Clauses of the Real Estate Securitization Act Article 4
The terms used in this Act are defined as follows:1.“Real estate” shall mean land, construction improvements, roads, bridges, tunnels, rails, wharfs, parking lots, as well as other structures of economic value affixed to land and appended facilities thereto, provided such facilities, if separated from the land and structures affixed to land, cannot create value alone, thereby resulting in impairment of the value of the land and structures affixed to it.2.“Related rights of real estate” shall mean superficies and other rights approved by the central authority in charge of the target enterprise concerned.3.“Real estate related securities” shall mean the beneficiary securities or asset-backed securities issued or delivered by a trustee or a special-purpose company in accordance with this Act or the Financial Assets Securitization Act, where the asset pool contains real estate, related rights of real estate or mortgage secured by real estate.4.“Securitization” shall mean an act by which a trustee establishes a real estate investment trust (REIT) or real estate asset trust (REAT) pursuant to the provisions of this Act, and acquires funds from issuing beneficiary securities to non-specific persons through public offering or delivering beneficiary securities to specific persons through private placement.5.“Real estate investment trust (REIT)” shall mean a trust established pursuant to the provisions of this Act to invest in real estate, related rights of real estate, real estate related securities, as well as other investment objects approved by the competent authority, whereby the beneficiary securities of REIT are issued to non-specific persons through public offerings or delivered to specific persons through private placement.6.“Real estate asset trust (REAT)” shall mean a trust established pursuant to the provisions of this Act, by which trustors transfer their real estate or relevant rights to a trustee to issue REAT beneficiary securities to non-specific persons through public offering or deliver REAT beneficiary securities to specific persons through private placement, evidencing the beneficiaries’ rights to the real estate of such trust, relevant rights, or profits, interests, and other proceeds accrued therefrom.7.“Beneficiary securities” shall mean the following REIT beneficiary securities and REAT beneficiary securities:(1)“REIT beneficiary securities” shall mean the document of title or certificate issued or delivered by the trustee for a REIT fund, evidencing the beneficiaries’ rights of such trust property and the profits, interests, and other proceeds accrued therefrom.(2)“REAT beneficiary securities” shall mean the document of title or certificate issued or delivered by the trustee for the REAT, evidencing the beneficiaries’ rights of the principals of such trust property and the profits, interests, and other proceeds accrued therefrom.8.“Trustee” shall mean an institution that may manage and dispose of trust property and publicly offer or privately place beneficiary securities under mandate.9.“REIT fund” shall mean the trust property under a REIT contract that includes the proceeds and the profits, interests, and other income accrued therefrom from public offering or private placement of REIT beneficiary securities as well as the assets or rights purchased with the aforementioned.10.“Trust supervisor” shall mean a person appointed by the trustee in accordance with the agreement of the REIT contract or REAT contract or the resolution adopted by a beneficiaries’ meeting to exercise the powers as prescribed under this Act for the interest of the beneficiaries.11.“Related party” shall mean the interested party as defined in Article 7 of the Trust Enterprise Act.12.“Real estate management institution” shall mean a real estate investment enterprise, construction enterprise, construction management enterprise, real estate purchase/sale and leasing enterprise, or other institutions approved by the competent authority that is engaged by a trustee to manage or dispose of trust property.13.“Closed-end fund” shall mean a fund where its investors may not request the trustee to repurchase the beneficiary securities held by them during the duration of the fund.14.“Open-end fund” shall mean a fund where its investors may request the trustee to repurchase the beneficiary securities held by them during the duration of the fund.15.“Professional appraisers” shall mean real estate appraisers or other professionals engaged in real estate appraisal pursuant to other laws.16.“Promoters” shall mean owners of real estate, holders of related rights of real estate or cash financiers who are committed to investing in a REIT fund when the trustee applies for or registers the public offering or private placement of the fund.17.“Arranger” shall mean the entity that arranges and makes overall planning for the public offering or private placement of beneficiary securities.18.“Real estate or related rights of real estate under development” shall mean real estate or related rights of real estate currently undergoing or under the planning of development, construction, reconstruction, or renovation.The trustee depicted in subparagraph 8 of the preceding paragraph shall be limited to the trust enterprises as defined in the Trust Enterprise Act that has been established for at least three (3) years and has been rated above a certain level by a credit rating institution recognized by the competent authority.For those trust enterprises that only engage in the REIT or REAT business, the competent authority shall prescribe separate provisions for the minimum paid-in capital, shareholder structure, qualifications of the responsible persons, special knowledge or experience required of operating and managerial personnel, and business restrictions for such enterprises.A real estate management institution depicted in subparagraph 12 of paragraph 1 hereof shall meet certain requirements and enter a service agreement with the trustee that specifies its power, obligations, responsibilities and compliance matters.The certain requirements and particulars to be noted in the service agreement mentioned in the preceding paragraph shall be drawn up by the trust association in consultation with the trade associations of the related real estate management institutions and submitted to the competent authority for approval.The arranger depicted in subparagraph 17 of paragraph 1 hereof shall meet certain requirements; such certain requirements and other rules for the arranger shall be drawn up by the trust association in consultation with relevant trade association and submitted to the competent authority for approval.
