Taiwan Stock Exchange Corporation (TWSE) says the "TWSE Procedures for Verification and Disclosure of Material Information of Companies with Listed Securities" has been partially amended to develop a bilingual capital market that is more aligned with international financial standards and helps the country compete globally. Given the costs to TWSE listed companies, it is decided to implement the rules for TWSE listed companies to publish material information in both Chinese and English in four phases based on the amount of capital or the percentage of shares held by Mainland Chinese or foreign investors.

1. The first phase will go into effect on July 1, 2020 for TWSE listed companies with a paid-in capital of NT$15 billion or more at the end of 2019.
2. The second phase will go into effect in 2021 for TWSE listed companies with a paid-in capital of NT$10 billion or more at the end of 2020 or having foreign and Mainland Chinese investors altogether holding 30% or more of the shares according to the shareholder register at the time of the 2020 annual general meeting.
3. The third phase will go into effect in 2022 for TWSE listed companies with a paid-in capital of NT$2 billion at the end of 2021 and 2022 or having foreign and Mainland Chinese investors altogether holding 30% or more of the shares according to the shareholder register at the time of the 2021 and 2022 annual general meetings. These companies will start disclosing material information also in English in the following years, i.e. 2022 and 2023, respectively.
4. The fourth phase will go into effect in 2024. All TWSE listed companies will be required to publish material information also in English.

Figures show a total of 289 TWSE listed companies have published material information in English. TWSE urges listed companies to check the regulation timetable and the applicable phases and make preparation in advance.