Regulations Governing Offshore Funds Article 52
An offshore fund institution may conduct private placements of offshore funds to the following counterparties in Taiwan:1. Banks, bills finance enterprises, trust enterprises, insurance companies, securities enterprises, financial holding companies, and other juristic persons or institutions approved by the FSC;2. Natural persons, juristic persons, or funds meeting the conditions set by the FSC.The total number of counterparties under subparagraph 2 of the preceding paragraph may not exceed 99 persons.On reasonable request by a counterparty under subparagraph 2 of paragraph 1, prior to consummation of a private placement, the offshore fund institution shall be obligated to provide financial, business, or other information relevant to the current private placement of a fund.In conducting private placements to specified counterparties, the offshore fund institution may not make any general advertisement or public inducement.If paragraph 1or 2, or the preceding paragraph is violated, the placement shall be deemed a public offering to non-specified persons.In order to privately place offshore funds in Taiwan to those counterparties specified in paragraph 1, subparagraph 1, the offshore fund institution may mandate a bank, trust enterprise, securities broker, SITE, or SICE to handle such business.In order to privately place offshore funds in Taiwan to those counterparties specified in paragraph 1, subparagraph 2, the offshore fund institution shall for such purposes mandate a bank, trust enterprise, securities broker, SITE, or SICE that meets the qualification conditions specified in Article 9, subparagraphs 2 to 7 and that has paid-in capital, appropriated operating capital, or exclusively allocated operating capital of not less than NT$30,000,000, and shall also comply or ensure the compliance with the following:1. The internal control system of the mandated institution shall include such operational principles as know-your-customer, product suitability analysis, filing with the SITCA for change or termination of the mandated institution, and its obligations for assistance and notification to the investors.2. The fund manager shall have obtained an asset management license or eligibility in the place of registration.3. The code of conduct for the institution mandated by the privately placed offshore fund.The code of conduct under subparagraph 3 of the preceding paragraph, and any subsequent amendment thereto, shall be drafted by the SITCA and ratified by the FSC.The mandated institution shall enter into a mandate agreement with the offshore fund institution; the required content of such agreement, and any subsequent amendment thereto, shall be drafted by the SITCA and ratified by the FSC.The percentage of the investment in any individual privately placed offshore fund that is contributed by Taiwan investors may not exceed the limit set by the FSC.In order to privately place offshore funds to specified persons in Taiwan, an offshore fund institution shall mandate an agent for litigious matters and an agent for tax matters.In conducting a private placement to specified persons in Taiwan, if outward and inward remittance of investors' funds will be involved, the mandated institution shall submit relevant documentation to the CBC to apply for permission for relevant foreign exchange business.Where an offshore fund institution itself conducts a private placement to specified persons in Taiwan, if outward or inward remittance of funds will be involved, the remittance shall be handled by the counterparty in accordance with the Regulations Governing the Reporting of Foreign Exchange Receipts and Disbursements or Transactions.All receipts/payments of settlement monies and fees by the counterparty in respect of a private placement of offshore funds by an offshore fund institution shall be made in foreign currency.An offshore fund privately placed prior to the 3 September 2010 amendment and issuance of these Regulations whose placees include those specified in paragraph 1, subparagraph 2 shall, within 6 months after the issuance of the amendment to these Regulations, be submitted to review by the SITCA. If any non-compliance is found, the offshore fund institution and mandated institution may not accept any new purchase request, and shall assist the investors to apply for redemption or take any other necessary action.
