Standards Governing Margin Purchase and Short Sale of Securities ( Amended 2004 . 12 . 27)
有價證券得為融資融券標準(民國93年12月27日修正)
Article 1 These Standards are prescribed in accordance with Article 61 of the Securities and Exchange Act.
第1條 本標準依證券交易法第六十一條規定訂定之。
Article 2 Where any common stock has been listed for more than six (6) months and the net worth per share is not less than the par value, the stock exchange may publicly announce that margin purchase and short sale may be permitted for such stock and shall make a collective report to the Financial Supervisory Commission ("FSC") of the Executive Yuan on a monthly basis.
第2條 普通股股票上市滿六個月，每股淨值在票面以上，由證券交易所公告得為融資融券交易股票，並按月彙報行政院金融監督管理委員會(以下簡稱本會)。
Where a common stock is not OTC-managed, a second board (TIGER board) stock, or an emerging stock, and it has been OTC-listed for six months, and its net worth is not less than the par value, upon fulfilling the following requirements, the OTC exchange may publicly announce that such stock may be traded on margin purchase and short sale, and report to the FSC at each month.
非屬櫃檯買賣管理股票、第二類股票及興櫃股票之普通股股票上櫃滿六個月，每股淨值在票面以上，且該發行公司符合下列各款規定者，由證券櫃檯買賣中心公告得為融資融券交易股票，並按月彙報本會：
1.It has been incorporated and registered for at least five years;
一、設立登記屆滿五年以上。
2. Its paid in capital is NT$300 million or more;
二、實收資本額達新臺幣三億元以上。
3.There are no accumulated loss in the most recent fiscal year, and the ratios of business profits and pre-tax profit to year-end paid-in capital are no less than 3 percent.
三、最近一個會計年度決算無累積虧損，且營業利益及稅前純益占年度決算實收資本額比率達百分之三以上。
If the stocks referred to in the preceding two paragraphs have any of the following conditions, it may not be approved for margin purchase and short sale:
前二項股票有下列各款情事之一者，得不核准其為融資融券交易股票：
1.Where the stock price fluctuation is too drastic;
一、股價波動過度劇烈。
2. Where the ownership of shares is over-centralized; or
二、股權過度集中。
3.Where the trading volume is excessively abnormal.
三、成交量過度異常。
The concrete determination standards and operational procedures of the provisions referred to in the Items of the preceding three Paragraphs shall be prescribed by the stock exchange and OTC exchange and approved by the FSC.
前三項規定之具體認定標準及作業程序，由證券交易所及證券櫃檯買賣中心分別擬訂，並報本會核定。
After a company changes the OTC stocks eligible for trading on margin purchase and short sale to become listed, unless the shares are overly concentrated, they shall be eligible for trading on margin purchase and short sale, and the regulation in Paragraph 1 regarding the 6 month listing requirement and the regulations in Items 1 and 3 of Paragraph 3 are not applicable; the said procedure shall be prescribed by the stock exchange and reported to the FSC for approval.
得為融資融券交易之上櫃股票經發行公司轉申請上市後，除有股權過度集中之情事者外，即得為融資融券交易，不適用第一項上市滿六個月與第三項第一款及第三款之規定；該項作業程序由證券交易所擬訂，並報本會核定。
The regulations in the preceding Paragraph shall also be applicable for shares that have already been changed to become listed before this amendment went into effect but for less than 6 months.
前項規定於修正施行前已轉上市但未滿六個月者，亦適用之。
When a listed (or OTC-listed) company is converted into a financial holding company in accordance with the Financial Holding Company Act, if the shares of the financial institution anticipated to be converted into the financial holding company are eligible for trading on margin purchase and short sale, the shares of the financial holding company after conversion, if it is a listed company, shall be eligible for margin purchase and short sale, unless the shares are overly concentrated; the six-month listing provision of Paragraph 1 and the provisions of Paragraph 3, Subparagraphs 1 and 3 shall not apply.
