Regulations Governing the Management of Collective Trust Funds Article 13

A trust enterprise shall apply to the competent authority for approval prior to the establishment of a collective trust fund by public offering and issuance. The date of approval by the competent authority shall be the record date of establishment of the fund.A trust enterprise that fails to raise the minimum amount required for the establishment of a collective trust fund prior to the expiration of the offering period shall, within 10 business days after the expiration of the offering period, notify the beneficiaries in writing and report to the competent authority for recordation.