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Newsletter No: 023 |
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I. News and Events (Chinese) 1. Securities finance enterprises allowed to engage in securities settlement financing To allow more efficient allocation of capital by securities finance enterprises and to increase liquidity of the securities market, securities finance enterprises are allowed to engage in financing for the settlement of trading securities.
2. New legislations and order regarding corporate governance under the Securities and Exchange Act On 28 March 2006 the Financial Supervisory Commission (FSC) promulgated the order "Scope of Application for Installation of Independent Directors by Public Companies," and adopted three new regulations: the Regulations Governing the Installation of Independent Directors of Public Companies and Related Compliance Matters, Regulations Governing the Exercise of Powers by Audit Committees of Public Companies, and Regulations Governing the Proceedings of Board of Directors Meetings of Public Companies.
3. Requirement of declarations by the TSEC and securities firms stating that financial statements contain no falsehood or concealment In accordance with Article 14, paragraph 3 of the Securities and Exchange Act, since the 2005 fiscal year, the financial reports submitted by issuers, securities firms, or the TSEC shall be signed or stamped by the chairman of the board, general manager (or equivalent person), and chief accounting officer on the balance sheet, income statement, statement of changes in shareholder equity, and cash flow statement, and who shall also produce a declaration with the financial report at the time of announcement, filing, or uploading to the Market Observation Post System.
4. Securities Firms given permission to trade credit default swaps with financial institutions On 21 March 2006, the FSC allowed securities firms, that act as originators in accordance with the Financial Asset Securitization Act and that hold beneficiary securities or asset-backed securities for the purpose of credit enhancement, to trade New Taiwan Dollar (NTD) credit default swaps for hedging purposes with authorized financial institutions.
5. Open non-hedging futures transactions for foreign investors Selected provisions of the Regulations Governing Investment in Securities by Overseas Chinese and Foreign Nationals have been amended to allow foreign investors to engage in non-hedging futures transactions. In addition, the FSC issued orders in March 2006 including: promulgate the Guidelines for Domestic Futures Trading by Overseas Chinese and Foreign Nationals, repealing the Guidelines for Futures Trading by Overseas Chinese and Foreign Nationals and amending the limit on investment by offshore foreigners in government bonds, time deposits, money-market instruments, or NTD interest-rate derivatives which excludes the futures and options trading on Taiwan Futures Exchange to an amount not to exceed 30% of its inward remittance of funds, and providing rules of positions for a period of transition between the old and new systems for foreign investors engaging in futures transactions.
The following are key points in the handling of existing futures hedge positions and NTD margins: (1) Handling of existing positions: Existing open positions and NTD margins may both be held until full liquidation or settlement at maturity. (2) Handling of existing NTD margins and offsetting positions: When an open position matures or is offset, the NTD margin equity may be withdrawn and the futures commission merchant may be authorized to convert the NTD margin into US dollars or to remit the amount into the holder's securities investment account. (3) Handling of additional trades: When futures trading order is placed on the basis of an existing margin, the NTD margin shall be converted to a US dollar margin or remitted into a US dollar margin account within three days after completion of the transaction.
II. Market Wrap-up As of the end of March, 691 companies were listed on the Taiwan Stock Exchange, same as the previous month. The total capital issued was NT$ 5434.29 billion, an increase of NT$21.39 billion over the preceding month, and the market capitalization was NT$15,916.50 billion, an increase of NT$215.95 billion over the preceding month. As of the end of March, 512 companies were listed on the GreTai Securities Market, an increase of four against the previous month. The total capital issued was NT$ 655.82 billion, an increase of NT$5.27 billion against the preceding month, and the market capitalization was NT$ 1414.85 billion, an increase of NT$92.06 billion against the previous month. In March, the trading value of shares on the Taiwan Stock Exchange was NT$2083.43 billion, an increase of NT$ 492.2 billion over the previous month, while the trading volume was NT$51.79 billion, an increase of NT$ 5.83 billion shares compared with the previous month. As of the end of March, the accumulated net inward remittance of foreign investors was US$ 114.42 billion, an increase of US$0.12 billion over February. There are currently 143 securities firms, 23 futures commission merchants, 45 securities investment trust enterprises and 208 securities investment consulting enterprises.
III.
