I. News and Events
(Chinese)
- Amendment to the Guidelines for Filing
Reports on Acquisition of Shares in Accordance With the Securities
and Exchange Ac
The Guidelines for Filing Reports on Acquisition of Shares in Accordance
with the Securities and Exchange Act were amended and promulgated
on May 19, 2006.? To comply with the interpretation No. 586 promulgated
by Grand Justices Council of Judicial Yuan, the relevant rules have
been revised aiming to strengthen disclosure of purchaser’s relevant
information and ?material information on substantial changes of
ownership structure, and protect investors’ interests, as well as
boost effective governance of the acquisition of large shareholdings
of public companies.
- Promulgated the Regulations Governing the Scope of Material
Information and Means of Its Disclosure
According to Paragraph 4 of Article 157-1 of the Securities and
Exchange Act, regulations governing the scope of material information
and means of its disclosure and related matters shall be prescribed
by the Competent Authority.? In accordance with the principles of
“legality prescribed punishment for a specified crime” and “clarity
for delinquency components”, the regulations were promulgated on
May 30, 2006 in order to cope with market trend and meet the requirement
of market governance.
- To strengthen internal controls and internal auditing systems
in securities and futures service enterprises
The FSC promulgated on May 30, 2006 the amendment of “Regulations
Governing the Establishment of Internal Control Systems by Service
Enterprises in Securities and Futures Markets”.? In addition to
strengthen internal control systems and promote the performance
and independence of internal auditing, the FSC has added law compliance
system and corporate governance related rules in order to strengthen
internal controls and internal auditing systems in securities and
futures service enterprises.
- Narrowed the disposition scope of the past 2 year-record
of sub-distributors for offshore funds
The FSC promulgated the amendment of Article 19 of the Regulations
Governing Offshore Funds which require sub-distributors of offshore
funds have not within the past 2 years been subject to a disposition.?
To relax the governance over the sub-distributors of offshore funds,
FSC narrowed the said disposition scope. ?If the disposition event
is not related to the offshore funds business, or has been improved
and approved by the competent authority, the sub-distributor do
not have to meet the said requirements.?
- Overseas Chinese and foreign nationals allowed to invest
in private securities investment trust fund placed by securities investment
trust enterprises
To encourage foreigners investing our securities market, on May
16, 2006, the FSC promulgated decree allowed overseas Chinese and
foreign nationals to invest in private securities investment trust
fund placed by securities investment trust enterprises.
- Allowing securities brokers to accept trading consignments
via Direct Market Access
Securities brokers are allowed to accept investors’ trading consignments
for securities by way of Direct Market Access, effective from June
1, 2006.
- The securities firms allowed to lodge split bonds and financial
bonds as an operation bond
On May 25, 2006, the FSC promulgated the decree that the securities
firms are allowed to lodge split bonds and financial bonds as an
operation bond under Article 9 of the Regulations Governing Securities
Firms.? The amount of aforementioned operation bond shall be calculated
as 85% of par value of the split bonds at maturity.
- Foreign investors will be allowed to invest funds denominated
in foreign currency issued by SITEs
The FSC is considering to allow foreign investors to invest funds
denominated in foreign currency issued by the securities investment
trust enterprises of the ROC.? Custodian banks shall report their
portfolio to the FSC through the TSEC computer system monthly on
behalf of foreign investors, as the current procedures for trading
securities on stock exchange by foreign investors.? Upon TSEC completed
the product filing system, the FSC will promulgate the decree allowing
foreign investors to invest the said product.
II. Market
Wrap-up
As of the end of May, 691
companies were listed on the Taiwan Stock Exchange, a decrease of
two
against the previous month. The total capital issued was NT$ 5,406.32
billion, a decrease of NT$33.46
billion over the preceding month, and the market capitalization was
NT$ 16,741.87
billion, a decrease of NT$741.05
billion over the preceding month
As of the end of May, 519
companies were listed on the GreTai Securities Market, an increase
of 6
against the previous month. The total capital issued was NT$ 673.57
billion, an increase of NT$16.37
billion against the preceding month, and the market capitalization
was NT$ 1,527.43
billion, a decrease of NT$2.63
billion against the previous month. ?
