| Article 3 |
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| Article 3-1 |
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| Article 3-2 |
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| Article 4 |
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| Article 5 |
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| Article 6 |
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| Article 7 |
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| Article 8 |
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| Article 9 |
An issuer of stock shall handle shareholder services in compliance with Article 3, paragraph 1, subparagraph 6, and paragraph 6, subparagraphs 1 and 2, of the GreTai Securities Market Rules Governing the Review of Securities for trading on the GTSM, and notify the GTSM of the business premises of, and name of the responsible person of, the professional shareholder services agent or shareholder services unit, along with the specimen of the seal to be affixed on securities upon transfer, within 3 days after the identity of such agent or unit is determined. This rule shall also apply to changes in the above.
An issuer shall handle shareholder services in accordance with the Guidelines for Handling Shareholder Services by Public Companies promulgated by the competent authority in charge. However, if a stock has no par value or a par value per share other than NT$10, Article 14 need not be applied.
An applicant applying for (or filing to effectively register) GTSM trading of shares issued for a capital increase or shares reissued after a capital reduction shall obtain documents evidencing registration of scripless share issuance.
The provisions in paragraph 1 above shall apply mutatis mutandis to a securities investment trust enterprise ("SITE") when handling the transfer of ETF beneficial certificates and to the agent or depositary institution engaged by a foreign issuer when handling the transfer of foreign securities or Taiwan depositary receipts.
Paragraphs 1 to 3 herein shall apply mutatis mutandis to a trustee institution with respect to REIT beneficial securities issued by it. |
| Article 9-1 |
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| Article 10 |
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| Article 10-1 |
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| Article 10-2 |
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| Article 10-3 |
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| Article 11 |
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| Article 11-1 |
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| Article 11-2 |
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| Article 11-3 |
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| Article 11-4 |
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| Article 11-5 |
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| Article 11-6 |
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| Article 12 |
If any of the following circumstances exists with respect to an issuer, the GTSM may place the GTSM listed securities under an altered trading method; a securities broker, when accepting an order to trade such securities, shall take full delivery of the funds or securities before making trading quotes:
1.Where its financial report for the most recent period as publicly announced and filed in accordance with Article 36 of the Securities and Exchange Act shows that its net worth is lower than half of its share capital stated on the financial report. However, when a GTSM listed company records as a deduction from net worth the cost of shares bought back by it pursuant to Article 28-2 of the Securities and Exchange Act or of shares held in said GTSM listed company by subsidiaries thereof, the par value of treasury stock held in said GTSM listed company by the GTSM listed company and subsidiaries thereof may be deducted from the share capital stated on the financial statement in the calculation of the above-stated ratio; when the GTSM listed company records as an addition to net worth the payments it receives in advance for shares, the par value of the issue of shares in an amount equivalent to the payments received in advance shall be added to the share capital in the calculation of the above-stated ratio.
2.Where the issuer fails to call a general shareholders meeting within 6 months after the closure of a fiscal year.
3.Where, for the issuer's financial report for the most recent period publicly announced and filed pursuant to Article 36 of the Securities and Exchange Act, the CPA issues an audit report or review report containing an unqualified opinion with modified wording due to substantial doubt as to the going concern assumption regarding that issuer, or the issuer's attesting CPA issues an audit report containing a qualified opinionor a qualified review report. However, this restriction shall not apply if otherwise provided by applicable laws and regulations of the competent authority, or in the case of an an interim financial report if the reason is that investment in a non-major subsidiary, or investment accounted for using the equity method, and the gain or loss thereupon, is calculated on the basis of the investee company's financial statements that have not been audited or reviewed by a CPA, and the issuer's attesting CPA fully discloses in the audit or review report the reasons for the qualified opinion and the monetary amounts of any accounting items that may be affected thereby, and no material irregularities are present. However, if the subsidiary is a major subsidiary included in the preparation of the consolidated statement, or a subsidiary of a financial holding company, its interim financial report shall be audited or reviewed by a CPA in accordance with applicable laws and regulations.
4.Where the issuer has any of the conditions under Article 9 of the GTSM Procedures for Verification and Disclosure of Material Information of Companies with GTSM Listed Securities, Article 7 of the GTSM Procedures for Press Conferences Concerning Material Information of GTSM Listed Companies, Article 11 of the GTSM Handling Procedures for Routine Regulation and Regulation by Exception of Financial and Business Affairs of GTSM Listed Companies, or Article 6 of the Rules Governing Information Reporting by Companies with GTSM Listed Securities, and the circumstances are serious.
