Regulations Governing Securities Investment Trust Funds ( Amended 2003 . 04 . 30)
證券投資信託基金管理辦法（72.08.10 訂定）

Article 1 These Regulations are prescribed pursuant to Paragraph 2 of Article 18-2 of the Securities and Exchange Law.
第1條 本辦法依證券交易法第十八條之二第二項之規定訂定之。

Article 2 The term "Custodian Institution" used in these Regulations refers to any bank which, under the entrustment of the securities investment trust enterprise, provides custodian services for the securities investment trust fund.
第2條 本辦法所稱基金保管機構，指受證券投資信託事業委託，保管證券投資信託基金之銀行。

The term "Beneficiary Certificate" used in these Regulations refers to a security which is issued by the securities investment trust enterprise for raising the securities investment trust fund.
本辦法所稱受益憑證，指證券投資信託事業為募集證券投資信託基金而發行之有價證券。

The term "Beneficiary" used in these Regulations refers to the holder of the bearer beneficiary certificate or the beneficiary of the registered beneficiary certificate.
本辦法所稱受益人，指無記名式受益憑證持有人或登記為記名式受益憑證之受益人。

The term "Securities Investment Trust Agreement" used in these Regulations refers to the contract defining the rights and obligations among the securities investment trust enterprise, the custodian institution and the beneficiaries.
本辦法所稱證券投資信託契約，指規範證券投資信託事業、基金保管機構及受益人間權利義務之契約。

The term "Securities Investment Trust Fund" used in these Regulations shall include all assets purchased by using the securities investment trust fund.
本辦法所稱證券投資信託基金，包括以證券投資信託基金購入之各項資產。

The term "Securities Related Products" used in these Regulations shall refer to securities related financial products that have been approved for trading by the Securities and Future Commission, Ministry of Finance (hereinafter this "Commission") in which securities investment trust enterprises use the assets of the securities investment trust fund for hedging operations or to increase investment efficiency.
本辦法所稱證券相關商品，指證券投資信託事業運用證券投資信託基金從事避險操作或為增加投資效率，經財政部證券暨期貨管理委員會(以下簡稱證期會)核定准予交易之證券相關金融商品。

The term "Exchange Traded Fund (ETF)" used in these Regulations shall mean a securities investment trust fund listed on the stock exchange which tracks an underlying index designed by or produced with the agreement of the stock exchange for which subscription and repurchase** are based on physical delivery according to contract.
本辦法所稱指數股票型證券投資信託基金，指在證券交易所上市，以追蹤證券交易所設計或同意編製之標的指數，且申購、買回採實物及依據契約規定方式交付之證券投資信託基金。

The term "Basket Fund" used in these Regulations shall mean securities investment trust funds which invest primarily in other securities investment trust funds.
本辦法所稱組合型證券投資信託基金，指以投資於其他證券投資信託基金為主要投資範圍之證券投資信託基金。

"Announcements" as referred to in these Regulations shall be carried out in the manner designated by this Commission.
本辦法所稱公告，其方式依證期會所指定之方式為之。

Article 3 The beneficiary rights of securities investment trust funds shall be equally divided in accordance with the number of units of beneficiary rights. The number of beneficiary rights units for each beneficiary certificate shall be as shown on the beneficiary certificate.
第3條 證券投資信託基金之受益權，按受益權單位總數，平均分割，每一受益憑證之受益權單位數，依受益憑證之記載。

The rights of the beneficiary to payment, dividend distribution and other rights shall be in accordance with the contents of the beneficiary certificate and the number of beneficiary units.
受益人對於受益憑證本金之受償權、收益之分配權及其他權利，依其受益憑證所載內容按受益權之單位數行使之。

Article 4 To raise money, initially or additionally, for the securities investment trust fund, the securities investment trust enterprise shall file an application with the Securities and Futures Commission (SFC) for approval. Such an application must be supported by the following documents:
第4條 證券投資信託事業募集或追加募集證券投資信託基金，應檢附下列書件，報經證期會核准後，始得為之：

1 an offering plan or additional offering plan (as per attachment);
一募集或追加募集發行計畫(附表)。

2 the securities investment trust agreement;
二證券投資信託契約。

3 a prospectus for public offer (foreign offering and additional offering exempted);
三公開說明書(國外募集或追加募集者免)。

4 resolution of the board of directors approving of offering or additional offering of the securities investment trust fund;
四董事會募集或追加募集證券投資信託基金議事錄。

5 documents evidencing that the manager of the securities investment trust fund fulfills the qualifications set forth in the Rules for Administration of Securities Investment Trust Enterprises;
五證券投資信託基金經理人符合證券投資信託事業管理規則規定資格之證明文件影本。

6 declaration by the fund custodian institution that it does not have any of the conditions specified in Article 17;
六基金保管機構無第十七條規定所列各款之聲明文件。

7 Approval letter of the competent authority for foreign exchange for foreign offering or additional offering of securities investment trust fund;
七國外募集或追加募集證券投資信託基金所取具之外匯業務主管機關同意函影本。

8 Securities investment trust fund report completed by the securities investment trust enterprise and approved by an expert;
八證券投資信託事業填報並經專家審查之證券投資信託基金審查表。

