July 15, 2006

I. News and Events 　　(Chinese)

1. Improvement of securities underwriting system by adoption of reforms to enhance reasonable pricing

To resolve the problems in underwriting practices and enhance the overall soundness of the underwriting system, the Financial Supervisory Commission (FSC) introduced a package of reforms, including measures that make pricing more reasonable, measures studied the Hong Kong IPO system that provide a flexible range of public subscription ratios from 10 percent to 30 percent, depending on oversubscription levels, and shorten the underwriting time frame for listing on the fifth business day after the pricing date to enhance fairness and reasonableness in allocations.

2. Issuance of the Regulations Governing Securities Firms in Handling Securities Business Money Lending

In order to expand the business scope of securities firms, to satisfy the variant trading demands from all types of investors, and to enhance securities firms' competitiveness, the FSC issued the Regulations Governing Securities Firms in Handling Securities Business Money Lending on 12 June 2006, allowing securities firms to carry out money lending in connection with securities business.

3. Approval of Cash borrowed from securities firms by offshore overseas Chinese and foreign nationals for settlement of listed or OTC securities

For settlement needs of purchasing exchange-listed or OTC-listed securities, offshore overseas Chinese and foreign nationals may finance their purchases with a loan from a securities firm, and will not be subject to Article 21, paragraph 1, subparagraph 3 of the Regulations Governing Investment in Securities by Overseas Chinese and Foreign Nationals, which otherwise prohibits such parties from providing loan collateral. In addition, an offshore overseas Chinese or foreign national borrowing funds to engage in the aforementioned transactions shall comply with the Regulations Governing Securities Firms in Handling Securities Business Money Lending and other applicable provisions, while the investor's custodian institution shall record the information as required in Article 22 of the Regulations Governing Investment in Securities by Overseas Chinese and Foreign Nationals, and shall report the information within ten days after the end of each month to the FSC as well as the Foreign Exchange Department of the Central Bank.

4. Adoption of the Regulations Governing Securities and Futures Holding Enterprises and the Regulations Governing Over-the-Counter Trading Enterprises

On 27 June 2006, the FSC issued the Regulations Governing Securities and Futures Holding Enterprises and the Regulations Governing Over-the-Counter Trading Enterprises. The two regulations were adopted respectively pursuant to Article 18 of the Securities and Exchange Act and Article 82 of the Futures Trading Act. The Taiwan Stock Exchange and other securities- and futures-related organizations will establish a holding company by undertaking a share exchange pursuant to those regulations, which will also serve as the basis of management by the competent authority.?

5. Amendment to selected provisions of the Rules Governing Stock Exchange, Rules Governing Centralized Securities Depository Enterprises, Rules Governing Management of the Futures Exchange, and Rules Governing Futures Clearing Houses

The FSC has amended selected provisions of the Rules Governing Stock Exchange, Rules Governing Centralized Securities Depository Enterprises, Rules Governing Management of the Futures Exchange, and Rules Governing Futures Clearing Houses, regarding those regulations that required a minimum allocation of special reserves at each of the above enterprises. In order to avoid the overallocation of earnings that might result in idle fund, the FSC therefore deleted the requirements of minimum ratios for special reserves, while also providing that special reserves may be used for FSC-approved purposes.

6. Issuance of the Regulations Governing the Qualification Requirements and Professional Development for Principal Accounting Officers of Issuers, Securities Firms and Stock Exchanges and the Regulations Governing the Approval of Professional Development Institutions for Principal Accounting Officers of Issuers, Securities Firms and Stock Exchanges

In order to raise standards of professional and enhance the quality of information, the competent authority was authorized by Article 14, paragraph 4 of the Securities and Exchange Act, promulgated on 11 January 2006, to adopt new measures related to the qualifications of principal accounting officers and their professional development. The FSC thus on 8 June 2006 issued the Regulations Governing the Qualification Requirements and Professional Development for Principal Accounting Officers of Issuers, Securities Firms and Stock Exchanges and the Regulations Governing the Approval of Professional Development Institutions for Principal Accounting Officers of Issuers, Securities Firms and Stock Exchanges.?

Principal features of the Regulations Governing the Qualification Requirements and Professional Development for Principal Accounting Officers of Issuers, Securities Firms and Stock Exchanges include the prescription of both positive and negative qualifications for principal accounting officers, and provisions allowing currently active principal accounting officers who do not meet the new requirements to undergo substitute training to meet the qualification requirements. These regulations also provide reporting and administrative mechanisms for changes in principal accountants and the status of their professional development.

The Regulations Governing the Approval of Professional Development Institutions for Principal Accounting Officers of Issuers, Securities Firms and Stock Exchanges is primarily concerned with regulating the qualification requirements for development institutions and the lecturers who teach there, and the methods of reporting information regarding courses offered to principal accounting officers and course hour requirements. By means of enhancing the continuing professional development of principal accounting officers, the abovementioned subordinate regulations would be helpful in raising their professionalism and thereby enhance the quality of information released in financial reports.

