it may not be possible for investors to effect service of process upon us or those persons outside of Taiwan, or to enforce against them  judgments obtained in courts outside of Taiwan. We have been advised by our Republic of China counsel that in their opinion any  final judgment obtained against us in any court other than the courts of the Republic of China in connection with any legal suit or  proceeding arising out of or relating to the ADSs will be enforced by the courts of the Republic of China without further review of the  merits only if the court of the Republic of China in which enforcement is sought is satisfied that:  A party seeking to enforce a foreign judgment in the Republic of China would be required to obtain foreign exchange  approval from the Central Bank of the Republic of China (Taiwan) for the payment out of Taiwan of any amounts recovered in  connection with the judgment denominated in a currency other than NT dollars if a conversion from NT dollars to a foreign currency  is involved.  We were subject to the Statute of Chunghwa Telecom Co., Ltd. prior to our privatization. Although we have been privatized,  the Legislative Yuan has not yet abolished the Statute of Chunghwa Telecom Co., Ltd., and at this time, the Statute of Chunghwa  Telecom Co., Ltd. is still applicable to us.  Prior to March 1, 2006, we were under the supervision of the Ministry of Transportation and Communications and the  Directorate General of Telecommunications. On March 1, 2006, the National Communications Commission was formed in  accordance with the National Communications Commission Organization Law, or the Organization Law, which was intended to  transfer regulatory authority over the Taiwan telecommunications industry from the Ministry of Transportation and Communications  and the Directorate General of Telecommunications to the National Communications Commission. The National Communications  Commission was comprised of nine commissioners who were recommended by the government and opposition political parties in  the Legislative Yuan, as well as recommended by the Executive Yuan and approved by the Legislative Yuan. However, the Executive  Yuan considered the composition of the National Communications Commission unconstitutional and petitioned the Grand Justices  of the Republic of China, or the Grand Justices, to interpret the constitutionality of the formation of the National Communications  Commission and the procedure for nominating commissioners to serve on the National Communications Commission. On July  21, 2006, the Grand Justices rendered an interpretation and held that the relevant provisions under the Organization Law as to the  nomination procedures for the commissioners of the National Communications Commission were unconstitutional. However, the  Grand Justices granted a grace period allowing such provisions of the Organization Law to remain in effect until December 31, 2008.  On January 9, 2008, an announcement issued by the President amended the Organization Law, or New Amendment, amending  the unconstitutional formation articles and reducing the total number of commissioners to seven with a term of four years, but three  P AR T I ●  the court rendering the judgment has jurisdiction over the subject matter according to the laws of the Republic of China;  ●  the judgment and the court procedure resulting in the judgment are not contrary to the public order or good morals of the  Republic of China;  ●  if the judgment was rendered by default by the court rendering the judgment, we were served within a reasonable period of  time in accordance with the laws and regulations of the jurisdiction of the court or process was served on us with judicial  assistance of the Republic of China; and  ●  judgments at the courts of the Republic of China are recognized and enforceable in the court rendering the judgment on a  reciprocal basis.  Regulation  Overview  Regulatory Authorities  50