上市(櫃)公司依金融控股公司法轉換為金融控股公司時，預計轉換為金融控股公司之金融機構股票中如有具融資融券資格者，轉換後之金融控股公司如為上市公司，除其股票有股權過度集中之情事者外，即得為融資融券交易，不適用第一項上市滿六個月與第三項第一款、第三款之規定。
When a listed (or OTC-listed) company is converted into a financial holding company in accordance with the Financial Holding Company Act, if the shares of the financial institution anticipated to be converted into the financial holding company are eligible for trading on margin purchase and short sale, the shares of the financial holding company after conversion, if it is an OTC-listed company, shall be eligible for margin purchase and short sale, unless the shares are overly concentrated; the six-month OTC listing provision, and Subparagraphs 1 and 3, of Paragraph 2, and the provisions of Subparagraphs 1 and 3 of Paragraph 3, shall not apply.
上市(櫃)公司依金融控股公司法轉換為金融控股公司時，預計轉換為金融控股公司之金融機構股票中如有具融資融券資格者，轉換後之金融控股公司如為上櫃公司，除其股票有股權過度集中之情事者外，即得為融資融券交易，不適用第二項股票上櫃滿六個月與第一款、第三款及第三項第一款、第三款之規定。
When a listed (or OTC-listed) company is converted into an investment holding company by a 100 percent share conversion in accordance with the Business Mergers and Acquisitions Act, if the company shares anticipated to be converted into the investment holding company are eligible for trading on margin purchase and short sale, the shares of the investment holding company after conversion, if it is a listed company, shall be eligible for trading on margin purchase and short sale, unless the shares are overly concentrated; the six-month listing provision of Paragraph 1, and Subparagraphs 1 and 3 of Paragraph 3, shall not apply.
上市(櫃)公司依企業併購法以百分之百股份轉換方式轉換為投資控股公司時，預計轉換為投資控股公司之公司股票具融資融券資格者，轉換後之投資控股公司為上市公司，除其股票有股權過度集中之情事者外，即得為融資融券交易，不適用第一項上市滿六個月與第三項第一款、第三款之規定。
When a listed (or OTC-listed) company is converted into an investment holding company by a 100 percent share conversion in accordance with the Business Mergers and Acquisitions Act, if the company shares anticipated to be converted into the investment holding company are eligible for trading on margin purchase and short sale, the shares of the investment holding company after conversion, if it is an OTC-listed company, shall be eligible for trading on margin purchase and short sale, unless the shares are overly concentrated; the six-month OTC listing provision, and Subparagraphs 1 and 3, of Paragraph 2, and the provisions of Subparagraphs 1 and 3 of Paragraph 3, shall not apply
上市(櫃)公司依企業併購法以百分之百股份轉換方式轉換為投資控股公司時，預計轉換為投資控股公司之公司股票具融資融券資格者，轉換後之投資控股公司為上櫃公司，除其股票有股權過度集中之情事者外，即得為融資融券交易，不適用第二項股票上櫃滿六個月與第一款、第三款及第三項第一款、第三款之規定。
The procedures for operations under the proceeding four paragraphs shall be drafted respectively by the Stock Exchange and the OTC Securities Exchange and reported to the FSC for ratification.
前四項作業程序由證券交易所及證券櫃檯買賣中心分別擬訂，並報本會核定。
Article 3 Where any beneficiary certificate has been listed for more than six (6) months, the stock exchange may publicly announce that margin purchase and short sale are allowed for such beneficiary certificate and shall collectively report to the FSC on monthly basis;
第3條 受益憑證上市滿六個月，由證券交易所公告得為融資融券交易，並按月彙報本會。
provided, beneficiary certificates of exchange-traded securities investment trust funds (hereinafter referred to as "exchange-traded fund beneficiary certificates") may be exempted from the requirement of listing for six months.
但指數股票型證券投資信託基金受益憑證(以下簡稱指數股票型基金受益憑證)得不受上市滿六個月之限制。
The provisions in Paragraphs 3 and Paragraph 4 of the preceding Article shall apply mutatis mutandis to beneficiary certificates except for exchange-traded fund beneficiary certificates.
