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Fixed-term Fixed-amount Investments

For employees of securities firms

I. Overview

For the purpose of encouraging an active stock market and expanding the business scope of securities firms by facilitating long term investing in the stock market and enabling securities firms to provide better asset allocation and cash flow management services for customers, the Taiwan Stock Exchange Corporation (TWSE) has observed the existing practice of investing a fixed amount regularly in a mutual fund, and started encouraging securities firms to offer fixed-term fixed-amount investment plans for customers to invest in stocks and ETFs.

TWSE has amended the Regulations Governing Securities Firms Trading in Securities on a fixed-term fixed-amount Basis. Starting from January 16, 2017, investors may contact securities firms that administer such plans and proceed to invest regularly in stocks and ETFs.

II. System and Rules

  1. Launch of new business
    • Required documents: The board meeting minutes that contains the board resolution to launch the new business.
    • Required details:
      1. Trading start date
      2. How trading will be conducted
      3. Reconciliation account
      4. Trust property account under wealth management services
  2. Underlying investment

    The underlying investments available under fixed-term fixed-amount investment plans are limited to stocks and ETFs for mid- and long-term investing. The selection criteria are to be established by individual securities firms, but must exclude leveraged and inverse ETF Securities Investment Trust Fund (SITF) beneficiary certificates and leveraged and inverse ETF Futures Trust Fund (FTF) beneficiary certificates.

    When a selected underlying investment is announced by TWSE or Taipei Exchange (TPEx) to be traded in a different way or listed as alerted securities pursuant to the applicable policies, the securities firm shall suspend its purchase of the securities on the day of the fixed-term fixed-amount Trading.

