Regulations Governing Management and Utilization of Collective Investment Trust Funds Article 9
When a collective trust account managed by a trust enterprise accepts funds from non-professional investors, the trust enterprise shall invest funds of the account in investment instruments traded in the secondary market in principle and observe the following provisions:1. Except for stocks that have been approved for listing on an exchange or for over-the-counter trading and are in the underwriting process, the account may not invest in unlisted stocks.2. The account may not be used for lending or to provide security.3. The account may not be used to engage in securities margin trading.4. The trust enterprise may not engage in transactions between different collective trust accounts that it manages.5. The aggregate amount of investment by an individual collective trust account in the stocks, depositary receipts, corporate bonds, financial debentures and short term bills issued by any exchanged-listed or OTC-listed company may not exceed 10 percent of the account's net asset value on the date of investment.6. The aggregate amount of investment by all collective trust accounts established by a trust enterprise in thestocks, depositary receipts, corporate bonds, financial debentures and short term bills issued by any exchanged-listed or OTC-listed company may not exceed 10 percent of the company's paid-in capital on the date of investment.7. The aggregate amount of deposits at the same financial institution, investment in the financial debentures it issues and in the corporate bonds and short-term bills it guarantees may not exceed 30 percent of the net asset value of all collective trust accounts managed by the trustenterprise or 10 percent of the financial institution's networth on the date of investment.8. The aggregate amount of investment by an individual collective trust account in the beneficial certificates, beneficial securities, fund shares or investment units of any fund (collectively referred to as "the invested fund") may not exceed 10 percent of total beneficial units issued by the invested fund on the date of investment; the aggregate amount of investment by all collective trust accounts managed by the trust enterprise may not exceed 20 percent of the total beneficial units issued by the invested fund on the date of investment.9. The amount of investment in any fund may not exceed 10 percent of the net asset value of any individual collective trust account on the date of investment. The preceding provision does not apply, provided the collective trust account invests in 5 or more funds, the ceiling of investment in any fund does not exceed 30 percent of the collective trust account's net asset value, andthe collective trust account does not invest in any fund of funds.10. The aggregate amount of investment in securitized products issued under the same securitization issuance plan may not exceed 10 percent of total offering amount under the same plan or 10 percent of a collective trust account's net asset value on the date of the investment.11. The aggregate amount of investment in any securitized products plus investment in the stocks, depositary receipts, corporate bonds, financial debentures, and short-term bills issued by the originator of the securitized product by a collective trust account may not exceed 20 percent of the account's net asset value on the date of the investment.12. The total number of shares of underwritten stocks of any exchanged-listed or OTC-listed company invested by any individual collective trust account may not exceed 1 percent of the total shares underwritten in said offering; the total number of shares invested by all collective trust accounts managed by the trust enterprise may not exceed 3 percent of the total shares underwritten in said offering.13. When a trust enterprise has an interested party relationship as defined in Article 7 of the Act with the originator, trustor, trustee or special-purpose company in association with a securitized product, the trust enterprise may not utilize acollective trust account to invest in said securitized product.14. A collective trust account may not invest in instruments that are not included in the scope of investment proposed in the management and utilization plan referred to in Paragraph 2 of Article 3 herein that has been approved by the competent authority.15. Except for Article 7 herein, matters to be complied with in respect of management, utilization and disposal of other investments approved by the competent authority shall be separately prescribed by the competent authority.When utilizing a collective trust account to invest in underwritten stocks referred to Subparagraph 1 of the preceding paragraph, a trust enterprise shall combine the shares of exchange-listed or OTC-listed stocks of the same type held by the account into the calculation of total shares or aggregate dollar amount to determine whether the investment ceiling allowed is reached; when investing in depositary receipts, the trust enterprise shall combine the shares of underlying stock held by the account into the calculation of aggregate dollar amount or total shares to determine whether the investment ceiling allowed is reached.The provisions of Subparagraphs 5 ~ 13 of Paragraph 1 herein do not apply to any collective trust account referred to in Paragraph 1 hereof in the three months from the date the account receives the first deposit of trust monies or in the month prior to the expiration of the account.Where a trust enterprise has been approved by the competent authority or has reported to the competent authority for recordation to invest trust monies in a collective trust account in instruments that are not traded in a secondary market or lack liquidity, the trust enterprise may include in the terms and conditions a prescribed period during which the beneficiaries may not withdraw their investment.For collective trust accounts that accept funds from professional investors only, the provisions of Subparagraphs 2 ~ 4 and 11 ~ 13 of Paragraph 1 hereof apply, and the trust enterprise may not use the account to invest in instruments that are not included in the scope of investment proposed in the management and utilization plan referred to in Paragraph 5 of Article 3 herein that has been reported the competent authority for recordation.Trust assets that are used to make offshore investments shall be denominated in foreign currency; in case the investment involves overseas financial derivatives, Subparagraph 3, Article 17 of the Regulations Governing Offshore Structured Productsshall apply mutatis mutandis to instruments that the financial derivatives may not be linked to.The trust assets of a foreign-currency denominated collective trust account may be invested in instruments denominated in foreign currencies only, and the investment may not involve or be linked to NTD interest rate or exchange rate index products.
