Securities Investment Trust and Consulting Act ( Amended 2004 . 06 . 30)
證券投資信託及顧問法(民國93年06月30日修正)

Chapter I General Provisions
第一章總則

Article 1 This Act is specially enacted to foster the sound operations and development of securities investment trust and consulting business, promote the integrated administration of the asset management services market, and protect investment; matters not provided for in this Act shall be governed by the Securities and Exchange Act.
第1條 為健全證券投資信託及顧問業務之經營與發展，增進資產管理服務市場之整合管理，並保障投資，特制定本法；本法未規定者，適用證券交易法之規定。

Article 2 The term "Competent Authority" as used in this Act means the Securities and Futures Commission, Ministry of Finance.
第2條 本法所稱主管機關，為財政部證券暨期貨管理委員會。

Article 3 The term "securities investment trust" as used in this Act means offering securities investment trust funds and issuing beneficiary certificates to unspecified persons, or privately placing securities investment trust funds and delivering beneficiary certificates to specified persons, and investing in or trading securities, securities-related products, or other items approved by the Competent Authority.
第3條 本法所稱證券投資信託，指向不特定人募集證券投資信託基金發行受益憑證，或向特定人私募證券投資信託基金交付受益憑證，從事於有價證券、證券相關商品或其他經主管機關核准項目之投資或交易。

The term "securities investment trust enterprise" as used in this Act means an institution that operates securities investment trust business with the permission of the Competent Authority.
本法所稱證券投資信託事業，指經主管機關許可，以經營證券投資信託為業之機構。

The types of business operated by securities investment trust enterprises are as follows:
證券投資信託事業經營之業務種類如下：

1. securities investment trust business.
一、證券投資信託業務。

2. full fiduciary discretionary investment business.
二、全權委託投資業務。

3. other relevant business permitted by the Competent Authority.
三、其他經主管機關核准之有關業務。

A securities investment trust enterprise shall report the types of business it will operate to the Competent Authority and apply for its approval.
證券投資信託事業經營之業務種類，應報請主管機關核准。

Article 4 The term "securities investment consulting" as used in this Act means providing analysis, opinions, or recommendations on matters relating to investment in or trading of securities, securities-related products, or other items approved by the Competent Authority, in return for compensation obtained directly or indirectly from a principal or third party.
第4條 本法所稱證券投資顧問，指直接或間接自委任人或第三人取得報酬，對有價證券、證券相關商品或其他經主管機關核准項目之投資或交易有關事項，提供分析意見或推介建議。

The term "securities investment consulting enterprise" as used in this Act means an institution that operates securities investment consulting business with the permission of the Competent Authority.
本法所稱證券投資顧問事業，指經主管機關許可，以經營證券投資顧問為業之機構。

The types of business operated by securities investment consulting enterprises are as follows:
證券投資顧問事業經營之業務種類如下：

1. securities investment consulting business.
一、證券投資顧問業務。

2. full fiduciary discretionary investment business.
二、全權委託投資業務。

3. other relevant business permitted by the Competent Authority.
三、其他經主管機關核准之有關業務。

A securities investment consulting enterprise shall report the types of business it will operate to the Competent Authority and apply for its approval.
證券投資顧問事業經營之業務種類，應報請主管機關核准。

Article 5 Following are definitions of other terms as used in this Act:
第5條 本法其他用詞定義如下：

1. "Securities investment trust contract" means a trust contract signed between a securities investment trust enterprise as the settlor and a fund custodian institution as the trustee, for purposes of regulating the mutual rights and obligations between the securities investment trust enterprise, the fund custodian institution, and the beneficiary(ies).
一、證券投資信託契約：指由證券投資信託事業為委託人，基金保管機構為受託人所簽訂，用以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信託契約。

2. "Fund custodian institution" means a trust company or a bank concurrently operating trust business that serves, on the basis of a trust relationship, as the trustee under a securities investment trust contract, and handles the custody, disposition, and collections and payments of a securities investment trust fund according to the instructions of the securities investment trust enterprise, and conducts business related to fund custody under this Act and the securities investment trust contract.
二、基金保管機構：指本於信託關係，擔任證券投資信託契約受託人，依證券投資信託事業之運用指示從事保管、處分、收付證券投資信託基金，並依本法及證券投資信託契約辦理相關基金保管業務之信託公司或兼營信託業務之銀行。

3. "Beneficiary" means a person designated in the securities investment trust contract as entitled to benefit from the securities investment trust fund.
三、受益人：指依證券投資信託契約規定，享有證券投資信託基金受益權之人。

4. "Securities investment trust fund" means the trust property under the securities investment trust contract, including the purchase price obtained from the public offering or private placement of beneficiary certificates, and any proceeds accruing thereupon and assets purchased therewith.
四、證券投資信託基金：指證券投資信託契約之信託財產，包括因受益憑證募集或私募所取得之申購價款、所生孳息及以之購入之各項資產。

5. "Beneficiary certificates" means securities issued or delivered for purposes of public offering or private placement of a securities investment trust fund, and serving to represent the rights enjoyed by the beneficiaries in the fund.
五、受益憑證：指為募集或私募證券投資信託基金而發行或交付，用以表彰受益人對該基金所享權利之有價證券。

