國外企業(yè)與本國企業(yè)之興柜相關(guān)規(guī)定比較表

1、國外企業(yè)與本國企業(yè)之興櫃相關(guān)規(guī)定比較表Regulations Governing Listings on the Emerging Stock MarketForeign vs. Domestic Enterprises發(fā)行面1. Issuance（一）規(guī)定不同之項(xiàng)目 (1) Areas of different regulatory treatment本國企業(yè)登錄興櫃條件Emerging Stock Market registration requirements(domestic enterprises)國外企業(yè)登錄興櫃條件Emerging Stock Market registratio

2、n requirements(foreign enterprises)申請主體Who can apply依我國法令組織登記之公開發(fā)行公司。Public companies that have registered in accordance with the laws and regulations of the Republic of China (ROC).依照外國法律組織登記之股份有限責(zé)任公司，且未違反臺灣地區(qū)與大陸地區(qū)人民關(guān)係條例相關(guān)規(guī)範(fàn)者。Companies limited by shares organized under the laws of a foreign country

3、 that are in compliance with all applicable provisions of the Act Governing Relations Between Peoples of the Taiwan Area and the Mainland Area.簽證會(huì)計(jì)師Auditors應(yīng)由主管機(jī)關(guān)所核準(zhǔn)之聯(lián)合會(huì)計(jì)師事務(wù)所之我國二位會(huì)計(jì)師查核簽證。Auditing and attestation must be performed by two ROC certified public accountants (CPAs) from a joint accounting

4、 firm approved by the competent authority.應(yīng)由我國經(jīng)主管機(jī)關(guān)核準(zhǔn)簽證公開發(fā)行公司財(cái)務(wù)報(bào)告之我國二位會(huì)計(jì)師查核簽證，或與前述會(huì)計(jì)師所屬事務(wù)所有合作關(guān)係之國際性會(huì)計(jì)師事務(wù)所查核簽證，並由我國會(huì)計(jì)師出具不提及其他會(huì)計(jì)師查核工作之查核報(bào)告。Auditing and attestation must be performed by two ROC CPAs approved by the competent authority to audit financial reports of public companies, or by an internation

5、al accounting firm that has a cooperative relationship with the accounting firm to which the aforementioned CPAs belong, and an ROC CPA must have produced an audit report stated without reference to the audit work of other CPAs.財(cái)務(wù)報(bào)表編製依據(jù)Financial reporting bases依據(jù)證券發(fā)行人財(cái)務(wù)報(bào)告編製準(zhǔn)則或證券商財(cái)務(wù)報(bào)告編製準(zhǔn)則及我國一般公認(rèn)會(huì)計(jì)原則編

6、製。Financial statements must be prepared in accordance with either the Regulations Governing the Preparation of Financial Reports by Securities Issuers or the Regulations Governing the Preparation of Financial Reports by Securities Firms, and with generally accepted accounting principles in the ROC.需

7、依據(jù)我國、美國或國際會(huì)計(jì)準(zhǔn)則編製財(cái)務(wù)報(bào)表，且需以合併個(gè)體為財(cái)報(bào)編製之主體。未依我國會(huì)計(jì)準(zhǔn)則編製者，應(yīng)揭露重大差異項(xiàng)目及影響金額。Financial statements must be prepared in accordance with ROC, US, or international accounting standards, and on a consolidated basis. Where financial statements are not prepared in accordance with ROC accounting standards, disclosure mu

8、st be made of any material discrepancies and how they affect reported monetary amounts.無實(shí)體發(fā)行Uncertificated securities應(yīng)採無實(shí)體發(fā)行。Securities must be issued in uncertificated form.得採無實(shí)體發(fā)行。Securities may be issued in uncertificated form.股務(wù)機(jī)構(gòu)Shareholder services provider在本中心所在地設(shè)有專業(yè)股務(wù)代理機(jī)構(gòu)或股務(wù)單位辦理股務(wù)。The servic

9、es must be provided via a professional shareholder services agent or shareholder services unit established in the jurisdiction where the GreTai Securities Market (GTSM) is located.在本中心所在地設(shè)有專業(yè)股務(wù)代理機(jī)構(gòu)辦理股務(wù)，並不接受國外企業(yè)自辦股務(wù)。The services must be provided via a professional shareholder services agent establish

