款項及費用收付，均應以外幣為之。客戶款項之支付得自其本人外匯存款戶轉帳撥付，如需辦理結匯者，由客戶透過外匯指定銀行依外匯收支或交易申報辦法之規定辦理。

3. Upon early rescission by the customer or expiration of the contract, the securities firm shall deposit the funds receivable by the customer in its New Taiwan Dollar or foreign exchange deposit account on the settlement date based on the currency stipulated in the contract.
三、客戶提前解約或契約到期時，證券商應按契約所載之計價幣別於交割日將客戶應收款項存入客戶之新臺幣或外匯存款帳戶。

A securities firm operating business referred to in paragraph 1 shall submit a monthly operations statement and statement of payables remitted into customers’ designated accounts to the foreign exchange authority and the GreTai by the fifth day of the following month.
證券商經營第一項業務，應於次月五日前向外匯主管機關及證券櫃檯買賣中心申報營業月報表及有關應付款項匯入客戶指定帳戶之變動情形表。

Article 19- 5 A securities firm operating derivative financial product trading business at its place of business may not make any use derivatives trading to carry out mergers or acquisitions or unlawful trades on its own behalf or in cooperation with its clients.
第19-5條證券商營業處所經營衍生性金融商品交易業務，不得有為自身或配合客戶利用本項交易進行併購或不法交易之情形。

Article 20 A securities firm, other than re-investment in Commission-approved businesses, shall obtain corporate stocks for the greatest benefit of the company and may not directly or indirectly participate in the operation of the issuer company or other inappropriate actions.
第20條證券商除經本會核准之轉投資事業外，其取得公司股份股權之行使應基於公司之最大利益，不得直接或間接參與該發行公司經營或有不當之安排情事。

Except where otherwise provided by law or regulation, a securities firm exercising voting rights of stock it holds in a public company shall dispatch a personnel member to attend and do so as its representative.
證券商行使持有公開發行公司股票之表決權，除法令另有規定外，應由證券商指派人員代表出席為之。

Article 21 Within 4 months after the close of each fiscal year, a securities firm shall publicly announce and report to the Commission the annual financial reports audited/certified by certified public accounts, approved by the board of directors, and recognized by the supervisors; within 2 months after close of each half fiscal year, it shall publish and report to the Commission the financial reports audited/certified by certified public accountants, approved by the board of directors, and recognized by the supervisors. Where the stocks of such securities firm have been listed on the Stock Exchange or traded on over-the-counter markets, the provisions of Subparagraphs 2 and 3 of Paragraph 1, and Paragraphs 2 and 3 of Article 36 of the Act shall be complied with.
第21條證券商應於每營業年度終了後四個月內，公告並向本會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，並於每半營業年度終了後二個月內，公告並向本會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；其股票已在證券交易所上市或於證券商營業處所買賣者，並應依本法第三十六條第一項第二款、第三款及第二項、第三項規定辦理。

A securities firm shall submit to the Commission its monthly accounting summary for the preceding month by the 10th day of each month.
證券商應於每月十日以前，向本會申報上月份會計科目月計表。

Where a securities firm has entered into a contract for using the centralized securities market with the Stock Exchange, submission of matters referred to in the preceding two Paragraphs shall be made to the Commission through the Stock Exchange. Where a securities firm only entered into a contract for trading securities on the over-the-counter markets with the GreTai, the said submission shall be made to the Commission through the GreTai. Where no has been entered into, the submission shall be made to the Commission through a securities dealers´ association.
證券商與證券交易所訂立有價證券集中交易市場使用契約者，申報前二項所列之事項，應送由證券交易所轉送本會；僅與證券櫃檯買賣中心訂立證券商經營櫃檯買賣有價證券契約者，應送由證券櫃檯買賣中心轉送本會；均未訂立者，應送由證券商同業公會轉送本會。

CHAPTER III BUSINESS OPERATION
第三章業務

Article 22 Where a securities firm underwrites securities on a firm commitment basis, the total underwriting amount shall not be more than 15 times the balance of its current assets less current liabilities. Within such amount, the total amount of firm commitment securities underwriting by overseas branch offices of the securities firm shall not be more than 5 times the balance of its current assets less current liabilities.
第22條證券商包銷有價證券者，其包銷之總金額，不得超過其流動資產減流動負債後餘額之十五倍。其中證券商國外分支機構包銷有價證券之總金額，不得超過其流動資產減流動負債後餘額之五倍。

Where the regulatory capital adequacy ratio of a securities firm is less than 120 percent, the multiple for total firm commitment securities underwriting under the preceding paragraph may be adjusted to 10, and the multiple for total firm commitment underwriting by overseas branch offices thereof may be adjusted to 3. Where it is less than 100 percent, the total firm commitment underwriting multiple may be adjusted to 5, and overseas branch offices thereof shall not underwrite securities on a firm commitment basis.
證券商自有資本適足比率低於百分之一百二十者，前項包銷有價證券總金額倍數得調整為十倍，其國外分支機構包銷總金額倍數得調整為三倍；低於百分之一百者，包銷有價證券總金額倍數得調整為五倍，且其國外分支機構不得包銷有價證券。

Article 23 A securities firm that underwrites securities on a firm commitment basis by subscribing securities before putting them for re- sale or specifying in the underwriting contract that a portion of the securities covered in the contract shall be subscribed by such firm for its own account in accordance with Paragraph 2 of Article 71 of the Act shall meet the following conditions:
第23條證券商辦理本法第七十一條第二項先認購後再行銷售或於承銷契約訂明保留一部分自行認購之包銷有價證券者，應具備下列之條件：

1. The financial status shall meet the relevant laws and regulations;
一財務狀況符合法令規定。

2. The securities firm has not been subject to the punishment of suspension of business imposed by the competent authority in accordance with Article 66 of the Act during the last half year.
二最近半年內未曾受主管機關依本法第六十六條所為之停業處分。

Article 24 A securities firm that underwrites securities shall make a public announcement of the underwriting and shall publish such announcement in local daily newspapers. Matters to be published shall include the method for deciding the offering price and a description of the basis of pricing, conclusions of the assessment report of the securities firm, the place where the prospectus is available and the method to obtain such prospectus.
第24條證券商承銷有價證券，應辦理承銷公告，並應登載於當地之日報。其公告事項，應包括承銷價格訂定方式及其依據之說明、證券商評估報告總結意見及公開說明書之取閱地點及方法。

If the offering price referred to in the preceding Paragraph is decided through negotiations between the securities underwriter and the issuer or holder of the securities, in addition to the matters referred to in the preceding Paragraph, the public announcement shall include financial information based on which the offering price is decided and the audited opinion of the certified public accountants on the financial information.
前項承銷價格訂定方式如係由證券承銷商與發行公司或有價證券持有人議定者，其公告事項除依前項規定辦理外，並應包括據以訂定承銷證券銷售價格之財務性資料及會計師對財務資料之查核簽證意見；

In calculation of the profitability of each share, the financial information based on which the offering price is decided shall fully reflect the dilution effect caused by the increase of issued shares. The calculation basis of information obtained from different sources of different time periods shall be consistent.
且該據以訂定承銷證券銷售價格之財務性資料在計算每股獲利能力時，應充分反映發行股數增加之稀釋效果；對不同來源或期間之資料，其計算基礎並應一致。

Article 25 When a securities underwriter is mandated to handle matters relating to the offering, issuing, listing, or trading on the over-the-counter market of securities, the assessment report and relevant information provided by it shall not have any of the following conditions:
第25條證券承銷商受託辦理有價證券之募集與發行、上市及上櫃等相關業務，所出具之評估報及相關資料不得有下列情事：

1. Containing false statement or concealment which would mislead others;
一內容有虛偽、隱匿或其他足致他人誤信之情事者。

2. Containing material omission or obvious errors which would affect investment judgment;
二主要內容有重大遺漏或明顯錯誤足以影響投資判斷者。

3. Failing to prepare work sheets or failing to keep work sheets according to regulation; adopted so that objective and reasonable evidence is not obtained;
三未編製工作底稿或未依規定保存工作底稿者。