中文原文 不動產證券化條例第4條
本條例用詞，定義如下：
一、不動產：指土地、建築改良物、道路、橋樑、隧道、軌道、碼頭、停車場與其他具經濟價值之土地定著物及所依附之設施，但以該設施與土地及其定著物分離即無法單獨創造價值，土地及其定著物之價值亦因而減損者為限。
二、不動產相關權利：指地上權及其他經中央目的事業主管機關核定之權利。
三、不動產相關有價證券：指受託機構或特殊目的公司依本條例或金融資產證券化條例發行或交付之受益證券或資產基礎證券，其資產池含不動產、不動產相關權利或不動產擔保貸款債權者。
四、證券化：指受託機構依本條例之規定成立不動產投資信託或不動產資產信託，向不特定人募集發行或向特定人私募交付受益證券，以獲取資金之行為。
五、不動產投資信託：指依本條例之規定，向不特定人募集發行或向特定人私募交付不動產投資信託受益證券，以投資不動產、不動產相關權利、不動產相關有價證券及其他經主管機關核准投資標的而成立之信託。
六、不動產資產信託：指依本條例之規定，委託人移轉其不動產或不動產相關權利予受託機構，並由受託機構向不特定人募集發行或向特定人私募交付不動產資產信託受益證券，以表彰受益人對該信託之不動產、不動產相關權利或其所生利益、孳息及其他收益之權利而成立之信託。
七、受益證券：指下列不動產投資信託受益證券及不動產資產信託受益證券：
（一）不動產投資信託受益證券：指受託機構為不動產投資信託基金而發行或交付表彰受益人享有該信託財產及其所生利益、孳息及其他收益之受益權持分之權利憑證或證書。
（二）不動產資產信託受益證券：指受託機構為不動產資產信託而發行或交付表彰受益人享有該信託財產本金或其所生利益、孳息及其他收益之受益權持分之權利憑證或證書。
八、受託機構：指得受託管理及處分信託財產，並募集或私募受益證券之機構。
九、不動產投資信託基金：指不動產投資信託契約之信託財產，其範圍包括因募集或私募不動產投資信託受益證券所取得之價款、所生利益、孳息與其他收益及以之購入之各項資產或權利。
十、信託監察人：指由受託機構依不動產投資信託契約或不動產資產信託契約之約定或經受益人會議決議所選任，為受益人之利益，行使本條例所定權限之人。
十一、利害關係人：指信託業法第七條所稱之利害關係人。
十二、不動產管理機構：指受受託機構委任管理或處分信託財產之不動產投資業、營造業、建築經理業、不動產買賣租賃業或其他經主管機關核定之機構。
十三、封閉型基金：指於基金存續期間，投資人不得請求受託機構買回其持有之受益證券之基金。
十四、開放型基金：指投資人得請求受託機構買回其持有之受益證券之基金。
十五、專業估價者：指不動產估價師或其他依法律得從事不動產估價業務者。
十六、發起人：指受託機構申請或申報募集或私募不動產投資信託基金時，已確定投資之不動產之所有人、不動產相關權利之權利人或現金出資人。
十七、安排機構：指對受益證券之募集或私募安排規劃整體事務者。
十八、開發型之不動產或不動產相關權利：指正進行或規劃進行開發、建築、重建、整建之不動產或不動產相關權利。
前項第八款所定受託機構，以信託業法所稱之信託業為限，設立滿三年以上者，並應經主管機關認可之信用評等機構評等達一定等級以上。
僅辦理不動產投資信託或不動產資產信託業務之信託業，主管機關應就其最低實收資本額、股東結構、負責人資格條件、經營與管理人員專門學識或經驗、業務限制另定之。
第一項第十二款所定不動產管理機構，應符合一定條件，並與受託機構簽訂記載其職權、義務、責任及應遵行事項之委任契約書。
前項一定條件及委任契約書之應記載事項，由信託業商業同業公會洽商相關不動產管理機構之商業同業公會擬訂，報請主管機關核定。
第一項第十七款所定安排機構，應符合一定條件；其一定條件及應受規範，由信託業商業同業公會洽商相關公會擬訂，報請主管機關核定。
