Regulations Governing the Public Offering or Private Placement of REIT and REAT Beneficiary Securities by a Trustee Article 8
The holding amount and percentage of REIT and REAT beneficiary securities shall comply with the following provisions:1.The total amount of REIT beneficiary securities held by any five persons may not reach one-half or more of the total issuance amount of the beneficiary securities. However, this restriction does not apply for holders that are independent professional investors.2.The total amount of the senior REAT beneficiary securities held by any 5 persons may not reach one-half or more of the total issue amount of the senior beneficiary securities. However, this restriction does not apply for holders that are independent professional investors.Independent professional investor” in the preceding paragraph means a juristic person or institution under Subparagraph 1, Paragraph 1, Article 13 of the Act, or a fund under Subparagraph 2, Paragraph 1, Article 13 of the Act; and not an REIT promoter or REAT trustor, or an interested party thereof, or an affiliated enterprise as defined in the Company Act, or a related party or substantive related party as defined in the Statement of Financial Accounting Standards No. 6.A trustee shall notify a beneficiary securities holder whose holdings are not in compliance with the provisions of Paragraph 1 hereof to transfer beneficiary securities within one month to comply with the provisions. A holder that has not made the transfer within the prescribed time period may not exercise his/her/its beneficiary voting rights, and the trustee may not distribute any further trust interest to that holder.A promoter that holds beneficiary securities as a result of assignment of real estate or real estate related rights shall place those beneficiary securities in centralized custody with a centralized securities depository enterprise established with the approval of the Competent Authority, and may not remove from custody, transfer, pledge, those beneficiary securities, or use those beneficiary securities as collateral in a repurchase agreement transaction within one year from the date on which they were first held.
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8條
不動產投資信託及不動產資產信託受益證券，應符合下列持有金額及比率之規定：
一、任何五人合計持有不動產投資信託受益證券之總金額，不得達該受益證券發行總金額之一半以上。
但獨立專業投資人所持有者，不計入上述金額。
二、任何五人合計持有不動產資產信託第一受償順位受益證券之總金額，不得達該受益證券發行總金額之一半以上。
但獨立專業投資人所持有者，不計入上述金額。
前項所稱獨立專業投資人，指本條例第十三條第一項第一款之法人或機構或本條例第十三條第一項第二款之基金；且非不動產投資信託發起人或不動產資產信託委託人，或其利害關係人或公司法所稱之關係企業或財務會計準則公報第六號所定之關係人或實質關係人。
受託機構對於因其持有受益證券致不符合第一項規定之持有人，應通知該持有人於一個月內轉讓受益證券以符合規定。
該持有人屆期未轉讓者，不得行使其受益權之表決權，且受託機構不得再分配信託利益予該持有人。
發起人因讓與不動產或不動產相關權利而持有受益證券者，應將受益證券提交經主管機關核准設立之證券集中保管事業辦理集中保管，且自持有受益證券起一年內不得中途解除保管、轉讓、設質或以該受益證券為擔保品從事附買回交易。
一、任何五人合計持有不動產投資信託受益證券之總金額，不得達該受益證券發行總金額之一半以上。
但獨立專業投資人所持有者，不計入上述金額。
二、任何五人合計持有不動產資產信託第一受償順位受益證券之總金額，不得達該受益證券發行總金額之一半以上。
但獨立專業投資人所持有者，不計入上述金額。
前項所稱獨立專業投資人，指本條例第十三條第一項第一款之法人或機構或本條例第十三條第一項第二款之基金；且非不動產投資信託發起人或不動產資產信託委託人，或其利害關係人或公司法所稱之關係企業或財務會計準則公報第六號所定之關係人或實質關係人。
受託機構對於因其持有受益證券致不符合第一項規定之持有人，應通知該持有人於一個月內轉讓受益證券以符合規定。
該持有人屆期未轉讓者，不得行使其受益權之表決權，且受託機構不得再分配信託利益予該持有人。
發起人因讓與不動產或不動產相關權利而持有受益證券者，應將受益證券提交經主管機關核准設立之證券集中保管事業辦理集中保管，且自持有受益證券起一年內不得中途解除保管、轉讓、設質或以該受益證券為擔保品從事附買回交易。