4. The issuer violates Articles 7 and 8 of the Guidelines for Handling Offering and Issuance of Securities by Issuers and its application shall be rejected or returned; however, if the underwriter can prove that he has exercised as much care as possible, this is not applicable;
四發行人核有發行人募集與發行有價證券處理準則第七條及第八條所定，不予核准或應予退回之情事。但證券承銷商如能證明已盡相當注意義務者，不在此限。

5. The underwriter fails to conduct necessary assistance and assessment on major items that require assessment, thus causing major difference between assessment conclusions and facts;
五重要評估事項未採行必要之輔導及評估程序，致評估結論與事實有重大差異者。

6. After the assessment report is submitted, and before the prospectus is printed and published, if the company has a condition that will materially affect shareholders´ interests or the price of securities under Subparagraph 2 of Paragraph 2 of Article 36 of the Securities and Exchange Act and the underwriter does not immediately add the supplementary information to the assessment and change the report; or
六評估報告提出後，於公開說明書刊印日前，受評估公司發生本法第三十六條第二項第二款規定對股東權益或證券價格有重大影響之事項，未即時予以補充評估並更新報告者。

7. Violating other securities laws and regulations and other relevant laws and regulations.
七其他違反證券管理法令及其他相關法令規定之情事者。

Article 26 If any of the following events exists between a securities underwriter and an issuer, such underwriter shall not act as the lead underwriter of the said issuance:
第26條證券承銷商與發行公司間，有下列情事之一者，不得為該公司發行有價證券之主辦承銷商：

1. Where either party and the subsidiary company in which such party holds more than 50% of the shares aggregately hold 10% or more of the total shares of the other party.
一任何一方與其持股超過百分之五十之被投資公司，合計持有對方股份總額百分之十以上者。

2. Where either party and the subsidiary company in which such party holds more than 50% of the shares appoint more than half of the directors of the other party.
二任何一方與其持股超過百分之五十之被投資公司派任於對方之董事，超過對方董事總席次半數者。

3. Where the board chairman or president of either party is the spouse or a relative within the second degree or closer of the board chairman or president of the other party.
三任何一方董事長或總經理與對方之董事長或總經理為同一人，或具有配偶、二親等以內親屬關係者。

4. Where 20% or more of the total number of shares of either party is held by the same shareholder.
四任何一方股份總額百分之二十以上之股份為相同之股東持有者。

5. Where half or more of the directors or supervisors of either party are the same as the directors or supervisors of the other party; the spouses, children, and relatives within the second degree or closer of the said persons count as "the same".
五任何一方董事或監察人與對方之董事或監察人半數以上相同者。其計算方式係包括該等人員之配偶、子女及具二親等以內之親屬關係者在內。

6. Where either party and related parties hold a total of 50% or more of the total issued shares of the other party. However, where the securities underwriter is a subsidiary securities firm of a financial institution or a financial holding company, this restriction shall not apply if the total shares of the issuing company held by such subsidiary itself, the subsidiary´s parent company, and all subsidiaries of the parent company do not exceed 10 percent of the total issued shares of the issuing company, and neither the director nor supervisor seats of the issuing company held by such companies exceed one-third of the director or supervisor seats, respectively.
六任何一方與其關係人總計持有他方已發行股份總額百分之五十以上者。但證券承銷商為金融機構或金融控股公司之證券子公司時，如其本身、母公司及其母公司之全部子公司總計持有發行公司股份未逾發行公司已發行股份總額百分之十，且擔任發行公司董事或監察人席次分別未逾三分之一者，不在此限。

7. Where the two parties, according to the relevant laws or regulations, must apply for combination, or has approval from the Fair Trade Commission of the Executive Yuan for combination.
七雙方依相關法令規定，應申請結合者或已經行政院公平交易委員會准予結合者。

8. Where, under the regulations of other laws or in actuality, either party directly or indirectly controls the personnel, financial, or business affairs of the other party.
八其他法令規定或事實證明任何一方直接或間接控制他方之人事、財務或業務經營者。

The related parties referred to in Subparagraph 6 of the preceding Paragraph is defined as in Number 6 of the Statements of Financial Accounting Standards on the rules for Disclosure of Related Party Transactions.
前項第六款所稱關係人之定義，依財務會計準則公報第六號關係人交易之揭露之規定。

Article 27 The securities subscribed to by a securities firm under the first part of Paragraph 2 of Article 81 of the Act shall be re-sold within the underwriting period as prescribed in the underwriting agreement.
第27條證券商依本法第七十一條第二項前段先行認購之有價證券，應於承銷契約所訂定承銷期間內再行銷售。

The provisions of Article 24 shall apply mutatis mutandis to the public announcement for the re-sale by the securities firm referred to in the preceding Paragraph.
證券商辦理前項再行銷售之公告，準用第二十四條之規定。

If the securities for re-sale under Paragraph 1 above is not fully sold, the unsold portion shall be sold in accordance with Article 75 of the Act.
證券商辦理第一項之再行銷售，未能全數銷售者，其賸餘數額之有價證券，應依本法第七十五條之規定出售。

Article 28 A securities firm shall underwrite or re-sell securities in accordance with the handling rules prescribed by the securities dealers´ association.
第28條證券商承銷或再行銷售有價證券，應依證券商同業公會所訂定之處理辦法處理之。

The securities dealers´ association shall submit the handling rules referred to in the preceding Paragraph to the Commission for approval.
前項處理辦法，證券商同業公會應函報本會核定。

When a securities firm underwrites or re-sells listed securities, it may conduct stabilized operation transactions when necessary. Regulations governing the administration thereof shall be prescribed by the Stock Exchange and submitted to the Commission for approval.
證券商辦理上市有價證券之承銷或再行銷售，得視必要進行安定操作交易，其管理辦法由證券交易所訂定，並應函報本會核定。

Article 29 When a securities firm underwrites securities, it shall mandate a bank to establish a separate account to collect prices on its behalf unless the securities are delivered on the spot.
第29條證券商承銷有價證券，除當場交付有價證券外，應委託銀行設立專戶代收款項。

The prices collected under the preceding Paragraph shall not be used unless and until a certificate evidencing payment or the securities sold are delivered to the subscriber.
前項代收之款項，須向認購人交付價款繳納憑證或所銷售之有價證券後始得動支。

Article 29- 1 A securities firm underwriting securities shall create and keep a file recording the sales results for the securities and the quantity of its own subscription, following the format and content set out in the handling rules prescribed by the securities dealers´ association under Article 28 hereof. The Commission may require the securities firm to provide relevant materials at any time.
第29-1條證券商承銷有價證券應將銷售情形及自己取得之數量等資料，依第二十八條證券商同業公會所訂定處理辦法規定之格式與內容，建檔備查，本會得隨時要求證券商提供相關資料。

A securities firm shall preserve relevant materials in underwriting cases referred to in the preceding paragraph for at least five years after the conclusion of the underwriting period.
前項承銷案件相關資料，證券商於承銷期間結束後應至少保存五年。

Article 30 In trading securities for its own account or selling the securities acquired by underwriting, a securities firm shall efficiently adjust the demand and supply in the market depending on the market situation, and ensure that the formation of fair price and its sound operation are not harmed.
第30條證券商經營自行買賣有價證券業務或出售承銷所取得之有價證券，應視市場情況有效調節市場之供求關係，並注意勿損及公正價格之形成及其營運之健全性。

Article 30- 1 A securities firm operating derivative financial product business may not damage fair market price formation or investor rights and interests when conducting hedging operations or when calculating product gains or carrying out settlement upon cancellation or expiration.
第30-1條證券商經營衍生性金融商品業務進行避險操作或於計算商品收益、解約或到期結算時，不得損及市場公正價格之形成或投資人之權益。

