Styrene-butyl acrylate-methacrylic acid terpolymer (50.4/40.9/8.7, molar ratio) particles, 276 nm in diameter, were produced by emulsifier-free emulsion terpolymerization. The emulsifier-free carboxylated terpolymer particles did not dissolve in water even under alkaline condition. However, they dissolved in the presence of nonionic emulsifier under alkaline condition, resulting in polymer microparticles having diameter less than 40 nm. Such a dissolution behavior was examined using five kinds of different polyoxyethylene nonylphenylether nonionic emulsifiers having hydrophilic-lipophilic balance values between 12.2 and 17.5 at various initial pH values, temperatures and times, and its mechanism was discussed.