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The Taiwan Stock Exchange (TWSE) specially adopts these Operating Procedures for the handling of appeals filed by securities firms or securities firm employees ("appellants") against an enforcement action taken by the TWSE with respect to a deficiency identified in an audit.
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An appellant who disagrees with an enforcement action taken by the TWSE with respect to a deficiency identified in an audit may file a written appeal with the TWSE by the date specified in the TWSE notice of enforcement action or within 30 days of the day after receipt of the notice, stating its claims, facts, and reasons, and appending supporting evidence.
An appellant that files an oral appeal shall be notified to do so in writing so that the TWSE can process and record the case, and the appellant shall at the same time be reminded to note the filing deadline in order to avoid a late filing.
The TWSE will not suspend an enforcement action regarding a deficiency identified in an audit of a securities firm due to the filing of an appeal.
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When the appellant is a securities firm employee, the appeal may be filed through submission of a letter by the employee, by the employing securities firm where the deficiency was identified in the audit, or, if the appellant has switched employers, by the securities firm where the person is currently employed.
If the appellant of the preceding paragraph has left his or her job and has not switched to another securities firm, the appellant shall file a written appeal and indicate his/her name, national ID number, year and date of birth, and contact address.
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When the TWSE Trading Department receives an appeal petition, it shall handle the appeal in accordance with the following provisions:
- It shall note the date on which the appeal was filed, and except under special circumstances, shall decline to entertain the appeal if it was filed after the deadline.
- The appellant shall be requested to supplement any required documentation or information that is incomplete as soon as possible, and the date on which the appellant first submitted the petition will still be considered the date of filing.
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After an appeal petition has been accepted, the Trading Department shall sign a written request to have the matter be discussed in a Conference for Review of Enforcement Actions on Securities Firm Operating Deficiencies ("Enforcement Action Review Conference"), to be chaired by the TWSE's vice president in charge of business operations and jointly constituted by the Trading Department, Compliance & Inspection Department, and Legal & Secretarial Services Department.
The Enforcement Action Review Conference of the preceding paragraph shall discuss the reasons for the appeal and the supporting evidence appended with the appeal petition, and take action in accordance with the following provisions:
- An appellant who files an appeal against a TWSE enforcement action and subsequently submits new supporting evidence may ask the Compliance & Inspection Department to conduct an audit on its own authority, and then, on the basis of the audit results, to re-submit the matter to the Enforcement Action Review Conference for deliberation and a decision on the enforcement action.
- The TWSE, as necessitated by the appeal, may request that the appellant attend the Enforcement Action Review Conference and give the appellant an opportunity to present a full explanation.
- After the Enforcement Action Review Conference re-hears a case and its resolution is approved, the appellant shall be notified by letter with a copy to the competent authority.
TWSE personnel shall recuse themselves from participation when their relationship with the appellant makes them either directly or indirectly an interested person in an appeal being reviewed by the Enforcement Action Review Conference.
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These Operating Procedures, and any amendments hereto, shall be implemented after approval by the company president.
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