Regulations Governing the Management of Collective Trust Funds Article 11

In the event any of the following circumstances exists after a trust enterprise has been approved to publicly offer and issue a collective trust fund, the competent authority may revoke the approval:1. Public offering and issuance has not commenced during the time period starting from the date of approval as set out in Article 12 herein.2. The trust enterprise has misrepresentations, frauds, or any other acts that are sufficient to mislead others in conducting the collective trust fund business.3. The occurrence of any event with a material effect on beneficiary rights and interests which is not publicly announced and reported to the competent authority within 2 business days from the actual date of occurrence.4. Non-compliance with any additional conditions imposed by the competent authority at the time of approval.5. Other circumstances violating laws or regulations, where serious in nature.After a trust enterprise has been granted approval to publicly offer and issue a collective trust fund, the competent authority shall void the approval if it is subsequently discovered that the original application documents contain any misrepresentation, fraud or other misleading circumstances constituting a serious violation of law,.Where a trust enterprise has a circumstance described in the preceding two paragraphs, it shall make a public announcement within 2 business days from the date of service of the letter of revocation or voidance from the competent authority, and proceed by the mutatis mutandis application of Article 41 herein.