Regulations Governing Securities Investment Trust Funds Article 15

A SITE that offers a fund for investment in beneficial securities or asset-backed securities issued in accordance with the Financial Asset Securitization Act shall observe the following conditions:1. With the exception of those securities approved as short-term bills by the FSC, the fund shall be restricted to investment in beneficial securities or asset-backed securities which have obtained FSC approval or effective registration.2. The total amount invested by a fund in beneficial securities or asset-backed securities issued by any single trustee institution or special-purpose company may not exceed ten percent of the total value of the given issue (or tranche, where the issue is tranched); the invested amount may also not exceed ten percent of the total asset value of the fund.3. The total monetary amount invested by a fund in the stocks, corporate bonds, or financial bonds issued by any single originator and the beneficial securities or asset-backed securities issued by any single originator through entrusting financial assets to a trustee organization or assigning financial assets to a special-purpose company may not exceed ten percent of the total asset value of the fund.4. The beneficial securities or asset-backed securities in which the fund invests shall have a credit rating at or above a prescribed level from an FSC-approved or recognized credit-rating institution.When a SITE is an interested company as referred to in Article 10, paragraph 1 with respect to any originator, trustee institution or special-purpose company connected with beneficial securities or asset-backed securities, the SITE may not utilize fund assets for investment in those beneficial securities or asset-backed securities.