Regulations Governing Information to be Disclosed in Investment Memorandums for Private Placement of REIT or REAT Beneficiary Securities by a Trustee Article 3
The investment memorandum provided by a trustee conducting a private placement of REIT beneficiary securities to specified persons shall specify the following information:1. Terms and conditions of issuance of the beneficiary securities: shall include, at least, the duration of the fund, type (closed- or open-end), total monetary amount of the private placement, total number of beneficiary units, method of delivery of the beneficiary securities, delivery date, maturity date, purchase price per beneficiary unit, fees, and other matters relating to beneficial interests.2. Summary of the investment plan.3. An overview of related participant institutions, such as the trustee, real estate management institution, promoters and arrangers and matters they each are required to perform; in case a promoter is a juristic person, the memorandum shall include at least an institution profile, overview of business operations, holding in real estate or related rights of real estate that the REIT has definitively targeted for investment, and whether the promoter is a related party of the trustee; in case a promoter is an individual, the memorandum shall include at least the name of promoter, his or her holding in real estate or related rights of real estate that the REIT has definitively targeted for investment, and whether the promoter is a related party of the trustee; for other institutions, the memorandum shall include at least the institution profile, overview of business operations, most recent credit rating results, and duties and responsibilities.4. The major academic and work experience, qualifications, and limits to the authority of fund operation and management personnel.5. Conditions establishing the validity or non-validity of the private placement of the fund, and the method for handling non-validity.6. Basic policies, scope, and investment strategy for fund utilization.7. Assessment methods, evaluation bases, and expert opinions regarding expected returns on the trust property.8. Explanation of funds borrowed by, and fee burdens of, the fund:(1) Purpose of borrowed funds and their effect on beneficial interests.(2) Ceilings on borrowed funds.(3) Status of the distribution and use of borrowed funds.(4) Methods of controlling and managing the use of borrowed funds.(5) Interest calculations for borrowed funds.(6) Itemized fee burdens.(7) Fee calculation methods.(8) Fee payment methods and schedule.(9) Method for handling insufficiency for payment of fees.9. Method for the use of idle funds.10. Credit rating results and credit enhancement methods:(1) Credit rating agency.(2) Credit rating results and explanation thereof.(3) Credit enhancement institution.(4) Credit enhancement methods.11. Items, schedule, and payment methods for distribution of investment income.12. Method for, and limits on, the transfer of the beneficiary securities.13. Method for calculating net asset value per beneficiary unit.14. The following matters shall be disclosed:(1) The value of trust property not guaranteed by the trustee.(2) Potential investment risks, and related rights, of beneficiary securities holders.(3) Important matters concerning the REIT contract.15. Other matters specified by the Competent Authority.
中文原文 受託機構私募不動產投資信託或資產信託受益證券投資說明書應行記載事項準則第3條
受託機構對特定人進行不動產投資信託受益證券私募，其提供之投資說明書應記載下列事項：
一、受益證券之發行條件：至少應包括基金存續期間、型態（封閉型或開放型）、私募總額、受益權單位總數、受益證券之交付方式、交付日期、到期日、購買每一受益權單位之金額、費用及其他受益權內容。
二、投資計畫概況。
三、受託機構、不動產管理機構、發起人、安排機構等相關參與機構之概況及應辦理事項：其中發起人為法人者，至少應記載機構簡介、營運概況、對本基金已確定投資之不動產或不動產相關權利之持分、是否為受託機構之利害關係人；發起人為自然人者，至少應記載發起人姓名、對本基金已確定投資之不動產或不動產相關權利之持分、是否為受託機構之利害關係人；其餘各機構至少應記載機構簡介、營運概況、最近信用評等結果、義務及責任。
四、基金經營與管理人員之主要學經歷、資格條件及權限。
五、基金私募成立與不成立之條件及不成立時之處理方式。
六、運用基金之基本方針、範圍及投資策略。
七、信託財產預期收益之評價方法、評估基礎及專家意見。
八、基金之借入款項及費用負擔之說明：
（一）借入款項之目的及其對受益權之影響。
（二）借入款項上限。
（三）借入款項分配使用情形。
（四）借入款項使用控管方式。
（五）借入款項之利息計算。
（六）費用負擔之項目。
（七）費用計算方式。
（八）費用給付方式及時間。
（九）費用不足支付之處理方式。
九、閒置資金運用方式。
十、信用評等之結果及信用增強之方式：
（一）信用評等之機構。
（二）信用評等之結果及其說明。
（三）信用增強之機構。
（四）信用增強之方式。
十一、投資收益分配之項目、時間及給付方式。
十二、受益證券轉讓之方式及限制。
十三、受益權單位淨資產價值之計算方式。
十四、應揭露下列事項：
（一）受託機構不保證信託財產之價值。
（二）受益證券持有人之可能投資風險，以及其相關權利。
（三）不動產投資信託契約之重要事項。
十五、其他經主管機關規定之事項。
一、受益證券之發行條件：至少應包括基金存續期間、型態（封閉型或開放型）、私募總額、受益權單位總數、受益證券之交付方式、交付日期、到期日、購買每一受益權單位之金額、費用及其他受益權內容。
二、投資計畫概況。
三、受託機構、不動產管理機構、發起人、安排機構等相關參與機構之概況及應辦理事項：其中發起人為法人者，至少應記載機構簡介、營運概況、對本基金已確定投資之不動產或不動產相關權利之持分、是否為受託機構之利害關係人；發起人為自然人者，至少應記載發起人姓名、對本基金已確定投資之不動產或不動產相關權利之持分、是否為受託機構之利害關係人；其餘各機構至少應記載機構簡介、營運概況、最近信用評等結果、義務及責任。
四、基金經營與管理人員之主要學經歷、資格條件及權限。
五、基金私募成立與不成立之條件及不成立時之處理方式。
六、運用基金之基本方針、範圍及投資策略。
七、信託財產預期收益之評價方法、評估基礎及專家意見。
八、基金之借入款項及費用負擔之說明：
（一）借入款項之目的及其對受益權之影響。
（二）借入款項上限。
（三）借入款項分配使用情形。
（四）借入款項使用控管方式。
（五）借入款項之利息計算。
（六）費用負擔之項目。
（七）費用計算方式。
（八）費用給付方式及時間。
（九）費用不足支付之處理方式。
九、閒置資金運用方式。
十、信用評等之結果及信用增強之方式：
（一）信用評等之機構。
（二）信用評等之結果及其說明。
（三）信用增強之機構。
（四）信用增強之方式。
十一、投資收益分配之項目、時間及給付方式。
十二、受益證券轉讓之方式及限制。
十三、受益權單位淨資產價值之計算方式。
十四、應揭露下列事項：
（一）受託機構不保證信託財產之價值。
（二）受益證券持有人之可能投資風險，以及其相關權利。
（三）不動產投資信託契約之重要事項。
十五、其他經主管機關規定之事項。