5.Where two-thirds or more directors and supervisors are under court order of suspension of performing job responsibilities.
6.Where an application to the court for reorganization in accordance with Article 282 of the Company Act has been filed.
7.Inability to punctually repay straight corporate bonds or convertible corporate bonds upon maturity or upon the demand of creditors.
8.Dishonor of a negotiable instrument by a financial institution because of insufficient funds on deposit, where the GTSM is aware of such dishonor.
9.Where more than one-half of the directors or supervisors have changed, with any of the following the results, and correction has not been made within the time limit prescribed by the GTSM:
A.The shareholding is too concentrated to meet the shareholding dispersion criteria for GTSM listing.
B.Any of the circumstances set forth in Article 10, paragraph 1, subparagraph 7 of the Review Rules or Article 9, paragraph 1, subparagraph 4 of the Review Rules for Foreign Securities exists with respect to any newly appointed director, supervisor, or general manager.
10.Where the number of companies held by an investment holding company is less than two, provided that this restriction shall not apply to a GTSM primary listed company; for investment holding companies created as the result of share conversion, general assignment, assignment of business, corporate demerger, or change of company name this shall not apply within 1 year of commencement of GTSM trading.
11.Where, after a company demerger, paid-in capital fails to reach the standard set forth in Article 3, paragraph 1, subparagraph 1 of the Review Rules; or where, after a demerger of a GTSM primary listed company, its net worth fails to reach the standard set forth in Article 4, paragraph 1, subparagraph 3 of the Review Rules for Foreign Securities.
12.Where an already GTSM listed parent company (including a financial holding company or investment holding company) fails to abide by an undertaking to purchase the shares held by the other shareholders of a TWSE listed or GTSM listed subsidiary in which it has shareholding of more than 70 percent.
13.Where any of the following circumstances applies to the issuer in the handling of shareholder services:
A.The issuer fails to engage a shareholder services agent, and is not reviewed and approved by the Taiwan Depository & Clearing Corporation (TDCC) to handle shareholder services matters.
B.An audit by the TDCC has found significant deficiency in the shareholder services, and corrective action has not been taken within the time limit set by the GTSM.
14.Where explanations given in a press conference concerning material information fail to clarify points in question, and the GTSM deems it necessary to protect the rights and interests of investors.
15.The number of GTSM listed common shares does not reach 25 percent of the total number of the issuer's issued common shares, and does not reach 5 million shares. However, for a GTSM primary listed company, if the amount of the net worth of its GTSM listed common shares calculated as a ratio of its total number of issued common shares reaches NT$100 million or more, this restriction does not apply.
16.The requirements of Article 12-1, paragraph 2, subparagraph 3 cannot be met within 6 months after trading is suspended pursuant to Article 12-1, paragraph 1, subparagraph 17.
17.Other causes for which the GTSM deems it necessary.
The GTSM shall publicly announce, 2 days before the date of implementation, the securities whose trading requires collection in advance of the full amount of the purchase price or the securities for sale pursuant to the preceding paragraph, provided that the requirement of collection in advance of the full purchase price or securities shall not apply to trades of odd-lot shares of such securities.
The duration for which securities are placed under the altered trading method by the GTSM for any reason set forth in a subparagraph of paragraph 1, except for those subject to disposition under subparagraph 6, may not be less than 3 months, or, unless otherwise provided by these Rules, upon the extinguishment of the reason and in the absence of any other reason set forth in the subparagraphs of that paragraph, the GTSM may publicly announce the reinstatement of normal settlement trading for such securities beginning from the second business day after the public announcement date.
When an issuer of GTSM listed securities placed under the altered trading method by the GTSM due to a circumstance in subparagraph 1, 7, 8, 15, or 16 of paragraph 1 achieves compliance with all of the subparagraphs below, and in the absence of any other reason set forth in the subparagraphs of paragraph 1, the GTSM may reinstate normal settlement trading:
1.After the securities have been placed under the altered trading method due to the circumstances under paragraph 1, subparagraph 1, the financial report for the most recent period as publicly announced and registered by the issuer pursuant to Article 36 of the Securities and Exchange Act indicates that its net worth is not lower than one-half the value of its share capital as reported in that financial report, and the stated net worth is higher than the previous period. However, this subparagraph shall not apply in the case of an issuer that has carried out a capital reduction but has not yet completed the procedures for replacement of its old shares with new shares and whose old shares are still being traded on the market.