一、不動產：指土地、建築改良物、道路、橋樑、隧道、軌道、碼頭、停車場與其他具經濟價值之土地定著物及所依附之設施，但以該設施與土地及其定著物分離即無法單獨創造價值，土地及其定著物之價值亦因而減損者為限。
二、不動產相關權利：指地上權及其他經中央目的事業主管機關核定之權利。
三、不動產相關有價證券：指受託機構或特殊目的公司依本條例或金融資產證券化條例發行或交付之受益證券或資產基礎證券，其資產池含不動產、不動產相關權利或不動產擔保貸款債權者。
四、證券化：指受託機構依本條例之規定成立不動產投資信託或不動產資產信託，向不特定人募集發行或向特定人私募交付受益證券，以獲取資金之行為。
五、不動產投資信託：指依本條例之規定，向不特定人募集發行或向特定人私募交付不動產投資信託受益證券，以投資不動產、不動產相關權利、不動產相關有價證券及其他經主管機關核准投資標的而成立之信託。
六、不動產資產信託：指依本條例之規定，委託人移轉其不動產或不動產相關權利予受託機構，並由受託機構向不特定人募集發行或向特定人私募交付不動產資產信託受益證券，以表彰受益人對該信託之不動產、不動產相關權利或其所生利益、孳息及其他收益之權利而成立之信託。
七、受益證券：指下列不動產投資信託受益證券及不動產資產信託受益證券：
（一）不動產投資信託受益證券：指受託機構為不動產投資信託基金而發行或交付表彰受益人享有該信託財產及其所生利益、孳息及其他收益之受益權持分之權利憑證或證書。
（二）不動產資產信託受益證券：指受託機構為不動產資產信託而發行或交付表彰受益人享有該信託財產本金或其所生利益、孳息及其他收益之受益權持分之權利憑證或證書。
八、受託機構：指得受託管理及處分信託財產，並募集或私募受益證券之機構。
九、不動產投資信託基金：指不動產投資信託契約之信託財產，其範圍包括因募集或私募不動產投資信託受益證券所取得之價款、所生利益、孳息與其他收益及以之購入之各項資產或權利。
十、信託監察人：指由受託機構依不動產投資信託契約或不動產資產信託契約之約定或經受益人會議決議所選任，為受益人之利益，行使本條例所定權限之人。
十一、利害關係人：指信託業法第七條所稱之利害關係人。
十二、不動產管理機構：指受受託機構委任管理或處分信託財產之不動產投資業、營造業、建築經理業、不動產買賣租賃業或其他經主管機關核定之機構。
十三、封閉型基金：指於基金存續期間，投資人不得請求受託機構買回其持有之受益證券之基金。
十四、開放型基金：指投資人得請求受託機構買回其持有之受益證券之基金。
十五、專業估價者：指不動產估價師或其他依法律得從事不動產估價業務者。
十六、發起人：指受託機構申請或申報募集或私募不動產投資信託基金時，已確定投資之不動產之所有人、不動產相關權利之權利人或現金出資人。
十七、安排機構：指對受益證券之募集或私募安排規劃整體事務者。
十八、開發型之不動產或不動產相關權利：指正進行或規劃進行開發、建築、重建、整建之不動產或不動產相關權利。
前項第八款所定受託機構，以信託業法所稱之信託業為限，設立滿三年以上者，並應經主管機關認可之信用評等機構評等達一定等級以上。
僅辦理不動產投資信託或不動產資產信託業務之信託業，主管機關應就其最低實收資本額、股東結構、負責人資格條件、經營與管理人員專門學識或經驗、業務限制另定之。
第一項第十二款所定不動產管理機構，應符合一定條件，並與受託機構簽訂記載其職權、義務、責任及應遵行事項之委任契約書。
前項一定條件及委任契約書之應記載事項，由信託業商業同業公會洽商相關不動產管理機構之商業同業公會擬訂，報請主管機關核定。
第一項第十七款所定安排機構，應符合一定條件；其一定條件及應受規範，由信託業商業同業公會洽商相關公會擬訂，報請主管機關核定。