前條第三項及第四項規定，除指數股票型基金受益憑證外，於受益憑證準用之。
Article 4 If a stock allowed for margin purchase and short sale has any of the following conditions, the stock exchange and OTC exchange may publicly announce the suspension of the margin purchase and short sale transaction of such stock, or adjust the margin purchase ratio or percentage of margin for short sale within the scope prescribed by the FSC and report same to the FSC for recordation:
第4條 得為融資融券交易之股票有下列情事之一者，證券交易所及證券櫃檯買賣中心得公告暫停該股票之融資、融券交易，或在本會所定之範圍內，調整其融資比率或融券保證金成數，並報本會備查。
1. Change to same day settlement for listed stocks, or change to pre-paid settlement for OTC stocks;
一上市股票變更交易方法為全額交割者，或上櫃股票變更交易方法為應先收足款券者。
2. Trading suspension for listed or OTC-listed stocks;
二上市或上櫃股票停止買賣者。
3. Termination of listing for listed or OTC-listed stocks;
三上市或上櫃股票終止上市或上櫃者。
4. The net worth per share of the listed or OTC-listed stock is less than the par value;
四上市或上櫃股票每股淨值低於票面者。
5. There has been a major settlement breach for listed or OTC-listed stocks and the ratio of margin purchase or short sale has reached a set ratio;
五上市或上櫃股票有鉅額違約情事且融資或融券餘額達一定比率者。
6. The stock price fluctuation is too drastic;
六股價波動過度劇烈者。
7. The ownership of shares is over-centralized;
七股權過度集中者。
8. The trading volume is excessively abnormal; or
八成交量過度異常者。
9. There is any other situation for which continued margin purchase or short sale transaction is improper.
九其他不適宜繼續融資融券交易之情事者。
Where margin purchase or short sale transaction is suspended or margin purchase ratio or percentage of margin of short sale is adjusted in accordance with the provisions in the preceding Paragraph, if the reason for suspension or adjustment no longer exists, the stock exchange or OTC exchange shall make public announcement of the reinstatement and report to FSC for recordation.
依前項暫停融資融券交易或調整融資比率、融券保證金成數者，於暫停或調整原因消滅時，由證券交易所或證券櫃檯買賣中心公告恢復，並報本會備查。
The concrete determination standards and operational procedures of the provisions referred to in the Items of the preceding two Paragraphs shall be prescribed by the stock exchange and OTC exchange and approved by the FSC.
前二項規定之具體認定標準及作業程序，由證券交易所及證券櫃檯買賣中心分別擬訂，並報本會核定。
Article 5 Where any beneficiary certificate allowed for margin purchase and short sale transactions has any of the following conditions, the stock exchange may make public announcement of suspension of the margin purchase and short sale transactions of such beneficiary certificate, or adjust the margin purchase ratio or the percentage of margin for short sale within the scope prescribed by FSC and report same to FSC for recordation:
第5條 得為融資融券交易之受益憑證有下列情事之一者，證券交易所得公告暫停該受益憑證之融資、融券交易，或在本會所定之範圍內，調整其融資比率或融券保證金成數，並報本會備查：
1.Where listing of the beneficiary certificate has been terminated;
一、終止上市。
2.Where the issuer has failed to punctually file and make public announcement of financial reports;
二、未依規定按期申報並公告財務報告。
3. Where the securities investment trust enterprise managing the securities investment trust fund has any of the conditions under Article 96, paragraph 1 of the Securities Investment Trust Enterprises Act;
三、經理該證券投資信託基金之證券投資信託事業有證券投資信託及顧問法第九十六條第一項之情事。
4.Where the price fluctuation is too drastic;
四、價格波動過度劇烈。
5.Where the ownership of beneficiary interests is over-centralized;
五、受益權過度集中。
6.Where the trading volume is excessively abnormal; or
六、成交量過度異常。
7.Where there is any other event for which continued margin purchase or short sale transaction is improper.
