On September 30, 2013, the Taiwan Stock Exchange Corporation (“TSEC”) amended Article 28-7 of the Criteria for Review of Securities Listings for a Foreign Issuer of Primary Listing.  Pursuant to the amendment, a foreign issuer of primary listing may, upon filing an application with the TSEC or the GreTai Securities Market, be exempted from the securities exchange regulations in Taiwan if complying with the Taiwan system would conflict with the laws of the country where the foreign issuer is registerd.  Such applications may be accompanied by two legal opinions issued respectively by attorneys in Taiwan and in the country where it is registered.  The competent authority shall review the application and publish the specific requirements in Taiwan’s securities exchange regulations  exempted from compliance.