載入中
Standards Governing Eligibility of Securities for Margin Purchase and Short Sale
1.中華民國六十三年四月六日經濟部證券管理委員會（63）證管三字第 0
532 號函訂定發布
2.中華民國六十三年九月二十日經濟部證券管理委員會（63）證管三字第
1565 號函修正發布
3.中華民國六十五年七月六日經濟部證券管理委員會（65）證管三字第 0
780 號函修正發布
4.中華民國六十六年二月五日經濟部證券管理委員會（66）證管三字第 0
134 號函修正發布
5.中華民國六十九年十月二十三日經濟部證券管理委員會（69）證管三字
第 1363 號函修正發布
6.中華民國七十年三月二十一日經濟部證券管理委員會（70）證管三字第
0297 號函修正發布
7.中華民國七十年七月二十三日財政部證券管理委員會（70）證管三字第
0166 號函修正發布
8.中華民國七十年八月六日財政部證券管理委員會（70）證管三字第 024
3 號函修正發布
9.中華民國七十年九月七日財政部證券管理委員會（70）證管三字第 042
4 號函修正發布
10. 中華民國七十一年六月一日財政部證券管理委員會（71）證管三字第
0842 號令修正發布
11. 中華民國七十一年六月二十九日財政部證券管理委員會（71）證管三
字第 1011 號令修正發布
12. 中華民國七十一年九月十八日財政部證券管理委員會（71）證管三字
第 1686 號令修正發布第 4、6 條條文
13. 中華民國七十二年二月五日財政部證券管理委員會（72）台財證三字
第 0233 號令修正發布
14. 中華民國七十二年三月十九日財政部證券管理委員會（72）台財證三
字第 0510 號令修正發布
15. 中華民國七十三年十一月一日財政部證券管理委員會（73）台財證（
三）字第 3038 號令修正發布
16. 中華民國七十四年十一月十一日財政部證券管理委員會（74）台財證
（三）字第 00834 號令修正發布第 4 條條文
17. 中華民國七十九年十月十五日財政部證券管理委員會（79）台財證（
三）字第 02628 號令修正發布名稱及全文 9 條；並自發布日施行
（原名稱：上市股票融資融券標準；新名稱：有價證券得為融資融券
標準）
18. 中華民國八十一年十二月二十二日財政部證券管理委員會（81）台財
證（四）字第 03288 號令修正發布
19. 中華民國八十五年三月八日財政部證券管理委員會（85）台財證（四
）字第 17417-1 號令修正發布第 2、4 條條文
20. 中華民國八十五年七月二日財政部證券管理委員會（85）台財證（四
）字第 40263-2 號令修正發布全文 9 條
21. 中華民國八十六年十月二十一日財政部證券暨期貨管理委員會（86）
台財證（四）字第 04798 號令修正發布第 2、4、9 條條文
22. 中華民國八十七年十二月三十日財政部證券暨期貨管理委員會（87）
台財證（四）字第 03768 號函修正發布全文 8 條
23. 中華民國八十九年三月六日財政部證券暨期貨管理委員會（89）台財
證（四）字第 00727 號函修正發布第 2、4 條條文
中華民國八十九年三月六日財政部證券暨期貨管理委員會（89）台財
證（四）字第 00726 號令修正發布；並自即日起施行
24. 中華民國八十九年五月十五日財政部證券暨期貨管理委員會（89）台
財證（四）字第 01311 號令修正發布第 2 條條文；並自發布日起
施行
25. 中華民國九十年十一月十六日財政部證券暨期貨管理委員會（90）台
財證（四）字第 006113 號令修正發布第 2 條條文
26. 中華民國九十一年五月十三日財政部證券暨期貨管理委員會（91）台
財證（四）字第 002898 號令修正發布第 2 條條文
27. 中華民國九十一年八月二日財政部證券暨期貨管理委員會台財證四字
第 0910004153 號令修正發布第 4 條條文
28. 中華民國九十二年五月八日財政部證券暨期貨管理委員會台財證四字
第 0920001981 號令修正發布第 3、5、6 條條文
29. 中華民國九十三年十二月二十七日行政院金融監督管理委員會金管證
四字第 0930006222 號令修正發布第 2、5 條條文
30. 中華民國九十五年九月二十九日行政院金融監督管理委員會金管證四
字第 0950004518 號令修正發布第 2～6 條條文
31. 中華民國九十七年十月十四日行政院金融監督管理委員會金管證四字
第 0970053870 號令修正發布第 6 條條文
32. 中華民國九十八年七月二十二日行政院金融監督管理委員會金管證投
字第 0980036050 號令修正發布第 3、5、6 條條文
33. 中華民國九十九年八月十六日行政院金融監督管理委員會金管證投字
第 0990043111 號令修正發布第 2 條條文
34. 中華民國一百零一年七月二十七日金融監督管理委員會金管證投字第
1010033473 號令修正發布第 2、4、8 條條文；除第 2 條第 2
項第 3 款第 1 目自一百零二會計年度施行外，自發布日施行
35. 中華民國一百零三年四月二十五日金融監督管理委員會金管證期字第
1030012154 號令修正發布第 3、5、6 條條文
36. 中華民國一百零九年八月五日金融監督管理委員會金管證投字第 109
0350291 號令修正發布第 2 條條文
37. 中華民國一百十年三月二十九日金融監督管理委員會金管證發字第 1
100335023 號令修正發布第 2 條條文
38. 中華民國一百十二年十二月二十八日金融監督管理委員會金管證投字
第 1120364320 號令修正發布第 2、8 條條文；並自一百十三年一月
一日施行
39. 中華民國一百十三年十二月二十五日金融監督管理委員會金管證投字
第1130386527 號令修正發布全文 8 條；並自發布日施行
中華民國一百十四年一月二十一日金融監督管理委員會金管證投字第
1140380282 號函勘誤第 8 條條文
40. 中華民國一百十四年十一月十四日金融監督管理委員會金管證投字第
1140385196 號令修正發布第 2、4、5 條條文資料來源：全國法規資料庫（ChOrder.json，版本 2026/7/24 上午 12:00:00）・政府資料開放授權
These Standards are prescribed in accordance with Article 61 of the Securities and Exchange Act.