Article 31 A securities firm trading securities for its own account on the centralized securities exchange shall, in accordance with the coordination efforts of the Stock Exchange, be responsible for buying or selling at least one listed stock whose trading has not reached one trading unit.
第31條證券商在集中交易市場經營自行買賣有價證券業務，應依證券交易所之協調，至少負責一種上市股票未達一個成交單位之應買應賣。

A securities firm trading securities for its own account on the over-the-counter market shall, in accordance with the coordination efforts of the GreTai, be responsible for buying or selling one kind of stock.
證券商在營業處所經營自行買賣有價證券業務，應依證券櫃檯買賣中心之協調，至少負責一種有價證券之應買應賣。

A securities firm trading securities for its own account on the over-the-counter market shall, during the period while it is holding the securities, provide a quotation for selling such securities held by it.
證券商在營業處所經營自行買賣有價證券業務，對所持有之有價證券，於持有期間，並應對該有價證券提供賣出之報價。

A securities firm trading securities for its own account shall adopt a trading policy and related procedures. Except as otherwise provided by this Commission, it shall form trading decisions on the basis of analysis reports before executing trades, and shall keep records, and regularly produce review reports. It also shall establish control mechanisms, and adopt procedures for regulating changes in trading decisions.
證券商經營自行買賣有價證券業務，應訂定買賣政策及相關處理程序，除本會另有規定外，買賣時應依據分析報告擬訂買賣決策後執行，作成紀錄，及定期提出檢討報告，並應建立控管機制，規範變更買賣決策之處理程序。

The written materials referred to in the preceding paragraph shall be recorded in chronological order and kept in files. They shall be preserved for a period of not less than five years.
前項之書面資料，應按時序記載並建檔保存，其保存期限不得少於五年。

Article 31- 1 For a securities firm trading foreign securities for its own account or engaging in foreign derivative financial product hedging transactions, the scope of the foreign securities, types of foreign derivative financial products, foreign trading markets, and sovereign ratings of the places of transactions shall be determined by the Commission.
第31-1條證券商自行買賣外國有價證券及從事外國衍生性金融商品避險交易，其外國有價證券範圍、外國衍生性金融商品種類、外國交易市場及交易當地之國家主權評等，由本會定之。

Article 31- 2 A securities firm trading foreign securities for its own account or engaging in foreign derivative financial product hedging transactions shall establish a dedicated unit and adopt handling procedures, which shall be implemented after approval by the board of directors, as shall any amendments thereto.
第31-2條證券商自行買賣外國有價證券及從事外國衍生性金融商品避險交易，應設置專責單位並訂定處理程序，經董事會通過後實施，修正時亦同。

The handling procedures under the preceding paragraph shall include all the following items:
前項處理程序應包括下列各項：

1. Trading principles and policies: shall include types of underlyings traded, trading or hedging strategies, setting of position limits.
一、交易原則與方針：應包括交易標的種類、交易或避險策略、部位限額設定。

2. Trading procedures: shall include hierarchy of responsibility, trading process, division of powers and duties of relevant departments, procedures for preservation of trading records.
二、交易作業程序：應包括負責層級、交易流程、相關部門權責劃分、交易紀錄保存程序。

3. Risk management measures: shall include risk management scope, risk management procedures, methods and frequency of position evaluation, production and review of position evaluation reports, irregularity reports and procedures for follow-up surveillance.
三、風險管理措施：應包括風險管理範圍、風險管理程序、部位評估方法及頻率、部位評估報告之製作及審查、異常情形之報告與後續監督程序。

4. Audit procedures: shall include internal audit and self-inspection, frequency and scope of audits, audit reports and procedures for correction and follow-up of deficiencies.
四、查核程序：應包括內部稽核及自行檢查、查核頻率及範圍、查核報告及缺失改善追蹤程序。

Article 31- 3 A securities firm trading foreign securities for its own account or engaging in foreign derivative financial product hedging transactions shall not be involved in any of the following:
第31-3條證券商自行買賣外國有價證券及從事外國衍生性金融商品避險交易，不得有下列情事：

1. Engaging in margin transactions.
一、從事信用交易。

2. Engaging in trading or transactions with any overseas affiliated enterprise; provided, this restriction shall not apply where it mandates the affiliated enterprise to trade or transact on its behalf.
二、與海外關係企業進行買賣或交易。但委託其買賣或交易者，不在此限。

"Affiliated enterprise" in the preceding paragraph shall be as defined in the Affiliated Enterprises chapter of the Company Act.
前項所稱關係企業，適用公司法關係企業章之規定。

Article 31- 4 A securities firm trading foreign securities for its own account or engaging in foreign derivative financial product hedging transactions, and whose regulatory capital adequacy ratio is lower than 200 percent for three consecutive months, may only sell or close out its existing positions, and may not engage in any further trading or transactions, unless its regulatory capital adequacy ratio has already been corrected.
第31-4條證券商自行買賣外國有價證券及從事外國衍生性金融商品避險交易，如其自有資本適足比率連續三個月低於百分之二百者，除自有資本適足比率已改善外，僅得出售或結清其持有部位，不得再行買賣或交易。

Article 32 Unless otherwise provided by law or regulation, a securities firm trading securities for its own account on the centralized securities exchange shall not give a quote for the sale of securities not held by it.
第32條證券商在集中交易市場自行買賣有價證券，除法令另有規定外，不得申報賣出其未持有之有價證券。

A securities firm concurrently operated by a financial institution that uses its own fund and the trust fund to conduct cross-trades for its own account of the same kind of securities on the same day shall be subject to the provisions of Article 108 of the Banking Act and report such transactions to the Commission for recordation.
金融機構兼營之證券商，其以自有資金與信託資金在同一日內作同一有價證券之相反自行買賣者，應依銀行法第一百零八條規定辦理，並報經本會備查。

Article 32- 1 As needed for hedging in the issuance of put warrants, a securities firm may borrow the underlying securities from holders thereof and sell them, or sell the underlying securities short in an exchange market.
第32-1條證券商得因發行認售權證避險之需要，向標的證券持有者借券賣出標的證券，或在交易市場融券賣出標的證券。

A securities firm selling securities by borrowing them as referred to in the preceding paragraph shall enter into a loan contract with the lender of the securities. The following particulars shall be specified in the loan contract:
前項以借券方式賣出有價證券者，應與借券人簽訂出借契約。下列事項應於出借契約載明之：

1. Name, volume, period, and rate of the loaned securities.
一出借有價證券之名稱、數量、期間及費率。

2. Means of exercise of shareholders´ rights of the loaned underlying securities.
二出借標的證券股東權行使之方式。

3. The means of reimbursement by the securities firm of the rights/dividend value to the lender for ex-rights/ex-dividend dates of the loaned securities (including the means of calculation, whether reimbursement is to be made in cash or securities, and the reimbursement date).
三出借之證券遇除權除息時，證券商補償出借人權息價值之方式(含計算方式、以現金或有價證券補償、補償日)。

4. Means stipulated between the parties for return of the securities upon expiry of the contract (including whether or not the securities may be refunded as cash).
四雙方約定契約到期時，還券之方式(含得否以現金歸還之)。

5. Means stipulated between the parties for handling of breach and related matters of damages.
五雙方約定違約之處置方式與相關損害賠償事項。

Article 33 When a securities firm enters into a brokerage agreement with its customer, it shall appoint its personnel to explain the contents of the contract and the relevant procedures for trading securities.
第33條證券商與客戶簽訂受託買賣契約時，應指派專人作契約內容之說明及有關證券買賣程序之講解。

Article 34 A securities firm accepting orders to trade securities shall establish the following information on its customers:
第34條證券商受託買賣有價證券，對客戶應建立下列之資料：

1. Name, domicile, and mailing address;
一姓名、住所及通訊處所。

2. Occupation and age;
二職業及年齡。

3. Assets condition;
三資產之狀況。

4. Investment experience;
四投資經驗。

5. Reason of opening account; and
五開戶原因。

6. Other necessary information.
六其他必要之事項。

A securities firm shall keep confidential the information referred to in the preceding Paragraph unless being inquired according to law.
證券商對前項之資料，除應依法令所為之查詢外，應予保密。

