| Article 1 |
These Review Standards for Approval Letters for TPEx Listing are adopted pursuant to Article 4, paragraph 4 of the Regulations Governing the Issuance of Beneficial Securities by a Trustee or Issuance of Asset-Backed Securities by a Special-Purpose Company.
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| Article 2 |
A trustee or special-purpose company applying to the TPEx for issuance of a letter of approval for TPEx trading of beneficial securities or asset-backed securities issued by it in accordance with the Financial Asset Securitization Act (hereinafter, a “TPEx listing approval letter”) shall do so in full compliance with these Review Standards.
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| Article 3 |
A trustee or special-purpose company applying to the TPEx for issuance of a TPEx listing approval letter for its beneficial securities or asset-backed securities shall apply by submitting to the TPEx a Beneficial Securities or Asset-Backed Securities TPEx Listing Approval Letter Application (see attached form) specifying all the required information and with the required documents attached.
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| Article 4 |
The TPEx may issue an approval letter for beneficial securities or asset-backed securities offered through effective registration or application and approval of the competent authority if the following conditions set out in Article 7-1, paragraph 1, of the TPEx Rules Governing the Review of Securities for Trading on the TPEx are met:
- Have set out specific definitions and calculation standards for the principal repayment amounts, duration, and interest calculation and payment.
- The maturity date must be not less than 1 year from the date of commencement of TPEx trading.
- Total issue size of not less than NT$500 million.
- The number of beneficiaries or holders is not less than five persons, and the total monetary amount of any individual holdings of those beneficial securities or asset-backed securities shall not exceed 20 percent of the total issue amount. However, the 20 percent holding restriction does not apply to a holder that is an independent institutional investor.
The term "independent institutional investor" in the preceding paragraph means a juristic person or institution under Article 13, paragraph 1, subparagraph 1 of the Real Estate Securitization Act or a fund under Article 13, paragraph 1, subparagraph 2 of the same Act; and furthermore one that is not an originator as referred to in the Financial Asset Securitization Act, or an interested party thereof, or an affiliated enterprise as referred to in the Company Act, or a related party or substantive related party as defined in Statement of Financial Accounting Standards No. 6.
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| Article 5 |
With respect to an application submitted to the TPEx for issuance of a TPEx listing approval letter, if the TPEx case handlers review the issue of beneficial securities or asset-backed securities and find it in conformance with Article 7-1 of the TPEx Rules Governing the Review of Securities for Trading on the TPEx and that all required documents have been submitted in full, they shall complete and sign a review checklist and submit it to the person in charge for approval, after which the applicant trustee or special-purpose company will be notified by letter.
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| Article 6 |
These Review Standards, and any amendments hereto, shall enter into force after passage by the TPEx board of directors and approval and recordation by the competent authority.
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