Newsletter No: 028

September 15, 2006

I. News and Events 　　(Chinese)

1. Foreign investors are allowed to be financed for settlement needs from securities finance enterprises

On September 13, 2006, the FSC allowed offshore overseas Chinese or foreign nationals to finance from a securities finance enterprise for the settlement of exchange-listed or GTSM-listed securities, exempted from the restrictions of Article 21, subparagraph 3 of the Regulations Governing Investment in Securities by Overseas Chinese and Foreign Nationals which otherwise prohibit such parties from providing collateral.

1. Allow margin purchase and short sale of Taiwan Depository Receipts (TDRs)

The FSC amended the Standards Governing Margin Purchase and Short Sale of Securities in order to allow margin purchase and short sale of TDRs and bond index ETFs. To enhance the international competitiveness of Taiwan's capital markets and increase foreign issuers' willingness to list in Taiwan, the FSC referred to American market and allowed TDRs to be the objectives for margin purchase and short sale. In addition, in response to GTSM trading of bond index ETFs, the FSC also allowed margin purchase and short sale of those products in order to stimulate their trading.

1. Futures commission merchants implement measures for "identifying the source of incoming monies"

On September 1, 2006, futures commission merchants implemented measures for "identifying the source of incoming monies" to guarantee the security of futures traders' capital. The measures were put forward by the Chinese National Futures Association, and after consulting with futures commission merchants, financial institutions, and the TAIFEX following active coordination and promotion, the measures were implemented on September 1, 2006. Key points of the measures include the following:

1. Incoming account transfer monies: A trader must appoint account numbers for incoming monies with the futures commission merchant in advance (three account numbers at most for any single currency). If the account number for incoming monies fails to match any number provided by the trader, the futures commission merchant will return the transferred funds.
2. Incoming remittances: The trader must fill out his (or her) name on the remittance form to allow the futures commission merchant to verify it against the name of the account holder. If the name does not match, the futures commission merchant will return the remittance.

These measures are expected to effectively prevent dishonest persons from using fake virtual accounts to swindle traders out of their funds, and to prevent traders from mistakenly depositing margins in others futures trading accounts, and as a result, having those deposits skimmed off by other parties; for aforesaid reasons the measures are expected to guarantee the security of futures traders' capital.

1. First offering and issuance of international bonds underway
1. In order to attract foreign enterprises to Taiwan to carry out fund raising, the FSC has undergone deliberations on liberalizing related regulations in line with international practice, and has amended and issued the Regulations Governing the Offering and Issuance of Securities by Foreign Securities Issuers and related orders (http://www.fsc.gov.tw/text/news_detail.aspx?icuitem=1880551 ). It has also reviewed the GreTai Securities Market's Rules Governing Management of foreign currency-denominated International Bonds and approved their rules and regulations (http://www.selaw.com.tw/Scripts/NewsDetail.asp?no=G0101612 ).
2. There is already one successful issuer of foreign currency-denominated bonds, Deutsche Bank A.G., with an issuance between US$200-500 million; offering is scheduled to be completed and GTSM trading by early November of 2006.

1. 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 September, 687 companies were listed on the Taiwan Stock Exchange, no difference against the previous month. The total capital issued was NT$ 5,543.11 billion, no difference over the preceding month, and the market capitalization was NT$16,863.26 billion, an increase of NT$664.90 billion over the preceding month.
As of the end of September, 531 companies were listed on the GreTai Securities Market, an increase of 2 against the previous month. The total capital issued was NT$ 722.65 billion, a decrease of NT$3.48 billion against the preceding month, and the market capitalization was NT$1587.15 billion, an increase of NT$51.06 billion against the previous month. ?
In September, the trading value of shares on the Taiwan Stock Exchange was NT$1,589.36 billion, a decrease of NT$142.62 billion over the previous month, while the trading volume was 44.25 billion shares, a decrease of 3.50 billion shares compared with the previous month.
As of the end of September, the accumulated net inward remittance of foreign investors was US$ 121.87 billion, an increase of US$ 1.73 billion over August. There are currently 139 securities firms, 22 futures commission merchants, 45 securities investment trust enterprises and 180 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 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.

1. 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, foreign-currency-denominated fund issued by SITEs, 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.
4. 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.
5. Exercising shareholder's rights for offshore foreign investors
6. 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:
7. Exercise electronically or by means of a written form in accordance with Article 177-1 of the Company Act;
8. Exercise through appointment of a company conforming to Article 3, paragraph 2 of the Regulations Governing Handling of Stock Affairs by Public Companies;
9. Exercise through appointment of a domestic agent or representative to exercise voting rights at the shareholder meeting;
10. 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;
11. 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.
12. An offshore foreign institutional investor may not give a proxy form issued by the public company to a proxy solicitor or proxy agent. ?
13. 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.

1. 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 for settlement engaging in trading listed and GTSM securities from securities firms and securities finance enterprises, on June 20 and September 13, 2006, respectively.
2. 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.

1. Locking period of stocks

The trading of stocks held by foreign investors is not subject to a "locking period".