  3. Procedure:
    1. A securities firm may open a reconciliation account with its head office. A securities firm may buy an odd lot for a fixed-term fixed-amount investment plan. The odd lot bought and reported may be insufficient to satisfy the demand due to inactive trading. Therefore, securities firms are permitted to open reconciliation accounts to allocate remaining securities after buy orders are completed on omnibus trading accounts under fixed-term fixed-amount investment plans.
    2. A securities firm may conduct fixed-term fixed-amount trading via the following two ways:
      1. Brokerage: Investors may start a fixed-term fixed-amount investment plan by entering into an investment agreement with a securities firm. A securities firm must report securities purchases in the market through the omnibus trading accounts under the corresponding fixed-term fixed-amount investment plans, and allocate the securities to the investors' accounts and the reconciliation account after the transactions are completed. The investors will use their own accounts to sell the securities at their discretion after the securities are allocated to their accounts.
      2. Wealth management: A securities firm will conduct fixed-term fixed-amount investing on behalf of investors via a non-discretionary individually managed trust, and report securities purchases through the trust account. The rules in the TWSE Letter Taiwan-Stock-Trading-0930009447 dated May 13, 2004 do not apply to the procedure for opening a fixed-term fixed-amount investment account in this way. However, securities firms are required to maintain client-specific ledgers under the trust accounts on their own. A securities firm may use the trust account to buy and sell securities in the market, or report securities purchases through the omnibus trading accounts under the corresponding fixed-term fixed-amount investment plans and allocate the securities to the trust account and the reconciliation account after the transactions are completed. When securities are sold, if the investor chooses to withdraw money from the trust account, the securities will be sold by the securities firm by using the trust account; or if the investor chooses to withdraw securities, the securities will be allocated to the investor's account to be sold.
      Note:
      According to the TWSE Letter Taiwan-Stock-Trading-0930009447 dated May 13, 2004, where trust services are provided by a securities firm and the trustee is not a trust enterprise, the account name should list "XXX (name of trustee) Trust Account" as the primary account holder and "XXX (name of trustee) Trust Account Entrusted to XXX" as the secondary account holder; where the trustee is a trust enterprise, the account name should list "XXX (name of trustee) Trust Account" as the primary account holder, "XXX (name of trustee) Trust Account Entrusted to XXX" as the secondary account holder of the individual trust, and "XXX Omnibus Trust Account" as the account holder of the mutual trust account; and for the rest, which are approved on a case-by-case basis, the primary and secondary account holders shall be names (up to eight characters for the primary account holder and forty characters for the secondary account holder, i.e. short name for the primary account holder and full name for the secondary account hold) assigned by the competent authority (Bureau of Monetary Affairs, Ministry of Finance). Where a trust enterprise provides discretionary investment services under securities investment consulting services as part of trust services, all secondary account holders of the securities trading accounts under the trust accounts must contain the word "discretionary". Furthermore, information must be entered as required into the independent trust account system being designed by TWSE before discretionary trading may proceed.
  4. Important information on investment agreement
    1. Fixed-term and fixed-"amount": The "amount" can be an amount of money or a quantity, depending on the contract between the securities firm and the investor.
    2. Actions to be taken in case of failure to purchase a sufficient quantity of shares: The securities firm shall describe the actions to be taken when it fails to purchase a sufficient quantity of shares as agreed.
    3. Advance payments or earmarked funds: All fixed-term fixed-amount trading shall require payment in advance or fund be earmarked in order to avoid investor defaults. Securities firms do not proceed to place orders for investors until they receive the advance payments or earmarked funds. Therefore, an investment agreement shall state explicitly the debit date, debit method, and debit account. An investor is able to designate a settlement account or a ledger under the securities firm's settlement account in a fixed-term fixed-amount investment plan.
    4. Deal price: A securities firm shall state in an agreement how the price of securities is calculated on the trading date, and shall establish clearly in the internal guidelines the timing when the securities firm purchases securities on behalf of the client.
  5. Trading method and mandate type
    1. Trading methods: Only normal trading, odd-lot trading, or after-market fixed-price trading is permitted. Block trading, auction trading, and bidding are not permitted.
    2. Mandate types: Only spot trading is permitted. Day trades, margin transactions or sales of borrowed securities are not permitted.
  6. Trading structure
    1. Omnibus trading account
      1. A securities firm conducting fixed-term, fixed-amount trading may open an omnibus trading account with its head office (when the investor is an ROC national: 847777-Security code; when the investor is a foreign national: 947777-Security code). Securities firms are allowed only to use omnibus trading accounts to buy and settle securities, and allocate the securities to the trading accounts of investors at the head offices and branches and trust accounts or reconciliation accounts. Omnibus trading accounts cannot be used to report sales.
      2. The procedure for reporting through an omnibus trading account is the same as that for normal trading, except for the following:
        1. Securities firms are required to finish reporting allocation details by 6 pm on the trading day. Failure to finish reporting by 6 pm on the trading day will result in a late penalty pursuant to Article 75-5 and Article 137 of the Operating Rules of the Taiwan Stock Exchange Corporation.
        2. Adjustment of allocation in part or in whole is not permitted on the following day once reporting is finished on the trading day.
        3. Details of trading requests between clients and service providers are exempted from reporting.
      3. Transactions to correct account numbers after settlement and allocation with omnibus trading accounts are completed shall not be offset or reclassified or moved to under normal trading accounts.
      4. Omnibus trading accounts do not allow inward or outward transfers.
        1. Securities not traded on omnibus trading accounts in fixed-term fixed-amount investment plans shall not be combined with the total trading amount and total number of individual securities traded on omnibus trading accounts in fixed-term fixed-amount investment plans for reporting of trading and allocation.
        2. Reporting of correction of account number is not permitted for omnibus trading accounts in fixed-term fixed-amount investment plans. i.e. It is not permitted to report a correction of account number for an omnibus trading account in a fixed-term fixed-amount investment plan to an omnibus trading account not in a fixed-term fixed-amount investment plan before reporting allocation details.