七、其他不適宜繼續融資融券交易之情事。
Where margin purchase or short sale transaction is suspended or margin purchase ratio or percentage of margin of short sale is adjusted in accordance with the provisions in the preceding Paragraph, if the reason for suspension or adjustment no longer exists, the stock exchange shall make public announcement of the reinstatement and report to the FSC for recordation.
依前項暫停融資融券交易或調整融資比率、融券保證金成數者，於暫停或調整原因消滅時，由證券交易所公告恢復，並報本會備查。
The concrete determination standards and operational procedures of the provisions referred to in the Items of the preceding two Paragraphs shall be prescribed by the stock exchange and approved by the FSC.
前二項規定之具體認定標準及作業程序，由證券交易所擬訂，並報本會核定。
The provisions of subparagraphs 4 to 6 of paragraph 1 do not apply to exchange-traded fund beneficiary certificates.
第一項第四款至第六款之規定，於指數股票型基金受益憑證不適用。
Article 6 When the balance of margin purchase or short sale for each type of stock allowed for margin purchase or short sale transaction reaches 25% of the listed or OTC-listed shares of such stock, the margin purchase or short sale shall be suspended. When the balance is below 18%, the margin purchase and short sale shall be reinstated.
第6條 每種得為融資融券交易之股票，其融資餘額或融券餘額達該種股票上市或上櫃股份百分之二十五時，暫停融資買進或融券賣出；俟其餘額低於百分之十八時，恢復其融資、融券交易。
Though the balance of short sale referred to in the preceding Paragraph does not reach 25% or is below 18% but if the balance thereof exceeds the balance of margin purchase, short sale shall be suspended. When the balance has equalized, the short sale shall be reinstated.
前項融券餘額雖未達百分之二十五或低於百分之十八，如其餘額已超過融資餘額時，暫停融券賣出；俟其餘額平衡後，恢復其融券交易。
In executing the provisions referred to in Paragraph 1 above, the stock exchange and OTC exchange may conduct distribution and report to FSC. When a securities finance enterprise and a securities firm dealing with margin purchase and short sale of securities conducts margin purchases or short sale, the number of stock certificates distributed by the stock exchange and OTC exchange for margin purchase and short sale shall not be exceeded.
證券交易所及證券櫃檯買賣中心為執行第一項規定，得進行分配，並報本會備查；證券金融事業及辦理有價證券買賣融資融券之證券商為有價證券買賣融資融券時，不得超過證券交易所及證券櫃檯買賣中心分配之融資融券張數。
The provisions in the preceding three Paragraphs shall apply mutatis mutandis to beneficiary certificates; provided, the calculation of the number of beneficiary units of exchange-traded fund beneficiary certificates shall be done on the basis of the total number of issued beneficiary units as of the preceding business day.
前三項之規定，於受益憑證準用之。但指數股票型基金受益憑證受益權單位數之計算，以前一營業日之總發行受益權單位數為之。
Article 7 The securities financing enterprises and securities firm dealing with margin purchase and short sale of securities shall, on the afternoon of each day, submit the information of the balance of margin purchase and short sale of each type of securities of that day to the stock exchange and OTC exchange. The stock exchange and OTC exchange shall calculate and make public announcement prior to the opening time of the following business day and notify securities brokers to post the same at their places of business.
第7條 證券金融事業及辦理有價證券買賣融資融券之證券商應於每日下午，將當日各種有價證券融資融券餘額資料送達證券交易所及證券櫃檯買賣中心，由證券交易所及證券櫃檯買賣中心彙計，於次一營業日開市前公告，並通知證券經紀商於營業處所公布之。
When margin purchase and short sale transaction is suspended or reinstated by the stock exchange or OTC exchange pursuant to Article 6 herein, the suspension or reinstatement shall be executed on the day of public announcement placed according to the method referred to in the preceding Paragraph.
證券交易所或證券櫃檯買賣中心依第六條規定暫停或恢復融資融券交易時，應於依前項方式公告之當日通告執行之。
Article 8 These Standards shall become effective on the date of promulgation.
第8條 本標準自發布日施行。