1. 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.?
2. What are recently key adjustments to the Block Trading System?

In the past, block trading was traded after trading-hours with the closing price. To liven up the market and cater to investors’ needs, a new block trading system was launched on April 4, 2005, designed with reference to block trading systems employed overseas. The new system expands the applicable scope of block trading (the minimum order quantity is now 500,000 shares or NT$15 million per single stock buy or sell trade, or 5 stocks and NT$15 million per basket buy or sell trade), increases price flexibility, and allows block trading during trading hours. The securities firm pre-collects the securities and funds, reports them to the stock exchange by computer, and trades are then settled by same-day real-time gross settlement, raising the efficiency of trading.

1. 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.

1. 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.

1. 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.
2. 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.

• 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 overseas roadshows actively.
• 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, allowing to trade through individual accounts or omnibus accounts and allowing to borrow funds from securities firms and securities financing enterprises for settlement needs.

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.

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行政院金管會證期局第二十九期新聞信
壹、 重要公告

1. 開放外資得應交割之需，向證券金融事業辦理資金融通

本會於95年9月13日，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，向證券金融事業辦理資金融通，不受華僑及外國人投資證券管理辦法第21條第3款不得提供擔保之限制。

1. 開放TDR得為融資融券之標的

為提高臺灣資本市場之國際競爭力，增加外國發行人來台掛牌意願，參考美國發展經驗，開放TDR得為融資融券之標的及因應追蹤債券指數之指數股票型基金上櫃交易，為活絡該商品交易，配合開放該商品得為融資融券交易，修正「有價證券得為融資融券標準」。

1. 期貨商自95年9月1日起實施「辨識入金來源」措施

為保障期貨交易人之資金安全，期貨公會提出「辨識入金來源」措施，並經期貨商、金融機構、期交所多次協調與宣導，業於95年9月1日起實施。本措施之重點如下：

1. 轉帳入金：交易人須先與期貨商約定入金帳號（各幣別至多3個）。如交易人入金帳號與所約定不符者，期貨商將退回該筆資金。
2. 匯款入金：交易人須在匯款單填寫姓名，供期貨商核對是否與交易人開戶姓名相符。不符者，期貨商將退回該筆資金。

預期本措施可有效防止不法份子利用期貨商虛擬帳號機制詐騙交易人資金之情形，並可避免期貨交易人因期貨帳號填寫錯誤，而誤將保證金存入他人期貨帳戶，致遭他人盜領之情形，進而保證期貨交易人之資金安全。

1. 首檔國際債券開始募集發行
2. 為吸引國際企業來臺籌措資金，本會已參考國際慣例，檢討放寬外國企業來臺籌資相關規定，陸續修正發布「外國發行人募集與發行有價證券處理準則」及相關函令（http://www.fsc.gov.tw/text/news_detail.aspx?icuitem=1880551），並核備櫃買中心「外幣計價國際債券管理規則」等規章（http://www.selaw.com.tw/Scripts/NewsDetail.asp?no=G0101612）。
3. 目前已有德意志銀行成功在臺發行外幣之債券，金額約為2∼5億美元，並預計於95年11月初完成募集並上櫃交易。

1. 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9月底止
上市公司計有687家，較上月無增減；資本額新台幣5,543.11十億元，與上月金額無異；上市市值新台16,863.26十億元，較上月增加新台幣664.9十億元。

上櫃公司計有531家，較上月增加2家，資本額新台幣722.65十億元，較上月減少新台幣3.48十億元；上櫃市值新台幣1,587.15十億元，較上月增加新台幣51.06十億元。

集中市場股票總成交值新台幣1,589.36十億元，較上月減少新台幣142.62十億元；成交量44.25十億股，較上月減少3.5十億股。外資總累積匯入淨額121.87十億美元，較上月增加1.73十億美元。

證券商計139家，期貨商計22家，投資信託公司計45家，投資顧問公司計180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「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、證券投資信託事業發行之外幣計價基金、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：

1. 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。
1. 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。
2. 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） 本會分別於95年6月20日及9月13日開放境外華僑及外國人得因購買上市、櫃有價證券交割需求，向證券商及證券金融事業辦理資金融通。

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：

1. 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。
2. 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。
3. 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、我國鉅額交易制度之主要內容
答：我國鉅額交易制度原係於盤後進行，且以當天收盤價為交易價格，為活絡我國交易市場，滿足投資人之需求，爰參考國外之交易制度，於94年4月4日起實施鉅額交易新制，除增加鉅額買賣之適用標準(包括一次買或賣相同證券達500仟股或1500萬元以上，並新增股票組合之交易，其標準為同次買或賣5種以上股票且總金額達1500萬元以上)及放寬交易價格彈性化外，並得於盤中進行，且採逐筆撮合，由證券商先預收款券後，電腦申報至證交所，再逐筆競價成交，當日買賣當日交割，以提高交易效率。

十一、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。

十二、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。

十三、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：

1. 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。
2. 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。

十四、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。

十五、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，積極對外界進行宣導。