9 other attachments as required by the SFC.
九其他經證期會規定應檢附之文件。

The SFC shall review the documents supplied by the securities investment trust enterprise, and if no abnormalities are found, the SFC shall approve the application within 30 days of receiving it or receiving the amendments thereto. The above shall not be applicable where an application for offering or additional offering of securities investment trust fund involves foreign exchange matters, or the scope of the investment and terms of issuance are different from the currently issued securities investment trust fund, or where the SFC believes it is necessary to protect the rights of the public.
證期會對證券投資信託事業所提相關書件予以審查，如未發現異常情事，證期會應於受理申請核准或最後補正送達日起三十日內核准。但其申請募集或追加募集證券投資信託基金涉及外匯業務、其投資範圍及發行條件與現有發行之證券投資信託基金顯有不同情事，或證期會為保護公益認有必要者，不在此限。

Article 5 The securities investment trust agreement shall include the following items:
第5條 證券投資信託契約應記載下列事項：

1. The name and address of the securities investment trust enterprise and the fund custodian institution.
一證券投資信託事業及基金保管機構之名稱及地址。

2. The name and term of the securities investment trust fund.
二證券投資信託基金之名稱及其存續期間。

3. The securities investment trust fund´s total face issued amount, total number of beneficiary units, and whether there can be additional issuance.
三證券投資信託基金發行總面額、受益權單位總數及得否追加發行。

4. The date of issuance of beneficiary certificates, and the dollar amount and fee for purchasing each unit of beneficiary certificates.
四受益憑證之發行日期、購買每一受益權單位之金額及費用。

5. The duties and responsibilities of the fund custodian institution.
五基金保管機構之義務與責任。

6. The basic principles and scope for investing the securities investment trust fund in securities and transactions in securities-related products.
六運用證券投資信託基金投資證券及從事證券相關商品交易之基本方針及範圍。

7. The categories, time, and payment method for dividend distribution from the securities investment trust fund investments.
七證券投資信託基金投資收益分配之項目、時間及給付方式。

8. Where the beneficiary requests redemption of the beneficiary certificate, the procedure, time, place, method for calculating the redemption price and redemption fee, and the time and method for the securities investment trust enterprise to pay the redemption price.
八受益人請求買回受益憑證之程序、時間、地點、買回價金及買回費之計算方式、證券投資信託事業給付買回價金之時間、方式。

9. The items for which the securities investment trust fund are responsible for paying the fees and their calculation method, payment method, and payment time.
九證券投資信託基金應負擔費用之項目及其計算方法、給付方式及時間。

10. The method for calculating the securities investment trust enterprise and the fund custodian institution´s remuneration and the time and method of payment.
一○證券投資信託事業及基金保管機構所受報酬之計算方法、給付方式及時間。

11. The method for calculating the securities investment trust fund´s net asset value.
一一證券投資信託基金淨資產價值之計算方法。

12. The method for calculating and publicly announcing the beneficiary units´ net asset value.
一二受益權單位淨資產價值之計算及公告方法。

13. Events for terminating the securities investment trust agreement, the termination procedure, and items to be handled after termination.
一三證券投資信託契約之終止事由、終止程序及終止後之處理事項。

14. After the securities investment trust fund is no longer in existence, the fund´s liquidation method and calculation method, payment method, and payment time for beneficiary request for return amount.
一四證券投資信託基金不再存續時，基金之清算方法及受益人請求返還金額之計算方法、給付之方式及時間。

15. Other items required by the SFC.
一五其他經證期會規定應記載事項。

The upper limit for calculation of the fees and remuneration referred to in Items 4, 8, 9, and 10 of the preceding Paragraph shall be set by the SFC.
前項第四款、第八款、第九款、第十款之費用及所受報酬之計算上限，由證期會定之。

The Securities Investment Trust Association may establish a standardized agreement for the securities investment trust contract, and report to the SFC for approval.
證券投資信託商業同業公會得對證券投資信託契約擬訂定型化契約，報經證期會核定。

Article 6 For securities investment trust enterprises investing ROC raised securities investment trust funds in foreign securities, the categories and scope of investment shall be set by the SFC.
第6條 證券投資信託事業於國內募集證券投資信託基金投資外國有價證券，其種類及範圍由證期會定之。

Article 7 A securities investment trust enterprise´s application for raising, initially or additionally, securities investment trust fund may be rejected by the SFC if there is any of the following conditions:
第7條 證券投資信託事業申請募集或追加募集證券投資信託基金，有下列情形之一者，證期會得不核准其案件：

1where the items to be applied for violate laws or regulations such that the issuance or additional issuance of the securities investment trust fund is affected;
一申請事項有違反法令，致影響證券投資信託基金之募集或追加募集者。

2upon the SFC revoking or rejecting the approval, or the applicant withdraws the application, within three months of receiving notice from the SFC to such effect, another application is made for issuance or additional issuance of securities investment trust fund;
二經證期會撤銷核准、不予核准或自行撤回其申請案件，證券投資信託事業自接獲證期會通知之日起三個月內，辦理申請募集或追加募集證券投資信託基金者。

3application has been made to the SFC but approval is still pending; provided that the above shall not be applicable in case the period specified in Paragraph 2 of Article 4 has expired and no approval has been given;
三已向證期會提出申請案件尚未經核准者。但申請案件已逾第四條第二項所定期限尚未經核准者，不在此限。

4in examining the application documents submitted by the securities investment trust enterprise, there are objective facts to show that the plan cannot be accomplished;
四依證券投資信託事業申請書件，有客觀事實證明無達成發行計畫之能力者。

5the material contents of the plan of the current issuance or additional issuance of the securities investment trust fund have not be listed as an agenda for discussion by the board of directors and have not be approved;
五本次募集或追加募集證券投資信託基金計畫之重要內容未經列成議案，提董事會討論並決議通過者。