7. Attending the 31st Annual Conference of The International Organization of Securities Commissions (IOSCO)

Acting FSC Chairman Lu Daung-Yen headed an FSC delegation attending the 31st Annual Conference of the International Organization of Securities Commissions on June 5-8, 2006 in Hong Kong. The delegation included Wu Tang-Chieh, Director General of the FSC Securities and Futures Bureau, as well as attendants from other securities-related organizations. The delegation made several concrete achievements, including the following:

1. Conducting an Exchange of Letters with the Netherlands Authority for the Financial Markets, and signing a Memorandum of Understanding with the Capital Markets Board of Turkey. As a result, the number of cooperation agreements that Taiwan has signed with overseas securities and futures supervisory authorities has now increased from 19 to 21.
2. At a gathering of the IOSCO Asia-Pacific Regional Committee, the delegation noted that Taiwan frequently holds securities-related conferences and annually invites noted experts and scholars to Taiwan to take part in the Taipei Corporate Governance Forum in an active effort to promote corporate governance and enhance the skills of securities industry personnel.
3. The delegation invited securities authorities from other countries to come to Taiwan to participate in the seminar of International Accounting Standards on 4 October this year (2006).

8. Information on the prosecution of major securities law violations and related judgments is provided with English and Chinese versions at the website of the Securities and Futures Bureau of the Financial Supervisory Commission, Executive Yuan: http://www.sfb.gov.tw/intro_index.asp .

II.Market Wrap-up

As of the end of June, 689 companies were listed on the Taiwan Stock Exchange, a decrease of 2 against the previous month. The total capital issued was NT$ 5,408.41 billion, a increase of NT$2.09 billion over the preceding month, and the market capitalization was NT$ 16389.16 billion, a decrease of NT$352.71 billion over the preceding month
As of the end of June, 523 companies were listed on the GreTai Securities Market, an increase of 4 against the previous month. The total capital issued was NT$ 681.66 billion, an increase of NT$8.09 billion against the preceding month, and the market capitalization was NT$ 1,418.01 billion, a decrease of NT$109.42 billion against the previous month. ?
In June, the trading value of shares on the Taiwan Stock Exchange was NT$ 2,007.32 billion, an decrease of NT$788.69 billion over the previous month, while the trading volume was 56.31 billion shares, an decrease of 32.68 billion shares compared with the previous month.
As of the end of June, the accumulated net inward remittance of foreign investors was US$ 119.73 billion, a decrease of US$17.74 billion over May. There are currently 142 securities firms, 22 futures commission merchants, 45 securities investment trust enterprises and 192 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:

1. Stocks, bond conversion entitlement certificates, and Taiwan Depositary Receipts issue privately placed by listed, over-the-counter (“OTC”), or emerging-stock companies.
2. Securities investment trust fund beneficiary certificates placed publicly or privately.
3. Government bonds, financial bonds, ordinary corporate bonds, convertible corporate bonds, and corporate bonds with warrants.
4. Beneficial securities placed publicly or privately by trustee institutions, or asset-backed securities placed publicly or privately by special-purpose companies.
5. Call warrants and Put warrants.
6. 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):

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. 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.
3. 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.
4. The FSC allowed Overseas Chinese and Foreign Nationals borrowing funds from securities firms for settlement engaging in trading securities.
   　
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 postal industry, telecommunications, and shipment) 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.

Note: If you expect to receive this newsletter, or have your name deleted from the sending list, or have your email information changed, please send to newsletter@sfb.gov.tw.If you hope to know more about the Taiwan's securities and futures markets, please surf the websites of Securities and Futures Bureau, Taiwan Stock Exchange, Taiwan Futures Exchange, GreTai Securities Market, Taiwan Securities Central Depository.

Disclaimer: The SFB did its utmost to ensure that the information in newsletter is complete and true. All materials on this newsletter are for general information only. They are not legal or other professional advice and shall not be relied on as such. The SFB and its employees do not warrant the accuracy and completeness of the materials and disclaim all liabilities for eventual loss or damage. Links to external websites are provided purely for convenience. The SFB has no control over the websites and does not assume any responsibility for their contents. Inclusion in this website of any document from a third party or the provision of links does not constitute endorsement of the contents.

