2015-04-06
The first reward regulations of reporting illegal proxies use.
On 10 March 2015, Taiwan Depository & Clearing Corporation (“TDCC”) promulgated the first reward regulations to encourage the reporting of cases of illegal obtainment and use of proxies. It is expected that these regulations will rectify the disorder of using proxies of public companies.
According to TDCC, an informant who reports a case of violation of law can do so by means such as orally, in writing, by dedicated hotline, facsimile, or electronic mail.
Besides, an informant who reports the case to the competent authority shall be given a reporting reward of NT$50,000 once a final and unappealable administrative disposition has been imposed. Several persons who jointly inform the authority of the case shall share the rewards equally. When several persons consecutively inform the authority of the same case, the rewards shall be granted to the informant who first provides solid evidence of the case.
In addition, there is also a leniency policy among the regulations. An employee who reports the solicitor, company mandated to handle solicitation matters, a proxy agent obtaining and using proxies illegally, shall be rewarded up to NT$300,000.
By offering informants high reward, TDCC hoped that it will deter the illegal obtainment and use of proxies in the future.
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