Teresa Huang and Julian Lai
The President officially promulgated the Partial Amendments to the Business Mergers and Acquisitions Act of Taiwan via the Hua-Zhong-One-Jing-1100048761 Directive of June 15, 2022. These amendments will go into effect on December 15, 2022, six months after their promulgation, in accordance with Article 54 of the Business Mergers and Acquisitions Act.
Primarily on the basis of the draft proposed by the Executive Yuan, these amendments seek to accommodate the gist of Judicial Interpretation No. 770 of the Judicial Yuan to protect the rights and interests of shareholders, extensively incorporate the recommendations of all walks of life on enhancing the flexibility and efficiency of corporate mergers and acquisitions, and follow the results of consultative discussion among political parties in the Legislative Yuan by adding Articles 40-1 and 44-1 and revising Articles 1, 5, 10-12, 18, 29, 35, 36, 40, 45 and 53 of the Business Mergers and Acquisitions Act.
For the highlights of these amendments, please refer to the Firm’s newsletter article titled Executive Yuan Adopted the Draft Partial Amendment to the Taiwan Business Mergers and Acquisitions Act for details.