inconsistent with the public information released by the object companies (Taiwan)

Recently, sales representatives of securities investment consulting enterprises have provided on television programs investment analyses and recommendations concerning specific securities which are not consistent with the information or clarifications released by such object companies in the Market Observation Post System of the Taiwan Stock Exchange. To address this issue, the Financial Supervisory Commission issued the Jin-Guan-Zheng-Tou-1030024897 Circular of June 25, 2014 (hereinafter, the "Circular"), stressing that to safeguard the rights and interests of investors, securities investment consulting companies are required to heed the accuracy of the analytics and information contained in their investment analyses and recommendations concerning marketable securities and that there should not be any inconsistency with the open information released by object companies.

Under Article 13, Paragraph 2, Subparagraph 5 of the Regulations Governing Securities Investment Consulting Enterprises, a securities investment consulting enterprise shall not engage in any false, deceptive or invective act or other acts which are obviously untrue or sufficient to lead to misplaced trust. The Regulations Governing the Representatives and Sales Representatives of Securities Investment Consulting Enterprises have the same requirements for the sales representatives of securities investment consulting enterprises..

According to the Circular, sales representatives of securities investment consulting enterprises have recently provided on television programs investment analyses and recommendations concerning specific securities which are not consistent with the information or clarifications released by such object companies in the Market Observation Post System of the Taiwan Stock Exchange. This not only violates the above requirement but also may lead to investment disputes due to misplaced trust of investors. Therefore, this Circular stresses that to safeguard the rights and interests of investors and to avoid violations of laws and regulations, securities investment consulting companies are required to heed the accuracy of the analytics and information contained in their investment analyses and recommendations concerning marketable securities, and that there should not be any inconsistency with the open information released by object companies.