Regulations Governing the Scope of Business, Restrictions on Transfer of Beneficiary Rights, Risk Disclosure, Marketing, and Conclusion of Contract by Trust Enterprises Article 18

In the conduct of trust business, except in the trust agreement, trading report or reconciliation statement where beneficiary rights are indicated, a trust enterprise shall not produce and deliver any certificate of entitlement to beneficiary rights, beneficial securities, beneficiary certificates or other documents for evidencing beneficiary rights to the beneficiaries that causes the beneficiaries to misconstrue that such document represents a marketable security. However, the preceding provision does not apply to the issuance of beneficial securities by a trust enterprise pursuant to Article 29 of the Trust Enterprise Act, Financial Asset Securitization Act, or Real Estate Securitization Act.