中文原文 境外基金管理辦法第52條
境外基金機構得在國內對下列對象進行境外基金之私募：
一、銀行業、票券業、信託業、保險業、證券業、金融控股公司或其他經本會核准之法人或機構。
二、符合本會所定條件之自然人、法人或基金。
前項第二款之應募人總數，不得超過九十九人。
境外基金機構應第一項第二款對象之合理請求，於私募完成前負有提供與本次私募基金有關之財務、業務或資訊之義務。
境外基金機構向特定人私募基金，不得為一般性廣告或公開勸誘之行為。
違反第一項、第二項或前項規定者，視為對非特定人公開招募之行為。
境外基金機構於國內向第一項第一款對象私募境外基金，得委任銀行、信託業、證券經紀商、證券投資信託事業或證券投資顧問事業辦理。
境外基金機構於國內向第一項第二款對象私募境外基金，應委任符合第九條第二款至第七款所定資格條件且實收資本額、指撥營運資金或專撥營業所用資金達新臺幣三千萬元以上之銀行、信託業、證券經紀商、證券投資信託事業或證券投資顧問事業辦理，並應符合下列規定：
一、受委任機構之內部控制制度應包括充分瞭解客戶、商品適合度評估、受委任機構之變更或終止向同業公會申報且負協助及通知投資人之義務等作業原則。
二、基金管理機構於註冊地取得資產管理證照或資格。
三、私募境外基金受委任機構行為準則。
前項第三款之行為準則，由同業公會擬訂，報經本會核定；修正時，亦同。
受委任機構應與境外基金機構簽訂委任契約，其契約應行記載事項由同業公會擬定，報經本會核定；修正時，亦同。
國內投資人投資金額占個別私募境外基金比率，不得超過本會規定之一定限額。
境外基金機構於國內向特定人私募境外基金，應於國內委任訴訟代理人及稅務代理人。
受委任機構於國內辦理向特定人私募境外基金，涉及資金之匯出、匯入者，應檢具相關文件向中央銀行申請辦理相關外匯業務之許可。
境外基金機構自行於國內向特定人私募境外基金，涉及資金之匯出、匯入者，應由應募人依據外匯收支或交易申報辦法規定辦理之。
境外基金機構私募境外基金，與應募人有關交割款項及費用收付，應以外幣為之。
本辦法九十九年九月三日修正發布前已辦理私募之境外基金，其應募人包括第一項第二款者，應於本辦法修正發布後六個月內送同業公會審查，未符合規定者不得接受新增申購，境外基金機構及受委任機構並應協助投資人申請贖回或採取其他必要之措施。
一、銀行業、票券業、信託業、保險業、證券業、金融控股公司或其他經本會核准之法人或機構。
二、符合本會所定條件之自然人、法人或基金。
前項第二款之應募人總數，不得超過九十九人。
境外基金機構應第一項第二款對象之合理請求，於私募完成前負有提供與本次私募基金有關之財務、業務或資訊之義務。
境外基金機構向特定人私募基金，不得為一般性廣告或公開勸誘之行為。
違反第一項、第二項或前項規定者，視為對非特定人公開招募之行為。
境外基金機構於國內向第一項第一款對象私募境外基金，得委任銀行、信託業、證券經紀商、證券投資信託事業或證券投資顧問事業辦理。
境外基金機構於國內向第一項第二款對象私募境外基金，應委任符合第九條第二款至第七款所定資格條件且實收資本額、指撥營運資金或專撥營業所用資金達新臺幣三千萬元以上之銀行、信託業、證券經紀商、證券投資信託事業或證券投資顧問事業辦理，並應符合下列規定：
一、受委任機構之內部控制制度應包括充分瞭解客戶、商品適合度評估、受委任機構之變更或終止向同業公會申報且負協助及通知投資人之義務等作業原則。
二、基金管理機構於註冊地取得資產管理證照或資格。
三、私募境外基金受委任機構行為準則。
前項第三款之行為準則，由同業公會擬訂，報經本會核定；修正時，亦同。
受委任機構應與境外基金機構簽訂委任契約，其契約應行記載事項由同業公會擬定，報經本會核定；修正時，亦同。
國內投資人投資金額占個別私募境外基金比率，不得超過本會規定之一定限額。
境外基金機構於國內向特定人私募境外基金，應於國內委任訴訟代理人及稅務代理人。
受委任機構於國內辦理向特定人私募境外基金，涉及資金之匯出、匯入者，應檢具相關文件向中央銀行申請辦理相關外匯業務之許可。
境外基金機構自行於國內向特定人私募境外基金，涉及資金之匯出、匯入者，應由應募人依據外匯收支或交易申報辦法規定辦理之。
境外基金機構私募境外基金，與應募人有關交割款項及費用收付，應以外幣為之。
本辦法九十九年九月三日修正發布前已辦理私募之境外基金，其應募人包括第一項第二款者，應於本辦法修正發布後六個月內送同業公會審查，未符合規定者不得接受新增申購，境外基金機構及受委任機構並應協助投資人申請贖回或採取其他必要之措施。