Summary：Primary Subject: Financial institutions that act as master agents of publicly
offering offshore funds or domestic agents of privately placed offshore funds,
shall comply with explanation 2. Please take note.
Ref. No：94.8.16 Tai-Yang-Wai-(7)-Tze No. 0940037668
Subject: The approval process regarding foreign exchange related issues for a financial institution that acts as a master agent of an publicly offering offshore funds or a domestic agent of privately placed offshore funds. Explanations: 1.This is done in accordance with Article 29, Paragraph 1 and Article 52, Paragraph 7 of the Rules Governing Offshore Funds. 2.The approving procedures regarding foreign exchange issues for a financial institution are provided as follows. Please advice your members. (1) The financial institution shall apply for the CBC’s approval by enclosing the documents listed in the attachment before engaging in the business. (2) Once approved, the financial institution is not required to obtain separate approval for each public offering and sales of other offshore funds issued by the same offshore fund entity or by other offshore fund entities. (3) Once approved, the financial institution is not required to obtain separate approval for each private placing of other offshore funds issued by the same offshore fund entity or by other offshore fund entities. (4) Having been approved, the financial institution should commence business within 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.