    2. Reconciliation account
      1. A securities firm conducting fixed-term fixed-amount trading may use its own money to open a reconciliation account with its head office (account numbers for head offices of domestic securities firms are 9899XX-Security code; and account numbers for Taiwan branches of foreign securities firms are 99899X-Security code). A securities firm trading under both "brokerage" and "wealth management" may open two reconciliation accounts. A reconciliation account allows a securities firm to buy round lots by trading normally, and then divide the lots between investors in fixed-term fixed-amount investment plans and keep any remaining odd lots. It is permitted for a securities firm to use a reconciliation account to allocate the remaining quantity after securities are purchased through an omnibus trading account.
      2. When a securities firm purchases securities through an omnibus trading account in a fixed-term fixed-amount investment plan, the quantity of securities of the same type that may be allocated to a reconciliation account must be an odd lot. For quantities exceeding a round lot (e.g. 1000 shares), the excess shall be sold through the reconciliation account within two business days after the trading day. Securities of the same type in the reconciliation account may exceed a thousand shares over time from accumulation of odd lots allocated to the reconciliation account on trading days.
        Example: Securities Firm A selects TSMC (2330) to be the underlying investment and starts a fixed-term fixed-amount investment plan for customers. The quantities of securities purchased through omnibus trading accounts and allocated to the reconciliation account are shown in the table below:
        Trading date Underlying investment Quantity after allocation Description
        February 5 TSMC (2330) 550 shares None of the allocations on February 5, 15, and 25 exceeds a thousand shares, but the total accumulated over time exceeds a thousand shares. There is no time limit on sale of the allocated shares.
        February 15 TSMC (2330) 450 shares
        February 25 TSMC (2330) 400 shares
        March 5 TSMC (2330) 1250 shares The balance exceeds 1000 shares after allocation. A minimum of 251 shares have to be sold through the reconciliation account by T+2.
      3. Securities traded through omnibus trading accounts in fixed-term fixed-amount investment plans may be allocated on the trading day. Securities allocated to a reconciliation account may be sold at the securities firm's discretion, but may not be allocated to investors at any time in the future.
      4. Buying on a reconciliation account may only take the form of allocation from trading on an omnibus trading account; and sales of allocated securities must be reported through the reconciliation account.
  7. Brokerage
    1. A securities firm and an investor enter a fixed-term fixed amount investment agreement. The securities firm buys securities regularly on the omnibus trading account as agreed, and allocates the securities to the investor's account to be settled. The securities will be sold at the investor's discretion.
      • Example: Securities Firm X has 4 branches with 4 investors A, B, C, and D. All 4 investors are under contract with Securities Firm X to buy 2330 on a specific date as part of their fixed-term fixed-amount investment plans. The quantity of shares to be purchased in total on the date is 1.5 lot. Securities Firm X is allowed to buy 2 lots on the omnibus trading accounts in the plans, and allocate 1.5 lot to the accounts of A, B, C, and D and use the settlement accounts designated by the 4 investors or ledgers under its own settlement account to complete settlement. The remaining 0.5 lot will be allocated to the reconciliation account to be settled with Securities Firm X's own money.
      • Securities firms buy stocks and ETFs on behalf of customers. The securities are sold by customers by following the existing procedure, i.e. through their own trading accounts or normal omnibus trading accounts, but not through omnibus trading accounts in fixed-term fixed-amount investment plans.
    2. Advance payments and earmarked funds have been collected on fixed-term, fixed-amount trading. Therefore, the amount of fixed-term, fixed-amount purchases is not counted toward an investor's daily trading limit.
  8. Wealth management
    1. When operating a fixed-term fixed-amount investment plan via wealth management, a securities firm may provide trust services only through a non-discretionary, individually managed trust and report securities trading through the trust account. The rules in the TWSE Letter Taiwan-Stock-Trading-0930009447 dated May 13, 2004 do not apply to the procedure for opening a fixed-term fixed-amount investment account in this way. Securities may be traded through the trust account by the securities firm as the trustee, and the trustor will not have to open a separate account.
    2. Securities firms shall be responsible for maintaining the ledgers of individual customers and filing detailed records on a daily basis for better trust account management. Monthly data will be uploaded to TWSE or TPEx within five business days after the end of each month.
    3. Securities firms may also report securities purchases through omnibus trading accounts under the corresponding fixed-term fixed-amount investment plans and allocate the securities to the trust accounts and the reconciliation accounts after the transactions are completed.
    4. Securities firms shall remind investors that investors who are insiders of TWSE/TPEx listed companies are required to file information pursuant to Article 22-2 and Article 25 of the Securities and Exchange Act as follows:
      1. When an insider of a TWSE/TPEx listed company uses a wealth management trust account to buy securities, the number of shares purchased shall be filed with the authority in the following month pursuant to Article 25 of the Securities and Exchange Act regarding change in equity. In addition, the number of shares purchased/added shall be filed under "number of shares under trust with discretion reserved".
      2. When an insider of a TWSE/TPEx listed company uses the trust account to sell, the securities cannot be sold until the transfer is filed with the authority in advance pursuant to Article 22-2 of the Securities and Exchange Act and the number of shares to be sold/deducted is filed under "number of shares under trust with discretion reserved" in the following month.
  9. Fixed-term fixed-amount investment is a way of trading where the underlying investment and criteria are decided by the client and trading takes place on fixed dates. To avoid greater difficulty for securities firms in making regular trades on behalf of customers created by the rules regarding research reports by securities firms recommending securities to customers, trading of securities under fixed-term fixed-amount investment plans is exempted from the rules under Article 5, Paragraph 2 of the TWSE/TPEx Operational Regulations Governing Securities Firms Recommending Trades in Securities to Customers. However, securities firms shall not attempt to avoid the restriction under Article 5, Paragraph 2 of the Operational Regulations Governing Securities Firms Recommending Trades in Securities to Customers by deliberately taking advantage of the fixed-term, fixed-amount trading of securities that they perform for customers.

