Regulations Governing Public Tender Offers for Real Estate Investment Trust Beneficiary Securities Article 11
Any person who individually or jointly with another person or persons intends within 50 days to acquire 20 percent or more of the total number of issued beneficiary units of a real estate investment trust fund, shall do so by means of a public tender offer.The requirement of the preceding paragraph to use a public tender offer does not apply if the following conditions are met:1. Transfer of beneficiary securities between related parties under Article 3.2. Acquisition of beneficiary securities pursuant to the Taiwan Stock Exchange Corporation Rules Governing Auction of Listed Securities by Consignment.3. Acquisition of beneficiary securities pursuant to the Taiwan Stock Exchange Corporation Rules Governing Purchase of Listed Securities by Reverse Auction or the Taipei Exchange Rules Governing Reverse Auction of TPEx Listed Securities.4. Other circumstances conforming to FSC requirements.The total monetary amount of the real estate investment trust beneficiary securities obtained by a public tender offeror through a public tender offer plus the real estate investment trust beneficiary securities originally held by the offeror shall comply with Article 8 of the Regulations Governing the Public Offering or Private Placement of REIT and REAT Beneficiary Securities by a Trustee (below, the "Real Estate Securitization Regulations").When a public tender offer is made for book-entry beneficiary securities, the central securities depository shall provide the trustee of the real estate investment trust fund that is being acquired with a list of beneficiaries, with the filing date of the public tender offer as the date of record for the list.The provisions of the preceding paragraph and of Article 22, paragraph 1 do not apply to a public tender offeror that is an independent professional investor as defined in Article 8, paragraph 2 of the Real Estate Securitization Regulations.
中文原文 公開收購不動產投資信託受益證券管理辦法第11條
任何人單獨或與他人共同預定於五十日內取得不動產投資信託基金已發行之受益權單位總數百分之二十以上者，應採公開收購方式為之。
符合下列條件者，不適用前項應採公開收購之規定：
一、與第三條關係人間進行受益證券轉讓。
二、依臺灣證券交易所股份有限公司受託辦理上市證券拍賣辦法取得受益證券。
三、依臺灣證券交易所股份有限公司辦理上市證券標購辦法或依財團法人中華民國證券櫃檯買賣中心辦理上櫃證券標購辦法取得受益證券。
四、其他符合本會規定。
公開收購人公開收購取得之不動產投資信託受益證券加計原持有之不動產投資信託受益證券金額，應符合受託機構募集或私募不動產投資信託或資產信託受益證券處理辦法（下稱不動產證券化處理辦法）第八條之規定。
被收購之不動產投資信託受益證券為無實體發行者，證券集中保管事業應提供被收購不動產投資信託基金之受託機構以公開收購申報日為基準日之受益人名冊。
公開收購人如屬不動產證券化處理辦法第八條第二項所稱之獨立專業投資人，不適用前項及第二十二條第一項之規定。
符合下列條件者，不適用前項應採公開收購之規定：
一、與第三條關係人間進行受益證券轉讓。
二、依臺灣證券交易所股份有限公司受託辦理上市證券拍賣辦法取得受益證券。
三、依臺灣證券交易所股份有限公司辦理上市證券標購辦法或依財團法人中華民國證券櫃檯買賣中心辦理上櫃證券標購辦法取得受益證券。
四、其他符合本會規定。
公開收購人公開收購取得之不動產投資信託受益證券加計原持有之不動產投資信託受益證券金額，應符合受託機構募集或私募不動產投資信託或資產信託受益證券處理辦法（下稱不動產證券化處理辦法）第八條之規定。
被收購之不動產投資信託受益證券為無實體發行者，證券集中保管事業應提供被收購不動產投資信託基金之受託機構以公開收購申報日為基準日之受益人名冊。
公開收購人如屬不動產證券化處理辦法第八條第二項所稱之獨立專業投資人，不適用前項及第二十二條第一項之規定。