Article 35 A securities firm accepting orders to trade securities shall evaluate a customer´s investment ability based on the information referred to in the preceding Article and transaction conditions. If the evaluation of a customer´s credit status shows that the customer´s order is beyond his/her investment ability, unless proper security is furnished, the securities firm may refuse the order for trading.
第35條證券商受託買賣有價證券，應依據前條之資料及往來狀況評估客戶投資能力；客戶之委託經評估其信用狀況如有逾越其投資能力，除提供適當之擔保者外，得拒絕受託買賣。

Article 36 When a securities broker recommends that a customer trade in a securities, it shall first evaluate the customer´s investment ability and that the customer possesses reasonable information and shall not guarantee the value of the recommended securities.
第36條證券經紀商推介客戶買賣有價證券，應先評估客戶之投資能力及具備合理之資訊，並不得保證所推介有價證券之價值。

When a securities broker recommends that a customer trade in a securities, if such securities are to be traded on the centralized securities exchange, it shall follow the rules prescribed by the Stock Exchange; if the securities are to be traded on the over-the-counter market, it shall follow the rules prescribed by the GreTai. The above-mentioned rules shall be reported to the Commission for approval.
證券經紀商推介客戶買賣有價證券，屬在集中交易市場受託買賣者，應依證券交易所訂定之管理辦法辦理；屬在證券商營業處所受託買賣者，應依櫃檯買賣中心訂定之管理辦法辦理，上開管理辦法應函報本會核定。

Article 36- 1 Where a department of a securities firm that concurrently operates securities investment consulting services or futures advisory services (hereinafter, collectively, "consulting services department") produces research reports, or a department of a securities firm that concurrently operates a securities investment consulting enterprise handling discretionary investment services ("discretionary investment department") produces analysis reports or investment strategies for customers, personnel other than of those departments shall not participate in composing or reviewing the reports.
第36-1條證券商兼營證券投資顧問業務或期貨顧問業務部門(以下簡稱顧問業務部門)所提供之研究報告及兼營證券投資顧問事業辦理全權委託投資業務部門(以下簡稱全權委託投資部門)為客戶擬具之分析報告或投資決策，各該部門以外之人員不得參與擬訂或複核。

Within two hours from the time market trading hours begin after a research report provided by a consulting services department of a securities firm is publicly disclosed, other departments and personnel apart from that department may not engage in any trading of any security recommended in the research report, unless otherwise provided by this Commission.
證券商顧問業務部門所提供之研究報告經公開後於市場交易時間開始二小時內，除本會另有規定外，該部門以外之部門及人員不得進行研究報告所建議標的之買賣。

"Market" in the preceding paragraph refers to the domestic Stock Exchange, GreTai Securities Market, and Futures Exchange.
前項所稱市場，係指國內證券交易所、證券櫃檯買賣中心及期貨交易所。

The compensation or bonuses paid to personnel of a consulting services department or discretionary investment department of a securities firm shall not be directly linked to the performance of any other department.
證券商顧問業務部門或全權委託投資部門之人員報酬或獎勵，不應與其他部門績效直接關聯。

Article 36- 2 When an underwriting department of a securities firm underwrites securities, during the period from the time the securities firm enters into an advisory contract with a public issuer until the termination of the advisory relationship, or from the time the securities firm enters into an underwriting contract with a listed or OTC-listed company until the deadline for payment, its consulting services department shall not recommend any trading of that security or any derivative financial product thereof;
第36-2條證券商承銷部門承銷有價證券，自其與公開發行公司簽訂輔導契約至終止輔導，或其與上市上櫃公司簽訂承銷契約至繳款截止日之期間，其顧問業務部門不得建議該有價證券及其相關之衍生性金融商品之買賣；

a discretionary investment department may not purchase securities for a customer without first explicitly informing the customer of any related conflicts of interest and control measures and then obtaining the customer´s written consent on an instance-by-instance basis, and specifically stating the quantity of the securities that may be purchased.
全權委託投資部門非經明確告知客戶相關利益衝突及控管措施後取得客戶逐次書面同意，並敘明得認購數量者，不得為客戶買進該有價證券。

When an underwriting department of a securities firm obtains securities through a firm commitment underwriting, the provisions of the preceding paragraph shall apply mutatis mutandis to the handling of those securities by the consulting services department and discretionary investment department of the securities firm until such time as all the procedures of the firm commitment underwriting have been completed in accordance with regulations.
證券商承銷部門因包銷所取得之有價證券，依規定未處理完竣前，其顧問業務部門及全權委託投資部門對該有價證券處理，準用前項之規定。

Article 37 Unless otherwise provided by the laws and regulations, a securities firm operating securities business shall not:
第37條證券商經營證券業務，除法令另有規定外，不得有下列行為：

1. Provide opinion on the rise or drop of the price of securities to induce customers to trade;
一提供某種有價證券將上漲或下跌的判斷，以勸誘客戶買賣。

2. Agree to or provide specified interest or to share losses to induce customers to trade;
二約定或提供特定利益或負擔損失，以勸誘客戶買賣。

3. Provide account for customers to subscribe to and/or trade securities;
三提供帳戶供客戶申購、買賣有價證券。

4. Commit false, fraudulent, or other misleading act in providing information of securities to customers;
四對客戶提供有價證券之資訊，有虛偽、詐騙或其他足致他人誤信之行為。

5. Accept general authorization from customers in connection with the type, quantity, price, and purchase or sale of securities;
五接受客戶對買賣有價證券之種類、數量、價格及買進或賣出之全權委託。

6. Accept settlement of customers who use the same account for offsetting purchase against sale or offsetting sale against purchase of the same type of securities;
六接受客戶以同一帳戶為同種有價證券買進與賣出或賣出與買進相抵之交割。

7. Accept settlement of customers who use different accounts for offsetting purchase against sale or offsetting sale against purchase of the same type of securities;
七接受客戶以不同帳戶為同一種有價證券買進與賣出或賣出與買進相抵之交割。

8. Directly or indirectly set up fixed places outside the business premises of the head office or branch office to accept orders for securities trading;
八於其本公司或分支機構之營業場所外，直接或間接設置固定場所為接受有價證券買賣之委託。

9. Directly or indirectly set up fixed places outside the business premises of the head office or branch office to sign brokerage agreements with customers or settle securities transactions; however, this restriction shall not apply where the Commission has provided otherwise;
九於其本公司或分支機構之營業場所外，直接或間接設置固定場所，從事與客戶簽訂受託契約或辦理有價證券買賣之交割。但本會另有規定者，不在此限。

10. Accept securities transactions of a customer who has not signed a brokerage contract;
一○受理未經辦妥受託契約之客戶，買賣有價證券。

11. Accept the company´s director, supervisor, or employee as an agent for others for the account opening, subscription, trade, or settlement of securities;
一一受理本公司之董事、監察人、受僱人代理他人開戶、申購、買賣或交割有價證券。

12. Accept from any person other than the customer himself/herself the customer´s instructions for account opening; however, this is not applicable for those in accordance with other regulations set by the Commission;
一二受理非本人開戶。但本會另有規定者，不在此限。

13. Accept from any person other than the customer himself/herself or an agent without a power of attorney issued by the customer´s instructions for subscription, trade, or settlement.;
一三受理非本人或未具客戶委任書之代理人申購、買賣或交割有價證券。

14. Knowingly accept a trading order from a customer who intends to use an issuer´s non-public information which may materially affect the price of its stocks or who intends to manipulate the prices of the market;
一四知悉客戶有利用公開發行公司尚未公開而對其股票價格有重大影響之消息或有操縱市場行情之意圖，仍接受委託買賣。

15. Use the name or account of a customer to subscribe to and/or trade securities;
一五利用客戶名義或帳戶，申購、買賣有價證券。

16. Disclose, not in response to inquiries given in accordance with laws and regulations, the contents of orders placed by a customer or other secrets obtained in the course of operation of business;
一六非應依法令所為之查詢，洩露客戶委託事項及其他業務上所獲悉之秘密。