1With respect to a common stock that has been listed on the stock exchange for a full 6 months, if the stock has a par value of NT$10 per share and the net worth per share of the stock is not less than par value, or if the stock has no par value or a par value other than NT$10 per share and the issuer has no accumulated deficit in the most recent fiscal year, the stock exchange shall publicly announce it as a stock eligible for margin purchase and short sale, and report same to the competent authority on a monthly basis.
2With respect to a common stock, other than an OTC managed stock or an emerging stock, that has been listed on the OTC market for a full 6 months, if the stock has a par value of NT$10 per share and the net worth per share of the stock is not less than par value, or if the stock has no par value or a par value other than NT$10 per share and the issuer has no accumulated deficit in the most recent fiscal year, the OTC market shall publicly announce it as a stock eligible for margin purchase and short sale, and report same to the competent authority on a monthly basis.
3For Taiwan depositary receipts that have been listed on the stock exchange for 6 months, if the foreign issuer did not post an accumulated deficit in either the CPA-audited and certified consolidated financial report for the most recent fiscal year or the CPA-reviewed half-year consolidated financial report (either report shall have been prepared in compliance with the laws and regulations of the issuer's home country), and if the number of units listed on the stock exchange is 60 million units or more, the stock exchange shall publicly announce the units as eligible for margin purchase and short sale, and report same to the competent authority on a monthly basis.
4If any of the following conditions exist with respect to the stock or Taiwan depositary receipts referred to in the preceding three paragraphs, approval may be denied for margin purchase and short sale thereof:
51. Share price is too volatile.
62. Equity ownership is overly concentrated.
73. Trading volume is excessively abnormal.
8The specific standards and procedures required in the preceding four paragraphs shall be prescribed by the stock exchange and OTC market and reported to the competent authority for approval.
9Where the issuer of Taiwan Innovation Board listed stock that is eligible for margin purchase and short sale applies to transfer to exchange listing, or the issuer of OTC listed or exchange listed stock that is eligible for margin purchase and short sale applies to transfer from OTC listing to exchange listing or vice versa, if the stock has a par value of NT$10 per share and the net worth per share of the stock is not less than par value, or if the stock has no par value or a par value other than NT$10 per share and the issuer has no accumulated deficit in the most recent fiscal year, and there is no over-concentration of equity ownership, the stock shall be immediately eligible for margin purchase and short sale. The procedures under this paragraph shall be prescribed by the stock exchange and OTC market and reported to the competent authority for approval.