2.After the securities have been placed under the altered trading method due to the circumstances under paragraph 1, subparagraph 7, the issuer has already settled the obligation, or reached an agreement with the creditor resolving the obligation.
3.After the securities have been placed under the altered trading method due to the circumstances under paragraph 1, subparagraph 8, the issuer completes any of the remedial procedures listed below within 3 months, presents a direct or indirect note from the clearing house as evidence thereof, and there is no further instance of the dishonoring of its negotiable instruments prior to reinstatement of normal settlement trading. However, if the GTSM listed company adopts the remedial procedure of "extinguish the debt under the negotiable instrument by actual settlement of the amount of the instrument," it shall additionally submit a rechecking form prescribed by the GTSM. The form shall be signed and certified by a CPA and a lawyer and submitted to the GTSM along with the other relevant documents and materials for approval and recordation:
A.Extinguish the debt under the negotiable instrument by actual settlement of the amount of the instrument.
B.Deposit the amount of the instrument into the financial enterprise that dishonored the instrument with a request that it be listed as provision for payment under "other payables."
C.Pay the amount of the instrument out of the checking account or other payables account upon re-presentment of the instrument subsequent to its dishonoring.
4.After the securities have been placed under the altered trading method due to the circumstances under paragraph 1, subparagraph 15, supplementation or correction has been made so that the circumstance under that subparagraph no longer exists, and the single-quarter net pofit before tax attributable to owners of the parent for each of the most recent consecutive two quarters is positive.
5.Within two years after the securities have been placed under the altered trading method due to the circumstances in paragraph 1, subparagraph 16, the sum of the net pofit before tax attributable to owners of the parent stated in the publicly announced and filed financial reports for the most recent four periods reaches 2 percent or more of the share capital stated in the financial reports for the most recent period, and the requirements of Article 12-1, paragraph 2, subparagraph 3, items 2 to 6 are met; or, for a GTSM primary listed company, the net profit before tax stated in the publicly announced and filed financial reports for the most recent four periods account reaches 2 percent or more of the equity attributable to owners of the parent stated in the financial report for the most recent period, and the requirements of Article 12-1, paragraph 2, subparagraph 3, items 2 to 6 are met.
The GTSM may impose the periodic trading method for the GTSM listed securities of an issuer to which any of the circumstances listed below applies, and implement that method beginning on the second business day after the public announcement date:
1.Its GTSM listed securities are placed under an altered trading method by the GTSM due to the existence of circumstances under subparagraphs 6, 7, or 8 of paragraph 1.
2.Its GTSM listed securities are placed under an altered trading method by the GTSM due to the existence of circumstances under subparagraph 1 of paragraph 1, and the net worth stated in the financial report for the most recent period as publicly announced and filed by the issuer pursuant to Article 36 of the Securities and Exchange Act is lower than three-tenths of the share capital stated in the financial report. The aforementioned net worth and ratio shall be calculated in accordance with paragraph 1, subparagraph 1.
3.Its GTSM listed securities are placed under an altered trading method by the GTSM, and the GTSM deems it necessary to impose the periodic trading method for the securities.
Orders for securities for which periodic trading is imposed pursuant to the preceding paragraph shall be matched once every 30 minutes, provided that this procedure shall not apply to odd-lot trades of such securities.
When the reason for which the GTSM imposes periodic trading for securities pursuant to paragraph 5 is extinguished, and absent any of the circumstances in the other subparagraphs of that paragraph, the GTSM may publicly announce the cancellation of the periodic trading method for such securities from the second business day following the public announcement date. However, this shall not apply for securities for which periodic trading is imposed pursuant to subparagraph 2 of paragraph 5 if the issuer has carried out a capital reduction but has not yet completed the procedures for replacement of its old shares with new shares and its old shares are still being traded on the market.
When the GTSM duly places GTSM listed securities under an altered trading method, reinstates normal settlement trading, or imposes or cancels the periodic trading method, the GTSM shall report such matters to the competent authority for recordation within 1 month from the public announcement date.