Q&A Under the 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 offshore foreign investors The scope of investment in Taiwan securities markets open to offshore 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 NTD interest-rate derivatives on over-the-counter. 2. Investments in NT dollar time deposits shall be limited to 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 offshore foreign investors
1. The voting rights of a foreign institutional investor outside of Taiwan ("offshore foreign institutional investor") holding shares in a public company in Taiwan may be exercised as follows: (1) Exercise electronically or by means of a written form in accordance with Article 177-1 of the Company Act; (2) Exercise through appointment of a company conforming to Article 3, paragraph 2 of the Regulations Governing Handling of Stock Affairs by Public Companies; (3) Exercise through appointment of a domestic agent or representative to exercise voting rights at the shareholder meeting; (4) Exercise through an appointment by the domestic agent or representative, as authorized by the offshore foreign institutional investor, of a party other than the domestic agent or representative to exercise voting rights at the shareholder meeting; 2. An offshore foreign institutional investor that appoints a company as indicated in point 2 of the preceding paragraph or a person as indicated in points 3 and 4 therein to exercise voting rights at a shareholder meeting shall in each case clearly indicate in the letter of appointment its instructions regarding the exercise of voting rights on each proposal. 3. An offshore foreign institutional investor may not give a proxy form issued by the public company to a proxy solicitor or proxy agent.
5. Restrictions on investment of money market instruments for offshore foreign investors The government's opening of Taiwan’s securities market to offshore 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. Following amendment of Article 60 of the Securities and Exchange Act, the FSC on 22 February 2006 allowed securities firms to participate as lenders in the TSEC / GreTai securities and bond lending centers.
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, relaxing off-exchange trading systems, as well as completely opening foreign investors to engage in futures transactions for hedging and non-hedging purposes and allowing to trade through individual accounts or omnibus accounts.
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行政院金管會證期局第二十三期新聞信 壹、 重要公告 一、 開放證券金融事業辦理有價證券交割款項融資業務 為使證券金融事業（securities finance enterprises）之資金運用更有效率，並提高證券市場流動性，開放證券金融事業得辦理有價證券交割款項（settlement money）融資業務。
二、 發布證券交易法關於公司治理之授權子法及函令 本會於95年3月28日分別發布「公開發行公司應設置獨立董事適用範圍」函令，並訂定「公開發行公司獨立董事設置及應遵循事項辦法」、「公開發行公司審計委員會行使職權辦法」及「公開發行公司董事會議事辦法」等3法規。
三、 證券商、證券交易所應出具無虛偽隱匿聲明書之規範 依據證券交易法第14條第3項規定，各公開發行公司、證券商及臺灣證券交易所股份有限公司應自編製94年度財務報告起，發行人、證券商及證券交易所出具之財務報告，應由董事長、總經理（或與其職責相當之人）及會計主管於財務報告之資產負債表、損益表、股東權益變動表及現金流量表逐頁簽名或蓋章並出具聲明書，併同財務報告公告、申報，並上傳公開資訊觀測站。
四、 准予證券商與金融機構進行新臺幣信用違約交換交易 本會於95年3月21日開放證券商依金融資產證券化條例擔任創始機構，因信用增強目的而持有受益證券或資產基礎證券，基於避險需要得與經核准辦理新臺幣信用違約交換（Credit Default Swap）業務之金融機構進行新臺幣信用違約交換交易。
五、 開放外資從事非避險性期貨交易 為開放外資從事非避險期貨交易，修正「華僑及外國人投資證券管理辦法」部分條文；訂定「華僑及外國人從事國內期貨交易應行注意事項」，另於95年3月發布函令廢止「華僑及外國人從事期貨交易處理要點」、修正外資投資於公債、定期存款、貨幣市場工具及從事新臺幣利率衍生性商品之額度不得超過匯入資金30％及規範外資從事期貨交易新舊制轉換過渡期間，原持有避險性期貨部位及新臺幣保證金之處理方式重點如下：
（一）
原有部位之處理
（二）
原有新臺幣保證金及沖銷部位之處理
（三）
新增交易時之緩衝處理
貳、 重要指標 截至2006年3月底止（數字資料將於4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、境外外資之投資範圍 (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）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）： 1. 投資於公債、定期存款、貨幣市場工具、從事店頭新臺幣利率衍生性金融商品交易。 2. 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。 3. 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、境外外資如何行使股東權利(Exercising shareholder's rights for foreign investors) 答： （一） 境外外國機構投資人持有公開發行公司之股份者，其表決權之行使方式如下： 1. 依公司法第177條之1規定以書面或電子方式行使； 2. 指派符合「公開發行股票公司股務處理準則」第3條第2 項規定條件之公司行使之； 3. 指派國內代理人或代表人出席行使之； 4. 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行使之。 （二） 境外外國機構投資人指派符合前項2之公司或3、4之人員出席股東會，均應於指派書上就各項議案行使表決權之指示予以明確載明。 （三） 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（詳見第二題）。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，本會於95年2月22日開放證券商得參與證交所及櫃買中心之股票、公債借券中心擔任出借人。
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、開放場外交易新制、開放外資從事非避險性期貨交易及開立綜合帳戶等，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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