10The provisions of the preceding paragraph also apply to stock that is transferred to -exchange (or OTC) listing less than 6 months before this amendment enters into force.
11When a company with an exchange (or OTC) listing is to be converted into a financial holding company in accordance with the Financial Holding Company Act, if the stock of a financial institution to be converted into the financial holding company are eligible for margin purchase and short sale, where the financial holding company thus created is an exchange (or OTC) listed company, if the stock has a par value of NT$10 per share and the net worth per share of the stock is not less than par value, or if the stock has no par value or a par value other than NT$10 per share and the issuer has no accumulated deficit in the most recent fiscal year, and there is no over-concentration of equity ownership, its stock shall be immediately eligible for margin purchase and short sale.
12When a company with an exchange (or OTC) listing is to be converted into an investment holding company through a 100 percent share conversion in accordance with the Business Mergers and Acquisitions Act, if the stock of the company to be converted into the investment holding company is eligible for margin purchase and short sale, where the investment holding company thus created is an exchange (or OTC) listed company, if the stock has a par value of NT$10 per share and the net worth per share of the stock is not less than par value, or if the stock has no par value or a par value other than NT$10 per share and the issuer has no accumulated deficit in the most recent fiscal year, and there is no over-concentration of equity ownership, its stock shall be immediately eligible for margin purchase and short sale.
13The procedures required in the preceding two paragraphs shall be prescribed by the stock exchange and OTC market and reported to the competent authority for approval.
1Where beneficial certificates have been exchange-listed (or OTC-listed) for a full 6 months, the stock exchange or OTC market shall publicly announce the certificates as eligible for margin purchase and short sale, and report same to the competent authority on a monthly basis; provided, passive exchange-traded securities investment trust fund beneficial certificates ("passive ETF beneficial certificates") and active exchange-traded securities investment trust fund beneficial certificates ("active ETF beneficial certificates") issued by a securities investment trust enterprise (SITE), exchange-traded futures trust fund beneficial certificates ("futures ETF beneficial certificates") issued by a futures trust enterprise, and the beneficial certificates, shares, or investment units of offshore passive exchange-traded funds offered and sold in Taiwan pursuant to the Regulations Governing Offshore Funds by an offshore fund manager or its designated institution ("offshore passive ETF beneficial certificates") may be exempted from the 6-month exchange (or OTC) listing requirement.
2With the exception of passive ETF beneficial certificates, active ETF beneficial certificates, futures ETF beneficial certificates, and offshore passive ETF beneficial certificates, the provisions in paragraphs 4 and 5 of the preceding article shall apply mutatis mutandis to beneficial certificates.
1If any of the following conditions exist with respect to stock or Taiwan depositary receipts eligible for margin purchase and short sale, the stock exchange or OTC market may publicly announce suspension of margin purchase and short sale transactions in such stock, or adjust the margin purchase leverage limit or short sale margin requirement within the scope prescribed by the competent authority and report same to the competent authority for recordation:
21. The trading method for exchange-listed stock or Taiwan depositary receipts has been changed to require full delivery, or the trading method for OTC-listed stock has been changed to require pre-paid settlement.
32. Exchange-listed stock or Taiwan depositary receipts or OTC-listed stock is suspended from trading.
43. Exchange-listed stock or Taiwan depositary receipts or OTC-listed stock is delisted from the exchange or the OTC market.
54. Exchange-listed or OTC-listed stock has a par value of NT$10 per share and the net worth per share is below par value, or has no par value or a par value other than NT$10 per share and the issuer has an accumulated deficit.
65. In either the CPA-audited and certified consolidated financial report for the most recent fiscal year or the CPA-reviewed half-year consolidated financial report (either report shall have been prepared in compliance with the laws and regulations of the issuer's home country), the issuer of foreign securities evidenced by Taiwan depositary receipts has posted an accumulated deficit.
76. Taiwan depositary receipts number less than 60 million exchange-listed units following a redemption.
87. There has been a major default on the exchange-listed stock or Taiwan depositary receipts, or OTC-listed stock, and the balance of margin purchases or short sales meets or exceeds a prescribed ratio.
