The FSC allowed foreign issuers to use their international ......

To facilitate the development of Taiwan's bond market, the Taipei Stock Exchange (TPEx) recommended referring to the dual (multiple) listing practices in major international bond trading markets to adjust the listing system for international bonds on the professional board in Taiwan. This allows foreign issuers' government bonds, ordinary corporate bonds, or Sukuk (Islamic fixed income security)-whether in whole or in part-to become marketable securities that can be traded on the TPEx, provided they are issued offshore, denominated in foreign currencies, and only sold to professional investors. Foreign issuers may apply to the TPEx to list these as international bonds with dual listing based on the total issuance amount. The FSC has also included the plan in the "Asia Innovation Capital (AIC)" for implementation.
In line with the recommendations for regulatory opening, the FSC published the administrative letter/order recently to designate that the abovementioned securities can be marketable securities traded on the TPEx according to Article 4 and paragraph 1 under Article 5 of the "Regulations Governing Securities Trading on the Taipei Exchange." Foreign issuers who apply for the dual listing of international bonds are also required to comply with the laws and regulations of the registration country while applying for a listing on the foreign stock exchange. Furthermore, if the competent authority of the foreign stock market has entered into a supervisory cooperation agreement with the FSC, the foreign issuer shall apply to the TPEx for the listing. In addition, the TPEx allowed amendments to the " Rules Governing Management of Foreign Currency Denominated International Bonds" due to the project, and stated that for the trading of the abovementioned marketable securities and international bonds, foreign issuers, securities dealers, and professional investors shall make arrangements according to the "Rules Governing Management of Foreign Currency Denominated International Bonds" of the TPEx and relevant requirements.
According to the FSC, to continue improving the international competitiveness of Taiwan's bond market, allowing premium international bonds issued in offshore markets to be dual listed in Taiwan will attract increased participation from premium issuers. This will also enhance the underwriting business development opportunities and international operating capabilities of relevant brokers, facilitate the diversification of bond products and help Taiwan to move toward its goals as a fundraising center in Asia.

Contact Unit: Division Chief Chen, Securities Issuance Division, Securities and Futures Bureau
Tel.: (02)2774-7129
For inquiries, please send an e-mail via FSC Mail