10、ed in the jurisdiction where the GTSM is located. A foreign enterprise is not allowed to provide shareholder services itself.公開銷售Public sale of shares輔導(dǎo)推薦證券商自行認(rèn)購已發(fā)行股份總數(shù)3%以上且不低於50萬股，但3%如超過150萬股，則至少應(yīng)自行認(rèn)購150萬股。各輔導(dǎo)推薦證券商應(yīng)認(rèn)購10萬股以上。1. At least 3% of the total number of shares being issued, and at least 500

11、,000 shares in any case, must be subscribed in aggregate by the advising/recommending securities firms for their own accounts, or if 3% exceeds 1.5 million shares, then at least 1.5 million shares. Each advising/recommending securities firm individually must subscribe at least 100,000 shares. 主辦輔導(dǎo)推薦

12、證券商倘有異動(dòng)者，公司應(yīng)提出異動(dòng)時(shí)其櫃檯買賣股份總數(shù)之1%以上股份由其新任之主辦輔導(dǎo)推薦證券商認(rèn)購；但異動(dòng)時(shí)其櫃檯買賣股份總數(shù)之1%逾50萬股者，則至少應(yīng)提出50萬股以上。2. In the event of any change to the lead advising/recommending securities firm of an issuer, at least 1% of the total number of its shares traded OTC at the time of the switch must be provided by the issuer for su

13、bscription by the new lead advising/recommending securities firm; but if 1% of its shares traded OTC at the time of the switch exceeds 500,000 shares, then the issuer must provide at least 500,000 shares.興櫃公司現(xiàn)金發(fā)行新股時(shí)，於符合一定條件下，應(yīng)對外公開發(fā)行；且推薦證券商得自行認(rèn)購比例上限為承銷總數(shù)之15%，並採餘額包銷。3.When an emerging stock company ca

14、rries out a cash issue of new shares, under certain conditions it must offer the shares publicly; and the recommending securities firm may subscribe on its own account up to a maximum of 15% of the total number of underwritten shares, with the remaining shares to be underwritten on a firm commitment

15、 basis.除興櫃公司現(xiàn)金發(fā)行新股時(shí)，於符合一定條件下，得對外公開發(fā)行，非應(yīng)對外公開發(fā)行外，餘同本國企業(yè)之規(guī)定。Foreign emerging stock companies are subject to the same provisions as those applying to domestic firms, with the exception that when they carry out cash issuance of new shares, upon meeting certain conditions, they may (not must) publicly off

16、er their shares. 訴訟及非訟代理人Agent for litigious and non-litigious matters無。Not applicable.至少指定一名居住或登記於我國境內(nèi)之訴訟及非訟代理人。A foreign issuer must designate as agent for litigious and non-litigious matters at least one person who either lives in the ROC or is registered here.其他要求事項(xiàng)Other requirements係屬我國公開發(fā)行公司，本

17、應(yīng)遵守我國證交法及相關(guān)法令政策規(guī)定。1.Domestic public companies are required to comply with the ROC Securities and Exchange Act and related regulations, directives, and policies.未來如因興櫃股票櫃檯買賣契約所生之訴訟，申請公司同意以臺灣臺北地方法院為第一審管轄法院。2. A company applying for an Emerging Stock Market listing must agree to the Taiwan Taipei Distr

18、ict Court as the court of first instance for any disputes in connection with a contract for OTC trading of emerging stocks.無。3. Not applicable.登錄興櫃股份應(yīng)以帳簿劃撥方式交付。4. Shares registered as emerging stocks must be transferred by book entry.無。5. Not applicable.需承諾遵守我國證交法及相關(guān)法令政策規(guī)定，若申請公司屬投資控股型態(tài)，則其被控股公司亦需承諾遵守

19、上述規(guī)定。1. An applicant must pledge to comply with the ROC Securities and Exchange Act and related regulations, directives, and policies. If the applicant is an investment holding company, its subsidiaries must also make the same pledge.未來如因興櫃股票櫃檯買賣契約所生之訴訟，申請公司同意以臺灣臺北地方法院為第一審管轄法院。2. A company applying