6. "Offshore fund" means a fund established outside of the territory of the Republic of China and having the nature of a securities investment trust fund.
六、境外基金：指於中華民國境外設立，具證券投資信託基金性質者。

7. "Securities investment consulting contract" means an investment consulting mandate contract signed with respect to a mandate given to a securities investment consulting enterprise by a customer to provide analysis, opinions, or recommendations regarding matters relating to investment or trading in securities, securities-related products, or other items approved by the Competent Authority.
七、證券投資顧問契約：指證券投資顧問事業接受客戶委任，對有價證券、證券相關商品或其他經主管機關核准項目之投資或交易有關事項提供分析意見或推介建議所簽訂投資顧問之委任契約。

8. "Securities" means securities under Article 6 of the Securities and Exchange Act.
八、有價證券：指依證券交易法第六條規定之有價證券。

9. "Securities-related products" means securities-related futures, options, or other financial products that have been approved by the Competent Authority for trading.
九、證券相關商品：指經主管機關核定准予交易之證券相關之期貨、選擇權或其他金融商品。

10. "Full fiduciary discretionary investment business" [abbreviated below as "discretionary investment business"] means the business, with respect to fiduciary investment assets that a customer delivers by a mandate or transfers under a trust, of conducting value analysis and making investment judgments regarding securities, securities-related products, or other items approved by the Competent Authority, and executing investments or trades for the customer based on such investment judgments.
十、全權委託投資業務：指對客戶委任交付或信託移轉之委託投資資產，就有價證券、證券相關商品或其他經主管機關核准項目之投資或交易為價值分析、投資判斷，並基於該投資判斷，為客戶執行投資或交易之業務。

11. "Full fiduciary custodian institution" means a trust company or a bank concurrently operating trust business that, in accordance with this Act and the contract(s) applying to the full fiduciary mandate, maintains custody of the fiduciary investment assets and handles related full fiduciary custody business.
十一、全權委託保管機構：指依本法及全權委託相關契約，保管委託投資資產及辦理相關全權委託保管業務之信託公司或兼營信託業務之銀行。

12. "Fiduciary investment assets" means assets that a customer delivers by a mandate or transfers under a trust for purposes of full fiduciary discretionary investment [hereinafter abbreviated as "discretionary investment"], and any proceeds accruing thereupon and assets purchased therewith.
十二、委託投資資產：指客戶因全權委託投資，委任交付或信託移轉之資產、所生孳息及以之購入之各項資產。

Article 6 Securities investment trust, securities investment consulting, and discretionary investment business may not be operated except in accordance with this Act.
第6條 非依本法不得經營證券投資信託、證券投資顧問及全權委託投資業務。

A trust enterprise that offers and issues a mutual trust fund for the purpose of investing in securities, and meets certain conditions, shall apply to concurrently operate securities investment trust business as provided in this Act.
信託業募集發行共同信託基金投資於有價證券為目的，並符合一定條件者，應依本法規定申請兼營證券投資信託業務。

The "certain conditions" referred to in the preceding paragraph shall be prescribed by the Competent Authority in consultation with the competent authority for the Trust Enterprise Act.
前項一定條件，由主管機關會商信託業法主管機關定之。

Article 7 Securities investment trust enterprises, securities investment consulting enterprises, fund custodian institutions, full fiduciary custodian institutions, and their directors, supervisors, managers, and employees, shall conduct business in good faith and with the duties of due care, diligence, and fidelity as good administrators, in accordance with this Act and with regulations and contracts authorized and issued or entered into under this Act.
第7條 證券投資信託事業、證券投資顧問事業、基金保管機構、全權委託保管機構及其董事、監察人、經理人或受僱人，應依本法、本法授權訂定之命令及契約之規定，以善良管理人之注意義務及忠實義務，本誠實信用原則執行業務。

Enterprises, institutions, and personnel referred to in the preceding paragraph shall keep confidential the personal data, transaction data, and other related information of beneficiaries and customers, except where otherwise provided by another act or regulation or the Competent Authority.
前項事業、機構或人員對於受益人或客戶個人資料、往來交易資料及其他相關資料，除其他法律或主管機關另有規定外，應保守秘密。

Anyone who violates a provision of the preceding two paragraphs shall be liable for compensation for resultant damage incurred by a beneficiary or contractual counterparty of the securities investment trust fund.
違反前二項規定者，就證券投資信託基金受益人或契約之相對人因而所受之損害，應負賠償之責。

Article 8 The following are prohibited in the operation of securities investment trust business, securities investment consulting business, discretionary investment business, fund custody business, full fiduciary custody business, and other business under this Act:
第8條 經營證券投資信託業務、證券投資顧問業務、全權委託投資業務、基金保管業務、全權委託保管業務或其他本法所定業務者，不得有下列情事：

