Regulations Governing the Public Offering or Private Placement of REIT and REAT Beneficiary Securities by a Trustee Article 18
Under any of the circumstances provided in the subparagraphs below, a trustee shall apply to the Competent Authority for approval before it may carry out a private placement or additional private placement of beneficiary securities:1.The trustee is privately placing beneficiary securities for the first time.2.Its previous application for approval or filing for effective registration for a public offering, private placement, additional public offering or additional private placement of beneficiary securities was rejected, denied approval, voided, or revoked by the Competent Authority.3.The REAT beneficiary securities to be privately placed by the trustee have not been rated by a credit rating agency in accordance with Article 44 of the Act.4.The trustee, real estate management institution, juristic person trustor of the REAT, or the professional appraiser has been subject to any disposition by a competent authority for a respective industry for violation of any act, regulation, or related provisions and ordered to cease any major business operations, in whole or in part, within the past 3 years.5.The trustee is a trust enterprise established for less than 3 years.6.Other circumstances as deemed necessary by the Competent Authority.
中文原文 受託機構募集或私募不動產投資信託或資產信託受益證券處理辦法第18條
受託機構私募或追加私募受益證券有下列各款情形之一者，應依第五條第二項規定，申請主管機關核准後，始得為之：
一、受託機構首次私募受益證券。
二、前次募集、私募、追加募集或追加私募受益證券申請核准或申報生效遭主管機關退回、不予核准、撤銷或廢止。
三、受託機構所私募之不動產資產信託受益證券未經由本條例第四十四條規定之信用評等機構進行信用評等。
四、受託機構、不動產管理機構、不動產資產信託之法人委託人及專業估價者於最近三年內有違反法令或相關規定而經各業別主管機關命令停止全部或一部主要業務之處分。
五、受託機構為設立未滿三年之信託業。
六、其他經主管機關認為有必要。
一、受託機構首次私募受益證券。
二、前次募集、私募、追加募集或追加私募受益證券申請核准或申報生效遭主管機關退回、不予核准、撤銷或廢止。
三、受託機構所私募之不動產資產信託受益證券未經由本條例第四十四條規定之信用評等機構進行信用評等。
四、受託機構、不動產管理機構、不動產資產信託之法人委託人及專業估價者於最近三年內有違反法令或相關規定而經各業別主管機關命令停止全部或一部主要業務之處分。
五、受託機構為設立未滿三年之信託業。
六、其他經主管機關認為有必要。