20、for an Emerging Stock Market listing must agree to the Taiwan Taipei District Court as the court of first instance for any disputes in connection with a contract for OTC trading of emerging stocks.承諾於必要時(shí)，得應(yīng)本中心要求委託指定之會(huì)計(jì)師或?qū)I(yè)機(jī)構(gòu)，依本中心指定之查核範(fàn)圍進(jìn)行專案檢查，並將檢查結(jié)果提交本中心，且同意負(fù)擔(dān)相關(guān)費(fèi)用。3. An applicant must pledge that, w

21、hen necessary and if requested by the GTSM, it will retain a designated CPA or professional organization to carry out a targeted examination focusing on the matters designated by the GTSM, and must further pledge to furnish the examination results to the GTSM and bear all related costs.登錄興櫃股份應(yīng)以帳簿劃撥方

22、式交付。4. Shares registered as emerging stocks must be transferred by book entry.有關(guān)股東權(quán)益保護(hù)之重要事項(xiàng)，應(yīng)增訂於公司章程或組織文件內(nèi)。5. An applicant must add provisions in its articles of incorporation or organizational documents setting out important matters concerning the protection of shareholder interests.增資發(fā)行新股掛牌Registr

23、ation of new share issue for capital increase向主管機(jī)關(guān)申報(bào)增資發(fā)行新股前，無須先取得本中心所出具之同意其櫃檯買賣之證明文件後始得辦理。1. Before registering a cash capital increase with the competent authority, there is no need to first obtain documentary proof from the GTSM showing that the issuer has obtained GTSM permission for OTC trading

24、of its shares.向本中心申報(bào)增資新股登錄興櫃掛牌時(shí)，不論其係屬募集資金或無償配股性質(zhì)，本中心均於檢查其所送之相關(guān)文件後，辦理市場公告。2. When filing with the GTSM for Emerging Stock registration of new shares issued for a capital increase, regardless whether the shares are sold for cash or issued as bonus shares, the GTSM will make a public announcement to th

25、e market after it has completed a review of the documents submitted by the filer.若屬在我國境內(nèi)募集發(fā)行之案件者，應(yīng)先取得本中心所出具之同意其櫃檯買賣之證明文件，嗣後經(jīng)主管機(jī)關(guān)核準(zhǔn)發(fā)行完成後，強(qiáng)制其需登錄興櫃掛牌。1. For a public offering carried out within the ROC, the issuer must first obtain documentary proof from the GTSM showing that the issuer has obtained GT

26、SM permission for OTC trading of its shares. After the competent authority grants approval for a public offering, it will require the issuer to register on the Emerging Stock Market.若屬在我國境外募集發(fā)行之案件者，則須先經(jīng)本中心審查符合一定條件後（包括符合註冊地國增資法令規(guī)定、募集發(fā)行之條件、價(jià)格、對象等無重大損及股東權(quán)益之虞等），方可登錄興櫃掛牌。2. For a public offering that is

27、to be carried out within the ROC, the issuer may not register on the Emerging Stock Market until after the competent authority has found upon review that certain conditions are met (e.g. the offering complies with laws and regulations in the jurisdiction where the issuer is registered, and there is

28、no likelihood that the conditions, price, purchasers/recipients of the shares, or other particulars of the offering would cause material harm to shareholder interests).若無償配股性質(zhì)之普通股新股，且係分配予已櫃檯買賣之股票者，應(yīng)向本中心申報(bào)其新股登錄興櫃掛牌。3. Where new common shares are to be distributed as bonus shares, and the shares to be

29、 distributed are for a stock that is already traded OTC, the issuer must file with the GTSM to issue new shares in connection with registration on the Emerging Stock Market.針對於我國境外募集資金，而未於本中心櫃檯買賣之增資新股，因考量既然該等增資新股未於本中心櫃檯買賣，故其後續(xù)之無償配股亦應(yīng)不得於本中心櫃檯買賣。4. Where a foreign enterprise has raised capital offshor

30、e through the issuance of new shares that do not trade OTC at the GTSM, since the shares are not traded at the GTSM, therefore neither may any bonus shares subsequently issued to owners of those shares be traded at the GTSM.（二）規(guī)定相同之項(xiàng)目 (2) Areas of identical regulatory treatment本國企業(yè)登錄興櫃條件Emerging Sto