6the application documents submitted by the securities investment trust enterprise are incomplete or the information provided is not adequate, and upon notice by the SFC to correct such defect, no correction is made within the allotted time;
六證券投資信託事業所提申請書件不完備或應記載事項不充分，經證期會限期補正，逾期不能完成補正者。

7the financial reports of the securities investment trust enterprise or the securities investment trust fund managed by it were not made in accordance with relevant laws and regulations, or generally accepted accounting principles, and the violation is serious;
七證券投資信託事業或其所經理證券投資信託基金之財務報告不依有關法令或一般公認會計原則編製，情節重大者。

8the accounting system, internal control or internal auditing processes of the securities investment trust enterprise has not been effectively implemented;
八證券投資信託事業之會計制度、內部控制制度或內部稽核制度未有效執行者。

9the net worth of the securities investment trust fund for the most recent year is lower than its par value; provided that the above shall not be applicable in case the enterprise has not obtained the securities investment trust enterprise license for two full accounting years;
九證券投資信託事業最近年度每股淨值低於票面金額者。但取得證券投資信託事業營業執照未滿二個完整會計年度者，不在此限。

10upon order by the SFC in accordance with the Rules for Administration of Securities Investment Trust Enterprises that application for issuance securities investment trust fund is no longer accepted, the time specified has not expired;
一○經證期會依證券投資信託事業管理規則規定，停止受理其募集證券投資信託基金申請案件，期限尚未屆滿者。

11the securities investment trust enterprise violates securities laws or regulations or breaches the securities investment trust agreement, and the violation is of a serious nature;
一一證券投資信託事業違反證券管理法令或證券投資信託契約，情節重大者。

12where the SFC believes it is necessary to protect the public interest.
一二其他證期會為保護公益認有必要者。

Article 8 Securities investment trust enterprises which had their application for issuance or additional issuance of securities investment trust fund approved shall commence issuance within three months of receiving the approval notice, unless otherwise provided by law. With valid reasons, before the expiration of the period, it may apply to the SFC for extension. The extension shall not be longer than 3 months and shall be limited to once.
第8條 證券投資信託事業申請募集或追加募集證券投資信託基金經核准後，除法令另有規定外，應於核准申請通知函送達日起三個月內開始募集。但有正當理由，在期限屆滿前，得申請證期會延展，延展期限不得超過三個月，並以一次為限。

Article 9 Upon approval of a securities investment trust enterprise´s application for issuance or additional issuance of securities investment trust funds, if the SFC discovers any of the following conditions, it may revoke the approval:
第9條 證券投資信託事業募集或追加募集證券投資信託基金，經核准申請後，證期會發現有下列情形之一者，得撤銷其核准：

1commencing from the date the approval letter has been received, the period specified in Article 8 has expired;
一自核准申請函到達之日起，逾第八條所定期限未開始募集者。

2violation of Article 20 of the Securities and Exchange Law;
二違反證券交易法第二十條規定情事者。

3an event with material impact to the rights of the investor occurs to the securities investment trust enterprise, and within two days of the occurrence of the event, a public announcement (with copies to the relevant securities authorities) has not been made in accordance with the Rules for Administration of Securities Investment Trust Enterprises;
三證券投資信託事業發生對投資人權益有重大影響事項，未依證券投資信託事業管理規則規定，於事實發生之日起二日內，公告並抄送證券相關單位者。

4other violations of these Regulations or any other restrictions and prohibitions imposed by the SFC at the time of granting the approval.
四其他有違反本辦法規定或證期會於核准申請時之限制或禁止規定者。

Securities investment trust enterprises which have their approval revoked shall process matters in accordance with the securities investment trust agreement.
證券投資信託事業經撤銷核准申請時，應依證券投資信託契約辦理相關事宜。

Article 10 In using the securities investment trust fund to purchase or sell securities or engage in securities related product transactions, the securities investment trust enterprise shall make investment decisions and execute such decisions in accordance with the investment analysis report. In addition to keeping records of the foregoing, it shall also submit a review report on a monthly basis.
第10條 證券投資信託事業運用證券投資信託基金投資有價證券及從事證券相關商品之交易，應依據投資或交易分析報告作成投資或交易決定，交付執行，除作成紀錄外，並按月提出檢討報告。

The analysis report referred to in the preceding Paragraph shall contain the basis and foundation of analysis and investment recommendations. Investment decision records shall stipulate the types, quantities and timing of purchases or sales of securities; execution records shall provide the types, quantities, prices and timing of purchases or sales of securities and shall provide the reasons for their differences.
前項分析報告應記載分析基礎、根據及建議；投資或交易決定紀錄應載明投資或交易標的之種類、數量與時機；執行紀錄應記載實際投資或交易標的之種類、數量、價格及時間，並說明投資或交易差異原因。

The records referred to in the first Paragraph shall be recorded in time sequence and be kept in files. Records shall be kept for a period of not less than five years.
第一項之書面資料，應按時序記載並建檔保存，其保存期限不得少於五年。

Article 11 In purchasing or selling listed or OTC listed securities for the securities investment trust fund, unless otherwise provided by law, the securities investment trust enterprise shall authorize a securities broker to effect such transaction on a cash-and-delivery basis in the open securities market or OTC market, and shall instruct the custodian institution to effect closing of such securities.
第11條 證券投資信託事業運用證券投資信託基金為上市或上櫃有價證券投資，除法令另有規定外，應委託證券經紀商，在集中交易市場或證券商營業處所，為現款現貨交易，並指示基金保管機構辦理交割。

