I. Date the punishment was imposed: 31 May 2017
II. Recipient of the punishment: Wu, XX, the responsible person of Sanyang Motor Co., Ltd.
III. Legal basis of the punishment: Paragraph 7, Article 26-3 and Subparagraph 2, Paragraph 1, Article 178 of the Securities and Exchange Act.
IV. Facts of the violation and reasons: On March 7, 2017, the total number of directors of Sanyang Motor Co., Ltd. fell below one-third of the total number prescribed by the articles of incorporation. The company, however, failed to complete the by-election within 60 days of the occurrence of that fact. This constitutes a violation of Paragraph 7, Article 26-3 of the Securities and Exchange Act.
V. The disciplinary action: Based on Subparagraph 2, Paragraph 1, Article 178 and Article 179 of the Securities and Exchange Act, a penalty of NTD240,000 is imposed on the responsible person of the company.
Contact Unit：Division Chief Ms. Chang Yi-xin, Corporate Finance Division of Securities and Futures Bureau
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