On Apr. 21, TAI FSC passed the amended securities and exchange act.
TAI FSC said that Executive Yuan passed third reading of Securities and Exchange Act.
Amendment
Revise threshold for large-scale shareholding declaration and announcement to 5%.
Amend the threshold for large-scale shareholding declaration and announcement from the current 10% to 5%, to improve the disclosure system of large-scale acquisition.
To enhance information transparency, and conform to international legislative trends.
Changes shall come into force one year after the announcement by the President.
Raise the lower limit penalties for violations of relevant regulations by securities firms, securities service enterprises and securities-related institutions to NTD 300,000.
Also increase the upper limit of the penalties from NTD 4.8mn to NTD 6mn.
May 4, 2023 TAI PRL
On May 4, 2023, TAI PRL reported Securities and exchange act passing 3rd reading.
After the revision, no matter whether it is alone or in name of others/spouse/children with total shareholding more than 5% shares of listed company, it must be disclosed.
Further disclosure is required for every 1% increase in shares of the listed company.
May 18, 2023 President Order
On May 18, 2023, TAI FSC published order re the amended act dated May 10, 2023.
The amended act is effective from May 10, 2023, except article 43-1 of the act.
Article 43-1 of the act will come into effect one year after its publication.
In May 2023, TAI Justice issued amended Securities and exchange act, see #172094.