In purchasing or selling governmental bonds, corporate bonds or financial bonds for the securities investment trust fund, the securities investment trust enterprise shall effect such transactions on a cash-and-delivery basis and shall instruct the custodian institution to effect the closing of such bonds.
證券投資信託事業運用證券投資信託基金為公債、公司債或金融債券投資，應以現款現貨交易為之，並指示基金保管機構辦理交割。

The trading ratio, scope and relevant procedures for securities investment trust enterprise using the securities investment trust fund to engage in securities related product transactions shall be prescribed by the SFC.
證券投資信託事業運用證券投資信託基金從事證券相關商品之交易；其交易比率、範圍及相關作業程序，由證期會定之。

Securities bought in accordance with the preceding three Paragraphs shall be recorded in a special account of a specific securities investment trust fund under the name of the custodian institution. However, foreign securities and foreign securities related products may be registered in the manner provided in the agreement entered into between the custodian institution and the appointed foreign custodian institution.
依前三項所持有之資產，應登記為基金保管機構名義下某證券投資信託基金專戶。但持有外國之有價證券及證券相關商品，得依基金保管機構與國外受託保管機構所訂契約辦理。

Article 12 The securities investment trust enterprise shall apply the securities investment trust fund in accordance with the provisions in these Regulations and in the securities investment trust agreement and shall abide by the following provisions:
第12條 證券投資信託事業應依本辦法及證券投資信託契約之規定，運用證券投資信託基金，除證期會另有規定外，並應遵守下列規定：

1 not to invest the securities investment trust fund in unlisted securities, non-OTC-listed securities, OTC stocks belonging to the Second Category, or beneficiary certificates of other securities investment trust funds;
一不得投資於未上市、未上櫃、櫃檯買賣第二類股票或其他證券投資信託基金之受益憑證。

2 not to use the securities investment trust fund to provide loans or guarantees for loans;
二不得為放款或提供擔保。

3 not to use the securities investment trust fund to engage in securities margin transactions;
三不得從事證券信用交易。

4 not to effect any transaction of securities between various trust funds under its management;
四不得對於本證券投資信託事業經理之各證券投資信託基金間為證券交易行為。

5 not to invest the securities investment trust fund in the securities issued by the securities investment trust enterprise or any company in which the securities investment trust enterprise is interested;
五不得投資於本證券投資信託事業或與本證券投資信託事業有利害關係之公司所發行之證券。

6 not to apply the securities investment trust fund to purchase beneficiary certificates issued by the enterprise itself unless the beneficiary certificate is redeemed at the request of its beneficiary or is redeemed on non-renewal of the securities investment trust fund, in full or in part;
六除經受益人請求買回或因證券投資信託基金全部或一部不再存續而收回受益憑證外，不得運用證券投資信託基金買入該基金之受益憑證。

7 not to invest an aggregate amount of more than 10% of the net asset value of the securities investment trust fund in any individual listed or OTC listed stocks and corporate bonds;
七每一證券投資信託基金投資於任一上市或上櫃公司股票及公司債之總金額，不得超過該證券投資信託基金淨資產價值之百分之十。

8 not to invest an aggregate amount of more than 10% of the net asset value of the securities investment trust fund in any individual listed or OTC listed stocks; not to invest any individual securities trust fund in any individual listed or OTC listed stock to the extent that the aggregate amount of such investment shall have been in excess of 10% the total number of shares issued by such company;
八每一證券投資信託基金投資於任一上市或上櫃公司股票之股份總額，不得超過該公司已發行股份總數之百分之十；所經理之全部證券投資信託基金投資於任一上市或上櫃公司股票之股份總額，不得超過該公司已發行股份總數之百分之十。

9 not to invest in any unsecured corporate bond to the extent that the aggregate amount of such investment shall have been in excess of 10% the total number of unsecured corporate bond issued by such company;
九每一證券投資信託基金投資於任一公司所發行無擔保公司債之總額，不得超過該公司所發行無擔保公司債總額之百分之十。

10 unless in accordance with the regulations of the SFC, not to lend the securities held by the fund to a third party;
一○不得將基金持有之有價證券借予他人。

11 not to transfer or sell the power of attorney for the shareholders´ meeting of a listed company that the securities investment trust fund is invested in;
一一不得轉讓或出售證券投資信託基金所購入股票發行公司股東會之委託書。

12 not to commission any individual securities firm to buy/sell stocks to the extent that the stocks bought/sold are over 30% of the securities investment trust fund´s aggregate stock transactions for that month;
一二每一證券投資信託基金委託單一證券商買賣股票金額，不得超過該證券投資信託基金當月份買賣股票總金額之百分之三十。

13 not to invest any individual securities investment trust fund in commercial papers guaranteed by bills finance firms to the extent that the aggregate amount of such papers is in excess of 10% of the securities investment trust fund´s net value or over five hundred million NT Dollars;
一三每一證券投資信託基金投資於同一票券商保證之票券總金額，不得超過該證券投資信託基金淨資產價值之百分之十，並不得超過新台幣五億元。

14 not to conduct any other acts which are prohibited by the SFC.
一四不得為經證期會規定之其他禁止事項。

Any company referred to in Item 5 above as one in which the securities investment trust enterprise is interested means:
前項第五款所稱利害關係之公司，指有下列情事之一之公司：

(i) any company with the relationship specified in Chapter 6-1 of the Company Law with the securities investment trust enterprise;
一與證券投資信託事業具有公司法第六章之一所定關係者。

(ii) the director, supervisor or shareholders collectively holding 5% or more of the shares of the securities investment trust enterprise.
二證券投資信託事業之董事、監察人或綜合持股達百分之五以上之股東。