However, if a stock has no par value or a par value per share other than NT$10, when applying this article relating to share capital, the calculation of the share capital shall include the capital reserves minus the original issue premium. |
| Article 12-1 |
If any of the following circumstances exists with respect to an issuer, the GTSM may suspend trading of its securities on the GTSM and report the matter to the competent authority for recordation, or the issuer may apply to terminate the trading of its securities on the GTSM in accordance with the Procedures for GTSM Companies Applying for Termination of GTSM Trading of Securities:
1.Where the issuer meets the condition under Article 282 of the Company Act and the court makes a ruling to prohibit its stocks from being transferred in accordance with subparagraph 5 of paragraph 1 of Article 287 of the Company Act.
2.Where the issuer has established a securities transfer institution at the locale of the GTSM and subsequently withdraws the same, or it is found by the GTSM to have nominally set up a transfer institution without actually handling transfer business, and corrective action has not been taken within the time limit set by the GTSM, or more than three months have elapsed since the dispositive measures imposed pursuant to Article 12, paragraph 1, subparagraph 13 but corrective action still has not been taken.
3.Where any document or information that has been submitted is suspected to be untrue, and upon the request of the GTSM to explain the matter, no reasonable explanation is provided within the prescribed time period.
4.Where the issuer fails to make public announcement or report of a financial report or financial forecast by the deadlines provided in laws and regulations.
5.Where the financial report publicly announced and filed under Article 36 of the Securities and Exchange Act fails to comply with relevant regulations and generally accepted accounting principles to serious extent, and the said report is not duly rectified or restated within the time limit; or where in connection with the publicly announced and filed financial report, the attesting CPA issues an audit report containing a disclaimer of opinion or an adverse opinion in the audit report, or issues an adverse opinion or disclaimer of opinion in the review report; or where, in a publicly announced and filed financial forecast of the issuer reviewed by a CPA, the attesting CPA issues an adverse opinion or disclaimer of opinion in the review report.
6.Where the issuer has any of the conditions under Article 9 of the GTSM Procedures for Verification and Disclosure of Material Information of Companies with GTSM Listed Securities, Article 7 of the GTSM Procedures for Press Conferences Concerning Material Information of GTSM Listed Companies, Article 11 of the GTSM Handling Procedures for Routine Regulation and Regulation by Exception of Financial and Business Affairs of GTSM Listed Companies, or Article 6 of the Rules Governing Information Reporting by Companies with GTSM Listed Securities, and the circumstances are serious enough to necessitate termination of GTSM trading of its securities.
7.Where the issuer has materially violated the undertakings for trading on the GTSM. However, when a GTSM primary listed company violates its undertaking to protect shareholders' equity as prescribed in Article 4, paragraph 1, subparagraph 13 of the GTSM Securities Market Rules Governing the Review of Foreign Securities for GTSM Trading, then Article 11, paragraphs 4 to 9 of these Rules shall apply instead of this subparagraph.
8.Where a private enterprise undertaking public construction project has serious schedule delay or other serious default or breach of construction or operation contract.
9.Where a negotiable instrument has been dishonored by a financial institution because of insufficient funds on deposit and the issuer has failed to accomplish remedial procedures as set forth in paragraph 4, subparagraph 3 of the preceding Article and submit relevant written documentation within 3 months of a disposition referred to in the preceding article.
10.Where the issuer is unable to redeem a bond at maturity or on creditor demand, and has not repaid its debt or reached an agreement with its creditor resolving the relevant debt issue within 3 months after a disposition has been made under the preceding Article.
11.Where a financial holding company loses its controlling interest, as defined in subparagraph 1 of Article 4 of the Financial Holding Company Act, in a banking subsidiary, insurance subsidiary, or securities subsidiary, and the competent authority has ordered it to make corrections by a certain deadline.
12.Where the number of companies held by an investment holding company falls below two companies, and correction has not been made after 3 months have elapsed following disposition pursuant to Article 12, provided that this requirement shall not apply to a GTSM primary listed company.
13.Where, after a company demerger, paid-in capital fails to reach standards, and correction has not been made after 3 months have elapsed following disposition pursuant to Article 12.
14.Where an already GTSM listed parent company (including a financial holding company or investment holding company) fails to abide by an undertaking to purchase the shares of minority shareholders of a TWSE listed or GTSM listed subsidiary in which it has shareholding of more than 70 percent.
15.Where suspension of trading of the issuer's TWSE listed stock is announced by the Taiwan Stock Exchange Corporation.
16.After a disposition has been imposed under Article 12, paragraph 1, subparagraph 15 due to failure to meet the required standard for the number of GTSM listed common shares, 3 years have elapsed and the criterion of Article 12, paragraph 4, subparagraph 4 has not yet been met.