31、ck Market registration requirements(domestic enterprises)國外企業(yè)登錄興櫃條件Emerging Stock Market registration requirements(foreign enterprises)設(shè)立年限Minimum years since establishment無限制。No restrictions.同左。No restrictions.公司規(guī)模Company size無限制。No restrictions.同左。No restrictions.獲利能力Profitability無限制。No restrictio

32、ns.同左。No restrictions.輔導(dǎo)期限Required advisory period已與證券商簽訂輔導(dǎo)股票上市（櫃）契約，至於輔導(dǎo)多久始得申請登錄興櫃則無限制。Registrants must have entered into an Advisory Contract for Exchange (OTC) Listing, but there are no requirements regarding the length of the advisory period prior to application for emerging stock registration.同

33、左。Same as for domestic registrants.推薦證券商Recommending securities firms二家以上證券商書面推薦，惟需指定一家為主辦，餘係協(xié)辦。推薦證券商應(yīng)具備證券承銷商、證券經(jīng)紀(jì)商及證券自營商之資格，並應(yīng)為中華民國證券商業(yè)同業(yè)公會(huì)登記之會(huì)員。Two or more securities firms must act as recommending securities firms, but one must be designated as the lead recommending firm, while the others are co-

34、recommending firms. A recommending securities firm must be qualified as a securities underwriter, a securities brokerage, and securities dealer, and must be a registered member of the Taiwan Securities Association.同左。Same as for domestic registrants.股權(quán)分散Dispersion of equity ownership無限制。No restricti

35、ons.同左。No restrictions.公司治理Corporate governance無限制。No restrictions.同左。No restrictions.董監(jiān)大股東強(qiáng)制集保Lockup of the shares of directors, supervisors, and major shareholders無限制。No restrictions.同左。No restrictions.強(qiáng)制集保領(lǐng)回Withdrawal of lockup shares無限制。No restrictions.同左。No restrictions.監(jiān)理面2. Supervision（一）規(guī)定不同

36、之項(xiàng)目 (1) Areas of different regulatory treatment本國企業(yè)規(guī)定Requirements for domestic enterprises國外企業(yè)規(guī)定Requirements for foreign enterprises定期資訊申報(bào)Periodic information disclosure1.財(cái)務(wù)報(bào)告：需分別以個(gè)別及合併個(gè)體為財(cái)報(bào)編製之主體，說明如下：1. Financial reports: Financial reports must be prepared for both the separate and the consolidated

37、 entity, as follows:一般興櫃公司：經(jīng)會(huì)計(jì)師查核簽證之年度個(gè)別及合併財(cái)務(wù)報(bào)告、經(jīng)會(huì)計(jì)師查核簽證之半年度個(gè)別財(cái)務(wù)報(bào)告、經(jīng)會(huì)計(jì)師核閱之半年度合併財(cái)務(wù)報(bào)告。(1) Ordinary emerging stock companies: individual and consolidated annual financial reports, audited and attested by a CPA; individual half-year financial reports, audited and attested by a CPA; consolidated half-yea

38、r financial reports, reviewed by a CPA.已申請上櫃（市）作業(yè)中之興櫃公司：經(jīng)會(huì)計(jì)師核閱第一季及第三季個(gè)別財(cái)務(wù)報(bào)告、得免經(jīng)會(huì)計(jì)師核閱第一季及第三季合併財(cái)務(wù)報(bào)告。(2) Emerging stock companies that have already applied for an exchange or OTC listing: when a companys first-quarter and third-quarter individual financial reports have been reviewed by a CPA, its first

39、-quarter and third-quarter consolidated financial reports need not be reviewed by a CPA.2.年報(bào)：應(yīng)依公開發(fā)行公司年報(bào)應(yīng)行記載事項(xiàng)準(zhǔn)則規(guī)定揭露年報(bào)。2. Annual reports: Must be disclosed in accordance with the Regulations Governing Information to be Published in Annual Reports of Public Companies.財(cái)務(wù)報(bào)告：除以合併個(gè)體為財(cái)報(bào)編製之主體外，餘同本國企業(yè)之規(guī)定，前開財(cái)

