[ UP ]　[ HOME ]

Newsletter No: 033

March 1, 2007

newsletterheader.gif

I.                News and Events 　　(Chinese)

1.Article 19-3 of the Regulations Governing Securities Firms was amended to add credit derivatives to the types of derivative financial products operated by securities firms

While equity, interest-rate, and bond derivatives are included in the new financial products operated by securities firms, It is high time to develop the credit derivatives. In view of trends in international financial markets and product design by overseas investment banks, securities firms are allowed to engage in OTC trading of credit derivatives, which will further expand the business scope of securities firms as well as their capability for financial innovation and product design.

2.FSC amends the Directions for Use of Securities Investment Trust Funds for Trading of Securities-Related Products by Securities Investment Trust Enterprises

In order to bring regulations of domestic securities investment trust funds into conformity with regulations of offshore funds, the FSC on 22 January 2007 amended the Directions for Use of Securities Investment Trust Funds for Trading of Securities-Related Products by Securities Investment Trust Enterprises. Key amendments are as follows:

(1) The new provisions allow funds to act as traders to engage in interest rate swaps (IRSs) and single-stock futures, along with related regulations.

(2) In order to increase investment efficiency, netting of long and short positions of securities-related products is allowed.

3.Issue interpretive order regarding Article 14 of the Regulations Governing the Conduct of Discretionary Investment Business by Securities Investment Trust Enterprises and Securities Investment Consulting Enterprises

The interpretive order states that offshore funds which have not received FSC approval or effective registration are allowed to be invested by securities investment trust enterprises and securities investment consulting enterprises using discretionary assets in providing discretionary services.

4.Exchange- and OTC-listed companies urged to adopt more reasonable rates of compensation for directors and supervisors and to strengthen information disclosure

Amendments are being made to the "Regulations Governing Information to be Published in Annual Reports of Public Companies" and the "Regulations Governing Information to be Published in Public Offering and Issuance Prospectuses " in order to urge exchange- and OTC-listed companies to adopt reasonable compensation for directors and supervisors and to implement the joint views of the Conference on Sustaining Taiwan's Economic Development regarding continuing enhancement of information transparency. The amendments will strengthen information disclosure of compensation of directors, supervisors, general managers, and assistant general managers so as to enhance corporate governance.

5.Strengthen supervision of Mergers and Acquisition (M&A) activities and simplify procedures for acquisition and disposal of securities

(1) Article 24 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies has been amended to strengthen supervision over merger and acquisition activities. New provisions require exchange- or OTC-listed companies taking part in a merger or acquisition to carry out related information reporting.

(2) Article 10 of aforesaid Regulations has been amended in order to simplify procedures for the acquisition or disposal of securities. The amended Regulations expand the range of circumstances under which a company acquiring or disposing of securities is exempted from requirements to obtain target company financial statements and to obtain an opinion from certified public accountants.

6.Scope of discretionary orders for futures trading is broadened to include foreign currency margins trading

In order to expand the business scope of managed futures enterprises, the FSC on 30 January 2007 issued amendments to the 28 June 2004 order of the former Securities and Futures Commission of Ministry of Finance, Order No.VII-0930128984 of SFC, and approved draft amendments to the Chinese National Futures Association Operating Rules for the Discretionary Futures Trading Services of Managed Futures Enterprises. The new measures broaden the scope of discretionary orders for futures trading by managed futures enterprises to include foreign currency margins trading.

7.Information on the prosecution of major securities law violations and related judgments:

Information on the prosecution of major securities law violations and related judgments, provided bilingually in Chinese and English, can be found on 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 January, 687 companies were listed on the Taiwan Stock Exchange, a decrease of 1 against the previous month. The total capital issued was NT$ 5,499.43 billion, a decrease of NT$23.24 billion over the preceding month, and the market capitalization was NT$19,038.42 billion, a decrease of NT$338.55 billion over the preceding month.

As of the end of January, 532 companies were listed on the GreTai Securities Market, an increase of 1 against the previous month. The total capital issued was NT$ 734.62 billion, an increase of NT$8.42 billion against the preceding month, and the market capitalization was NT$1900.45 billion, an increase of NT$1 billion against the previous month. ?

In January, the trading value of shares on the Taiwan Stock Exchange was NT$2,662.66 billion, an increase of NT$326.73 billion over the previous month, while the trading volume was 76.83 billion shares, a decrease of 6.56 billion shares compared with the previous month.

As of the end of January, the accumulated net inward remittance of foreign investors was US$131.94 billion, an increase of US$1.59 billion over December. There are currently 135 securities firms, 22 futures commission merchants, 41 securities investment trust enterprises and 165 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.

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, 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, securities trust fund privately-placed by SITEs, private securities trust funds placed by SITEs and foreign currency-denominated securities trust fund privately-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. When a foreign investor intends to borrow from local financial institutions, the proceeds are limited for settlements of local securities transactions and are prohibited to apply for transfer.

     

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;

  1. 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.
  2. 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 to borrow funds for settlement engaging in trading listed and GTSM securities from securities firms, securities finance enterprises and financial institutions on June 2, September 13 and December 15, 2006, respectively.

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.The latest reforms on block trading system in Taiwan

In order to encourage large-volume traders to undertake block trades so as to reduce the impact on the pricing of ordinary trades, the FSC will implement two-stage adjustments of the current block trading system. The first stage, set for implementation on 29 January 2007, the current intraday trading timeframes will be extended to 20 minutes and the trade price flexibility will be widened from 2 percent to 3.5 percent. Besides, the other measures which including mechanism of matching block trade, T+2 settlements, and elimination of pre-funding system are subject to implement on 28 May 2007.