17. Misappropriate the securities or funds owned by a customer or temporarily kept under the custody of the securities firm in the course of business;
一七挪用屬於客戶所有或因業務關係而暫時留存於證券商之有價證券或款項。

18. Safekeep the securities, funds, seal, or passbook under its custody for its customers;
一八代客戶保管有價證券、款項、印鑑或存摺。

19. Directly or indirectly provide funds or securities to customers in connection with margin purchases or short sales to effect settlement without the Commission´s approval;
一九未經本會核准辦理有價證券買賣之融資或融券，直接或間接提供款項或有價證券供客戶辦理交割。

20. Violate settlement obligation to the securities exchange market; or
二○違反對證券交易市場之交割義務。

21. Conduct other acts in violation of laws and regulations governing securities or orders of the Commission on mandatory or unpermitted acts.
二一其他違反證券管理法令或經本會規定應為或不得為之行為。

Article 38 A securities firm accepting orders to trade securities shall establish a separate demand deposit account with a bank for paying and receiving settlement funds of the customer. The funds in the said account shall not be used for other purposes.
第38條證券商受託買賣有價證券，應於銀行設立專用之活期存款帳戶辦理對客戶交割款項之收付，該帳戶款項不得流用。

Article 39 A securities firm accepting orders to trade securities shall clear and settle transactions in the manner provided in the operating rules of the Stock Exchange or GreTai´s business rules for trading securities on over-the-counter markets.
第39條證券商受託買賣有價證券，其結算及交割方法，應依證券交易所營業細則或證券櫃檯買賣中心證券商營業處所買賣有價證券業務規則之規定辦理。

Article 40 A securities firm accepting orders to trade securities shall not place the securities deposited by the customers under its custody. It shall deliver such securities to the centralized securities depository on the same day; provided that the securities firms which are located in areas other than Taipei City and Taipei County may deliver the securities for centralized custody on the following business day.
第40條證券商受託買賣有價證券，對於客戶存放之有價證券不得自行保管，應於當日送存證券集中保管事業集中保管。但台北市、縣以外之證券商得延至次一營業日送存。

The provisions in the preceding Paragraph shall also apply to any of the following conditions:
前項規定，於有下列情事之一者，均適用之：

1. Where a customer that indicates when placing a buy order that he/she will withdraw the securities for his/her own custody fails to do so on the day on which the securities firm is to deliver the securities;
一客戶於委託買進時聲明領回自行保管，未於證券商得交付有價證券之日領回者。

2. Where a customer places a sell order but no transaction is consummated, and the securities have been previously delivered to the securities firm but not been claimed;
二客戶委託賣出未成交而已先行交付未領回者。

3. Where a customer engages the securities firm to deliver the securities to the centralized depository for custody; or
三客戶委託證券商送存集中保管事業保管者。

4. Where a customer engages the securities firm to withdraw securities deposited in the centralized depository but fails to take delivery as scheduled.
四客戶委託證券商領回送存集中保管之有價證券，未依期領回者。

Article 41 A securities firm accepting orders to trade securities shall collect or deliver the funds or securities within the time limit for settlement. When receiving or delivering stocks to a customer, it shall fill in the securities delivery statement, enter the stock certificate number, and have the customer sign the said statement.
第41條證券商受託買賣有價證券，應於交割期限收付款項或有價證券；於收取交付客戶股票時，應填寫證券交付清單載明股票號碼，並由客戶於證券交付清單上簽章。

If the securities delivery statement referred to in the preceding Paragraph is for securities to be traded on the centralized stock exchange, an additional copy shall be delivered to the Stock Exchange for recordation; if the said statement is for the securities to be traded on the over-the-counter market, an additional copy shall be delivered to the GreTai for recordation.
前項證券交付清單，屬在集中交易市場受託買賣，應加一份送證券交易所備查；屬在證券商營業處所受託買賣，應加一份送證券櫃檯買賣中心備查。

Article 42 A securities firm accepting orders to trade securities shall prepare a trade report for signing/sealing by the customer after the customer executes a trade; provided that the trade report may be waived if the securities firm is concurrently operated by a financial institution, and the delivery of funds for trading the securities may be verified through the separate saving account of the customer.
第42條證券商受託買賣有價證券，應於客戶成交後，製作買賣報告書，交由客戶簽章。但金融機構兼營之證券商，對客戶買賣證券價款之收付，因客戶設有存款專戶可資查對者，得免製作買賣報告書。

If the trade report referred to in the preceding Paragraph is confirmed by an agent engaged by the customer to trade securitieson its behalf, a power of attorney issued by the customer shall be provided.
前項買賣報告書，客戶如係委託代理人代理買賣而由代理人確認者，須檢附本人之委託書。

If the funds and securities of the customers of a securities firm accepting orders to trade securities are settled through book-entry transfer, or trade confirmation has been carried out and records have been kept, the signing/sealing referred to in Paragraph 1 above may be waived, and Paragraph 1 of Article 28 of the Rules Governing Book-entry Operations of securities in Centralized Custody regarding recordation on passbook shall not apply.
證券商受託買賣有價證券，其客戶買賣款券之交割，如均採帳簿劃撥方式，或已辦理交易確認並留存紀錄者，得免辦理第一項之簽章，並不適用有價證券集中保管帳簿劃撥作業辦法第二十七條第一項有關登載存摺之規定。

Article 43 A securities firm trading securities on centralized stock exchange for its own account and customers´ accounts shall establish separate accounts for placing orders and settlement. After placing orders, no inter-change between the accounts shall be allowed.
第43條證券商在集中交易市場自行及受託買賣有價證券，應分別設立帳戶辦理申報與交割，申報後不得相互變更。

Article 44 When a securities firm accepts orders to trade securities, it shall not use information obtained from a trading order to take the opposite side of the customer´s order for trading in its own account; provided that this provision shall not apply if the securities firm engages in securities trading on the over-the-counter markets and based on the quotation it should sell the securities and concurrently places an order for purchase.
第44條證券商於受託買賣時，不得利用受託買賣之資訊，對同一之買賣為相反之自行買賣。但因經營在其營業處所買賣有價證券業務，依其報價應賣，並同時申報買進者，不在此限。

Article 45 While operating its securities business, when a securities firm obtains information which may materially affect the price of the stocks listed on the stock exchange or traded on the over-the-counter market, it shall not trade on such stocks or provide the said information to its customers or other persons before the information becomes public.
第45條證券商因辦理證券業務，獲悉重大影響上市或在證券商營業處所買賣之股票價格消息時，在該消息未公開前，不得買賣該股票或提供該消息給客戶或他人。

CHAPTER IV MERGER
第四章合併

Article 46 Securities firms applying for merger shall meet the following conditions:
第46條證券商申請合併應具備下列條件：

1. Exchange-listed or OTC-listed securities firms applying for merger shall comply respectively with Article 51 of the Operating Rules of the Taiwan Stock Exchange Corporation or Article 16 of the GreTai Securities Market Regulations Governing Securities Trading on Over-the-Counter Markets.
一、上市或上櫃證券商申請合併應分別符合臺灣證券交易所股份有限公司營業細則第五十一條或財團法人中華民國證券櫃檯買賣中心證券商營業處所買賣有價證券業務規則第十六條規定。

2. The regulatory capital adequacy ratio has reached 200% or more 6 months before the merger.
二、合併前六個月之自有資本適足比率，均達百分之二百以上。

3. The pro forma consolidated regulatory capital adequacy ratio shall reach 200% one month before the application.
三、申請前一個月之擬制性合併自有資本適足比率，應達百分之二百。

4. Have not been subject to a disposition under Subparagraphs 2 to 4 of Article 66 of the Act or under Subparagraphs 2 to 4 of Paragraph 1 of Article 100 of the Futures Trading Act or under Supbaragraphs 2 to 5 of Article 103 of the Securities Investment Trust and consulting Act within the last six months.
四、最近六個月未曾受本會依本法第六十六條第二款至第四款、期貨交易法第一百條第一項第二款至第四款或證券投資信託及顧問法第一百零三條第二款至第五款規定之處分者。

