| Article 138 |
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| Article 139 |
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| Article 140 |
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| Article 141 |
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| Article 142 |
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| Article 143 |
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| Article 144 |
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| Article 145 |
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| Article 146 |
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| Article 147 |
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| Article 148 |
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| Article 149 |
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| Article 150 |
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| Article 151 |
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| Article 152 |
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| Article 153 |
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| Article 154 |
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| Article 155 |
The following actions with regard to securities publicly listed on a stock exchange shall be prohibited:
1.To offer a quote on a centralized securities exchange market and failing to deliver or failing to settle the transaction after such quotation has been accepted, and such inaction is sufficient to affect the market order.
2.(Deleted)
3.To conspire with other parties in a scheme such that the first party buys or sells designated securities at an agreed price, while the second party sells or buys from the first party in same transaction, with the intent to inflate or deflate the trading prices of said securities on the centralized securities exchange market.
4.To continuously buy at high prices or sell at low prices designated securities for his own account or under the names of other parties with the intent to inflate or deflate the trading prices on said securities traded on the centralized securities exchange market.
5.To spread rumors or false information with the intent to influence the trading prices of designated securities traded on the centralized securities exchange market.
6.To perform directly or indirectly any other manipulative acts to influence the trading prices or designated securities traded on the centralized securities exchange market.
The provisions of the preceding paragraph shall apply mutatis mutandis to transactions conducted on the over-the-counter markets.
Persons who violate the preceding two paragraphs shall be held liable to compensate the damages suffered by the bona fide buyers or sellers of the said securities.
The provisions of Paragraph 4 of Article 20 of this Act shall apply mutatis mutandis to the preceding paragraph. |
| Article 156 |
The Competent Authority may issue an order suspending the trading of designated securities completely or partially, or restricting the trade by brokers and dealers in such securities in the occurrence of any of the following events:
1. the company issuing the securities becomes involved in litigation or other non-litigious matters which is sufficient to result in its dissolution, or changes in its corporate organization, capital, business plan, financial condition, or suspension of production, and that such results have the danger of affecting the market order or impairing the public interest.
2. the company issuing the securities becomes involved in major disasters, signed major agreements, confronted with special circumstances, initiated major changes in its business plan, or had its checks dishonored, and the result of which is sufficient to result in major changes in the financial condition of the company, and that such results have the danger of affecting the market order or impairing the public interest.
3. the company issuing the securities engages in deceptive, dishonest, or illegal practices, and the result of which is sufficient to affect the prices of its securities, and that such results have the danger of affecting the market order or impairing the public interest.
4.the market price of the securities has undergone continuous, major rises or declines, and it results in the abnormal fluctuations in the prices of other securities and that such results have the danger of affecting the market order or impairing the public interest.
In the event the securities of a listed company encounter any events other than those specified above, and that such events have the danger of affecting the market order or impairing the public interest, the Competent Authority may, with the approval of the Ministry of Finance, take actions in accordance with the provisions of the preceding Paragraph. |
| Article 157 |
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| Article 157-1 |
Upon learning any information that will have a material impact on the price of the securities of the issuing company, and prior to the public disclosure of such information, the following persons shall not purchase or sell shares of the company that are listed or are traded on the over-the-counter market, or any other equity security of the company:
1.the directors, supervisors and managers of the company.
2.shareholders holding more than ten percent of the shares of the company.
3.any person who has learned the information by reason of occupational or controlling relationship.
4.any person who has learned the information from any of the persons named in the preceding three Items.
Persons in violation of the provisions of the preceding Paragraph shall be held liable to bona fide trading counterparts for damages in the amount of the difference between the buying and selling prices prior to the date of public disclosure and the average closing price for ten business days after the date of public disclosure; the court may also, upon the request of the bona fide trading counterpart, treble the liability limits of the said violators should the violation be of a severe nature.
The persons referred to in Item 4 of Paragraph 1 shall be held jointly and severally liable with the persons referred to in Items 1 through 3 of Paragraph 1 who provided the information for the damages referred to in the preceding Paragraph. However, where the persons referred to in Items 1 through 3 of Paragraph 1 who provided the information has reasonable cause to believe the information has been publicly disclosed, they shall not be liable for damages.
The information that will have a material impact on the price of the securities referred to in Paragraph 1 shall mean information relating to the finances or businesses of the company, or the supply and demand of such securities on the market, or tender offer of such securities, that will have a material impact on its price, or any other information that would have a material impact on the investment decision of a reasonably prudent investor.
The provisions of Paragraph 3 of Article 22-2 shall apply mutatis mutandis to Items 1 and 2 of Paragraph 1 of this Article; the provisions of Paragraph 4 of Article 20 shall apply mutatis mutandis to the trading counterpart referred to in Paragraph 2 of this Article. Upon learning any information that will have a material impact on the price of the securities of the issuing company, and prior to the public disclosure of such information, the following persons shall not purchase or sell shares of the company that are listed or are traded on the over-the-counter market, or any other equity security of the company:
1.the directors, supervisors and managers of the company.
2.shareholders holding more than ten percent of the shares of the company.
3.any person who has learned the information by reason of occupational or controlling relationship.
4.any person who has learned the information from any of the persons named in the preceding three Items.
Persons in violation of the provisions of the preceding Paragraph shall be held liable to bona fide trading counterparts for damages in the amount of the difference between the buying and selling prices prior to the date of public disclosure and the average closing price for ten business days after the date of public disclosure; the court may also, upon the request of the bona fide trading counterpart, treble the liability limits of the said violators should the violation be of a severe nature.
The persons referred to in Item 4 of Paragraph 1 shall be held jointly and severally liable with the persons referred to in Items 1 through 3 of Paragraph 1 who provided the information for the damages referred to in the preceding Paragraph. However, where the persons referred to in Items 1 through 3 of Paragraph 1 who provided the information has reasonable cause to believe the information has been publicly disclosed, they shall not be liable for damages.
The information that will have a material impact on the price of the securities referred to in Paragraph 1 shall mean information relating to the finances or businesses of the company, or the supply and demand of such securities on the market, or tender offer of such securities, that will have a material impact on its price, or any other information that would have a material impact on the investment decision of a reasonably prudent investor.
The provisions of Paragraph 3 of Article 22-2 shall apply mutatis mutandis to Items 1 and 2 of Paragraph 1 of this Article; the provisions of Paragraph 4 of Article 20 shall apply mutatis mutandis to the trading counterpart referred to in Paragraph 2 of this Article. |