(iii) where any of the persons specified in the preceding Item or the manager of the securities investment trust enterprise is the same person or has a spousal relationship with the director, supervisor or shareholders holding 10% or more of the shares of such company.
三前款人員或證券投資信託事業經理人與該公司之董事、監察人、經理人或持有已發行股份百分之十以上股東為同一人或具有配偶關係者。

The term collectively referred to in Item 2 refers to the total shareholding in a securities investment trust enterprise held by the enterprise and its directors, supervisors, managers, and other enterprises directly or indirectly controlled by such enterprise.
前項第二款所稱綜合持股，指事業對證券投資信託事業之持股加計事業之董事、監察人、經理人及事業直接或間接控制之事業對同一證券投資信託事業之持股總數。

Where the director or supervisor is a juristic person, the provisions of Item 2 shall apply mutatis mutandis to its representative or person exercising its appointed duties.
董事、監察人為法人者，其代表或指定代表行使職務者，準用第二項之規定。

Article 13 The securities investment trust enterprise shall calculate the net asset value of the securities investment trust funds on each business day.
第13條 證券投資信託事業應每營業日計算證券投資信託基金之淨資產價值。

The net asset value of the securities investment trust fund shall be calculated in accordance with relevant laws and regulations and generally accepted accounting principles. It shall be based on the total asset value of the fund less total liabilities.
證券投資信託基金之淨資產價值，應依有關法令及一般公認會計原則，以證券投資信託基金總資產價值扣除總負債計算之。

The securities investment trust enterprise association shall prescribe standards for calculating the net asset value of the securities investment trust fund and report such to the SFC for its approval.
證券投資信託商業同業公會應對證券投資信託基金淨資產價值之計算，擬訂計算標準，報經證期會核定。

The net asset value of each beneficiary unit shall be calculated by taking the net asset value of the securities investment trust fund on the calculation day to be divided by the total number of beneficiary units in the fund
每受益權單位淨資產價值，以計算日之證券投資信託基金之淨資產價值，除以受益權單位總數計算之。

Article 14 The net asset value of each beneficiary unit of a securities investment trust fund of the preceding business day shall be announced each day by the securities investment trust enterprise. For beneficiary certificates issued overseas, the net asset value of each beneficiary unit of such a securities investment trust fund may be announced once a week.
第14條 證券投資信託事業應每營業日公告前一營業日證券投資信託基金每受益權單位之淨資產價值。但對在國外發行受益憑證募集之證券投資信託基金，得每週公告一次。

Article 15 The securities investment trust enterprise shall, in accordance with the percentage set up by the SFC, keep a portion of the assets of each securities investment trust fund in the following manner:
第15條 證券投資信託事業就每一證券投資信託基金之資產，應依證期會規定之比率，以下列方式保持：

1 Cash.
一現金。

2 Deposit at financial institutions.
二存放於金融機構。

3 Short-term bills purchased from bills dealers.
三向票券商買入短期票券。

4 Others as provided by the SFC.
四其他經證期會規定者。

The total amount of assets of domestically issued securities investment trust funds held in Items 2 through 4 of the preceding Paragraph shall not exceed a maximum percentage to be set by the SFC and be submitted to the Ministry of Finance for approval after consultation with the Central Bank of China.
國內募集之證券投資信託基金，持有前項第二款至第四款之總額不得超過規定之最高比率；其比率由證期會報請財政部會商中央銀行訂之。

The financial institutions referred to in Item 2 of Paragraph 1 shall meet the following criteria:
第一項第二款之金融機構應符合下列條件：

1. A bank as prescribed by Article 20 of the Banking Law.
一銀行法第二十條所稱之銀行。

2. Obtained at least a certain level of rating from a credit rating institution approved by the SFC.
二取得證期會認可之信用評等機構評等達一定等級以上者。

Article 16 The custodian institution shall establish and maintain separate accounts for the securities investment trust funds under its custody.
第16條 證券投資信託基金應由基金保管機構分別基金帳戶獨立設帳保管之。

Assets of such trust funds shall be kept separate from the property of the custodian institution. The custodian institution shall keep the securities investment trust fund in accordance with these Regulations and the securities investment trust agreement.
基金保管機構應使證券投資信託基金獨立於其自有財產之外，並依本辦法及證券投資信託契約之規定，保管證券投資信託基金。

Article 17 Institutions in the following cases are prohibited from acting as a custodian institution unless otherwise approved by the SEC:
第17條 有下列情形之一者，除經證期會核准者外，不得擔任基金保管機構：

1 where the bank´s investment in the securities investment trust enterprise reaches 10 percent or more of the issued shares of the enterprise;
一投資於證券投資信託事業已發行股份總數百分之十以上股份之銀行。

2 where the bank acts as the director or supervisor of the securities investment trust enterprise; or its directors and supervisors act as the directors, supervisors or managers of the securities investment trust enterprise;
二擔任證券投資信託事業董事或監察人之銀行；或其董事、監察人擔任證券投資信託事業董事、監察人或經理人之銀行。

3 where 10 percent or more of the issued shares of the bank is held by the securities investment trust enterprise;
三證券投資信託事業持有其已發行股份總數百分之十以上股份之銀行。

4 where the securities investment trust enterprise or its representative acts as the director or supervisor of the bank.
四由證券投資信託事業或其代表人擔任董事或監察人之銀行。

5 where the bank acts as the certifying bank of the securities investment trust fund;
五擔任證券投資信託基金簽證之銀行。

6 other institutions which the SFC believes are inappropriate to act as the fund custodian institution.
六其他證期會認為不適合擔任基金保管機構者。