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行政院金管會證期局第二十六期新聞信

壹、 重要公告

一、  承銷制度採提高定價合理性等改革措施以臻完善

為解決承銷新制之實務問題，已提出包括提高定價合理性、參酌香港制度IPO案件依申購倍數彈性調整公開申購比例由10％至30％、縮短承銷時程，並於定價日後第5個營業日掛牌及提昇配售公平合理性等改革措施，俾使承銷制度更趨完善。

二、  發布證券商辦理證券業務借貸款項管理辦法

為擴大證券商業務範圍，滿足各類投資人多樣化之交易需求，並提升證券商競爭力，於95年6月12日發布證券商辦理證券業務借貸款項管理辦法，開放證券商辦理證券業務借貸款項。

三、  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

境外華僑及外國人得因購買上市或上櫃有價證券交割之需，向證券商辦理資金融通，不受「華僑及外國人投資證券管理辦法」第21條第1項第3款不得提供擔保之限制。另境外華僑及外國人從事前開證券交易資金融通，應依「證券商辦理證券業務借貸款項管理辦法」等相關規定辦理，其保管機構應依「華僑及外國人投資證券管理辦法」第22條規定詳予登載，並於每月終了10日內向本會及中央銀行外匯局申報。

四、  訂定「證券期貨控股事業管理規則」及「櫃檯買賣事業管理規則」

本會於95年6月27日發布「證券期貨控股事業管理規則」及「櫃檯買賣事業管理規則」。上開二管理規則係依證券交易法第18條及期貨交易法第82條之規定訂定，將由證交所等證券期貨週邊單位據以股份轉換成立控股公司，並作為主管機關管理之依據。

五、  修正「證券交易所管理規則」、「證券集中保管事業管理規則」、「期貨交易所管理規則」及「期貨結算機構管理規則」部分條文

本會修正「證券交易所管理規則」、「證券集中保管事業管理規則」、「期貨交易所管理規則」及「期貨結算機構管理規則」部分條文，主要考量原條文對上開事業特別盈餘公積提撥金額訂有下限規定，為避免該等事業因提撥過多資金，造成資金運用無效率，爰刪除該等事業特別盈餘公積提撥比率下限規定，並明定特別盈餘公積得用於經本會核准之用途。

六、  發布「發行人證券商證券交易所會計主管資格條件及專業進修辦法」及「發行人證券商證券交易所會計主管進修機構審核辦法」

為提升會計主管素質，強化資訊品質，本年1月11日公布之證券交易法第14條第4項，授權主管機關訂定會計主管資格條件及專業進修等相關事項。本會爰於95年6月8日研定發布「發行人證券商證券交易所會計主管資格條件及專業進修辦法」(Regulations Governing the Qualification Requirements and Professional Development for Principal Accounting Officers of Issuers, Securities Firms and Stock Exchanges)及「發行人證券商證券交易所會計主管進修機構審核辦法」(Regulations Governing the Approval of Professional Development Institutions for Principal Accounting Officers of Issuers, Securities Firms and Stock Exchanges)。

　　「發行人證券商證券交易所會計主管資格條件及專業進修辦法」主要內容包括明訂會計主管之積極與消極資格，另為避免影響現任會計主管之工作權益，特別允許現任會計主管不符資格條件時，仍可參加替代訓練以符合資格。此外，該辦法尚包括建置會計主管異動及進修情形之申報及管理機制等。至「發行人證券商證券交易所會計主管進修機構審核辦法」主係就進修機構及授課講師之資格條件、參訓會計主管進修課程及時數等相關資訊申報方式等予以規範。上開子法發布後，透過加強會計主管之持續進修，應有助於提升會計主管之專業素質，進而提升財務報告資訊品質。

七、  出席國際證券管理機構組織（IOSCO）第31屆年會

金管會呂代理主任委員東英於95年6月5日至8日率證券期貨局吳局長當傑及相關周邊單位出席國際證券管理機構組織假香港舉行之第31屆年會，並達成多項具體成果：

1.     與荷蘭金融市場管理局簽訂資訊共享及合作換文協定，並與土耳其資本市場委員會簽訂資訊交換暨合作備忘錄，使我國與國外證券暨期貨監理機關簽署之合作協定由原19件增加至21件。

2.     於亞太區域委員會中表達我國經常舉辦證券相關議題研討會，且每年聘請國內外知名專家學者來台參加台北公司治理論壇，以積極推動公司治理並強化證券從業人員之能力。

3.     邀請各國證券主管機關於本(2006)年10月4日來台參加國際會計準則研討會。

八、  重大證券犯罪起訴及判決情形中英文資訊請參考證券期貨局網站http://www.sfb.gov.tw/intro_index.asp。

貳、 重要指標

截至2006年6月底止
上市公司計有689家，較上月減少2家；資本額新台幣5,408.41十億元，較上月增加新台幣2.09十億元；上市市值新台16389.16十億元，較上月減少新台幣352.71十億元。

上櫃公司計有523家，較上月增加4家，資本額新台幣681.66十億元，較上月增加新台幣8.09十億元；上櫃市值新台幣1,418.01十億元，較上月減少新台幣109.42十億元。

集中市場股票總成交值新台幣2007.32十億元，較上月減少新台幣788.69十億元；成交量56.31十億股，較上月減少32.68十億股。外資總累積匯入淨額119.73十億美元，較上月減少17.74十億美元。

證券商計142 家，期貨商計22家，投資信託公司計45家，投資顧問公司計192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）公募或私募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：

（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）本會已開放外資投資人得因應交割需求向證券商辦理借貸款項。

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。