Laws and Regulations Database of the Central Bank of the Republic of China(Taiwan)

Subject: 
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.
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 of
　　　directors 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 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.
　(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.