Regulations Governing Securities Investment Trust Funds Article 56

A SITE that offers a privately placed fund shall calculate the net asset value of the fund every business day in accordance with the provisions of Article 72 herein, and may report the net asset value of beneficiary units to beneficiaries in accordance with the securities investment trust agreement without regard to the Article 73 provisions regarding announcement.Procedures for redemption of privately placed funds and deadlines for payment of the redemption price shall be governed by relevant provisions of the securities investment trust agreement, without regard for the provisions of Articles 70 and 71.The annual financial report of a privately placed fund shall be presented to beneficiaries in accordance with the securities investment trust agreement, without regard for the Article 72, paragraph 2 provisions regarding announcement.The provisions of Article 79, paragraph 5 regarding announcement do not apply when a privately placed fund is discontinued or the securities investment trust agreement expires. The method of liquidation and distribution of proceeds shall be reported to beneficiaries in accordance with the securities investment trust agreement without regard for the requirements of Article 80, paragraph 2 in regard to fund liquidation and distribution.When a trust enterprise concurrently engages in securities investment trust business and privately places a fund whose assets it also keeps in custody, the obligations of the fund custodian institution shall be executed by the trust enterprise, which shall designate staff to be exclusively responsible for executing those obligations.