Regulations Governing the Public Offering of Securities Investment Trust Funds by Securities Investment Trust Enterprises Article 13

Except where proceeding in accordance with the provisions of Article 12, a SITE shall first submit an application form furnishing all required particulars together with the required documents to the SITCA to review and forward to the FSC for approval prior to publicly offering of a securities investment trust fund.Where the SITE fails to submit the application documents in full or the documents do not furnish all the required particulars, and supplementation has not been submitted in full prior to the deadline set by the FSC, the application may be rejected.If the public offering in an application for approval under paragraph 1 involves inward or outward remittance of funds, or the fund is a money market securities investment trust fund, the FSC shall grant approval only after consulting with the Central Bank and obtaining its consent. This requirement shall not apply, however, if consent from the Central Bank has already been obtained pursuant to Article 18.