Where the director or supervisor is a juristic person, the provisions of Item 2 shall apply mutatis mutandis to its representative or person exercising its appointed duties.
董事、監察人為法人者，其代表或指定代表行使職務者，準用前項第二款之規定。

A securities investment trust enterprise shall prescribe and execute the criteria for selecting fund custodian institution.
證券投資信託事業應訂定基金保管機構遴選標準，並執行之。

Article 18 A fund custodian institution shall in accordance with laws and regulations and the securities investment trust agreement, safekeep the assets of the securities investment trust fund using the care of a good administration.
第18條 基金保管機構應依法令、證券投資信託契約之規定，以善良管理人之注意，保管證券投資信託基金之資產。

The directors, supervisors, managers, associated persons and other employees of the fund custodian institution shall not use any information they may learn by reason of their duties to engage in the trading of securities or to disclose such information to third parties.
基金保管機構之董事、監察人、經理人、業務人員及其他受僱人員，不得以職務上所知悉之消息從事有價證券買賣之交易活動或洩漏予他人。

Article 19 In the event that the custodian institution is unable to continue with its custodian business due to dissolution or revocation of its business license, the securities investment trust enterprise shall negotiate with another custodian institution approved by the SFC to take over the custodian´s function.
第19條 基金保管機構因解散、撤銷核准等事由，致不能繼續從事基金保管業務者，證券投資信託事業應洽由證期會核准之其他基金保管機構承受其有關業務。

Where the securities investment enterprise is unable to act in accordance with the provisions in the preceding Paragraph, the SFC may negotiate with another custodian institution to take over such function. The securities investment trust agreement shall be terminated in case no other custodian institution is willing to be appointed to take over the said function.
證券投資信託事業不能依前項規定辦理者，由證期會協調其他基金保管機構承受之；無其他基金保管機構願承受者，終止證券投資信託契約。

If it appears evident that a securities investment trust fund is not receiving sound custodian services from the custodian institution, the SFC may, by order, transfer the securities investment trust fund to another custodian institution for custody.
基金保管機構保管證券投資信託基金顯然不善者，證期會得命將該證券投資信託基金移轉其他基金保管機構保管。

The takeovers or transfers referred to in the preceding three Paragraphs shall be announced in public by the securities investment trust enterprise.
前三項之承受或移轉事項，應由證券投資信託事業公告之。

Article 20 Where the securities investment trust agreement gives the beneficiary the right to redeem his beneficiary certificate, the beneficiary shall be entitled to request in writing or by means of electronic data the securities investment trust enterprise redeem his beneficiary certificate.
第20條 證券投資信託契約載有受益人得請求買回受益憑證之規定者，受益人得按其約定以書面或電子資料請求證券投資信託事業買回受益憑證。

The redemption price of the beneficiary certificate shall be determined at the net asset value available on the next trading day following the date on which the securities investment trust enterprise or its agent receives the written redemption request or the electronic data, provided, however, that in case the amount of the proceeds of redemption payable to the beneficiary exceeds the assets retainable in accordance with the percentage specified in Article 15, the calculation of redemption price may be specified in a separate securities investment trust agreement.
受益憑證之買回價格，以請求買回之書面或電子資料到達證券投資信託事業或其代理機構次一營業日之證券投資信託基金淨資產價值核算之。但應給付受益人之買回價金，超過依第十五條所定比率應保持之資產者，其買回價格之核算，得另以證券投資信託契約訂定之。

Procedures for redemption of Exchange Traded Funds may be carried out according to the provisions of a Securities Investment Trust Agreement and not be subject to the restrictions of the two preceding paragraphs.
指數股票型證券投資信託基金之買回程序，得依證券投資信託契約之規定辦理，不受前二項規定限制。

Article 21 For a domestically issued securities investment trust fund which invests in domestic securities, the securities investment trust enterprise shall effect the payment of the price of redeemed beneficiary certificates within five business days after receiving the redemption request from the beneficiary.
第21條 證券投資信託事業在國內募集投資國內之證券投資信託基金，應自受益人買回受益憑證請求到達之次日起五個營業日內，給付買回價金。

For partial redemption of the beneficiary shares comprised in a beneficiary certificate, the securities investment trust enterprise shall, in addition to making payment of redemption price in accordance with the time limit specified in the preceding Paragraph, effect issuance of replacement beneficiary certificate within 7 business days following the date of receipt of redemption request from the beneficiary.
受益人請求買回一部受益憑證者，證券投資信託事業除依前項規定之期限給付買回價金外，並應於受益人買回受益憑證之請求到達之次日起七個營業日內，辦理受益憑證之換發。

Where the offering and issuance of a securities investment trust fund by a securities investment trust enterprise is any of the following, and the beneficiary requests redemption of the beneficiary certificate, the securities investment trust enterprise shall deliver the redemption price in accordance with the securities investment trust agreement:
證券投資信託事業募集發行之證券投資信託基金有下列情形之一者，受益人請求買回受益憑證，其買回價金之給付依證券投資信託契約之規定辦理：

1. A securities investment trust fund issued domestically for investment in foreign securities;
一於國內募集投資國外之證券投資信託基金。

2. A securities investment trust fund issued overseas for investment in domestic securities;
二於國外募集投資國內之證券投資信託基金。

3. An Index-Traded Fund;
三指數股票型證券投資信託基金。

4. A Basket Fund.
四組合型證券投資信託基金。

Article 22 No requests for redemption made by the beneficiary in accordance with the securities investment trust agreement shall be refused by the securities investment trust enterprise and payment of redemption price shall not be delayed except in any of the following circumstances approved by the SFC:
第22條 證券投資信託事業對受益人依證券投資信託契約買回受益憑證之請求不得拒絕，對買回價金之給付不得遲延。但有下列情事之一，並經證期會核准者，不在此限。