中文原文 信託資金集合管理運用管理辦法第9條
信託業辦理非專業投資人得委託投資之信託資金集合管理運用，以具有次級交易市場之投資標的為原則，並應遵守下列規定：
一、除已獲准上市、上櫃而正辦理承銷中之股票外，不得投資未上市、未上櫃公司股票。
二、不得辦理放款或提供擔保。
三、不得從事證券信用交易。
四、本身管理之各集合管理運用帳戶間不得互為交易。
五、投資於任一上市、上櫃公司發行之股票、存託憑證、公司債、金融債券及短期票券之金額，分別不得超過個別集合管理運用帳戶投資當日淨資產價值百分之十。
六、同一信託業所設置之全體集合管理運用帳戶，投資於任一上市、上櫃公司發行之股票、存託憑證、公司債、金融債券及短期票券之金額，合計不得超過投資當日該公司實收資本額百分之十。
七、存放於同一金融機構之存款、投資其發行之金融債券與其保證之公司債及短期票券金額，合計不得超過投資當日全體集合管理運用帳戶淨資產總價值百分之三十及該金融機構淨值百分之十。
八、個別集合管理運用帳戶投資於任一基金受益憑證、受益證券、基金股份或投資單位（以下簡稱基金）之金額，不得超過投資當日被投資基金已發行受益權單位總數百分之十；全體集合管理運用帳戶投資於任一基金之合計金額不得超過投資當日被投資基金已發行受益權單位總數百分之二十。
九、投資於任一基金之金額不得超過投資當日個別集合管理運用帳戶淨資產價值百分之十。
但該集合管理運用帳戶投資五個以上基金，並任一基金之最高投資上限未超過其淨資產價值之百分之三十，且未投資組合型基金者，不在此限。
十、投資於同一證券化發行計畫下之證券化商品總金額不得超過同一證券化發行計畫總額百分之十或投資當日個別集合管理運用帳戶淨資產價值百分之十。
十一、投資於任一證券化商品之金額，加計該商品創始機構或委託人發行之股票、存託憑證、公司債、金融債券及短期票券之總金額，不得超過投資當日個別集合管理運用帳戶淨資產價值之百分之二十。
十二、個別集合管理運用帳戶投資於任一上市或上櫃公司承銷股票之總數，不得超過該次承銷總數百分之一；全體集合管理運用帳戶投資於同一次承銷股票之總數，不得超過該次承銷總數百分之三。
十三、信託業與證券化商品之創始機構、委託人、受託機構或特殊目的公司之任一機構具有本法第七條所稱利害關係人之關係者，信託業不得運用集合管理運用帳戶投資於該證券化商品。
十四、不得投資於非屬第三條第二項經主管機關核准之管理及運用計畫所訂定運用範圍之投資標的。
十五、除第七條外，經主管機關核准之其他投資，相關管理、運用及處分等應遵循事項，得由主管機關另定之。
信託業運用集合管理運用帳戶投資前項第一款承銷股票額度應與同種類上市上櫃公司股票之股份，合併計算總數額或總金額，以合併計算得投資之比率上限；投資存託憑證應與所持有該存託憑證發行公司發行之股票，合併計算總金額或總數額，以合併計算得投資之比率上限。
第一項之集合管理運用帳戶自第一筆信託資金撥入起算三個月或存續期間屆滿日前一個月，不適用第一項第五款至第十三款規定。
集合管理運用帳戶之信託資金，經主管機關核准或備查運用於無次級交易市場或欠缺流動性之標的者，信託業得於該帳戶約定條款中訂定一定期間停止受益人退出。
信託業辦理限專業投資人委託投資之信託資金集合管理運用，適用第一項第二款至第四款、第十一款至第十三款規定，並不得投資於非屬依第三條第五項經主管機關備查之管理及運用計畫與約定條款所訂定運用範圍之投資標的。
信託財產運用於境外投資標的，應以外幣計價；屬境外之衍生性金融商品，其不得連結之標的，準用境外結構型商品管理規則第十七條第三款規定。
