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Newsletter No: 021 |
February 27, 2006 |
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I. News and Events (Chinese)
1.
Seven related securities investment trust and consulting enterprise
regulations adopted
2.
Rules Governing Centralized Securities Depository Enterprises
amended
3.
Regulations Governing the Establishment, Supervision, and Management
of Urban Renewal Investment Trust Companies amended
4.
Approval of securities firms acting as originators to purchase the
financial assets under Article 4, paragraph 1, subparagraph 2, item
5 of the Financial Asset Securitization Act solely for the purpose
of securitization; allowing securities firms to act as agents for
clients in utilizing surplus securities trading funds
5.
Public companies without listed on TSEC/GTSM are required to
announce semi-annual consolidated financial reports beginning from
first half of fiscal 2006
6.
Regulations Governing Information to be Published in Public Offering
and Issuance Prospectuses and Regulations Governing Information to
be Published in Annual Reports of Public Companies amended
7.
Issuance of Amendments to “Regulations Governing the Offering and Issuance of Securities by
Securities Issuers” , “Regulations
Governing the Offering and Issuance of Overseas Securities by
Issuers” and “Regulations Governing the Offering and Issuance of Securities by Foreign
Securities Issuers” planned in the near futures
II. Market Wrap-up As of the end of January, 691 companies were listed on the Taiwan Stock Exchange, same as the previous month. The total capital issued was NT$5,416.78 billion, an increase of NT$0.82 billion over the preceding month, and the market capitalization was NT$15,610.37 billion, a decrease of NT$23.86 billion over the preceding month. As of the end of January, 505 companies were listed on the GreTai Securities Market, an increase of two against the previous month. The total capital issued was NT$645.03 billion, an increase of NT$1.85 billion against the preceding month, and the market capitalization was NT$1,298.18 billion, an increase of NT$14.28 billion against the previous month. In January, the trading value of shares on the Taiwan Stock Exchange was NT$2,194.03 billion, a decrease of NT$266.92 billion over the previous month, while the trading volume was NT$64.76 billion, a decrease of 11.85 billion shares compared with the previous month. As of the end of January, the accumulated net inward remittance of foreign investors was US$112.33 billion, an increase of US$3.41 billion over December. There are currently 145 securities firms, 23 futures commission merchants, 45 securities investment trust enterprises and 210 securities investment consulting enterprises.
III. Q&A 1. Investment quotas for foreign investors Under the newly amended Regulations Governing Investment in Securities by Overseas Chinese and Foreign Investors, foreign investors are divided into two categories: foreign institutional investors (FINIs) and foreign individual investors (FIDIs). While FIDIs are subject to a US$5 million investment quota, FINIs are free of an upper limit on investment. However, in a few specific industries foreign investors are still subject to investment ceilings under relevant acts or regulations. 2. Investment scope for foreign investors The scope of investment in Taiwan securities markets open to foreign investors is as follows: 1. Stocks and bond conversion entitlement certificates of listed/GTSM companies. 2. Listed/GTSM beneficiary certificates. 3. Government bonds, financial bonds (including subordinated financial bonds), straight corporate bonds, and convertible bonds. 4. Taiwan Depositary Receipts. 5. Open-ended beneficiary certificates. 