III. Q&A

  1. When a fixed-term fixed-amount investment plan is provided via brokerage, will the customer be able to use the contract in lieu of a trade order?
    A fixed-term fixed-amount investment agreement is accepted in lieu of trade orders. Investors do not have to place orders again at the end of each interval.
  2. Will the odd lots allocated from fixed-term fixed-amount investment plans to a reconciliation account be allowed to be allocated to investors when trading takes place in the next interval?
    Given the restrictions on off-floor trading and the need to avoid conflict of interest, securities traded through omnibus trading accounts in fixed-term fixed-amount investment plans may be allocated only on the trading day. Securities allocated to a reconciliation account may be sold at the securities firm's discretion, but may not be allocated to investors at any time in the future.
  3. Will the securities in a reconciliation account be allowed to participate in distribution of dividends and rights?
    Securities bought on a securities firm's reconciliation account are bought with the securities firm's own funds. The securities firm has the right to exercise its rights as a shareholder and participate in distribution of dividends and rights.
  4. Will it be allowed to not open a settlement account for a reconciliation account and use an existing settlement account for settlement instead?
    It is not required for a settlement account to be opened for a reconciliation account. The securities firm's settlement account will be used for settlement.
  5. How are prices of the shares allocated to investors calculated?
    A securities firm shall state in an agreement how the price of securities is calculated on the trading date, and shall establish clearly in the internal guidelines the timing when the securities firm purchases securities on behalf of the client.
  6. Does the underlying instrument of a contract have to be one single stock? Will it be possible to have a portfolio of stocks?
    Depending on the securities firm's business strategy, the underlying instrument may be a single stock or a portfolio of stocks as long as it is stated clearly in the investment agreement.
  7. If an ETF contains securities issued by a member or members in the same group with the securities firm, will the ETF be eligible to be an underlying instrument in a fixed-term fixed-amount investment plan?
    Given the Company Act prohibits companies from holding shares issued by themselves, to avoid having a reconciliation account hold shares issued by members of the same group, a securities firm, when making fixed-term fixed-amount investments, shall exclude securities issued by members of the same group and allocations not to reconciliation accounts. For ETFs containing securities issued by a member or members in the same group, the compliance rules of individual securities firms regarding underlying investments available for investing with own money shall apply.

For Investors

I. Overview

Compared to other markets, TWSE has the advantage of offering a higher yield. There are quite a number of stocks and ETFs suitable for long term investment. TWSE has amended the Regulations Governing Securities Firms Trading in Securities on a Fixed-Term, Fixed-Amount Basis. The amended regulations encourage fixed-term fixed-amount investment in stocks and ETFs as an easier way to make small investments and diversify investment risks. With fixed-term fixed-amount investment, investors are able to not worry about the timing of investing or making investment decisions while achieving effective diversification and more consistent long term returns. It offers another way of saving besides term deposits and mutual funds and encourages an understanding and habit of investing.

Starting from January 16, 2017, investors may contact securities firms that administer such plans and proceed to make periodic subscriptions of stocks and ETFs.