17.Where there is a change in managerial control, and there is a material change in the scope of business within a certain period of time before or after the change in managerial control.
18.Where the requirements of Article 12, paragraph 4, subparagraph 5 cannot be met within two years after the securities have been placed under the altered trading method due to the circumstances in Article 12, paragraph 1, subparagraph 16.
19.Where there is any other condition for which the trading of securities on the GTSM shall be terminated in accordance with GTSM rules or opinions of the GTSM.
If GTSM trading of the issuer's securities is suspended due to the circumstances under any subparagraph of the preceding paragraph, then when the reason for suspension is extinguished and no circumstance under any of the other subparagraphs of that paragraph exist, with the exceptions of the circumstances of subparagraphs 4, 5, 9, 17, and 18, in which case the requirements set out below must additionally be met before trading may be resumed, then the issuer may submit the relevant documentary evidence and apply for resumption of trading, and the GTSM may publicly announce resumption of trading and report the matter to the competent authority for recordation:
1.After trading is suspended pursuant to subparagraph 4 or 5 of the preceding paragraph, the issuer submits the financial report or financial forecast that it previously failed to publicly announce and report in accordance with regulations, and there is not a qualified audit report or qualified review report as referred to in Article 12, paragraph 1, subparagraph 3. If the financial forecast has not yet been duly announced on a make-up basis in the current fiscal year, the already announced and filed financial report for the same fiscal year may be used as a substitute.
2.Within 6 months after trading is suspended pursuant to subparagraph 9 of the preceding paragraph, the remedial procedures as set forth in paragraph 4, subparagraph 3 of the preceding article are completed and the GTSM listed company produces the relevant documentary evidence indicating that remedial procedures have been completed, and the cause of suspension is deemed extinguished.
3.Within 6 months after trading is suspended pursuant to subparagraph 17 of the preceding paragraph, the underwriter's evaluation report is provided and the following circumstance are met:
A.The sum of the net pofit before tax attributable to owners of the parent stated in the publicly announced and filed financial reports for the most recent four periods reaches 1 percent or more of the share capital stated in the financial report for the most recent period; or, for a GTSM primary listed company, the net profit before tax stated in the publicly announced and filed financial reports for the most recent four periods reaches 1 percent or more of the equity attributable to owners of the parent stated in the financial report for the most recent period, and the requirements of Article 12-1, paragraph 2, subparagraph 3, items 2 to 6 are met.
B.The share capital of GTSM listed common shares is NT$30 million or more; or the amount of the net worth of its GTSM listed common shares calculated as a ratio of its total number of issued common shares reaches reaches NT$60 million or more.
C.It provides the CPA's project audit report for the internal control system, with an unqualified opinion.
D.It is free of the conditions set out in Article 10, paragraph 1, subparagraphs 1, 3, 4, 6, 7, 8, and 10 of the GTSM Review Rules; if a GTSM primary listed company, it is free of the conditions set out in Article 9, subparagraphs 1, 3, 4, 5, and 7 of the GTSM Review Rules for Foreign Securities.
E.The dispersion of equity ownership meets the requirements of Article 3, paragraph 1, subparagraph 3 of the GTSM Review Rules.
F.The company's directors, supervisors, and greater than 10 percent shareholders have placed all of their common shares in the company into centralized custody (in the case of shares obained through public offering and issuance) or have provided written undertakings that they will not transfer shares (in the case of shares obtained through private placement ) and that during the period of the undertaking not to transfer shares, they shall place in centralized custody any of those shares that are approved for retrospective public issuance. They may withdraw or transfer the shares only after the requirements of this subparagraph have been met and one year has passed from the day that the normal trading method has reinstated by the GTSM for the company's securities.
4.Within 6 months after trading is suspended pursuant to subparagraph 18 of the preceding paragraph, the sum of the net pofit before tax attributable to owners of the parent in the publicly announced and filed financial reports for the most recent four periods accounts reaches 2 percent or more of the share capital stated in the financial report for the most recent period, and the requirements of items 2 to 6 of the preceding subparagraph are met; or, for a GTSM primary listed company, the net profit before tax stated in the publicly announced and filed financial reports for the most recent four periods reaches 2 percent or more of the equity attributable to owners of the parent stated in the financial report for the most recent period, and the conditions of Article 12-1, paragraph 2, subparagraph 3, items 2 to 6 are met.
