金管會於 2025 年 11 月 11 日預告修正「外國發行人募集與發行有價證券處理準則」部分條文草案，茲摘要重點如下：
（一）配合外國發行人辦理募資計畫變更之實務作業流程，修正募資計畫變更之作業程序規定。
（二）為加強外國發行人募資管理與資訊揭露，規範因受讓分割而發行新股得免對外公開發行，惟後續應洽請原主辦承銷商評估對公司財務、業務及股東權益之影響。
（三）開放第一上市（櫃）公司及興櫃公司以發行新股作為受讓他公司分割之對價，得免對外公開發行。
（四）第一上市（櫃）公司及興櫃公司之年報申報準用公開發行公司年報應行記載事項準則之規定。
（五）外國金融機構承諾對其分支機構發行之債券負全部責任，且其本身或母公司股票已在核定之海外證券市場掛牌滿一定期間者，該分支機構得採總括申報方式募集與發行普通公司債。

報告人：劉孟哲律師／吳姿穎

On 11 November 2025, the FSC announced the draft amendments to the Regulations Governing the Offering and Issuance of Securities by Foreign Issuers. We summarize below:
(1) The operational procedures for amending fundraising plans have been revised to align with the practical workflow for foreign issuers implementing such changes.
(2) To enhance the fundraising management and information disclosure for foreign issuers, it is stipulated that the issuance of new shares for acquiring assets in a spin-off may be exempt from public offering, provided that the original lead underwriter is subsequently commissioned to assess the impact on the company's finances, business operations, and shareholder equity.
(3) Primary listed (or OTC-listed) companies and emerging market companies are now permitted to issue new shares as consideration for acquiring another company's assets in a spin-off, and such issuance may be exempt from public offering.
(4) The content requirements for the annual reports of primary listed (or OTC-listed) companies and emerging market companies shall follow the same rules applicable to domestic public companies.
(5) Foreign financial institutions are now allowed to use a shelf registration for issuing plain corporate bonds through their branches, provided that the institution commits to assuming full responsibility for the bonds and its own stock or its parent company's stock has been listed on a recognized overseas securities market for a specified period.

Reported by: Jeffrey Liu/Alva Wu

惇安法令雙週刊 第 476 期