Issuance and Registration of Short-Term Bills

Issuance and registration of short-term bills

Introduction

Issuance and registration of short-term bills

Since the related laws and regulations, as those that were relating to electronic signatures, have been in place altogether with the necessary online transaction systems, the conditions have been deemed ripe enough for dematerialized issuance in the primary market. TDCC therefore has planned the issuance of book-entry short-term beneficial securities, asset-backed commercial paper (ABCP), and negotiable certificates of deposit (NCD) into bills market, and has launched the system on March 27, 2006 and January 3, 2011, respectively. In the future, TDCC will continue to promote the dematerialized issuance of Commercial Paper II (CPII).

Operation directions for the registration of issuance of dematerialized short-term Bills

1.The issuer and the bill dealer acting as underwriter shall respectively input issuance registration commands and notify the TDCC of the relevant information. For municipal notes, CPII, or foreign currency denominated commercial paper that need to be guaranteed by a financial institution, if the financial institution intends to carry out guarantee procedures through the TDCC Bills Clearing and Settlement System (BCSS) or the TDCC Short-Term Bills Registration System on its issuance platform

2.On receiving the commands from the issuer, the bill dealer acting as underwriter, and the issuer, the bill dealer making the initial purchase, the TDCC shall immediately examine whether the contents of the commands from the two parties match. If the commands match, the TDCC will immediately process issuance registration, notify the issuer and the bill dealer, and notify the bank responsible for redemption operations of the relevant information.

3.TDCC’s business hours for issuance registration for dematerialized short-term bills are from 8:30 a.m. to 3 p.m. on business days. However, for issuers that carry out the application procedure on a day different from the issue date of their dematerialized short-term bills, where the issuance registration is not done through the written-form procedure, TDCC’s business hours for issuance registration end at 5:30 p.m.

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