Except in the case of suspension of trading under subparagraphs 1 or 15 of paragraph 1, for any securities whose suspension or termination of trading is approved in accordance with paragraph 1 above, suspension or termination will take place beginning from the second business day after the date of public announcement by the GTSM. The listed company concerned shall make a disclosure on the Internet information reporting system designated by the GTSM within 2 from the date on which it receives notification.
Where trading of securities is suspended under subparagraphs 1 or 15 of paragraph 1, a public announcement shall be made immediately by the GTSM, on the date it learns of the matter or is notified by the court, or by the GTSM listed company, on the date of disclosure of the material information, on the same day (whichever of the above is earlier), and trading shall be suspended from the next business day following the date of public announcement; and the GTSM listed company shall be notified to make a disclosure on the Internet information reporting system designated by the GTSM within 2 days counting inclusively from receipt of the GTSM notice. |
| Article 12-2 |
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| Article 12-3 |
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| Article 12-4 |
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| Article 12-5 |
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| Article 12-6 |
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| Article 12-7 |
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| Article 12-8 |
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| Article 12-9 |
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| Article 12-10 |
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| Article 12-11 |
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| Article 12-12 |
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| Article 12-13 |
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| Article 13 |
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| Article 13-1 |
If any of the following circumstances exists with respect to an issuer, the GTSM may terminate the trading of its managed stocks on the GTSM and report the termination to the competent authority for recordation:
1.Where the stocks have been listed on Taiwan Stock Exchange Corporation.
2.Where the stocks have been changed to ordinary trading on the GTSM pursuant to Article 12-3 of these Rules.
3.Where the application and the attached documents contain false statement or omission in connection with significant issues or facts.
4.Where the most recent financial report publicly announced and filed under Article 36 of the Securities and Exchange law shows that the net worth is minus twice the paid-in capital; likewise, where a subsequently publicly announced and filed individual financial report shows that the net worth is minus twice the share capital stated on the financial report. However, when a company records as a deduction from net worth the cost of shares bought back by it pursuant to Article 28-2 of the Securities and Exchange Act or of shares held in said company by subsidiaries thereof, the par value of treasury stock held in said company by the company and subsidiaries thereof may be deducted from the share capital stated on the financial report in the calculation of the above-stated ratio; and when the GTSM listed company records as an addition to net worth the payments it receives in advance for shares, the par value of the issue of shares in an amount equivalent to the payments received in advance shall be added to the share capital in the calculation of the above-stated ratio.
5.Where the issuer has any of the conditions under Article 9, Article 10, Article 11, Article 17, paragraph 2, of Article 315, paragraph 1, subparagraphs 1 to 7, and Article 397 of the Company Act or other conditions, and its corporate registration is revoked or the company is dissolved by the relevant competent authority.
6.Where the issuer has any of the conditions under Article 251 or Article 271 of the Company Act or other conditions, and the approval is revoked by the relevant competent authority.
7.Where an application for re-organization is dismissed pursuant to Article 285-1, paragraph 3, subparagraph 2 of the Company Act and such dismissal becomes final.
8.Where the issuer is adjudicated bankrupt by the court and such adjudication becomes final.
9.Where, if a financial institution, the issuer has become subject to receivership duly imposed by the competent authority in charge of the relevant industry.
10.Where the stocks have been traded as GTSM managed stocks for a period of longer than 2 years.
11.Where GTSM trading of the stocks has been suspended under any subparagraph of Article 13, paragraph 1 herein, and any circumstance set out in any subparagraph of paragraph 1 of that article subsequently continues to exist after 6 months has elapsed.
12.Where the issuer has materially violated the contract for trading securities on the GTSM or these Rules, or where other significant event occurs, and the GTSM decides that it is improper for the issuer to trade as managed stocks on the GTSM.
13.Where there is any other matter for which it is necessary to terminate the trading of managed stocks on the GTSM.
Subparagraph 9 of the preceding paragraph shall also apply to any company whose stock fell in the category of GTSM managed stock and to which the cause set forth in that subparagraph applied prior to the addition of that subparapgraph.
When GTSM trading of a managed stock is terminated pursuant to paragraph 1, the GTSM shall publicly announce the termination 20 days before the implementation date, except in the case of paragraph 1, subparagraph 9, in which case Article 12-2, paragraph 5 shall apply mutatis mutandis. |
| Article 13-2 |
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| Article 14 |
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| Article 15 |
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