1 when stock exchanges, OTC exchanges, or foreign exchange markets are closed other than for ordinary holidays;
一證券交易所、證券櫃檯買賣中心或外匯市場非因例假日而停止交易。

2 in case of a breakdown of the means of communication normally used;
二通常使用之通信中斷。

3 where exchange and trading are restricted;
三因匯兌交易受限制。

4 other special events preventing the acceptance of redemption request or payment of redemption price.
四有無從收受買回請求或給付買回價金之其他特殊情事者。

Article 23 The fiscal year of the securities investment trust fund shall begin on the first day of January and end on the 31st day of December of each calendar year.
第23條 證券投資信託基金之會計年度為每年之一月一日起至十二月三十一日止。

Article 24 In using each securities investment trust fund, the securities investment trust enterprise shall establish a fund accounting system in accordance with SFC regulations. It shall also prepare an annual report within two months after the close of each fiscal year and a monthly report within 10 days after the end of each calendar month, for submission to the SFC.
第24條 證券投資信託事業，運用每一證券投資信託基金，應依證期會之規定，訂定基金會計制度，並於每會計年度終了後二個月內，編具年報，於每月終了後十日內編具月報。

The annual report referred to in the preceding Paragraph shall be audited and certified by a registered accountant approved by the SFC and countersigned by the custodian institution prior to announcement. The annual report and monthly report referred to in the preceding Paragraph shall be sent to the SFC through the Securities Investment Trust Association for inspection.
前項年報，應經證期會核准之會計師查核簽證，並經基金保管機構簽署後公告之。前項年報及月報，應送由證券投資信託商業同業公會轉送證期會備查。

Article 25 Any distributable investment profit derived from the investment of securities investment trust fund shall be distributed within six months after the close of each fiscal year, and such distribution date shall be clearly specified in the securities investment trust agreement.
第25條 證券投資信託基金投資所得應分配之收益，應於會計年度結束後六個月內分配之，並應於證券投資信託契約內明定分配日期。

Article 26 Beneficiary certificates may be issued either in registered or in bearer form.
第26條 受益憑證為記名式或無記名式。

A bearer beneficiary certificate may be converted into a registered beneficiary certificate at the request of its beneficiary.
無記名式受益憑證得因受益人之請求改為記名式。

The securities investment trust enterprise shall effect such a conversion within 30 days from the receipt of the request referred to in the preceding Paragraph, and shall reissue a new beneficiary certificates to the relevant beneficiaries.
證券投資信託事業收受前項請求後，應於三十日內更改之，並得換發新受益憑證。

Article 27 Beneficiary certificates shall be freely transferable.
第27條 受益憑證得自由轉讓之。

A bearer beneficiary certificate shall be transferable by delivery of the relevant certificate. A registered beneficiary certificate shall be transferable by endorsement and delivery by the original beneficiary.
無記名式受益憑證以交付轉讓之；記名式受益憑證由受益人背書交付轉讓之。

With respect to the transfer of registered beneficiary certificates referred to in the preceding Paragraph, no transfer of a registered beneficiary certificate shall be asserted as a defence against such enterprise unless the name or title of the transferee has been recorded in the certificate and unless the name or title, and domicile or residency of the transferee have also been entered in the beneficiaries´ register of the securities investment trust enterprise.
前項記名式受益憑證之轉讓，非將受讓人姓名或名稱記載於受益憑證，並將受讓人姓名或名稱、住所或居所記載於證券投資信託事業之受益人名簿，不得對抗該事業。

Article 28 A securities investment trust enterprise issuing beneficiary certificates may produce physical certificates for delivery or may effect delivery through book-entry transfer.
第28條 證券投資信託事業發行受益憑證得以製作實體證券交付，或以帳簿劃撥方式交付。

Where issuance of beneficiary certificates is effected through the book-entry transfer referred to in the preceding paragraph, physical certificates need not be produced, and delivery shall be carried out in accordance the Regulations Governing Book-Entry Operations for Centrally Deposited Securities and applicable regulations governing centralized securities depository enterprises.
前項以帳簿劃撥方式交付受益憑證之發行，得不印製實體證券，並應依有價證券集中保管帳簿劃撥作業辦法及證券集中保管事業之相關規定辦理。

Beneficiary certificates shall be issued by the securities investment trust enterprise in the form and containing the details approved by the SFC and shall be signed by the custodian institution prior to the issue thereof.
受益憑證由證券投資信託事業依證期會所定格式，載明其應記載事項，經基金保管機構簽署後發行之。

The issuance of physical beneficiary certificates shall be certified. The certification provisions governing the issuance of stocks by public companies and corporate bonds shall apply mutatis mutandis to the certification of the issue of beneficiary certificates.
發行實體受益憑證應經簽證。其簽證事項，準用公開發行公司發行股票及公司債券簽證規則之規定。

Article 29 The beneficiary certificate shall be serially numbered and contain the following particulars:
第29條 受益憑證應編號，並記載下列事項：

1 the name of the securities investment trust fund; the total number of units of beneficiary interest; the date of issue and the intent as to whether additional issues are permissible;
一證券投資信託基金名稱、受益權單位總數、發行日期、存續期間及得否追加發行之意旨。

2 the name and address of the securities investment trust enterprise and the custodian institution;
二證券投資信託事業及基金保管機構之名稱、地址。

3 the number of units of beneficiary interests contained in this beneficiary certificate;
三本受益憑證之受益權單位數。