5. In the most recent year, the Stock Exchange and GreTai have found, according to their inspection of the condition of internal control operations of the applicant´s head office and branches to be satisfactory and meeting the standards set by the Commission.
五、最近一年證券交易所及證券櫃檯買賣中心對其總、分公司內部控制執行情形所為內部稽核之查核，其評分結果情況良好達本會規定標準者。

In the case that the securities firm applying for merger does not meet the criteria in the preceding paragraph, the Commission may approve the application as a special case based on the goals of facilitating the healthy expansion of the securities market and increasing the competitiveness of securities firms.
證券商申請合併，如有未符合前項規定者，本會得基於促進證券市場健全發展及提昇證券商競爭力等綜合考量，予以專案核准。

Article 47 Securities firms applying for merger shall provide the following documents to the Commission:
第47條證券商申請合併者，應檢具下列書件向本會申請許可：

1. The application.
一申請書

2. Merger plan: shall specify the content of the merger plan (including particulars such as the merger method, evaluation of economic efficiency, post-merger business regions, business items, business development plan, and financial forecasts for the next three years) and analyze the forecasted timetable, feasibility, necessity, rationality, and legality and assessment of the factors for consideration under Article 6 of the Financial Institutions Merger Act.
二合併計畫書：載明合併計畫內容(含合併方式、經濟效益評估、合併後業務區域概況、業務項目、業務發展計畫及未來三年財務預測等事項)、預期進度、可行性、必要性、合理性與適法性及依金融機構合併法第六條審酌因素之評估等分析。

3. Merger contract: in addition to the particulars required under Article 8, Paragraph 2 of the Financial Institutions Merger Act, shall also include material particulars such as treatment of employee equity.
三合併契約書：除依金融機構合併法第八條第二項規定之應記載事項外，尚應包括對受僱人之權益處理等重要事項。

4. Minutes of the general shareholders meetings of the institutions to survive and to be extinguished.
四存續機構及消滅機構股東大會會議紀錄。

5. Content of the merger resolutions (board of directors meeting minutes) and documentation of publication (notification) of relevant required contract content.
五合併之決議內容(董事會議事錄)及相關契約書應記載事項之公告(通知)等證明文件。

6. Information on prospective shareholders seeking to purchase shares.
六請求收買股份之股東資料。

7. Certified public accountant´s opinion on the reasonableness of the share conversion ratio for the merger and valuation method.
七會計師對合併換股比率評價合理性之意見書。

8. An itemized report on the pro forma consolidated regulatory capital adequacy ratio at the end of the month before the merger.
八合併前一個月月底擬制性合併自有資本適足明細申報表。

9. Balance sheets, profit and loss statements, inventories of assets, statements of changes in shareholder equity, and cash flow statements audited and certified by the certified public accountant for the record date of the merger share swap.
九合併換股基準日會計師查核簽證之資產負債表、損益表、財產目錄、股東權益變動表及現金流量表。

10. Legal opinion of an attorney at law.
一○律師之法律意見書。

11. Other documents required by the Commission.
一一其他經本會規定應提出之文件。

For a securities firm to be newly created by a merger, in addition to complying with requirements of the preceding paragraph, the promoters of the securities firm to be newly created shall apply to the Commission for approval of establishment, annexing the following documents:
因合併擬成立新設證券商者，除應依前項規定辦理外，並應由新設證券商之發起人檢附下列書件，向本會申請設立之許可：

1. Roster of promoters.
一發起人名冊。

2. Minutes of the promoters´ meeting.
二發起人會議紀錄。

3. Certification of qualifications of presidents, vice presidents, and assistant vice presidents.
三總經理、副總經理、協理之資格證明。

4. Articles of incorporation of the securities firm to be newly created.
四新設證券商之章程。

5. Other documents required by the Commission to be submitted.
五其他經本會規定應提出之文件。

The formats of the documents required under the preceding two paragraphs shall be prescribed by the Commission.
前二項規定所需之書件格式，由本會定之。

Article 48 Where the securities firm surviving after the merger is an exchange-listed or OTC-listed securities firm, the securities firm shall have the certified public accountant make a special auditing of its internal control system within six months after the merger, and after sending the report to the Stock Exchange or the GreTai, respectively, for inspection, shall file it with the Commission for recordation.
第48條合併後存續之證券商為上市或上櫃證券商者，應於合併後六個月內委託會計師專案審查其內部控制制度，並取具三份專案審查報告，分別送交證券交易所或證券櫃檯買賣中心審查後報本會備查。

CHAPTER V INVESTMENT IN FOREIGN AND MAINLAND CHINESE SECURITIES ENTERPRISES
第五章投資外國及大陸事業

Article 49 Investment by securities firms in foreign enterprises shall be limited to investments set forth in the following subparagraphs:
第49條證券商投資外國事業，應以下列各款為限：

1. Securities enterprises, including securities, futures, and financial business they are allowed to operate under the local laws and regulations of the country of the investment.
一證券事業，包括當地國法令准許其經營之相關證券、期貨、金融等業務。

2. Other related enterprises in which the Commission has approved investment.
二其他經本會核准得轉投資之相關事業。

Article 49- 1 Securities firms investing in securities companies in the Mainland China area shall comply with the provisions of the Regulations Governing Approval of Securities and Futures Transactions Between the Taiwan Area and the Mainland China Area.
第49-1條證券商投資大陸地區證券公司，應依臺灣地區與大陸地區證券及期貨業務往來許可辦法之規定辦理。

Securities firms that have received approval to invest in securities companies in the Mainland China area are prohibited from doing any of the following:
證券商經核准投資大陸地區證券公司者，不得有下列行為：

1. Accepting any order to trade in Mainland China area securities.
一、受託買賣大陸地區之有價證券。

2. Recommending that any investor in the Taiwan area invest in any securities traded on any Mainland China securities market or in any securities issued by a Mainland China area company.
二、推介臺灣地區投資人投資大陸證券市場交易之有價證券及大陸地區公司發行之有價證券。

A Mainland China securities company in which a securities firm has invested may not provide services to Taiwan area individuals or enterprises.
證券商投資之大陸地區證券公司，不得對臺灣地區個人及事業提供服務。

Article 50 Securities firms investing in foreign enterprises, unless regulated by other laws, regulations and orders shall meet the following provisions:
第50條證券商申請投資外國事業，除法令另有規定者外，應符合下列各款之規定：

1. Have not received any disciplinary warning from the Commission in the most recent 3 months
一、最近三個月未曾受本會警告處分。

2. Have not been ordered by the Commission to relieve or replace the duties of its director, supervisor, or manager in the most recent six months.
二、最近半年未曾受本會命令解除或撤換其董事、監察人或經理人職務處分。

3. Have not had business suspended as punishment from the Commission within the last year.
三、最近一年未曾受本會停業處分。

4. Have not had the license of branch offices or of a portion of the business invalidated by the Commission as punishment within the last 2 years.
四、最近二年未曾受本會廢止分支機構或部分業務許可處分。

5. Have not had trading terminated or restricted by the Stock Exchange, the GreTai, or the Futures Exchange as punishment under each of their regulations or rules.
五、最近一年未曾受證券交易所、證券櫃檯買賣中心、期貨交易所依其章則處以停止或限制買賣處置。

6. The regulatory capital adequacy ratio has not been below 200% within the most recent 3 months, and the financial structure is sound and in accordance with the rules of these Regulations.
六、最近三個月自有資本適足比率不低於百分之二百，且財務結構健全並符合本規則規定。

7. Have complied with Article 7 of the Regulations for Approval and Consideration of Foreign Investment or Technical Cooperation promulgated by the Ministry of Economic Affairs.
七、符合經濟部國外投資或技術合作輔導及審核處理辦法第七條規定。

