| Article 3 |
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| Article 4 |
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| Article 5 |
When an international bond is offered and issued, or privately placed, by a foreign issuer and meets the criteria of paragraph 4 as well as the following conditions, the bond may also be approved by the GTSM for OTC trading:
1. The issuer's stock is listed on a foreign securities exchange or securities market approved by the competent authority.
2. The bond has received a credit rating of BBB or higher from a credit rating agency approved or recognized by the competent authority.
When an international bond offered and issued, or privately placed, by a domestic issuer or financial institution meets the criteria of paragraph 3, paragraph 1 and paragraph 4 as well as the conditions of subparagraph 2 of the preceding paragraph, the bond may be approved by the GTSM for OTC trading.
For overseas convertible corporate bonds or overseas corporate bonds with warrants that meet the criteria of Article 3 paragraph 1 and Article 4, application may not be submitted for OTC trading until one month after their issuance overseas. |
| Article 6 |
An issuer of international bonds that applies for OTC trading of an international bond shall submit an Application for OTC Trading of International Bonds (Appendix 1) to the GTSM, filling out all required particulars and including the required attachments. The GTSM shall review the application pursuant to the provisions of these Rules and other applicable acts, regulations, and rules. |
| Article 7 |
After accepting an application for OTC trading of one of the bonds under Article 3, paragraph 1, subparagraphs 2 to 4, the GTSM case handler shall commence a document review of the application and its attachments. Review guidelines, procedures, and deadlines are as follows:
1. The application form:
If, after completion of the relevant checklist by the case handler, the review reveals omission or incomplete disclosure of any required information, the applicant shall be requested to supplement the information within a prescribed period. If the applicant fails to make supplementation within that period, a notice of rejection shall be issued, with a copy sent to the competent authority.
2. Conditions for OTC trading:
(1) Based on the Application for OTC Trading of International Bonds and its attachments, the application shall be reviewed for compliance with each of the conditions for OTC trading set out in Article 5 of these Rules.
(2) When the document review shows that all required documents have been submitted and conditions for OTC trading are met, relevant documents, including the contract for OTC trading entered into with the given issuer, shall be submitted by mail to the competent authority for recordation and OTC trading of the bonds announced.
3. The review period:
The GTSM shall complete review within three business days from the day on which it accepts an application for processing. Notwithstanding the above, under special circumstances the GTSM may file for approval of an extended review period. |
| Article 8 |
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| Article 9 |
An international organization or a foreign issuer shall engage an agent institution within the territory of the ROC to handle matters in connection with its international bond issue, and shall report the agent institution's place of business and the name of its responsible person, and any amendment thereto, to the GTSM. |
| Article 10 |
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| Article 11 |
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