Regulations for Management, Utilization, and Supervision of the National Pension Insurance Fund Article 8

The Fund shall comply with the following investment restrictions for foreign investment:1. The total cost of investment in any single equity security, debt security, offshore fund, or asset securitization product shall be no more than 5% of the total value utilized from the Fund at the time of investment;;2. The total amount for the investment in any equity security, or debt security shall be no more than 10% of the total amount of each issuing security at the time of investment;;3. The issuer of foreign debt security and foreign asset securitization products or bonds shall have no less than the specific ratings awarded by credit rating institutions, which are internationally recognized or approved by the competent authority in charge of finance;4. In addition to the local bank’s domestic and overseas branches, the deposits denominated in foreign currency may also be deposited in any foreign banks that have no less than the specific ratings awarded by credit rating institutions, which are internationally recognized or approved by the competent authority in charge of finance;5. The deposits denominated in foreign currency deposited in the same bank shall be no more than 3% of the total amount utilized from the Fund unless the deposits refer to the funds deposited in the custodian bank to be reserved for entrusted investment.The specific ratings referred to in Paragraph 2 of the preceding Article and Subparagraphs 3 and 4 of the preceding paragraph shall be determined by the BLF.