Regulations Governing the Scope of Business, Restrictions on Transfer of Beneficiary Rights, Risk Disclosure, Marketing, and Conclusion of Contract by Trust Enterprises Article 19

In the conduct of trust business, a trust enterprise shall, in addition to specifying in the trust agreement that transfer of beneficiary rights is not allowed, specify in the trust agreement that the transfer of beneficiary rights must meet the following requirements, unless the transfer is due to inheritance, voluntary transfer by the beneficiary, the result of an auction conducted according to law, or each beneficiary transferring all of his beneficiary rights to only one transferee. However, the preceding provision does not apply to the transfer of beneficiary rights pursuant to Article 29 of the Trust Enterprise Act, Financial Asset Securitization Act, or Real Estate Securitization Act, or as otherwise provided by law or regulations:1. The transferee of beneficiary rights must be a professional investor;2. The unit amount represented by the beneficiary rights held by each beneficiary after the transferor beneficiary has splits the rights shall not be less than NT$10,000,000, and the total number of beneficiaries shall not be more than 35;3. The beneficiary shall provide the trust enterprise with personal information of the transferee(s), the units of beneficiary rights to be transferred, and a transfer agreement, and obtain the consent of the trust enterprise before making the transfer of beneficiary rights.