S
M
L

Search Results

Enforcement Letter

Organisation
Organisation Order of the Financial Supervisory Commission
Issue No.
Issue No. Financial-Supervisory-Securities-Corporate 11501300604 CH
Issue Date
Issue Date 2026/03/30
Content
Content     Order of the Financial Supervisory Commission

    Issue Date: 30 March 2026
    Issue No.: Financial-Supervisory-Securities-Corporate-11501300604

  1. Pursuant to the exception under Article 49, paragraph 2 of the Regulations Governing the Offering and Issuance of Securities by Foreign Issuers, if a foreign financial institution acts as a foreign issuer in offering and issuing straight corporate bonds, and the following conditions are met, such issuance shall not be subject to the requirement that the issuer's shares be listed on an approved overseas securities market:
    1. The shares of the holding parent company of the foreign financial institution shall already be listed on an approved overseas securities market.
    2. The foreign financial institution and its holding parent company shall be permitted to offer and issue the bonds in question under the laws and regulations of the jurisdiction of their registration.
    3. The foreign financial institution shall issue a declaration and undertaking that, should any circumstances arise requiring information disclosure pursuant to the rules of the Financial Supervisory Commission (FSC) and the Taipei Exchange, it will make the required public announcements and filings.
  2. Pursuant to the exception under Article 49, paragraph 2 of the Regulations Governing the Offering and Issuance of Securities by Foreign Issuers, if a branch of a foreign financial institution acts as a foreign issuer in offering and issuing straight corporate bonds, the following conditions shall be met:
    1. The shares of the foreign financial institution or its holding parent company shall already be listed on an approved overseas securities market.
    2. The foreign financial institution and its branch shall be permitted to offer and issue the bonds in question under the laws and regulations of the jurisdiction of their registration.
    3. The foreign financial institution shall have issued a declaration and undertaking assuming full responsibility for the bond issuance by its branch and the performance of obligations thereunder, and undertaking to perform its public announcement and filing obligations pursuant to the rules of the FSC and the Taipei Exchange.
  3. Pursuant to the exception under Article 49, paragraph 2 of the Regulations Governing the Offering and Issuance of Securities by Foreign Issuers, if a subsidiary of another company acts as a foreign issuer in offering and issuing straight corporate bonds, and the following conditions are met, such issuance shall not be subject to the requirement that the issuer's shares be listed on an approved overseas securities market:
    1. The issuer shall be a subsidiary of another company, shall have been consolidated into the most recent consolidated financial statements of that other company, shall have actual business operations, and shall not be a shell company established for tax or other special purposes. However, this restriction shall not apply if the issuer is a company established for the purpose of fundraising or treasury management, and the other company has issued a declaration and undertaking assuming full responsibility for the performance of obligations under the bonds issued by the issuer.
    2. The offering and issuance shall be limited to straight corporate bonds denominated in foreign currencies.
    3. The shares of the other company shall already be listed on an approved overseas securities market.
    4. The credit rating of the issuing entity or the bonds to be issued shall meet any one of the following credit rating requirements. If a rating report of the issuing entity is submitted, a rating report for the bonds to be issued that satisfies the requirements below must be obtained prior to issuance before the bonds may be issued, and shall be reported to the FSC for recordation on the first business day following issuance:
      1. A rating of twA or above by Taiwan Ratings Corp.
      2. A rating of A(twn) or above by Fitch Ratings Taiwan (Taiwan branch of Fitch Australia Pty Ltd).
      3. A rating of A or above by Fitch Ratings.
      4. A rating of A or above by S&P Global Ratings.
      5. A rating of A2 or above by Moody's Investors Service.
    5. The issuer shall issue a declaration and undertaking that, should any circumstances arise requiring information disclosure on the part of the issuer itself or the other company pursuant to the rules of the FSC and the Taipei Exchange, it will make the required public announcements and filings.
  4. This Order is effective from this day forward. The 1 June 2007 FSC Order No. Financial-Supervisory-Securities-I-09600257036 is repealed from this day forward.
Top