40、務(wù)報(bào)告應(yīng)以中文版為主。1. Financial reports: Financial reports must be prepared for the consolidated entity only; otherwise, the requirements are the same as for domestic enterprises. The Chinese version is the authoritative version of the financial reports. 年報(bào)：應(yīng)依外國發(fā)行人募集與發(fā)行有價(jià)證券處理準(zhǔn)則規(guī)定揭露年報(bào)，且應(yīng)以中文版為主，亦可另加英文版本。2. An

41、nual reports: Must be disclosed in accordance with the Regulations Governing Information to be Published in Annual Reports of Public Companies. The Chinese version is the authoritative version, but an English version may also be provided.不定期資訊申報(bào)Non-periodic information disclosure1.重大訊息：須於事實(shí)發(fā)生或傳播媒體報(bào)導(dǎo)

42、日的次一營業(yè)日交易時(shí)間開始前輸入公開資訊觀測站申報(bào)（如有需要，亦須代其重要子公司申報(bào)重大訊息）。1. Material information: The relevant information must be input into the Market Observation Post System prior to the beginning of trading hours on the first business day following either the date of occurrence or the date on which the material informat

43、ion is reported in the mass media (and if necessary the entity must also report material information on behalf of important subsidiaries).2.重大訊息說明記者會(huì)：須指派發(fā)言人或代理發(fā)言人於事實(shí)發(fā)生或傳播媒體報(bào)導(dǎo)之次一營業(yè)日前在本中心召開記者會(huì)提出說明。2. Press conferences to announce material information: On the first business day following either the dat

44、e of occurrence or the date on which it is reported in the mass media, the company must appoint a spokesperson or deputy spokesperson to hold a press conference at the offices of the GTSM to make a statement.重大訊息：原則上同本國企業(yè)之規(guī)定，主要差異處說明如下：1. Material information: Legal requirements are in principle the

45、same for foreign and domestic enterprises. The main differences are as follows:增訂訴訟及非訟代理人發(fā)生變動(dòng)、財(cái)務(wù)報(bào)告未依我國財(cái)務(wù)會(huì)計(jì)準(zhǔn)則編製且其稅前純益差異金額累計(jì)達(dá)新臺幣一仟萬元以上者等應(yīng)辦理重大訊息申報(bào)之條款。(1) New provisions have been added to require that a foreign issuer must file a report on material information when it switches agent for litigious and n

46、on-litigious matters, or when its financial report has not been prepared in accordance with ROC financial accounting standards and the combined total of all discrepant dollar amounts for income before tax is NT$10 million or more.得免公告財(cái)務(wù)預(yù)測及內(nèi)控聲明書等事項(xiàng)。(2) Foreign enterprises need not publicly announce f

47、inancial forecasts or statements on internal control.前開資訊申報(bào)應(yīng)以中文版為主，亦可另加英文版本。(3) The aforementioned information must be reported in Chinese. An English version may also be provided, but the Chinese version will prevail.得委託訴訟及非訟代理人代理申報(bào)。(5) A foreign enterprise may have its agent for litigious and non-

48、litigious matters file such reports.重大訊息說明記者會(huì)：原則上同本國企業(yè)之規(guī)定，但得以視訊方式辦理重大訊息記者說明會(huì)。2. Press conferences to announce material information: Legal requirements are in principle the same for foreign and domestic enterprises, but a foreign enterprise may hold such an event by video conference.財(cái)務(wù)業(yè)務(wù)重大事件檢查表申報(bào)Fili

49、ng of the Checklist for Material Financial and Operational Events1.主辦輔導(dǎo)推薦證券商每月十日前將前述檢查表，透過本中心指定之網(wǎng)際網(wǎng)路申報(bào)系統(tǒng)辦理申報(bào)。1. A lead advising/recommending securities firm must file the Checklist by the 10th of each month via an Internet reporting system designated by the GTSM.2.若遇有檢查表所列重大事件發(fā)生時(shí)應(yīng)立即透過本中心指定之網(wǎng)際網(wǎng)路申報(bào)系統(tǒng)辦

50、理申報(bào)，另於申報(bào)日起五日內(nèi)完成查核，並將查核結(jié)果透過本中心指定之網(wǎng)際網(wǎng)路申報(bào)系統(tǒng)辦理申報(bào)及正式發(fā)函檢具相關(guān)資料向本中心通報(bào)。2. If any of the material events listed in the Checklist has occurred, it must immediately be reported via an Internet reporting system designated by the GTSM. Then, within five days of reporting, the enterprise must complete an audit and

