Securities Investment Trust and Consulting Act Article 10

A securities investment trust enterprise may not publicly offer a securities investment trust fund without first obtaining approval from the Competent Authority or effective registration by filing with the Competent Authority. The Competent Authority shall prescribe regulations governing the documents required to be submitted and the regulations for approval of applications or effective registration filings, conditions for approval or effective registration, and other compliance requirements.Operational procedures for the public offering, issuance, and sale of funds, and the subscription and redemption thereof, shall be drafted by the Securities Investment Trust and Consulting Association and submitted to the Competent Authority for ratification.If a fund mentioned in the preceding two paragraphs is an overseas-raised fund investing domestically, or a domestically raised fund investing overseas, approval from the Central Bank is required.