6. Underwritten stocks of listed companies in secondary public offerings. 7. Underwritten stocks in IPOs prior to initial listing and underwritten stocks in rights offerings. 8. Underwritten stocks in IPOs prior to initial GTSM listing and underwritten GTSM stocks in rights offerings. 9. Beneficiary certificates prior to initial listing. 10. Call/put warrants. 11. NT dollar bonds issued in Taiwan by international financial organizations. 12. Preferred shares issued by listed/GTSM companies. 13. GTSM Emerging Stocks. Additionally, Funds that have been duly and timely remitted into Taiwan for the purchase of domestic securities and that have not yet been invested may be used as follows (with the total value of such use not to exceed 30 percent of the amount remitted in, except in the case of outright bond trading): 1. Investment in government bonds, time deposits, and money market instruments; trading of futures contracts and TAIEX options contracts for hedging purposes. 2. Investments in NT dollar time deposits shall be limited to a duration of three months, with a one-time extension of three months allowed at expiration. 3. Investments in money market instruments, limited to bills within 90 days of expiration. 3. Requirements over the outward remittance of investment principal, capital gains and the other investment gains by foreign investors. 1. After receiving permission to invest in Taiwan, foreign investors may apply to remit investment capital and investment earnings out of the ROC. However, outward remittances of capital gains and stock dividends may be made from realized earnings only. 2. Applications for foreign exchange remittance for investment capital and earnings shall be handled in accordance with the Act for the Regulation of Foreign Exchange (under the purview of the Central Bank). 3. When a foreign investor intends to repatriate investment earnings, the investor's agent or representative shall submit documents evidencing the filing of a tax return and payment of taxes by an agent/representative approved by the tax authorities and carry out exchange settlement in accordance with the Act for the Regulation of Foreign Exchange; however, during a period when assessment of ROC income tax on capital gains from securities transactions is suspended, the agent or representative may submit a tax clearance certificate from the tax authorities and carry out exchange settlement in accordance with the Act for the Regulation of Foreign Exchange. 4. Exercising shareholder's rights for foreign investors When an offshore foreign institutional investor holds more than 300,000 shares (including 300,000 shares) in a listed or GTSM company in Taiwan, its designated domestic agent or representative, may under the authorization of the offshore foreign institutional investor, to appoint a person other than the designated domestic agent or representative to attend the shareholders meeting and exercise the voting rights; such attendance shall be viewed as attendance of itself. Offshore foreign institutional investors may not give proxies to a proxy solicitor or proxy agent. 5. Restrictions on investment of money market instruments for foreign investors The government's opening of Taiwan’s securities market to foreign investors is primarily oriented toward drawing investment into securities on the centralized exchange market. Investing in money market instruments is purely for short-term cash management needs. The cap of 30 percent should be sufficient for this purpose. Therefore, currently there are no plans to raise the ceiling. 6. Prefunding Issues in Taiwan 1. Domestic financial institutions in Taiwan since 4 May 2004 have been allowed to provide intraday credit to foreign investors to assist foreign investors who, due to time differences, are unable to make timely remittance of funds to complete settlement. 