Regulations Governing Offshore Structured Products Article 18
Before an offshore structured product can be offered to non-professional investors for trust investment, brokerage trade or linking to investment-linked insurance policies in the Republic of China, the offshore structured product shall meet the following requirements and its issuer or master agent shall submit the application documents provided in Paragraph 1, Article 19 herein to the trade association of the trustee or sub-distributor for review in accordance with the review procedure and method, review criteria, information disclosure requirement and relevant regulations set forth pursuant to Paragraph 1 and Paragraph 4 of Article 20 herein, and subsequently, the trustee or sub-distributor shall review the application pursuant to Paragraph 1 and Paragraph 2 of Article 20 herein and sign an agreement with the issuer or master agent:1. The long-term credit rating of the issuing institution or the guarantor, or the issue rating of the offshore structured product is at a certain level or higher given by a credit rating agency approved or recognized by the FSC.2. The product shall be denominated in U. S. Dollars, British Pounds, Euros, Australian Dollars, New Zealand Dollars, Hong Kong Dollars, Singapore Dollars, Canadian Dollars, Japanese Yen or RMB.3. The product shall not be linked to any of the following:(1) NTD interest rate or exchange rate indices.(2) Securities issued in Taiwan.(3) Securities issued overseas by a domestic enterprise.(4) Beneficiary certificates issued overseas by a domestic securities investment trust enterprise.(5)Taiwan stock indices compiled by domestic and foreign institutions and relevant financial products. The preceding provision does not apply to indices compiled by Taiwan Stock Exchange Corporation or GreTai Securities Market in collaboration with a foreign institution and not using stocks listed in Taiwan as the main constituent stocks.(6) Any of the following products or contracts that is associated with Mainland Area:a. Securities in the securities markets of Mainland Area.b. Securities issued or traded by a government, enterprise or institution in Mainland Area.c. Stock indices and stock index futures in Mainland Area.d. Bonds or interest rate indexes related to a money market in Mainland Area.e. RMB exchange rate indices.f. Other products falling under the Act Governing Relations between Peoples of the Taiwan Area and the Mainland Area and related regulations prescribed under the Act.(7) Offshore funds not approved by or not effectively registered with the FSC for offering and sale in Taiwan.(8) Privately placed offshore securities.(9) The underlying assets of derivatives other than equities, interest rates, exchange rates, funds, exchange-traded funds (ETF), indices, commodities and related indices. However in the case of ETFs, it is limited to ETFs listed and traded on securities markets approved by the FSC that invest mainly in stocks and bonds and do not have leveraging or short-selling effect.4. Close-ended structure products:(1) The principal guaranteed rate at maturity shall be at least 100% of the principal in the denominated currency.(2) The product shall not have target-redemption design, nor contain options for early redemption by the issuing institution.5. The dynamic principal guaranteed rate of the open-ended structured products shall be at least 80% of the principal in the denominated currency.
中文原文 境外結構型商品管理規則第18條
境外結構型商品符合下列條件者，由其發行人或總代理人填具申請書並檢具第十九條第一項之各款文件，送受託或銷售機構所屬同業公會依第二十條第一項及第四項所定審查程序、方式、審查基準、資訊揭露及相關規範審查通過後，經由受託或銷售機構依第二十條第一項及第二項規定審查通過，並經與發行人或總代理人簽訂契約者，始得為於中華民國境內對非專業投資人從事受託投資、受託買賣或為投資型保單之標的：
一、發行機構或保證機構之長期債務信用評等及境外結構型商品之發行評等，應符合經本會核准或認可之信用評等機構評等達一定等級以上者。
二、計價幣別以美元、英鎊、歐元、澳幣、紐西蘭幣、港幣、新加坡幣、加幣、日圓及人民幣為限。
三、不得連結至下列標的：
（一）新臺幣利率及匯率指標。
（二）國內有價證券。
（三）本國企業於國外發行之有價證券。
（四）國內證券投資信託事業於國外發行之受益憑證。
（五）國內外機構編製之台股指數及其相關金融商品。
但如該指數係由臺灣證券交易所股份有限公司或財團法人中華民國證券櫃檯買賣中心與國外機構合作編製非以台股為主要成分股之指數，不在此限。
（六）屬於下列任一涉及大陸地區之商品或契約：1.大陸地區證券市場之有價證券。
2.大陸地區之政府、企業或機構所發行或交易之有價證券。
3.大陸地區股價指數、股價指數期貨。
4.大陸地區債券或貨幣市場相關利率指標。
5.人民幣匯率指標。
6.其他涉及適用臺灣地區與大陸地區人民關係條例及依該條例所定之相關法令之商品。
（七）未經本會核准或申報生效得募集及銷售之境外基金。
（八）國外私募之有價證券。
（九）股權、利率、匯率、基金、指數型股票基金（ETF）、指數、商品及上述相關指數以外之衍生性金融商品。
但指數型股票基金（ETF），以本會核定之證券市場掛牌交易之以投資股票、債券為主且不具槓桿或放空效果者為限。
四、封閉式結構型商品：
（一）到期保本率至少為計價貨幣本金之百分之一百。
（二）投資型保單連結之結構型商品，不得含有目標贖回式設計，且不得含有發行機構得提前贖回之選擇權。
五、開放式結構型商品之動態保本率須達計價貨幣本金之百分之八十以上。
一、發行機構或保證機構之長期債務信用評等及境外結構型商品之發行評等，應符合經本會核准或認可之信用評等機構評等達一定等級以上者。
二、計價幣別以美元、英鎊、歐元、澳幣、紐西蘭幣、港幣、新加坡幣、加幣、日圓及人民幣為限。
三、不得連結至下列標的：
（一）新臺幣利率及匯率指標。
（二）國內有價證券。
（三）本國企業於國外發行之有價證券。
（四）國內證券投資信託事業於國外發行之受益憑證。
（五）國內外機構編製之台股指數及其相關金融商品。
但如該指數係由臺灣證券交易所股份有限公司或財團法人中華民國證券櫃檯買賣中心與國外機構合作編製非以台股為主要成分股之指數，不在此限。
（六）屬於下列任一涉及大陸地區之商品或契約：1.大陸地區證券市場之有價證券。
2.大陸地區之政府、企業或機構所發行或交易之有價證券。
3.大陸地區股價指數、股價指數期貨。
4.大陸地區債券或貨幣市場相關利率指標。
5.人民幣匯率指標。
6.其他涉及適用臺灣地區與大陸地區人民關係條例及依該條例所定之相關法令之商品。
（七）未經本會核准或申報生效得募集及銷售之境外基金。
（八）國外私募之有價證券。
（九）股權、利率、匯率、基金、指數型股票基金（ETF）、指數、商品及上述相關指數以外之衍生性金融商品。
但指數型股票基金（ETF），以本會核定之證券市場掛牌交易之以投資股票、債券為主且不具槓桿或放空效果者為限。
四、封閉式結構型商品：
（一）到期保本率至少為計價貨幣本金之百分之一百。
（二）投資型保單連結之結構型商品，不得含有目標贖回式設計，且不得含有發行機構得提前贖回之選擇權。
五、開放式結構型商品之動態保本率須達計價貨幣本金之百分之八十以上。