In May, the trading value of shares on the Taiwan Stock Exchange was
NT$ 2,796.01
billion, an increase of NT$441.75
billion over the previous month, while the trading volume was NT$88.99
billion, an increase of NT$ 18.92
billion shares compared with the previous month.
As of the end of May, the accumulated net inward remittance of foreign
investors was US$ 121.50
billion, a decrease of US$0.05
billion over April. There are currently 142
securities firms, 23
futures commission merchants, 45
securities investment trust enterprises and 197
securities investment consulting enterprises.
III. Measures related to futures trading, please refer to the
website of Taiwan Future Exchange (http://www.taifex.com.tw/chinese/home.htm)
IV. 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 offshore foreign investors
The scope of investment in Taiwan securities markets open to offshore
foreign investors is as follows:
- Stocks, bond conversion entitlement certificates, and Taiwan Depositary
Receipts issue privately placed by listed, over-the-counter (“OTC”),
or emerging-stock companies.
- Securities investment trust fund beneficiary certificates.
- Government bonds, financial bonds, ordinary corporate bonds, convertible
corporate bonds, and corporate bonds with warrants.
- Beneficial securities placed publicly or privately by trustee
institutions, or asset-backed securities placed publicly or privately
by special-purpose companies.
- Call warrants and Put warrants.
- Other securities approved by the competent authority for the securities
industry, such as underwritten call/put warrants in IPO prior to
initial listing, real estate investment trust beneficial securities
and real estate asset trust beneficial securities placed publicly
or privately, listed/GTSM beneficiary certificates, open-ended beneficiary
certificates, underwritten stocks in IPOs prior to initial GTSM
listing and underwritten GTSM stocks in rights offerings, beneficiary
certificates prior to initial listing, NT dollar bonds issued in
Taiwan by international financial organizations, and preferred shares
issued by listed/GTSM companies and private securities trust funds
placed by SITEs.
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):
- Investment in government bonds, time deposits, and money market
instruments;?? trading of NTD interest-rate derivatives on over-the-counter.
- 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.
- 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.
- 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.
- 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).
- 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
- 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;
- 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.
- 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
- 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.
- Some Taiwan 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 to postpone settlement until 6 p.m. of the third
business day after the date of the trade under certain circumstances,
such as a discrepancy between holidays in different time zones,
interruptions in telecommunications or natural disaster.? The deadline
for securities firms to report default by foreign investors shall
be expended to the third business day after the date of the trade.
- 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.
- On 20 May 2006, the FSC promulgated the decree allowed Overseas
Chinese and Foreign Nationals borrowing funds from securities firms
for settlement engaging in trading securities listed on TSE and
Gre-Tai market.
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
- 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.
- 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.
- 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 public
utility, telecommunications, and transportation) 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
- 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.
- 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
- 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.