II. Transaction process

  1. When a securities firm operates fixed-term fixed-amount investment plans via brokerage, the trading process and rules for investors are as follows:
    Trading process Description
    Opening an account The investor uses own trading account to start a fixed-term fixed-amount investment plan without having to open a new account.
    Entering into an investment agreement The investor is required to enter into an investment agreement with the securities firm in order to start a fixed-term fixed-amount investment plan. Important information in the agreement includes the following:
    1. Underlying investment: Individual securities firms provide different underlying investments as their business strategies vary. The underlying investments available under fixed-term fixed-amount investment plans are limited to stocks and ETFs for mid- and long-term investing. The selection criteria are to be established by individual securities firms, but must exclude leveraged and inverse ETF Securities Investment Trust Fund (SITF) beneficiary certificates and leveraged and inverse ETF Futures Trust Fund (FTF) beneficiary certificates. When a selected underlying investment is announced by TWSE or TPEx to be traded in a different way or listed as alerted securities pursuant to the applicable policies, the securities firm shall suspend its purchase of the securities on the day of the Fixed-Term, Fixed-Amount Trading.
    2. Advance payments: Advance payments or earmarked funds are required. The securities firm does not proceed to place an order until the amount is received in full.
    3. Actions to be taken in case of failure to purchase a sufficient quantity of shares: They describe the actions to be taken when the securities firm fails to purchase a sufficient quantity of shares as agreed.
    Orders The investment agreement is accepted in lieu of trade orders. The investor does not have to place orders again at the end of each interval.
    Daily trading limit Advance payments or earmarked funds have to be collected on fixed-term, fixed-amount trading. Therefore, the amount of fixed-term, fixed-amount purchases is not counted toward the investor's daily trading limit.
    Depositing securities after trade A securities firm buys securities through the omnibus trading account under the fixed-term fixed-amount investment plan, and allocates the securities to the investor's account after the transactions are completed.
    Settlement The investor may use own settlement account or the securities firm's client ledger under its settlement account to complete settlement.
    Management fees Individual securities firms will consider their business costs and decide whether to charge additional fees or management fees. Securities firms that charge fees are required to state the fees clearly in the investment agreements.
    Selling after buying To sell with own account, the investor is able to sell as early as on T+1 after buying on T.
    Exercise shareholder rights Securities are registered under the investor's name in the shareholder registry.
    Important information for insiders of issuers The investor follows the existing rules and completes the reporting procedure for insiders of TWSE/TPEx listed companies.
    Buying: Filing shall be completed in the following month pursuant to Article 25 of the Securities and Exchange Act regarding change in equity. The number of shares purchased/added shall be filed under "buy in TWSE".
    Selling: The filing obligations pre- and post-trading under Article 22-2 and Article 25 of the Securities and Exchange Act shall be fulfilled.
  2. When a securities firm operates fixed-term fixed-amount investment plans via wealth management, the trading process and rules for investors are as follows:
    Trading process Description
    Opening an account The investor is not required to open an account, and instead has the securities firm trade and settle with a trust account. The securities firm is responsible for maintaining the ledgers of individual customers.
    Entering into an investment agreement The investor starts a fixed-term fixed-amount investment plan by entering into a trust agreement with the securities firm. Important information in the agreement includes the following:
    1. Investment objects: Individual securities firms provide different underlying investments as their business strategies vary. The underlying investments available under fixed-term fixed-amount investment plans are limited to stocks and ETFs for mid- and long-term investing. The selection criteria are to be established by individual securities firms, but must exclude leveraged and inverse ETF Securities Investment Trust Fund (SITF) beneficiary certificates and leveraged and inverse ETF Futures Trust Fund (FTF) beneficiary certificates. When a selected underlying investment is announced by TWSE or TPEx to be traded in a different way or listed as alerted securities pursuant to the applicable policies, the securities firm shall suspend its purchase of the securities on the day of the Fixed-Term, Fixed-Amount Trading.
    2. Advance payments: Advance payments or earmarked funds are required. The securities firm does not proceed to place an order until the amount is received in full.
    3. Actions to be taken in case of failure to purchase a sufficient quantity of shares: They describe the actions to be taken when the securities firm fails to purchase a sufficient quantity of shares as agreed.
    Orders The securities firm performs regular investing through a trust. The investor does not have to place orders again at the end of each interval.
    Depositing securities after trade The securities firm performs settlement with the trust account. Securities are placed in the trust account. The securities firm maintains detailed information under the trust account to record assets of individual investors.
    Settlement The securities firm performs settlement with the trust account.
    Management fees To be determined by the contracts offered by individual securities firms.
    Selling after buying The investor may choose one of the following two ways:
    1. Withdrawing money from the trust account: Securities are sold from assets entrusted to the securities firm.
    2. Withdrawing securities from the trust account: Securities are transferred to the investor's depository account and sold by the investor.
    Exercise shareholder rights Securities are registered in the name of the securities firm's trust account in the shareholder registry. To exercise shareholder rights, the investor has to apply to the securities firm to withdraw assets from the trust or terminate the trust by the last record date in order to transfer the securities to the investor's personal account and then exercise the rights.
    Important information for insiders of issuers
    1. When an insider of a TWSE/TPEx listed company uses a wealth management trust account to buy securities, the number of shares purchased shall be filed with the authority in the following month pursuant to Article 25 of the Securities and Exchange Act regarding change in equity. In addition, the number of shares purchased/added shall be filed under "number of shares under trust with discretion reserved".
    2. When an insider of a TWSE/TPEx listed company uses the trust account to sell, the securities cannot be sold until the transfer is filed with the authority in advance pursuant to Article 22-2 of the Securities and Exchange Act and the number of shares to be sold/deducted is filed under "number of shares under trust with discretion reserved" in the following month.

