Laws and Regulations Database of the Central Bank of the Republic of China(Taiwan)

Chapter 3:　　Bidding Procedures

10.When government bonds are issued, a System Participant may submit no more than
　 ten bids in competitive bidding, and only one bid through non-competitive 
　 bidding. The minimum amount of competitive bids shall be NT$100 million, and the 
　 minimum amount in non-competitive bidding shall be NT$50 million; bids in excess 
　 of these amounts shall increase in increments of NT$50 million. Neither the 
　 maximum total amount of competitive bids nor the maximum amount of non-
　 competitive bids may exceed the amounts publicly announced by the Ministry of 
　 Finance.
　 When treasury bills are issued, a System Participant may submit no more 
　 than ten bids; the minimum bid amount shall be NT$5 million. Bids in excess of 
　 that amount shall increase in increments of NT$1 million. The maximum bid amount 
　 may not exceed the amount publicly announced by the Ministry of Finance.
　 When government bonds or treasury bills are bought back, a System Participant 
　 may submit no more than ten bids; the minimum bid amount shall be NT$1 million; 
　 bids in excess of that amount shall increase in increments of NT$1 million.

11.A System Participant's bid-related information shall be encoded with a digital
　 signature by the SystemParticipant's operations manager and sent in a single
　 batch in a digital envelope produced through automatic encryption by the EBS
　 using the Central Bank's public key.
　 When the EBS has sent the bidding information referred to in the preceding
　 paragraph in a return message, bidding procedures are complete, and a System
　 Participant may not thereafter withdraw or alter a bid. Where no return
　 transmission is received, the System Participant shall immediately ascertain
　 the reason and re-transmit its bid.

12.With respect to bids submitted in accordance with the preceding direction, a
　 System Participant may not protest on the pretext that a bid was submitted by
　 unauthorized personnel, that there was a change in personnel, or that the
　 private key was compromised or used fraudulently, or for any other reason.

13.Online bidding through the EBS will take place at the times publicly announced
　 by the Ministry of Finance. The Central Bank computer will be the reference
　 standard for determining the closing time for the transmission of bids; bids
　 submitted after the close of bidding will not be accepted and the bidder will
　 be deemed to have not participated in the bid.