The Securities and Futures Commission (證期會) is likely to increase the foreign equity limit to 100 percent by January next year and afternoon TAIEX trading may come even sooner, according to commission chairman Lin Tzong-yeong (林宗勇).
Lin met briefly with reporters yesterday to explain some of the commission's plans for the near future and said the commission expects to increase the allowable equity investment limit by foreign investors in any single company from the current 50 percent to 100 percent by January, 2001.
"It is possible" that the limit may be lifted to an intermediate level sometime in the interim, said Lin.
An after-hours trading session may also be added to the TAIEX in the first quarter of the year, he indicated. When implemented, trades during the afternoon session will be transacted at the closing price of the regular 9 am to midday session. The commission is still reviewing possible times for the afternoon session, but foresees a two-hour afternoon session.
The commission is also busy working on draft regulations regarding "second board" stock transactions on the OTC market, which it expects to complete by the end of February.
"Second board" stocks will be mostly small, high-tech companies -- including software and Internet-related firms -- which stand to benefit from increased access to market funds.
The Finance Ministry (財政部) on Thursday announced it would begin accepting applications for companies to list on the second board by the end of February. The companies should then be able to list on the OTC by late March or early April, said Lin.
Small enterprises with a paid-in capital of no less than NT$30 million with no losses in the six months prior to application are eligible to list as a second board stocks.
Between 30 and 80 firms might be able to list on the OTC market within one year of its launch, said Lin.
Conditions for listing on the OTC second board market are more lax than regulations for listing on the main OTC market, but transactions will be more closely regulated due to the high risk of the companies involved.
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