98. The stock price is too volatile.
109. Equity ownership is overly concentrated.
1110. Trading volume is excessively abnormal.
1211. There is another situation that makes it unadvisable to continue margin purchase and short sale transactions.
13Where margin purchase and short sale transactions are suspended or the margin purchase leverage limit or short sale margin requirement is adjusted in accordance with the provisions of the preceding paragraph, if the reason for suspension or adjustment no longer exists, the stock exchange or OTC market shall publicly announce reinstatement and report same to the competent authority for recordation.
14The specific standards and procedures required in the preceding two paragraphs shall be prescribed by the stock exchange and OTC market and reported to the competent authority for approval.
1If any of the following conditions exist with respect to beneficial certificates eligible for margin purchase and short sale, the stock exchange or OTC market may publicly announce suspension of margin purchase and short sale transactions in such certificates, or adjust the margin purchase leverage limit or short sale margin requirement within the scope prescribed by the competent authority, and report same to the competent authority for recordation:
21. Delisting has taken place.
32. Financial reports have not been punctually filed and publicly announced in accordance with requirements.
43. A situation set out in Article 96, paragraph 1 of the Securities Investment Trust and Consulting Act exists with respect to the securities investment trust enterprise managing the securities investment trust fund, or a situation set out in Article 38, paragraph 1 of the Regulations Governing Futures Trust Enterprises exists with respect to the futures trust enterprise managing the futures ETF.
54. The price is too volatile.
65. Beneficial ownership is overly concentrated.
76. Trading volume is excessively abnormal.
87. There is another situation that makes it unadvisable to continue margin purchase and short sale transactions.
9Where margin purchase and short sale transactions are suspended or the margin purchase leverage limit or short sale margin requirement is adjusted in accordance with the provisions of the preceding paragraph, if the reason for suspension or adjustment no longer exists, the stock exchange or OTC market shall publicly announce reinstatement and report same to the competent authority for recordation.
10The specific standards and procedures required in the preceding two paragraphs shall be prescribed by the stock exchange and OTC market and reported to the competent authority for approval.
11The provisions of subparagraphs 4 to 6 of paragraph 1 do not apply to passive ETF beneficial certificates, active ETF beneficial certificates, and futures ETF beneficial certificates. The provisions of subparagraphs 3 to 6 of paragraph 1 do not apply to offshore passive ETF beneficial certificates.
1When the balance of margin purchases or short sales in a given stock that is eligible for margin purchase and short sale transactions reaches a certain percentage limit of the total exchange-listed or OTC-listed shares of that stock as set forth by the competent authority, margin purchases and short sales shall be suspended. Margin purchases and short sales shall be reinstated when the balance falls back below the percentage as set forth by the competent authority.
2In order to implement the provisions set out in the preceding paragraph, the stock exchange and OTC market may conduct allocation and report same to the competent authority for recordation. When a securities finance enterprise or a securities firm handling margin purchases and short sales of securities conducts a margin purchase or short sale, the volume of the transaction may not exceed the volume of securities allocated by the stock exchange or OTC market for margin purchase and short sale.
3The provisions of the preceding two paragraphs apply mutatis mutandis to beneficial certificates; provided, the calculation of the number of beneficial units shall be done on the basis of the total number of issued beneficial units as of the preceding business day for passive ETF beneficial certificates, active ETF beneficial certificates, and futures ETF beneficial certificates, and on the basis of the total number of beneficial units offered and sold in Taiwan as of the preceding business day for offshore passive ETF beneficial certificates.
4The provisions of paragraphs 1 and 2 apply mutatis mutandis to Taiwan depositary receipts; provided, the calculation of the number of listed units of Taiwan depositary receipts shall be done on the basis of the total number of units as of the preceding business day after redemption.
1Securities finance enterprises, and securities firms that handle margin purchases and short sales of securities, shall submit data each afternoon on the daily balances of margin purchases and short sales in each type of securities to the stock exchange and OTC market. The stock exchange and OTC market shall compile such information, publicly announce it before the opening of market on the next business day, and notify securities brokers to post the same at their places of business.
2When margin purchase and short sale transactions are suspended or reinstated by the stock exchange or OTC market pursuant to Article 6 herein, the suspension or reinstatement shall be implemented on the day of public announcement placed by the method referred to in the preceding paragraph.
These Standards shall enter into force from the date of issuance.