Ref. No：94.5.10 Tai-Yang-Wai-(7)-Tze No. 0940021444
To simplify the approval procedures for securities investment trust enterprises’ (“SITE”) applying for “public offering or private placement of foreign currency mutual funds in the R.O.C.”, please follow the procedures as provided in the Explanations.
1.Please forward and notify your members that in connection with applications submitted to CBC for public offering or private placement of foreign currency mutual funds in the R.O.C., the SITE shall comply with the following from the date of this letter:
(1) Before commencing business, the head office of SITE shall submit a letter together with a copy of the business license, a resolution from the board ofdirectors to conduct the business, a compliance statement, an agreement for securities investment and a business plan (including a brief description of the business, the nature and scope of investment and risk management) to the CBC for approval. With respect to subsequent public offering or private placement of foreign currency mutual funds, it is not necessary to obtain additional approval.
(2) Having been approved, the financial institution should commence businesswithin six months. If the financial institution fails to meet the required deadline, the CBC may abolish or revoke the approval; provided that, if there is a legitimate reason, the financial institution may apply for a three-month extension, and only one such extension is permitted.
(3) The CBC’s letter, dated September 8, 2004 (Ref. No. Tai-Yang-Wai-Chi-Tze-0930044338) will no longer apply from the issuance date of this letter.
2.The Securities Investment Trust and Consulting Association shall design the format of the electronic reporting file and ask the approved SITE to file a monthly report after the start of business. The SITCA shall aggregate the data(as the attachment) and submit it to the CBC for reference.
3.Tables for “Changes of foreign currency mutual funds” and “Summary of foreign currency mutual funds” are attached.