Regulations Governing the Public Offering or Private Placement of REIT and REAT Beneficiary Securities by a Trustee Article 19
Under any of the circumstances listed below, the Competent Authority may reject or deny approval to a case of public offering, private placement, additional public offering or additional private placement of beneficiary securities by a trustee:1.Any matter in the application or registration filing violates an act or regulation or is false.2.The application or registration filing documents are incomplete or the required information is not fully provided, and supplementation was not completed within the specified time limit.3.The written opinion issued by the central competent authority of the respective industry indicates a violation of a relevant act or regulation, or that the case is infeasible.4.The legal opinion issued by a lawyer indicates a violation of an act or regulation that would affect the public offering, private placement, additional public offering or additional private placement of the beneficiary securities.5.Case examination tables reviewed by a CPA or lawyer indicate any violation of an act or regulation that would affect the public offering, private placement, additional public offering or additional private placement of the beneficiary securities.6.The appraisal report issued by the securities underwriter does not clearly indicate the feasibility and reasonableness of the current REAT plan.7.An expert has not issued a written opinion clearly indicating the appropriateness of the trust property pricing.8.The content of the REIT investment plan does not conform to the principles of risk dispersion or income stability, and lacks appropriate response measures.9.The amount of funds raised in the initial offering of the REIT to be used on the planned real estate purchases is less than NT$3,000,000,000.10.The real estate expected to be transferred or purchased could undermine the cash flows or building safety.11.The title of real estate to be purchased is involved in litigation, an non-litigious event, administrative disposition, administrative lawsuit, provisional remedies proceedings or compulsory enforcement action.12.The appraisal report issued by a professional appraiser does not comply with Paragraph 3, Article 22 of the Act.13.The documentation and information provided by the REAT trustor regarding the trust property does not comply with Paragraph 3, Article 29 of the Act.14.The property rights transferred by the trustor under the REAT contract do not comply with Article 30 of the Act; provided, this restriction does not apply to those in compliance with Paragraph 2 of Article 7 herein.15.Where the application for public offering, private placement, additional public offering or additional private placement is made within three (3) months from a date on which the trustee received notification from the Competent Authority of rejection, voidance or revocation of approval, or denial of approval, of an application or registration filing case, or its own voluntary withdrawal thereof.16.Objective facts verify that the REIT plan or REAT plan cannot be carried out.17.The trustee has committed a violation of relevant acts or regulations, where the violation is of serious nature, or there are facts evidencing gross irregularities in its finances or business that have not been resolved or improved.18.Where in any previous public offering, private placement, additional public offering or additional private placement of beneficiary securities by the trustee, there has been the incidence of inability to pay principal, profit, interest, or other proceeds and the circumstances were serious.19.Any other noncompliance with the Act or related acts or regulations, or where the Competent Authority deems necessary to protect the public interest.Non-conformance to the principles of risk dispersion or income stability referred to in Subparagraph 8 of the preceding paragraph includes the following situations:1.The bulk of rental income comes from a few tenants or the rental income from one tenant accounts is more than 40% of the total rental income.2.The average occupancy rate of planned real properties to be purchased less real estate under development in the past three years is less than 85%.3.The rental income of the planned real estate investment from promoters, related parties of promoters, or related parties as defined in Article 15 of the Directions for the Internal Control and Audit Systems of Trustees of Real Estate Investment Trust or Real Estate Asset Trust combined account for 10% or more of the real estate’s total income and the rent is more than 20% below the market rate as estimated by the professional appraiser.4.Loss incurred in a single accident involving a planned purchased real property will exceed 50% of the total value of all planned real properties to be purchased.5.The initial investment in one single real property will exceeds 45% of the fund’s total investment in real estate.The related party referred to in Subparagraph 3 of the preceding paragraph is as defined in the Statement of Financial Accounting Standards No. 6.
