Regulations Governing the Management of Collective Trust Funds Article 4

A trust enterprise that meets the requirements set out in Subparagraphs 1 ~ 3, Article 5 of the Regulations Governing the Scope of Business, Restrictions on Transfer of Beneficiary Rights, Risk Disclosure, Marketing, and Conclusion of Contract by Trust Enterprises may apply for public offering and issuance of a collective trust fund. The trust enterprise shall, prior to undertaking public offering and issuance, submit the following documentation to the Trust Association of the ROC (the "Trust Association") for review, which, together with the review opinions, will be forwarded by the Trust Association to the competent authority for approval. Where the collective trust fund the trust enterprise offers is intended to be traded on a stock exchange or over the counter, the trust enterprise shall submit applications in accordance with applicable securities laws and regulations:1. Collective trust fund offering and issuance application and plan;2. Collective trust fund agreement;3. Comparison table showing the similarities and differences between the agreement mentioned in the preceding subparagraph and the standard form contract;4. Collective trust fund prospectus;5. Documents evidencing that personnel operating and managing the collective trust fund meet the professional knowledge or experience requirements set forth by the competent authority in accordance with Paragraph 4, Article 24 of the Act, and in addition, for personnel having the power to make decisions, documents evidencing that they meet the qualifications and work experience set out in Article 17 herein;6. The name list of trust supervisors, their qualification documents and acceptance letters; 7. Meeting minutes of the board of directors;8. Where the offering plan proposes overseas offering for domestic investment, or domestic offering for overseas investment, a copy of the consent letter of the Central Bank of the Republic of China (Taiwan) ("Central Bank"); and9. Other documents as required by the competent authority.Prior to granting approval under the preceding paragraph to a trust enterprise that applies for public offering and issuance of a money market collective trust fund, the competent authority shall consult the opinions of the Central Bank.The processing period for reviewing a trust enterprise's application for public offering and issuance of a collective trust fund by the competent authority shall be 2 months from the day the competent authority accepts the application or receives the last supplementary documentation; provided that the application has any of the circumstances provided in Article 10 herein as grounds for denying approval, or that any other exceptional circumstance exists that require extension of the review period, or that the competent authority deems it necessary for the protection of public interest, the processing period may be extended to 6 months.After a trust enterprise has been approved by the competent authority to publicly offer and issue a collective trust fund, any change to its offering plan shall require the consent of a majority of the trust supervisors or the adoption of a resolution at a beneficiaries' meeting; the minutes of such trust supervisors meeting or beneficiaries' meeting, reasons for the change, and other documents required by the competent authority shall be submitted to the Trust Association for review, which, along with the review opinions, will be forwarded by the Trust Association to the competent authority for approval.