- 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二十五期新聞信
壹、 重要公告
- 修正證券交易法取得股份申報事項要點
為符合司法院大法官會議第586號解釋之意旨，並強化取得人相關資訊之公開，以使投資人更充分瞭解公司股權重大異動資訊，進而提高資訊揭露之效益及保障投資人權益，俾促進對大量取得公開發行公司股權之管理效能，爰於95年5月19日修正發布本要點。
- 訂定證券交易法重大消息範圍及公開方式管理辦法
依證券交易法第157條之1第4項修正條文規定，授權主管機關訂定重大消息之範圍及其公開方式等相關事項。有鑑於「罪刑法定原則」及「構成要件明確性原則」，並因應未來市場之變化及符合市場管理之需要，爰訂定本辦法，並於95年5月30日發布。
- 健全證券暨期貨市場各服務事業內部控制及內部稽核制度
本會於95年5月30日修正發布「證券暨期貨市場各服務事業建立內部控制制度處理準則」，除強化內部控制制度及提昇內部稽核執行效果及獨立性外，並增列法令遵循制度及落實公司治理規定，以健全證券暨期貨市場各服務事業內部控制制度及內部稽核制度。
- 限縮境外基金之銷售機構2年未受一定處分之範圍
本會95年5月16日修正發布境外基金管理辦法第19條規定，原規定擔任境外基金銷售機構必須最近2年內未曾受一定處分，考量對境外基金銷售機構則可採較低度管理，爰限縮上述受處分之範圍，如其受處分之事由與辦理基金業務無關，或受處分金融機構之違規事由已確實改善並經主管機關認可，則不受上述資格條件之規範。
- 開放境外華僑及外國人投資證券投資信託事業私募之證券投資信託基金
為擴大外資投資我國證券市場，本會於5月16日發布令開放境外華僑及外國人投資證券投資信託事業私募之證券投資信託基金。
- 開放證券經紀商接受投資人採行電子式專屬線路下單
開放證券經紀商接受投資人採行電子式專屬線路下單 (Direct Market Access)，自95年6月1日起實施。
- 規範證券商以分割公債或金融債券充當營業保證金
本會95年5月25日發布令，規範證券商以分割之公債或金融債券充當證券商管理規則第九條規定之營業保證金，應以該分割債券到期面額之百分之八十五作為計價標準。
- 研擬開放外資投資我國投信業者發行之外幣計價基金
本會研議開放外資投資我國投信業者發行之外幣計價基金，並比照現行外資投資我國有價證券方式由保管銀行每月代為申報，俟證交所完成電腦開發作業後，本會將發布令開放外資投資該項商品。
貳、 重要指標
截至2006年5月底止（數字資料將於6月15日計算完成後再行加入）
上市公司計有691家，較上月增（減）2家；資本額新台幣5,406.32十億元，上市市值新台幣16,741.87十億元，較上月分別增（減）新台幣33.46十億元，新台幣741.05十億元。
上櫃公司計有519
家，較上月增加6家，資本額新台幣673.57十億元，上櫃市值新台幣1,527.43十億元，較上月分別增（減）新台幣16.37十億元，新台幣2.63十億元。
集中市場股票總成交值新台幣2,796.01十億元，較上月增（減）新台幣441.75十億元；成交量88.99十億股，較上月增（減）18.92十億股。外資總累積匯入淨額121.50十億美元，較上月增（減）0.05十億美元。
證券商計142
家，期貨商計23家，投資信託公司計45家，投資顧問公司計197家。
參、 交易人從事期貨交易相關措施請參考臺灣期貨交易所網站-http://www.taifex.com.tw/chinese/home.htm。
肆、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、上櫃公司及興櫃股票公司發行或私募之股票、債券換股權利證書及台灣存託憑證。
（二）證券投資信託基金受益憑證。
（三）政府債券、金融債券、普通公司債、轉換公司債及附認股權公司債。
（四）受託機構公開招募或私募受益證券、特殊目的公司公開招募或私募資產基礎證券。
（五）認購(售)權證。
（六）其他經證券主管機關核定之有價證券，如初次上市前承銷之認購（售）權證、公開招募或私募之不動產投資信託及資產信託受益證券、上市或上櫃之受益憑證、開放型受益憑證、初次上櫃前承銷、現金增資承銷股票、初次上市前受益憑證、國際金融組織來台發行之新台幣債券、上市或上櫃公司發行之特別股、以及投信公司發行之私募基金等。
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、外資如何行使股東權利(Exercising shareholder's rights for foreign investors)
答：
- 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：
- 依公司法第177條之1規定以書面或電子方式行使；
- 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；
- 指派國內代理人或代表人出席行使之；
- 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。
- 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。
- 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） 我國證券市場部分券商時有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2005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如假日交錯、電信中斷、天然災害，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。
（三） 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已結案未滿3年不得開戶買賣之規定。
（四） 95年6月20 公告令，核定境外華僑及外國人投資上市或上櫃有價證券得因交割之需從事資金融通。
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（例如公用事業、電信、國際運輸）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2005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2005年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2004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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