4 the amount of and charges for purchase of each beneficiary unit;
四購買每一受益權單位之金額及費用。

5 the procedure, time and place at which the beneficiary may request for redemption and the method of calculation of redemption charges; and the time and method for payment of redemption price by the securities investment trust enterprise;
五受益人請求買回受益憑證之程序、時間、地點、買回價金及買回費之計算方式、證券投資信託事業給付買回價金之時間、方式。

6 the method of calculation and announcement of the net asset value of the beneficiary unit;
六受益權單位淨資產價值之計算及公告方法。

7 the method of calculation and payment and the schedule for payment of remuneration receivable by the securities investment trust enterprise and the custodian institution;
七證券投資信託事業及基金保管機構所受報酬之計算給付方式及時間。

8 in the case of a registered beneficiary certificate, the name of the beneficiary;
八如為記名式受益憑證者，受益人之姓名。

9 other details as required by the SEC.
九其他經證期會規定應記載事項。

Article 30 The effective term of a securities investment trust fund shall be specified in the securities investment trust agreement.
第30條 證券投資信託基金之存續期間依證券投資信託契約之約定。

The grounds for termination of a securities investment trust fund shall be those specified in the securities investment trust agreement unless otherwise provided in laws and regulations provided, however, that the SFC may, by order, terminate the securities investment trust fund if such termination is advisable for the benefit of public interest or the beneficiaries as a whole.
證券投資信託契約之終止事由，除法令另有規定外，依證券投資信託契約之規定。但基於公益或受益人利益，以終止證券投資信託契約為宜者，證期會得命令終止之。

A securities investment trust fund may be merged with another securities investment trust fund in accordance with the methods for merger prescribed by this Commission.
證券投資信託基金得依證期會所定合併方式為證券投資信託基金之合併。

The merged fund may be exempted from liquidation.
被合併之證券投資信託基金得免於清算。

Standards, procedures, and guidelines for matters relating to mergers of securities investment trust funds as referred to in the proceeding paragraph shall be prescribed by this Commission.
前項證券投資信託基金合併之標準、程序及其他相關事項之應行注意事項，由證期會定之。

Article 31 Upon expiration or termination of the securities investment trust fund, liquidation of the assets of the fund shall be effected within three months from the date the SFC approves of the liquidation. Any assets balance after the liquidation shall be distributed pro rata among the beneficiaries in accordance with the number of beneficiary units held.
第31條 證券投資信託基金不再存續或證券投資信託契約終止後，證券投資信託事業應於證期會核准清算後，三個月內完成證券投資信託基金之清算，並將清算後之餘額，依受益權單位數之比例分派與各受益人。

The securities investment trust enterprise shall report the manner of liquidation and the distribution method referred to in the preceding Paragraph to the SFC and publicly announce and notify the beneficiaries. Further, within two months of the end of the liquidation procedures, it shall report the results to the SFC and notidy the beneficiaries.
證券投資信託事業應將前項清算及分配之方式向證期會申報及公告並通知受益人，且應於清算程序終結後二個月內，將處理結果向證期會報備並通知受益人。

Article 32 Any amendment or termination of the securities investment trust agreement shall be approved by the SFC with the contents thereof to be publicly announced immediately upon approval.
第32條 證券投資信託契約之變更或終止，應報經證期會核准，經核准後，證券投資信託事業應即將其內容公告。

The SFC may, if deemed necessary for the benefit of public interest or the beneficiaries as a whole, order the securities investment trust enterprise to amend the provisions regarding the quorum requirement, voting requirement, and method of resolution for the meeting of beneficiaries as provided in the securities investment trust agreement.
證券投資信託契約有關受益人大會出席權數、表決權數及決議方式之規定，證期會基於公益或受益人利益認為必要時，得命令證券投資信託事業變更之。

Article 33 Securities investment trust enterprises and fund custodian institutions shall place the securities investment trust fund prospectus, sales-related documents, the securities investment trust agreement, and the most recent financial report at their place of business and their agent´s place of business to be available for reading. Securities investment trust funds offered in a foreign country shall at the same time provide a foreign language translation.
第33條 證券投資信託事業及基金保管機構應將證券投資信託基金之公開說明書、有關銷售之文件、證券投資信託契約及最近財務報表，置於其營業處所及其代理人之營業處所，以供查閱。在國外募集之證券投資信託基金，並應同時備置外文譯本。

Securities investment trust enterprises shall, according to the investor´s requests, provide a copy of the securities investment trust agreement and may charge a fee at cost for the said copy of the securities investment trust agreement.
證券投資信託事業，應依據投資人之請求，提供證券投資信託契約之副本，並得收取該契約副本之工本費。

The prospectus and sales-related documents referred to in Paragraph 1 and advertisements selling beneficiary certificates may not contain any false statements, omissions, or any other misleading information.
第一項之公開說明書、有關銷售之文件及銷售受益憑證之廣告，不得有虛偽不實、欠缺或其他足致他人誤信之記載。

Article 34 The SFC may, at any time, order fund custodian institutions and affiliated parties to provide reports or information on securities investment trust fund safekeeping and may inspect account documents related to the securities investment trust fund.
第34條 證期會得隨時命基金保管機構或其關係人，就證券投資信託基金保管事項提出報告或參考資料，並得檢查有關證券投資信託基金之帳冊文件。

Article 35 Violators of these Regulations will be punished according to the relevant regulations under the Securities and Exchange Law.
第35條 違反本辦法之規定者，依證券交易法之有關規定處罰之。

Article 36 These Regulations shall go into effect on the date of promulgation.
第36條 本辦法自發布日施行。