2. In the past, Taiwan's securities market imposed severe penalties for settlement default (a 3-year ban from trading). To avoid fail trade, some securities firms instituted their own requirement on foreign investors to provide settlement funds in advance (i.e., prefunding) when they place an order, causing inconvenience to foreign investors. A late settlement system has therefore been adopted for foreign investors, under certain circumstances, to postpone settlement until 6 p.m. of the third business day after the date of the trade, and extending the deadline for securities firms to report default by foreign investors to the third business day after the date of the trade. Besides, the TSEC has amended Article 76 of the Operating Rules of the Taiwan Stock Exchange Corporation on August 1, 2005, repealing the provision that an investor may not open an account and engage in trading for a period of three years after a conclusive finding of settlement default. 3. The amendment of “ Securities and Exchange Act” has been promulgated so securities firms will be permitted to engage in Securities lending and borrowing operations in the future. 7. Disclosure of the investment positions of foreign investors The FSC does not disclose investment information of individual foreign investors, but foreign investors are nevertheless obligated to comply with reporting requirements. 8. Locking period of stocks The trading of stocks held by foreign investors is not subject to a "locking period". 9. Off-exchange transactions 1. Article 150 of the Securities and Exchange Act provides that trading of listed securities shall be conducted on a centralized securities trading market operated by a stock exchange. However, paragraph 4 of the same Article empowers the Competent Authority to make provisions for permitting off-exchange transactions in exceptional situations. For example, a foreign investor who has received approval from the Investment Commission of the Ministry of Economic Affairs under the Act Governing Investment by Foreign Nationals to transfer assets to another foreign investor may do so through off-exchange trading. Many foreign investors have invested in Taiwan stocks through such off-exchange channels over the years. 2. Under current law, securities listed on the GreTai Securities Market (GTSM) can be traded off-market. But, in those cases of securities for which the relevant authorities have duly set a foreign investment ceiling in accordance with law, foreign investors (who must have obtained approval or registration in accordance with the Regulations Governing Securities Investment by Overseas Chinese and Foreign Investors) are required to trade such securities through the GTSM trading system. However, only a very few OTC stocks are subject to this requirement. Most GTSM stocks can also be traded by foreign investors via price negotiation at the business places of securities firms. 3. After each market close, the TSEC also provides auction and tender offer systems in which securities prices are negotiable to satisfy various investors’ demands. 10. Foreign ownership restrictions Taiwan lifted limits on total/individual foreign shareholding in public companies from 30 December 2000. Applicable acts and regulations may in a few instances limit the percentage of equity holdings by foreign nationals in companies in certain industries (such as posts, telecommunications, and shipping) to meet policy needs related to national interests in the economic, social, or cultural spheres. Most developed countries have similar policies, and the practice in Taiwan is in line with developed-market standards. 