III. Q&A

  1. How do I find out which securities firms offer fixed-term fixed-amount investment plans?

    For information on securities firms offering fixed-term fixed-amount investment plans, please visit the TWSE website and see under "Products & Services".

  2. The existing system allows investors to make small investments by odd lot trading. What is different with the new system for regular investing in TWSE?

    At present, odd lot trading is conducted between 1:40 pm and 2:30 pm, and all deals are closed by call auction at 2:30 pm. Matching takes place only once a day. There is no guarantee that investors will be able to buy their intended securities. Regular investing tends to involve odd lot trading. Buying by odd lot trading may not provide the quantity required due to inactive odd lot trading. Hence, by allowing regular investing in stocks and ETFs and establishing regulations for securities firms to open reconciliation accounts for reconciliation of odd lot stocks and ETFs bought by customers' fixed-term fixed-amount investment plans, TWSE wishes to make it easier to buy during normal trading hours and more likely to succeed in making regular investing transactions. For example, a customer of Securities Firm A buys 0.5 lot of TSMC shares through regular investing. Securities Firm A uses its own money to buy 0.5 lot for 1 round lot to be bought during normal trading hours.

  3. Is there any restriction on an underlying investment to be available for regular investing?

    Underlying investments available for regular investing should be instruments for mid- and long-term investing. These instruments must be stocks or ETFs. They are selected by individual securities firms. Leveraged and inverse ETFs are excluded. In addition, securities under the altered trading method or dispositive measures (most of which are securities showing irregular price volatility or in relatively bad financial standing) should not be included in underlying investments for regular investing. Therefore, if an underlying security in an investor's fixed-term fixed-amount investment plan happens to be under the altered trading method or dispositive measures on a trading day, the securities firm will cease to buy the security for the investor.

  4. How does an investor buy stocks and ETFs through regular investing?

    The investor has to go to one of the securities firms that offer fixed-term fixed-amount investment plans and enter into a fixed-term fixed-amount investment agreement with the securities firm. The agreement will specify the underlying investment, debit date, debit method, and debit amount. The securities firm will follow the terms of the agreement and collect advance payments or earmark funds from the investor's designated bank account in advance on the debit dates. A securities firm may conduct regular investing in stocks and ETFs on behalf of customers in two ways: "brokerage" or "wealth management".

    If a securities firm operates fixed-term fixed-amount investment plans via brokerage, stocks or ETFs bought by the investor through regular investing will be allocated directly to the investor's depository account, and the securities are registered under the investor's name in the shareholder registry. The investor will be able to sell the stocks or ETFs after they are bought.

    If a securities firm operates fixed-term fixed-amount investment plans via wealth management, stocks or ETFs bought by the investor through regular investing will, like in a mutual fund, be placed in the securities firm's trust account with the securities firm responsible for maintaining the assets of individual investors. The securities are registered in the name of the securities firm's trust account in the shareholder registry. To exercise shareholder rights, the investor has to terminate the trust or withdraw assets from the trust by the last record date in order to transfer the securities to the investor's depository account and then exercise the rights. To sell securities after they are bought, the investor may withdraw money or securities from the trust account. If the investor chooses to withdraw money, the securities are sold from assets entrusted to the securities firm. If the investor chooses to withdraw securities, the securities are transferred to the investor's depository account and sold by the investor.

Download attachments

Laws and Regulations

  1. Regulations Governing Securities Firms Trading in Securities on a Fixed-Term, Fixed-Amount Basis
  2. Operating Rules of the Taiwan Stock Exchange Corporation
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