TFSC proposes to amend Regulation regarding Public Tender Offer

In light of the scandal arising from the XPEC Entertainment public tender offer, the Taiwan Financial Supervisory Commission (TFSC) proposes to amend the “Regulations Governing Public Tender Offers for Real Estate Investment Trust Beneficiary Securities” to demand public tender offerors provide proof of financial worthiness. The TFSC explained that, such proof include: bond provided by financial institutions and/or certificate provided by financial advisers who are qualified underwriters or CPAs, after reasonable evaluation of the offeror’s source of funding. TFSC emphasized that such amendment is to ensure that the offeror has enough assets to complete the tender offer.