8. The total amount invested in foreign enterprises plus the funds that a securities firm establishing an overseas branch office(s) appropriates there for local operations has not exceeded 20% of the securities´ firm´s net worth. However, when there is special need and approval as a special case has been received, this provision does not apply.
八、投資外國事業之總金額加計證券商設置國外分支機構專撥於當地營業之資金，不得超過證券商淨值百分之二十。但有特殊需要經專案核准者，不在此限。

Article 51 Securities firms applying for investment in a newly formed foreign enterprise shall provide the following documents to the Commission in their application:
第51條證券商申請投資新設外國事業，應檢具下列書件向本會申請核准：

1. The company´s articles of incorporation/by laws or a document equivalent to the company´s constitution/regulations.
一公司章程或相當於公司章程之文件。

2. The plan for investment, the contents of which shall include the following items:
二投資計畫書，其內容應載明下列事項：

(1) The plan for investment including: the purpose of investment, the estimated effect, the origin of capital, the implementation plan, the operation plan, the recapitalization plan, etc. If the type of investment is company, then its reinvestment plan shall be included as well.
(一)投資計畫：應含投資目的、預期效益、資金來源、運用計畫、營業計畫、資金回收計畫等項目。如為控股公司型態者，應將再轉投資之投資計畫一併提出。

(2) Guidelines for business operations including: the establishment location, amount of capital, the business to be operated, the scope/items of business, business operation strategies, etc. of the company.
(二)業務經營之原則：應含公司設置地點、資本額、經營業務、營業項目、業務經營策略等項目。

(3) Structure and functions of the organization including: a chart of the organization of the company or a group organizational chart for a holding company, functions and allocation of duties of departments, etc.
(三)組織編制與職掌：應含公司組織圖或控股公司集團組織圖、部門職掌與分工等項目。

(4) Personnel plan including: personnel allocation/structuring, personnel training, and regulations of personnel management, etc.
(四)人員規劃：應含人員編制、人員培訓及人員管理規範等項目。

(5) Condition of the site and facilities including: site layout, the summary of important equipment/facilities, etc.
(五)場地及設備概況：應含場地佈置、重要設備概況等項目。

(6) Financial projection for the next 3 years including: opening costs, financial estimates and notes for financial statement for the next 3 years, etc.
(六)未來三年財務預測：應含開辦費、未來三年財務預估及編表說明等項目。

3. The minutes of the board of directors´ or board of governors´ meeting or minutes of the shareholders´ meeting resolution.
三董事會、理事會議事錄或股東會決議錄。

4. The most recent financial report, audited and certified or approved by the certified public accountant.
四最近一期經會計師查核簽證或核閱之財務報告。

5. Management/administration rules shall be set up for those invested or re-invested foreign enterprises where the investment shareholding percentage is 50% or above. The contents of such management/administration rules shall include the following items:
五對轉投資或再轉投資持股超過百分之五十之海外事業應訂定管理辦法，其內容應包括下列要項：

(1) the scope of management
(一)管理範圍。

(2) the direction and principles of management
(二)管理方向及原則。

(3) the management of financial, business, and accounting affairs.
(三)財務、業務及會計作業之管理。

(4) the management of assets
(四)資產之管理。

(5) the financial statements to be regularly prepared
(五)定期應製作之財務報表。

(6) the method of regular auditing of internal financial and business affairs
(六)財務、業務內部定期查核之方式。

(7) others, such as: management of personnel operations, internal control auditing of the invested enterprises, etc.
(七)其他：如人事作業之管理、對轉投資事業之內部控制稽核作業等。

6. A list detailing the domestic and foreign invested enterprises as of the date of application.
六申請日海內外投資事業明細表。

7. Other documents required by the Commission.
七其他經本會規定應提出之文件。

Article 52 Securities firms applying for investment in foreign enterprises shall provide the following documents to the Commission with the application for an approval:
第52條證券商申請轉投資外國事業應檢具下列書件向本會申請核准：

1. The company´s articles of incorporation/bylaws or a document equivalent to the company´s constitution/regulations.
一公司章程或相當於公司章程之文件。

2. The plan for investment including: the purpose of investment, the estimated effect, the origin of capital, the recapitalization plan, the estimated income/expenses/profits of the invested foreign enterprise of each year for the next 3 years, etc.
二投資計畫書：應含投資目的、預期效益、資金來源、資金回收計畫、被投資外國事業未來三年每年收支盈餘之預估等項目。

3. The minutes of the board of directors´ or board of governors´ meeting or minutes of the shareholders´ meeting resolution.
三董事會、理事會議事錄或股東會決議錄。

4. The most recent financial report, audited and certified or approved by the certified public accountant.
四最近一期經會計師查核簽證或核閱之財務報告。

5. Management/administration rules shall be set up for those invested or re-invested foreign enterprises where the investment shareholding percentage has exceeded 50%. The contents of such management/administration rules shall include the following items:
五對轉投資或再轉投資持股超過百分之五十之海外事業應訂定管理辦法，其內容應包括下列要項：

(1) the scope of management
(一)管理範圍。

(2) the direction and principles of management
(二)管理方向及原則。

(3) the management of financial, business, and accounting affairs.
(三)財務、業務及會計作業之管理。

(4) the management of assets
(四)資產之管理。

(5) the financial statements to be regularly prepared
(五)定期應製作之財務報表。

(6) the method of regular auditing of internal financial and business affairs
(六)財務、業務內部定期查核之方式。

(7) others, such as: management of personnel operations, internal control auditing of the invested enterprises, etc.
(七)其他：如人事作業之管理、對轉投資事業之內部控制稽核作業等。

6. A list detailing the domestic and foreign invested enterprises as of the date of application.
六申請日海內外投資事業明細表。

7. General description of the invested foreign enterprise including: a synopsis of the company, the company organization, capital and shares, scope of business, and the condition of financial status for the most recent three fiscal years, etc.
七所轉投資事業概況：應含公司簡介、公司組織、資本及股份、所營業務項目種類及最近三年度財務狀況等項目。

8. The investment (or joint venture) agreement.
八合(投)資協議書。

9. Other documents required by the Commission.
九其他經本會規定應提出之文件。

Article 53 If there is any change in any of the investment-related items approved by the Commission, the securities firm shall, within 10 days after the change, report the change to the Commission for recordation.
第53條證券商經本會核准之投資事項如有變更者，應於變更之日起十日內申報本會備查。

Article 54 Where the overseas subsidiary company invested by the securities firm re-invests in other institutions or where the institution invested by the overseas subsidiary company reinvests in other institutions, if such investment has constituted the substantial controlling and subordinating relationship as regulated under the Chapter governing related enterprises of the Company Act, a prior report shall be made to the Commission for approval.
第54條證券商投資之海外子公司轉投資其他機構，或海外子公司轉投資之機構再轉投資其他機構，如與其所轉投資之機構達具公司法關係企業章所規定之實質控制與從屬關係者，應先報經本會核准。

For the investment of the preceding paragraph that has been approved by the Commission, within 10 days after the actual investment, the related documents shall be provided to the Commission for recordation.
前項經本會核准之轉投資事項，應於實際投資後十日內檢具相關證明文件申報本會備查。

Securities firms investing in overseas enterprises according to Paragraph 1 above, may submit the management rules for the foreign invested enterprises required under Subparagraph 5 of Article 51 and Subparagraph 5 of Article 52 along with the documents referred to in the preceding paragraph to the Commission for recordation within 10 days after the actual investment.
證券商依第一項轉投資海外事業，其依第五十一條第五款暨第五十二條第五款規定應檢具之海外事業管理辦法，得於實際投資後十日內併前項相關證明文件申報本會備查。

Article 55 When securities firms directly or indirectly investing in foreign enterprises holding 50% or more of their shares, those foreign securities being thus invested may not further reinvest in securities-related enterprises in the ROC.
第55條證券商直接或間接投資持股達百分之五十以上之外國事業，不得再轉投資國內證券相關事業。

Article 56 Securities firms investing in foreign enterprises are limited to the following types for putting up capital:
第56條證券商投資外國事業其出資種類以下列各款為限：