11. Odd-lot trading In the past, offshore foreign investors were permitted to sell stocks in odd lots, but not to buy them. To meet the varied trading and investment demands of foreign investors, the FSC announced on 22 July 2005 that offshore foreign investors are also permitted to buy odd lots. 12. Permission for asset transfers between offshore foreign investors with different ID numbers but where the final beneficiary is the same person 1. A foreign investor may open multiple depositary accounts in Taiwan, as long as each account bears the same investor registration number. Assets may be transferred freely between such accounts, without the need for a buy-sell process. 2. The FSC further announced that transferring of assets accounts involved belonging to the same final beneficiary legal entity and there is no violation of off-exchange trading rules. Moreover, the FSC has eased rules relating to signing documents by a great number of final beneficiaries. 13. Evaluation of the MSCI revision of the Limited Investability Factor Morgan Stanley Capital International (MSCI) raised the Limited Investability Factor (LIF) applied to the MSCI Taiwan Index to 1 from the former 0.75 effective after market close on 31 May. This adjustment has raised the international standing of Taiwan's securities market and pushed Taiwan into the top spot in the MSCI Emerging Markets (EM) Index, and has helped to boost investor interest in Taiwan stocks, attract a stronger influx of foreign capital, and enliven and expand Taiwan's securities markets. 14. Reformation for FTSE 1. In its list of country classifications announced in September 2004, the FTSE Group upgraded Taiwan and South Korea from its Provisional Watch List for Developed Markets to its Watch List for Developed Markets. In response, the FSC formed a special working group in November 2004 to study and launch further market reforms in Taiwan, and held an overseas roadshow in Hong Kong, Singapore, London, New York, Boston, London, and Edinburgh in May 2005. 2. To support an upgrade of Taiwan's securities market to Developed Market status, the FSC has launched a series of improvements aimed at further deregulating and internationalizing the market. For example: introducing a settlement grace period mechanism for foreign investors, easing requirements for foreign investor participation in the securities borrowing and lending system, streamlining the foreign investor registration system, simplifying asset transfers between foreign investors with different ID numbers, and relaxing off-exchange trading systems.
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行政院金管會證期局第二十一期新聞信 壹、 重要公告 一、訂定證券投資信託及顧問事業等七項相關法規 為開放證券投資信託事業與證券投資顧問事業互相兼營、證券經紀商申請兼營證券投資顧問事業辦理全權委託投資業務，及因應全權委託業務操作之需要，本會業已於本年元月20日，訂定「證券投資信託及顧問事業互相兼營與兼營他事業或由他事業兼營之利益衝突防範辦法」，並修正「證券投資信託事業設置標準」、「證券投資信託事業管理規則」、「證券投資信託事業證券投資顧問事業經營全權委託投資業務管理辦法」、「證券投資信託事業募集證券投資信託基金處理準則」、「證券投資顧問事業設置標準」、「證券投資顧問事業管理規則」等六項相關法規。 二、修正「證券集中保管事業管理規則」 為利有價證券市場集中保管事業之管理，爰修正「證券集中保管事業管理規則」，明定該事業經核准，得與短期票券集中保管結算機構合併，並兼營短期票券集中保管結算業務。 三、修正「都市更新投資信託公司設置監督及管理辦法」 為提高業者募集都市更新投資信託基金協助都市更新事業計劃之誘因，爰修正「都市更新投資信託公司設置監督及管理辦法」，放寬申請設立都市更新投資信託公司發起人為基金管理機構之資格條件，並開放證券投資信託事業亦得兼營都市更新投資信託公司之業務。 四、同意證券商擔任創始機構專為證券化目的而購入金融資產證券化條例第四條第一項第二款第五目之金融資產，並開放證券商辦理客戶委託運用買賣有價證券結餘款項之代理業務 自本年1月20日起，本會業已同意證券商擔任創始機構專為證券化目的而購入金融資產證券化條例第四條第一項第二款第五目所稱之金融資產，並為因應開放證券商兼營證券投資顧問事業辦理全權委託投資業務之需要，爰配合修正證券商管理規則相關條文，並於95年1月23日起開放「證券商辦理客戶委託運用買賣有價證券結餘款項之代理業務」。 五、未上市（櫃）公開發行公司應自95年上半年度起編製半年度合併報表（consolidated financial statements） 為提升財務資訊透明度及與國際接軌，上市（櫃）公司已自94年上半年度起編製半年度合併財務報表，實施情況良好。另，依規定股票未上市上櫃之公開發行公司及興櫃公司，應自95年上半年度起編製半年度合併財務報表。 六、修正「公司募集發行有價證券公開說明書應行記載事項準則」及「公開發行公司年報應行記載事項準則」 為強化董事、監察人、總經理及副總經理酬金、風險事項等因應措施、私募有價證券等資訊揭露之透明化及整合證券發行人財務報告編制準則與年報編制準則部份內容，暨強化董事、監察人、總經理及副總經理酬金揭露措施，本會分別於95年1月11日及16日發布修正「公司募集發行有價證券公開說明書應行記載事項準則」及「公開發行公司年報應行記載事項準則」部分條文。 七、擬於近期發布修正之發行人募集與發行有價證券處理準則、及修正發行人募集與發行海外有價證券處理準則與外國發行人募集與發行有價證券處理準則 為配合證券交易法修正，取消募資案件之申請核准制，擬於近期發布修正發行人募集與發行有價證券處理準則、及修正發行人募集與發行海外有價證券處理準則與外國發行人募集與發行有價證券處理準則。