外幣計價集合管理運用帳戶信託財產之運用，以外幣計價標的為限，且不得涉及或連結新臺幣利率及匯率指標之商品。
一、除已獲准上市、上櫃而正辦理承銷中之股票外，不得投資未上市、未上櫃公司股票。
二、不得辦理放款或提供擔保。
三、不得從事證券信用交易。
四、本身管理之各集合管理運用帳戶間不得互為交易。
五、投資於任一上市、上櫃公司發行之股票、存託憑證、公司債、金融債券及短期票券之金額，分別不得超過個別集合管理運用帳戶投資當日淨資產價值百分之十。
六、同一信託業所設置之全體集合管理運用帳戶，投資於任一上市、上櫃公司發行之股票、存託憑證、公司債、金融債券及短期票券之金額，合計不得超過投資當日該公司實收資本額百分之十。
七、存放於同一金融機構之存款、投資其發行之金融債券與其保證之公司債及短期票券金額，合計不得超過投資當日全體集合管理運用帳戶淨資產總價值百分之三十及該金融機構淨值百分之十。
八、個別集合管理運用帳戶投資於任一基金受益憑證、受益證券、基金股份或投資單位（以下簡稱基金）之金額，不得超過投資當日被投資基金已發行受益權單位總數百分之十；全體集合管理運用帳戶投資於任一基金之合計金額不得超過投資當日被投資基金已發行受益權單位總數百分之二十。
九、投資於任一基金之金額不得超過投資當日個別集合管理運用帳戶淨資產價值百分之十。
但該集合管理運用帳戶投資五個以上基金，並任一基金之最高投資上限未超過其淨資產價值之百分之三十，且未投資組合型基金者，不在此限。
十、投資於同一證券化發行計畫下之證券化商品總金額不得超過同一證券化發行計畫總額百分之十或投資當日個別集合管理運用帳戶淨資產價值百分之十。
十一、投資於任一證券化商品之金額，加計該商品創始機構或委託人發行之股票、存託憑證、公司債、金融債券及短期票券之總金額，不得超過投資當日個別集合管理運用帳戶淨資產價值之百分之二十。
十二、個別集合管理運用帳戶投資於任一上市或上櫃公司承銷股票之總數，不得超過該次承銷總數百分之一；全體集合管理運用帳戶投資於同一次承銷股票之總數，不得超過該次承銷總數百分之三。
十三、信託業與證券化商品之創始機構、委託人、受託機構或特殊目的公司之任一機構具有本法第七條所稱利害關係人之關係者，信託業不得運用集合管理運用帳戶投資於該證券化商品。
十四、不得投資於非屬第三條第二項經主管機關核准之管理及運用計畫所訂定運用範圍之投資標的。
十五、除第七條外，經主管機關核准之其他投資，相關管理、運用及處分等應遵循事項，得由主管機關另定之。
信託業運用集合管理運用帳戶投資前項第一款承銷股票額度應與同種類上市上櫃公司股票之股份，合併計算總數額或總金額，以合併計算得投資之比率上限；投資存託憑證應與所持有該存託憑證發行公司發行之股票，合併計算總金額或總數額，以合併計算得投資之比率上限。
第一項之集合管理運用帳戶自第一筆信託資金撥入起算三個月或存續期間屆滿日前一個月，不適用第一項第五款至第十三款規定。
集合管理運用帳戶之信託資金，經主管機關核准或備查運用於無次級交易市場或欠缺流動性之標的者，信託業得於該帳戶約定條款中訂定一定期間停止受益人退出。
信託業辦理限專業投資人委託投資之信託資金集合管理運用，適用第一項第二款至第四款、第十一款至第十三款規定，並不得投資於非屬依第三條第五項經主管機關備查之管理及運用計畫與約定條款所訂定運用範圍之投資標的。
信託財產運用於境外投資標的，應以外幣計價；屬境外之衍生性金融商品，其不得連結之標的，準用境外結構型商品管理規則第十七條第三款規定。
外幣計價集合管理運用帳戶信託財產之運用，以外幣計價標的為限，且不得涉及或連結新臺幣利率及匯率指標之商品。