Securities Investment Trust and Consulting Act Article 15

A securities investment trust enterprise publicly offering a securities investment trust fund shall deliver a prospectus to prospective subscribers in the manner prescribed by the Competent Authority.A securities investment trust enterprise privately placing a securities investment trust fund with specific persons shall be obligated to deliver a private placement memorandum to offerees at their request.A securities investment trust enterprise that fails to deliver a prospectus or private placement memorandum in accordance with the preceding two paragraphs shall be held liable for injury consequently sustained by bona fide trading counterparties.The provisions of Article 32 of the Securities and Exchange Act shall apply mutatis mutandis to liability for damages for any injury sustained by a bona fide counterparty because of any misrepresentation or concealment in the main required content of a prospectus or private placement memorandum.The Competent Authority shall prescribe the matters required to be specified in a prospectus under paragraph 1 and a private placement memorandum under paragraph 2.