11. 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.

12.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.

13.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.

14.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.

    15.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 December 2004 to study and launch further market reforms in Taiwan, and held overseas roadshows actively.
      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, allowing to trade through individual accounts or omnibus accounts, allowing to borrow money from securities firms and securities financing enterprises and allowing to borrow money in NT dollar from banks. In addition, there will be adjustments to the block trading system and an adjustment or easing of the system for regulating securities firm reporting of out-trades. The aforesaid policies will facilitate the internationalization of our securities market.

       

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.

Copyright Notice: Copyright protected materials on this newsletter shall not be used for commercial purposes. The SFB permits accurate reproduction of the materials for non-commercial use. When third party copyright is involved, permission for reproduction must be obtained direct from the appropriate copyright owner.

 

行政院金管會證期局第三十三期新聞信

壹、 重要公告

一、  修正證券商管理規則第十九條之三，於證券商經營衍生性金融商品之項目中，增列信用衍生性商品

目前證券商新金融商品業務已涵蓋股權、利率及債券等衍生性商品，信用衍生性商品之發展則略顯不足，盱衡國際金融市場發展之潮流，審酌國外投資銀行商品設計之趨勢，為進一步擴大證券商業務經營範疇，爰開放證券商經營店頭信用衍生性商品業務，以持續提昇證券商金融創新及商品設計之能力。

二、  修正「證券投資信託事業運用證券投資信託基金從事證券相關商品交易應行注意事項」

為使國內投信基金從事衍生性金融商品交易規範調整與境外基金規範一致，本會已於96年1月22日修正「證券投資信託事業運用證券投資信託基金從事證券相關商品交易應行注意事項」，其主要修正要點如次：

（一）增列基金得以交易人身分從事利率交換(Interest Rate Swap,IRS)、個股期貨(Single-Stock Futures)及其相關規範。

（二）為增加投資效率，未沖銷多、空頭證券相關商品部位得相互沖抵(netting)。

三、  發布「證券投資信託事業證券投資顧問事業經營全權委託投資業務管理辦法」第14條之解釋令

未經本會核准或申報生效之境外基金，非屬證券投資信託事業或證券投資顧問事業經營全權委託投資業務運用委託投資資產不得投資之項目。

 

四、   督促上市櫃公司合理化訂定董事及監察人酬金並強化資訊揭露

為督促上市櫃公司合理化訂定董事及監察人酬金，及落實「台灣經濟永續發展會議」持續強化資訊透明化程度之共同意見，修正「公開發行公司年報應行記載事項準則」及「公司募集發行有價證券公開說明書應行記載事項」，以強化董事、監察人、總經理及副總經理酬金資訊揭露，並落實公司治理。

 

五、  強化併購行為之監督管理並簡化放寬取得或處分有價證券程序

（一）為強化併購行為之監督管理，修正發布「公開發行公司取得或處分資產處理準則」第24條條文，增訂參與併購上市上櫃公司，應辦理資訊申報作業。

（二）簡化放寬取得或處分有價證券程序，修正發布「公開發行公司取得或處分資產處理準則」第10條條文，放寬取得或處分有價證券豁免取具標的公司財務報表及洽請會計師表示意見之範圍。

 

六、  放寬期貨經理事業接受全權委託從事期貨交易之範圍擴至外幣保證金交易

為擴大期貨經理事業之業務範圍，本會於96年1月30日發布修正「前財政部證券暨期貨管理委員會93年6月28日台財證七字第0930128984號令」暨核備「中華民國期貨業商業同業公會期貨經理事業經營全權委託期貨交易業務操作辦法」修正草案，放寬期貨經理事業接受全權委託從事期貨交易之範圍擴至外幣保證金交易。

 

七、  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2007年1月底止
上市公司計有687家，較上月減少1家；資本額新台幣5,499.43十億元，較上月減少新台幣23.24十億元；上市市值新台19,038.42十億元，較上月減少新台幣338.55十億元。

上櫃公司計有532家，較上月增加1家，資本額新台幣734.62十億元，較上月增加新台幣8.42十億元；上櫃市值新台幣1,900.45十億元，較上月增加新台幣1十億元。

集中市場股票總成交值新台幣2,662.66十億元，較上月增加新台幣326.73十億元；成交量76.83十億股，較上月減少6.56十億股。外資總累積匯入淨額131.93十億美元，較上月增加1.59十億美元。

證券商計135家，期貨商計22家，投資信託公司計41家，投資顧問公司計165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）   外資向國內金融機構辦理新台幣借款限供支付國內有價證券交割款項之用，不得申請結匯。

 

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） 本會分別於95年6月20日、9月13日及11月15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、證券金融事業及國內金融機構辦理資金融通。

 

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：

（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、我國鉅額交易制度之近期主要調整內容

答：為強化鉅額買賣功能，提高大額交易者採行鉅額買賣之意願，以減少鉅額買賣對一般買賣交易價格的影響，鉅額交易制度將分二階段實施調整，第1階段就現行逐筆交易制度，延長盤中交易時間（延長至20分鐘）及放寬價格彈性幅度（2%調整為3.5%），預定96年1月29日實施，其餘包括增加配對交易、T+2日交割及取消強制預收款券等措施納入第2階段修正，預定96年5月28日實施。

 

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：

（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。

（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、開立綜合帳戶、向證券商及證金公司辦理資金融通，並得向銀行辦理新台幣借款，此外，亦調整鉅額交易制度、調整或放寬證券商申報錯帳管理機制等。前揭開放措施將有助於我國證券市場制度與國際制度接軌。

Fri, 2007-07-06 Updated