A trustee that plans to make public offering or additional public offering of beneficiary securities, or plans to make offering or additional public offering of beneficiary securities abroad to raise funds for investing in domestic real estate shall submit an application form to TSEC or GTSM for review (see Attachment 1 , Attachment 3, and Attachment 5 for format). TSEC or GTSM will forward the application along with its review opinion and a listing consent letter to the Competent Authority for approval. The trustee may proceed with the publicly offering or additional public offering after obtaining the approval of the Competent Authority.A trustee that plans to make private placement or additional private placement of beneficiary securities, or plans to make private placement or additional private placement of beneficiary securities abroad to raise funds for investing in domestic real estate shall submit an application or a registration form to the Trust Association of R.O.C. (the “Trust Association”) for review (see Attachment 1 to Attachment 6 for format). The Trust Association will forward the application or registration form along with its review opinion to the Competent Authority for approval or effective registration. The trustee may proceed with the private placement or additional private placement after obtaining the approval of the Competent Authority or effective registration.After TSEC, GTSM or Trust Association has examined a trustee’s qualifications and the completeness of its submitted documentation, it should promptly notify the Competent Authority in writing, where the Competent Authority will contact the central competent authority of the respective industry pursuant to Paragraph 2, Article 6 or Paragraph 2, Article 29 of the Act to issue a written opinion that the public offering, private placement, additional public offering or additional private placement of beneficiary securities by the trustee does not violate any act or regulation under its jurisdiction and that it is feasible.Three years after the delivery date , the trustee of beneficiary securities with private placement or additional private placement and under the conditions that the real estate or related rights of real estate with stable income, may submit application forms (see Attachment 7, Attachment8, Attachment 13, and Attachment 15 for format) and credit enhancement methods to the Competent Authority for permit to amend to public offering, and apply for listing in TSEC or trading in securities dealer business office in GTSM.Application approval or effective registration for public offering, private placement, additional public offering or additional private placement of beneficiary securities may not be used for advertisement purpose to guarantee the authenticity of application matters or documents, or to guarantee profitability of the beneficiary securities.