Regulations Governing Offshore Funds Article 39-1

In conducting the business of selling offshore funds, a master agent or sub-distributor shall, before the commencement of sale, disclose to the investors any remuneration, fees, or other benefits it receives from the offshore fund institution or master agent, as the case may be.The master agent or sub-distributor shall promptly give notice to the investors of any change in the information disclosed under the preceding paragraph.The enforcement guidelines for content of information to be disclosed and notification of change to be made under the preceding two paragraphs, and any subsequent amendment thereto, shall be drafted by the SITCA and ratified by the FSC.The offshore fund master agent or sub-distributor shall take the actions required by the preceding three paragraphs within 6 months after the issuance of the 3 September 2010 amendment to these Regulations.