51、 report the audit result via an Internet reporting system designated by the GTSM, and must also officially inform the GTSM by issuing a letter together with related information.除主辦輔導(dǎo)推薦證券商應(yīng)於檢查表每月二十日前，非每月十日前，透過本中心指定之網(wǎng)際網(wǎng)路申報(bào)系統(tǒng)辦理申報(bào)外，餘同本國企業(yè)之規(guī)定。Most requirements are the same for foreign and domestic enterp

52、rises, except that a lead advising/recommending securities firm is required to file the checklist by the 20th of each month, rather than the 10th, via an Internet reporting system designated by the GTSM.平時(shí)例外管理Routine and exceptional regulation對本國興櫃公司平時(shí)例外管理規(guī)定辦理，包含財(cái)務(wù)報(bào)告之審閱、平時(shí)管理（定期專案查核）及例外管理（重大事件專案查核，必要

53、時(shí)進(jìn)行實(shí)地查核）。Review of the financial reports of domestic enterprises is among the areas where emerging stock companies are subject to both routine regulation (periodic special audits) and exceptional regulation (special audits of material events and, as necessary, on-site audits).原則上比照本中心對本國興櫃公司平時(shí)例外管理規(guī)定

54、辦理，但不赴海外進(jìn)行實(shí)地查核，指定會(huì)計(jì)師或?qū)I(yè)機(jī)構(gòu)進(jìn)行專案檢查方式，代替實(shí)地查核。Requirements governing foreign enterprises are in principle the same as those governing domestic enterprises. However, the GTSM does not travel overseas to carry out on-site audits; instead, a designated CPA or professional organization conducts a targeted ex

55、amination in lieu of an on-site audit.股東權(quán)益Shareholder interests1.股東會(huì)召開地點(diǎn)及開會(huì)程序等規(guī)範(fàn)，依我國法令為之。1. Requirements regarding the location and procedures for shareholders meetings are adopted on the basis of ROC laws and regulations.2.無。2. No requirements.3.股東會(huì)召開相關(guān)資訊於公開資訊觀測站揭露，俾保障股東權(quán)益。3. Information on the hol

56、ding of shareholders meetings is disclosed on the Market Observation Post System website to safeguard the interests of shareholders.有關(guān)股東權(quán)益保護(hù)之重要事項(xiàng)，應(yīng)訂於公司章程或組織文件內(nèi)。1. Important measures to safeguard the interests of shareholders must be adopted in a companys articles of incorporation or organizational d

57、ocuments.公開說明書需記載股東行使權(quán)利之方式。2. A prospectus must set out how shareholders exercise their rights.3. 股東會(huì)召開相關(guān)資訊於公開資訊觀測站揭露，俾保障股東權(quán)益。3. Information on the holding of shareholders meetings is disclosed on the Market Observation Post System website to safeguard the interests of shareholders.（二）規(guī)定相同之項(xiàng)目(2) Are

58、as of identical regulatory treatment本國企業(yè)規(guī)定Requirements for domestic enterprises國外企業(yè)規(guī)定Requirements for foreign enterprises違規(guī)處置Handling of violations函請改善、課處違約金、停止買賣、終止買賣等違規(guī)處置。另涉刑責(zé)者，移送司法單位調(diào)查。The authorities may send a letter requesting corrections, impose a monetary penalty, suspend trading, or termina

59、te trading. If any violations have occurred, the case will be referred to the judiciary for investigation.同左。Same as for domestic enterprises.退場機(jī)制Market exit mechanism興櫃股票停止買賣期間及終止買賣期間規(guī)定分別為公告日至實(shí)施日5個(gè)營業(yè)日及15個(gè)日曆日。When trading in an emerging stock is suspended or terminated, the suspension or termination

60、 takes effect 5 or 15 days, respectively, after the announcement thereof.同左。Same as for domestic enterprises.三、交易面3. Trading（一）規(guī)定不同之項(xiàng)目 (1) Areas of different regulatory treatment本國企業(yè)規(guī)定Requirements for domestic enterprises國外企業(yè)規(guī)定Requirements for foreign enterprises市場參與者M(jìn)arket participants1、包括自然人及法人。1.