貳、 重要指標
截至2006年1月底止（數字資料將於2月15日計算完成後再行加入）
參、 Q&A 一、外資申請投資證券之限額 (Investment quota for foreign investors) 答：依新修訂之「華僑及外國人投資證券管理辦法」，外國投資人將區分為境外自然人及境外機構投資人二類。其中境外自然人有投資額度五百萬美元之限制，境外機構投資人則無投資額度限制。惟少數特定產業依法律規定仍然對外資持股有上限限制。 二、外資之投資範圍 (Investment scope for foreign investors) 答：外資投資台灣證券市場之投資範圍以下列為限： （一）上市、上櫃公司股票及債券換股權利證書。 （二）上市、上櫃受益憑證。 （三）政府債券、金融債券、普通公司債及轉換公司債。 (「金融債券」含次順位金融債券)。 （四）台灣存託憑證。 （五）（五）開放型受益憑證。 （六）公開招募承銷之上市公司之股票。 （七）初次上市前承銷及現金增資承銷股票。 （八）初次上櫃前承銷及現金增資承銷股票。 （九）初次上市前受益憑證。 （十）認購(售)權證。 （十一） 國際金融組織來台發行之新台幣債券。 （十二） 上市、櫃公司發行之特別股。 （十三） 於櫃檯買賣中心掛牌之興櫃股票。 另，依規定期限內匯入資金尚未投資於國內證券之運用，（總額度上限不得超過其匯入資金之百分之三十，但投資買賣斷公債不在此限）： （一）投資於公債、定期存款、貨幣市場工具、從事避險性期貨交易及台指選擇權契約。 （二）投資於新台幣定期存款者，其期限不得超過三個月，期滿得續存三個月，但以一次為限。 （三）投資於貨幣市場信用工具者，以距到期日九十天以內之票券為限。 三、外資之本金、資本利得及其他投資收益之匯出規定(Requirements over the outward remittance of investment principal, capital gains and the other investment gains by foreign investors) 答： （一） 依規定，外資經許可投資國內證券，其投資本金及投資收益，得申請結匯。外資投資國內證券所得之收益申請結匯，其資本利得及股票股利部分以已實現者為限。 （二） 外資投資本金及收益申請結匯，應依管理外匯條例（中央銀行法規）等有關規定辦理結匯。 （三） 外資投資收益之結匯，應檢附經稽徵機關核准委託代理申報及繳納稅捐之證明文件，依管理外匯條例等有關規定辦理結匯。惟於證券交易所得稅停徵期間，代理人或代表人檢附該管稽徵機關出具之完稅證明，依管理外匯條例等有關規定辦理結匯。 四、外資如何行使股東權利(Exercising shareholder's rights for foreign investors) 答：依規定，境外外國機構投資人持有國內上市櫃公司股份達三十萬股以 上，得由指定之國內代理人或代表人依境外外國機構投資人之授權，指 派國內代理人或代表人以外之人出席為之，並視同親自出席。另境外外 國機構投資人不得將公司印發之委託書交付徵求人或受託代理人。 五、外資投資貨幣市場工具之限制 (Restriction on the investment of money market instruments for foreign investors) 答：政府開放外資投資國內證券市場是希望外資以投資集中交易市場證券為 主，投資於短期貨幣市場工具為短期資金調度需要。30%上限投資於短 期貨幣市場工具應足以因應資金調度需要，故目前暫無提高30%上限的 計畫。 六、目前在台灣面臨的預繳款項問題 (Prefunding Issues in Taiwan) 答： （一） 我國已於2004年5月份開放國內金融機構得對外國投資人辦理「日中墊款」，以協助解決外國投資人因為時差原因，而未能及時匯入資金進行交割之問題。 （二） 我國證券市場對違約交割原本訂有三年不得交易之罰責，加以對正常交易過程中可能因不可抗力因素致須延遲交割情事，部分券商爰自行要求外資在下單時即應備妥交割款（亦即所謂「資金提前到位」，或pre-funding）。為解決外資投資人之困擾，故於94年5月4日公布「遲延交割」方案，允許外資投資人若遇特定情況，得申報遲延交割至成交日後第三營業日下午六時；或證券商申報違約之最後期限延後為成交日後第三營業日。臺灣證券交易所另於94年8月1日修正該公司「營業細則」第76條，廢止投資人違約交割結案後3年內不得開戶買賣之規定。 （三） 證交法第60條業經修正發布，未來證券商將得從事借貸業務。 七、外資投資資料之揭露 (Disclosure of the investment positions of foreign investors) 答：個別外資投資之資料，係屬投資人之投資行為，本會不對外揭露，但外 資仍有申報之義務。 八、外資投資當地股票有無閉鎖期之限制 (Locking period of stocks) 答：現行規定，外資投資台灣證券市場，所持有股票之買賣並無須持有一定 期限之限制。 九、場外交易 (Off-exchange transaction) 答： （一）證交法第一五０條規定，上市有價證券之買賣，應於證券交易所開設之有價證券集中交易市場為之。但該條文第四款亦授權主管機關得規範允許場外交易之例外情況，例如經經濟部投審會依外國人投資條例核准讓售予其他外國人之外資亦可採場外交易。歷年來已有多家外資藉此管道投資台股。 （二） 依現行規定，上櫃股票可進行場外交易，但經依華僑及外國人投資證券管理辦法核准或登記之華僑及外國人，其所買賣之上櫃股票為依法經各該目的事業主管機關訂有投資比例上限者，應透過櫃檯買賣中心之交易系統買賣。惟受此規範之上櫃股票為數甚少，大部分之上櫃股票，外資亦可與證券商以議價之方式進行交易。 （三）目前集中交易市場收盤後，尚提供拍賣、標購等交易制度，其交易價格具有相當彈性，可滿足投資人之需求。 十、有關外資持股比例之限制 (Foreign ownership restrictions) 答：我國已於89.12.30取消華僑及外國人對發行公司股票之整體暨個別投資 比例限制，惟少數產業（例如郵政、電信、航運）基於民生、經濟、 社會及文化政策考量，依其主管機關之法令仍存在對外資投資之比例限 制。鑒於其他已開發國家亦有基於類似考量及政策需求，設定類似之限 制，我國情形應符合已開發市場國家之標準。 十一、零股交易 答：過去境外華僑及外國人僅得賣出、不得買入零股，為滿足外資各種交易 及投資需求，本會已於94年7月22日發函開放境外華僑及外國人得買賣零 股股票。 十二、開放境外華僑及外國人不同ID但最終受益人相同，得進行資產自由移轉 答： （一）同一ID之外資得開立多元帳戶，其資產亦得自由移轉而毋需透過買賣程序。 （二）本會已進一步開放不同ID之外資在最終受益人相同，且不違反場外交易之原則下，得進行資產自由移轉，並放寬受益人眾多情況下之簽署相關規定。 十三、MSCI提升台股比重情形及影響 答：摩根士丹利資本國際公司（MSCI）於5月31日收盤後將台股限制投資因 子（LIF）由現行0.75調升至1，不僅提升國內證券市場在國際上之地位， 提高投資人購買台股之意願，更強化引導國外資金投入我國股市，對活 化市場資金動能及擴大市場規模，均有相當大的助益。 十四、推動富時專案情形 (Reformation for FTSE) 答： （一） 國際知名指數編製機構英國富時指數有限公司（FTSE）於去（93）年9月發布之「國家諮詢報告」，宣布將我國及南韓之證券市場由「已開發市場臨時觀察名單」提昇至「已開發市場觀察名單」，是以本會於93年11月組成專案小組，除就制度面進行檢討並陸續開放相關措施外，並於94年5月至香港、新加坡、紐約、波士頓、倫敦及愛丁堡等地，對外界進行宣導。 （二） 為使我國證券市場列為已開發市場，本會陸續推動各項自由化與國際化相關開放措施，如實施外資遲延交割機制、擴大外資參與有價證券借貸、實施新外資簡化登記制度、實施不同外資ＩＤ移轉資產簡化措施及開放場外交易新制等，前揭開放措施將有助於我國證券市場制度與國際制度接軌。
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