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19條
受託機構募集、私募、追加募集或追加私募受益證券，有下列情形之一者，主管機關得退回或不核准其案件：
一、申請或申報事項違反法令或虛偽。
二、申請或申報書件不完備或應記載事項不充分，經限期補正，屆期不能完成補正。
三、中央目的事業主管機關出具之意見書，表示違反其主管法令或不具可行性。
四、律師出具之意見書，表示有違反法令致影響受益證券之募集、私募、追加募集或追加私募。
五、會計師或律師複核之案件檢查表，表示有違反法令致影響受益證券之募集、私募、追加募集或追加私募。
六、證券承銷商所出具評估報告，未明確表示本次不動產資產信託計畫之可行性及合理性。
七、專家未明確出具信託財產之價格允當性意見書。
八、不動產投資信託之投資計畫所載內容未符合風險分散或收益穩定性原則，且無適當因應措施。
九、不動產投資信託基金初始募集金額用於計畫購買不動產之金額，未達新臺幣三十億元。
十、預計移轉或購買之不動產存在影響現金流量及建物安全情形。
十一、預計購買之不動產因訴訟、非訟、行政處分、行政爭訟、保全程序或強制執行事件涉及產權。
十二、專業估價者出具之估價報告書未符合本條例第二十二條第三項規定。
十三、不動產資產信託之委託人所提供信託財產相關書件及資料，未符合本條例第二十九條第三項規定。
十四、委託人依不動產資產信託契約移轉之財產權，未符合本條例第三十條規定。
但符合第七條第二項規定，不在此限。
十五、經主管機關退回、撤銷、廢止核准、不予核准或自行撤回申請或申報案件，受託機構自接獲主管機關通知之日起三個月內，申請募集、私募、追加募集或追加私募。
十六、有客觀事實證明無法達成不動產投資信託或不動產資產信託計畫。
十七、受託機構違反相關法令，情節重大，或有事實證明其財務或業務有重大異常情事，尚未解決或改善。
十八、受託機構前各次募集、私募、追加募集或追加私募之受益證券發生無法支付本金、利益、孳息或收益等情事，情節重大。
十九、其他不符合本條例及其相關法令規定，或主管機關為保護公益認為必要。
前項第八款所稱未符合風險分散或收益穩定性原則，包括下列事項：
一、租金收入集中於少數最終承租戶，或單一承租戶租金收入超過總租金收入百分之四十。
二、預計購買標的扣除開發型不動產部分，最近三年之平均出租率未達百分之八十五以上。
三、發起人、發起人之關係人或信託業受託辦理不動產投資信託暨不動產資產信託之內部控制與稽核制度應行注意事項第十五條所定之關係人，承租投資標的不動產之租金金額占該不動產總租金收入百分之十以上，且其承租租金金額低於專業估價者估計之租金市場行情百分之二十以上。
四、預計購買之不動產標的，於發生單一意外事故時，損失將超過擬購買不動產總金額之百分之五十。
五、投資於單一不動產之初始投資金額，超過基金投資不動產總金額之百分之四十五。
前項第三款所稱關係人之定義，依財務會計準則公報第六號之規定。
一、申請或申報事項違反法令或虛偽。
二、申請或申報書件不完備或應記載事項不充分，經限期補正，屆期不能完成補正。
三、中央目的事業主管機關出具之意見書，表示違反其主管法令或不具可行性。
四、律師出具之意見書，表示有違反法令致影響受益證券之募集、私募、追加募集或追加私募。
五、會計師或律師複核之案件檢查表，表示有違反法令致影響受益證券之募集、私募、追加募集或追加私募。
六、證券承銷商所出具評估報告，未明確表示本次不動產資產信託計畫之可行性及合理性。
七、專家未明確出具信託財產之價格允當性意見書。
八、不動產投資信託之投資計畫所載內容未符合風險分散或收益穩定性原則，且無適當因應措施。
九、不動產投資信託基金初始募集金額用於計畫購買不動產之金額，未達新臺幣三十億元。
十、預計移轉或購買之不動產存在影響現金流量及建物安全情形。
十一、預計購買之不動產因訴訟、非訟、行政處分、行政爭訟、保全程序或強制執行事件涉及產權。
十二、專業估價者出具之估價報告書未符合本條例第二十二條第三項規定。
十三、不動產資產信託之委託人所提供信託財產相關書件及資料，未符合本條例第二十九條第三項規定。
十四、委託人依不動產資產信託契約移轉之財產權，未符合本條例第三十條規定。
但符合第七條第二項規定，不在此限。
十五、經主管機關退回、撤銷、廢止核准、不予核准或自行撤回申請或申報案件，受託機構自接獲主管機關通知之日起三個月內，申請募集、私募、追加募集或追加私募。
十六、有客觀事實證明無法達成不動產投資信託或不動產資產信託計畫。
十七、受託機構違反相關法令，情節重大，或有事實證明其財務或業務有重大異常情事，尚未解決或改善。
十八、受託機構前各次募集、私募、追加募集或追加私募之受益證券發生無法支付本金、利益、孳息或收益等情事，情節重大。
十九、其他不符合本條例及其相關法令規定，或主管機關為保護公益認為必要。
前項第八款所稱未符合風險分散或收益穩定性原則，包括下列事項：
一、租金收入集中於少數最終承租戶，或單一承租戶租金收入超過總租金收入百分之四十。
二、預計購買標的扣除開發型不動產部分，最近三年之平均出租率未達百分之八十五以上。
三、發起人、發起人之關係人或信託業受託辦理不動產投資信託暨不動產資產信託之內部控制與稽核制度應行注意事項第十五條所定之關係人，承租投資標的不動產之租金金額占該不動產總租金收入百分之十以上，且其承租租金金額低於專業估價者估計之租金市場行情百分之二十以上。
四、預計購買之不動產標的，於發生單一意外事故時，損失將超過擬購買不動產總金額之百分之五十。
五、投資於單一不動產之初始投資金額，超過基金投資不動產總金額之百分之四十五。
前項第三款所稱關係人之定義，依財務會計準則公報第六號之規定。