1.    FSC Issues Order Under Article 15 of the Securities and Exchange Act Allowing Securities Firms to Invest in New Shares Issued by GISA Companies for Capital Increase 
Under the Taipei Exchange Regulations Governing the Go Incubation Board for Startup and Acceleration Firms (the GISA board), a company that is registered on the GISA board must already have met certain qualifications to have obtained its GISA registration. Considering that allowing securities firms to invest in GISA companies early on, in addition to assisting the companies to obtain more funding during their growth stage, will also enable their investment in longer lead times to benefit from financial advisory and counseling resources, and facilitate subsequent counseling of the companies through public offerings, Emerging Stock registrations, or applications for TPEx or TWSE listing, the Financial Supervisory Commission (FSC) issued Order No. Financial-Supervisory-Securities-Firms-1140381481 on 23 April 2025, allowing the proprietary trading departments of integrated securities firms to purchase new share issued for capital increase by GISA companies during the period in which they are registered on the GISA. The Order also imposes related measures such as setting percentage limits to control investment amounts and requiring securities firms, prior to purchasing such shares, to obtain the target company’s latest financial statements audited and attested or reviewed by CPAs for reference in appraising the trade price.
2.    FSC Amends Articles 23-3 and 24 of the Regulations Governing the Use of Proxies for Attendance at Shareholder Meetings of Public Companies
Article 11, paragraph 1 of the Electronic Signatures Act as last amended expressly provides that the application of electronic records and electronic signatures may be exempted by law. In response to that provision, and considering that proxy solicitation and non-solicitation procedures have long been practiced and have a broad and critical impact on the holding of shareholder meetings of public companies and on the rights and interests of solicitors, shareholders, and enterprises handling solicitation matters, the FSC recognizes that there are practical obstacles and difficulties to the use of electronic signatures under Chapter 2 (Electronic Records and Electronic Signatures) of the Electronic Signatures Act for proxy matters at this stage. To ensure sound protection of the rights and interests of all stakeholders involved in proxy solicitation and non-solicitation operations and resolve questions that have arisen around the applicability of the Electronic Signatures Act to proxies, and pending the drafting of more comprehensive supporting measures, the FSC has amended the above-referenced statute-based Regulations to exclude the application of the Electronic Signatures Act to proxy matters. Key points of the amendment are as follows: 1. The amended Regulations expressly provide that written documents related to obtaining proxies for shareholders meeting attendance through solicitation or non-solicitation, when requiring signatures or seals, are excluded from the application of the provisions regarding electronic signatures in Article 5, paragraphs 1 to 3 and Article 8, paragraph 1 of the Electronic Signatures Act. 2. The FSC had previously, on 10 December 2021, issued Public Announcement No. Financial-Supervisory-Securities-Corporate-1100365352, which excluded the use of electronic signatures in proxy solicitation and non-solicitation procedures. However, Article 20, paragraph 1 of the Electronic Signatures Act as amended on May 15, 2024, expressly provides that any exemption of the application of the Electronic Signatures Act announced by a government agency before the enforcement of the amended Act in accordance with the former paragraph 3 of Article 4, paragraph 3 of Article 6, or paragraph 2 of Article 9 of the Act shall cease to apply one year after the date of enforcement of the amendment to the Act. Therefore, to ensure a seamless transition in continuing to exclude the application of the Electronic Signatures Act, the amended Regulations expressly provide that the amendment to Article 23-3 take force from May 17, 2025.
3.    Stock Market Stabilization Measures
In response to the impact on the stock market caused by the U.S. reciprocal tariff policy, the FSC previously announced three temporary measures to stabilize the stock market effective from April 7, 2025: adjusting the order limit on daily intraday short selling of borrowed stock (tightened from 30% of a stock’s average daily trading volume to 3%); adjusting the minimum margin requirements for short selling (increased from 90% to 130%); and expanding the scope of eligible collateral. After observing that these measures had achieved their expected effects during the implementation period, and that both Taiwan’s stock market and international stock markets have been returning to stability, the FSC restored the limit on the daily intraday short selling order quantity to 30% and the minimum margin requirement for short selling to 90% from May 26, 2025, returning to the normal market mechanisms.