1. Outward remittance.
一外匯。

2. Net profit or other benefits obtained from outward investment.
二對外投資所得之淨利或其他收益。

3. Remuneration or other benefits obtained from outward technical cooperation.
三對外技術合作所得之報酬或其他收益。

Article 57 (deleted)
第57條（刪除）

Article 58 After the securities firm has been approved and invested in foreign enterprises, within 5 days after receiving documents concerning outward remittance of capital, or the registration or any change in the registration of the invested foreign securities enterprises, these documents shall be reported to the Commission for recordation.
第58條證券商經核准投資外國事業後，對於資金之匯出、被投資外國事業之登記或變更登記事項之證明文件，應於取得證明文件後五日內申報本會備查。

CHAPTER V-1 ADMINISTRATION OF OVERSEAS BRANCH OFFICES
第五章之一國外分支機構之管理

Article 58- 1 If the business that an overseas branch office of a securities firm would handle under the local securities acts and regulations and customary business practices of the place surpass the business items of the head office, an application for approval, accompanied by the following documents, shall be filed with the Commission in advance:
第58-1條證券商之國外分支機構，依當地證券法令與商業習慣辦理之業務，如有逾越本公司營業項目者，應事先檢具下列書件，向本會申請核准：

1. Business item particulars: including the products to be handled, types of transactions, and trading counterparts and markets.
一、營業項目內容：包括所從事之商品、交易型態、交易對象市場等。

2. Local acts and regulations that must be complied with when engaging in such business.
二、從事該項業務應遵守之當地管理法令。

3. Minutes of the board of directors´ (board of governors´) meeting.
三、董事會(理事會)議事錄。

4. Internal control and risk management plans.
四、內部控制及風險管理規畫書。

5. Legal opinion by a lawyer.
五、律師之法律意見書。

6. Other documents that the Commission requires to be submitted.
六、其他經本會規定應提出之文件。

If there is any change in the Commission-approved business items of an overseas branch office of a securities firm, the change shall be reported to the Commission for recordation within 10 days from the day of the change.
證券商國外分支機構經本會核准之營業項目如有變更者，應於變更之日起十日內申報本會備查。

The overseas branch offices of a securities firm shall abide by the local securities acts and regulations of the place where they are conducting business.
證券商國外分支機構於當地執行業務應遵守當地證券法令之規定。

Article 58- 2 A securities firm shall implement internal audit procedures in its overseas branch offices in accordance with the securities firm´s internal control system.
第58-2條證券商應依證券商內部控制制度執行國外分支機構內部稽核作業。

A securities firm shall dispatch personnel to conduct on-site audits of its overseas branch offices at least once per year. Audit reports shall be submitted to the Stock Exchange and forwarded by it to the Commission for recordation within one month from completion of the audit.
證券商至少應每年派員至國外分支機構實地查核乙次。查核報告應於查核結束後一個月內報經證券交易所轉送本會備查。

A securities firm whose overseas branch office receives an audit report from a local competent authority or auditing agency shall file the report or any deficiencies discovered in the audit with the Commission for recordation within 10 days from the day next following the receipt of the audit.
證券商國外分支機構接獲當地主管或檢查機關之查核報告，自接獲報告之次日起十日內，應將報告或查核缺失報本會備查。

Where any material emergency or incident of malpractice, or disposition by a local competent authority, occurs with respect to an overseas branch office, a report shall be filed with the Commission within two days from the day next following the occurrence of the incident or receipt of the disposition notice from the local competent authority.
國外分支機構發生重大偶發及舞弊事件或受當地主管機關處分，應於事件發生或接獲當地主管機關處分通知之次日起二日內通報本會。

Article 58- 3 A securities firm establishing an overseas branch office, after obtaining approval from the Commission, shall apply to the Investment Commission, Ministry of Economic Affairs, for approval (or recordation) in accordance with Article 57. Reporting of any matters relating to outward remittance of capital, registration, or amendment registration shall be handled in accordance with Article 58.
第58-3條證券商設置國外分支機構，經本會核准後應依第五十七條規定向經濟部投資審議委員會申請核准(備)。於資金之匯出、登記或變更登記事項之申報應依第五十八條之規定辦理。

CHAPTER VI MANAGEMENT OF REGULATORY CAPITAL
第六章自有資本之管理

Article 59 A securities firm, unless concurrently operated by a financial institution and subject to other acts or regulations, shall maintain an appropriate ratio between its regulatory capital and its operational risk equivalent, except as approved by the Commission.
第59條證券商除由金融機構兼營者另依有關法令規定外，非經本會核准，其自有資本與經營風險約當金額應維持適當比率。

The appropriate ratio referred to in the preceding paragraph is called the regulatory capital adequacy ratio and its calculation method is the net amount of the eligible regulatory capital divided by the operational risk equivalent.
前項之適當比率，稱自有資本適足比率，其計算方式為合格自有資本淨額除以經營風險之約當金額。

For those foreign securities firms having Taiwan branches, if their home-country head office have already calculated their regulatory capital adequacy ratio under their local laws with the operation risk of their Taiwan branch office already entered into the calculation, and have met the standard, they may send those documents and information relating to the said regulatory capital adequacy ratio which have met the standard to the Commission to apply for a waiver of application of the provisions in this Chapter.
外國證券商在台分公司如其母國總公司已依其當地國法令之規定計算自有資本適足比率，且將在台分公司之經營風險列入計算，並符合標準者，得檢送該等符合自有資本適足比率標準之資料，向本會申請免適用本章規定。

However, unless specifically approved by the Commission, a monthly report on the head offices´ regulatory capital adequacy ratio shall still be reported according to Paragraph 3 of Article 21.
惟除報經本會核准者外，每月仍應依第二十一條第三項規定之方式申報其總公司之自有資本適足比率等資訊。

Article 60 The net amount of eligible regulatory capital referred to in Paragraph 2 of the preceding Article is the balance of the sum total of the Tier 1 capital and Tier 2 capital items as set out below minus the following items on the balance sheet: financial assets reported at fair value with changes in fair value included in "profit or loss - noncurrent, available-for-sale financial assets - current and noncurrent, held-to-maturity financial assets - current and noncurrent, bond portfolios that include no active market bonds - current and noncurrent, prepayments, special funds, long-term equity investments under equity method, long-term equity investments held for disposal, fixed assets, intangible assets, operating bonds, clearing and settlement funds, refundable deposits, deferred debits, assets leased to others, idle assets, deferred income tax assets - noncurrent, restricted assets - noncurrent:
第60條前條第二項所稱合格自有資本淨額係為下列第一類資本與第二類資本所定科目之合計，並扣除資產負債表中指定以公平價值衡量且公平價值變動列為損益之金融資產–非流動、備供出售金融資產–流動及非流動、持有至到期日金融資產–流動及非流動、無活絡市場之債券投資–流動及非流動、預付款項、特種基金、採權益法之長期股權投資、待處分長期股權投資、固定資產、無形資產、營業保證金、交割結算基金、存出保證金、遞延借項、出租資產、閒置資產、遞延所得稅資產–非流動、受限制資產–非流動等科目後之餘額：

1. Tier 1 capital: the total of capital stock (common stock, perpetual non-cumulative preferred stock), capital reserve, retained earnings or accumulated losses, unrealized losses on financial products, accumulated translation adjustment, treasury stock, net loss not recognized as pension cost, and the profit/loss of the current year up to the current month.
一、第一類資本：股本(普通股股本、永續非累積特別股股本)、資本公積、保留盈餘或累積虧損、金融商品未實現損失、累積換算調整數、庫藏股票、未認列為退休金成本之淨損失及本年度累計至當月底之損益等之合計數。

2. Tier 2 capital: the total of capital stock (perpetual cumulative preferred stock), reserve for trading losses, reserve for losses from breach of contract, unrealized gains on financial products.
二、第二類資本：股本(永續累積特別股股本)、買賣損失準備、違約損失準備、金融商品未實現利益等