August 2017
Securities firms which are licensed to handle bond underwriting business (including operators operating such business concurrently) may elect to conduct financial planning, assessment and consulting business concerning the placement and issuance of international bonds(Taiwan)
Melanie Lo
The Central Bank issued the Tai-Yang-Wai-Seven-1050012223 Circular of March 15, 2016 (hereinafter, the "Circular") to communicate the requirement that securities firms which are licensed to handle bond underwriting business (including operators operating such business concurrently) may elect to conduct financial planning, assessment and consulting business concerning the placement and issuance of international bonds.
The Circular points out first that from now on, securities firms which are licensed to handle bond underwriting business (including operators operating such business concurrently) may elect to conduct financial planning, assessment and consulting business concerning the placement and issuance of international bonds without the separate approval of the Central Bank. However, the Circular also indicates that when a securities underwriter handles such financial planning, assessment and consulting business should be mindful that: (1) it shall not be involved in collection of securities payment between issuers and investors; and (2) it shall not report the launch of the underwriting business for international bonds on such basis.
This Circular also amends the Statement on Sale of International Bonds (Statement No. S03), which shall be filled out by securities underwriters, and the Tai-Yang-Wai-Seven-1020043371 Circular of October 22, 2013 is no longer applicable.
The Central Bank issued the Tai-Yang-Wai-Seven-1050012223 Circular of March 15, 2016 (hereinafter, the "Circular") to communicate the requirement that securities firms which are licensed to handle bond underwriting business (including operators operating such business concurrently) may elect to conduct financial planning, assessment and consulting business concerning the placement and issuance of international bonds.
The Circular points out first that from now on, securities firms which are licensed to handle bond underwriting business (including operators operating such business concurrently) may elect to conduct financial planning, assessment and consulting business concerning the placement and issuance of international bonds without the separate approval of the Central Bank. However, the Circular also indicates that when a securities underwriter handles such financial planning, assessment and consulting business should be mindful that: (1) it shall not be involved in collection of securities payment between issuers and investors; and (2) it shall not report the launch of the underwriting business for international bonds on such basis.
This Circular also amends the Statement on Sale of International Bonds (Statement No. S03), which shall be filled out by securities underwriters, and the Tai-Yang-Wai-Seven-1020043371 Circular of October 22, 2013 is no longer applicable.
