TWSE Press Release

News Press: TWSE has announced that it will increase the financial penalty for listed companies that fail to disclose important information on time

Publish Date︰2017/01/19 16:48

Taiwan Stock Exchange (TWSE) has announced it has amended Article 15 of the "Procedures for Verification and Disclosure of Material Information of Companies with Listed Securities" effective on 13th of January 2017. For the purposes of information disclosure, in regards to listed companies that fail to make a public announcement or hold a press conference to disclose urgent or significant information within the specified time limit, the financial penalty shall be increased from NT $10,000 per day to between NT$50,000(100,000) to NT$5 Million per breach, up until the date the information has been disclosed.

 

In addition, if the listed company commits a major violation of information disclosure procedures, the TWSE will require the chairman and the general manager of the offending company to issue an improvement report to the board of directors and the shareholders' meeting as stated in the financial penalty notice. The aforementioned personnel as well as the company's spokesman / woman shall also be required to take securities laws and regulations courses held by a professional financial securities training institution within six months of penalty issue date.

 

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