1. misrepresentation.
一、虛偽行為。

2. fraud.
二、詐欺行為。

3. any other act sufficient to mislead other persons.
三、其他足致他人誤信之行為。

A financial report or any other related business document reported or publicly announced by a securities investment trust enterprise, securities investment consulting enterprise, fund custodian institution, or full fiduciary custodian institution may not contain any misrepresentation or concealment.
證券投資信託事業、證券投資顧問事業、基金保管機構及全權委託保管機構申報或公告之財務報告及其他相關業務文件，其內容不得有虛偽或隱匿之情事。

Anyone who violates a provision of the preceding two paragraphs shall be liable for injury consequently sustained by a beneficiary or contractual counterparty of the securities investment trust fund.
違反前二項規定者，就證券投資信託基金受益人或契約之相對人因而所受之損害，應負賠償之責。

Article 9 For injury caused intentionally by a person who is liable for damages for a violation of this Act, a court may, at the request of the victim, according to the circumstances of the case, impose at its discretion punitive damages of not more than three times the amount of the injury;
第9條 違反本法規定應負損害賠償責任之人，對於故意所致之損害，法院得因被害人之請求，依侵害情節，酌定損害額三倍以下之懲罰性賠償；

for injury caused by gross negligence, it may impose at its discretion punitive damages of not more than twice the amount of the injury.
因重大過失所致之損害，得酌定損害額二倍以下之懲罰性賠償。

Rights to claim damages as prescribed in this Act shall be extinguished if not exercised within two years from the time the claimant learns of the cause entitling the claimant to claim damages, or within five years from the date of occurrence of such cause for damages.
本法規定之損害賠償請求權，自有請求權人知有得受賠償之原因時起二年間不行使而消滅；自賠償原因發生之日起逾五年者，亦同。

Chapter II Securities Investment Trust Funds
第二章證券投資信託基金

Section I Public Offering, Private Placement, Issuance, and Marketing of Funds
第一節基金募集、私募、發行及行銷

Article 10 A securities investment trust enterprise may not publicly offer a securities investment trust fund without first obtaining approval from the Competent Authority or effective registration by filing with the Competent Authority.
第10條 證券投資信託事業募集證券投資信託基金，非經主管機關核准或向主管機關申報生效後，不得為之；

The Competent Authority shall prescribe regulations governing the documents required to be submitted and the examination procedures for approval of applications or effective registration filings, conditions for approval or effective registration, and other compliance requirements.
其申請核准或申報生效應檢附之書件、審核程序、核准或申報生效之條件及其他應遵行事項之準則，由主管機關定之。

Operational procedures for the public offering, issuance, and sale of funds, and the subscription and redemption thereof, shall be drafted by the Securities Investment Trust and Consulting Association and submitted to the Competent Authority for ratification.
基金之募集、發行、銷售及其申購或買回之作業程序，由同業公會擬訂，報經主管機關核定。

If a fund mentioned in the preceding two paragraphs is a foreign-raised fund investing domestically, or is a domestically raised fund investing overseas, approval from the Central Bank is required.
前二項基金，如為國外募集基金投資國內或於國內募集基金投資國外者，應經中央銀行同意。

Article 11 A securities investment trust enterprise may carry out a private placement of beneficiary certificates with the following counterparts:
第11條 證券投資信託事業得對下列對象進行受益憑證之私募：

1. Banks, bills finance enterprises, trust enterprises, insurance enterprises, securities enterprises, or other juristic persons or institutions approved by the Competent Authority.
一、銀行業、票券業、信託業、保險業、證券業或其他經主管機關核准之法人或機構。

2. Natural persons, juristic persons, or funds meeting conditions set by the Competent Authority.
二、符合主管機關所定條件之自然人、法人或基金。

The total number of offerees under subparagraph 2 of the preceding paragraph may not exceed 35 persons.
前項第二款之應募人總數，不得超過三十五人。

Upon the reasonable request by a counterpart(s) under subparagraph 2 of paragraph 1 prior to consummation of the private placement, a securities investment trust enterprise shall be obligated to provide financial, business, or other information relevant to the current private placement of securities investment trust beneficiary certificates.
證券投資信託事業應第一項第二款對象之合理請求，於私募完成前負有提供與本次證券投資信託受益憑證私募有關之財務、業務或資訊之義務。

Within five days from the date that the price of the privately placed beneficiary certificates has been paid in full, the securities investment trust enterprise shall report the same to the Competent Authority;
證券投資信託事業應於私募受益憑證價款繳納完成日起五日內，向主管機關申報之；

the particulars required to be reported shall be specified by the Competent Authority.
其應申報事項，由主管機關定之。

A person intending to raise funds through private placement overseas for investment domestically or to raise funds through private placement domestically for investment overseas shall, when filing the report, submit therewith a photocopy of the Central Bank approval letter.
擬於國外私募資金投資國內或於國內私募資金投資國外者，申報時應併同檢具中央銀行同意函影本。

The restrictions on transfers of privately placed beneficiary certificates shall be conspicuously noted on the beneficiary certificates, and shall be stated in the relevant written documentation delivered to the offeree or purchaser.
有關私募受益憑證轉讓之限制，應於受益憑證以明顯文字註記，並於交付應募人或購買人之相關書面文件中載明。

The provisions of Article 43-7 and Article 43-8, paragraph 1, of the Securities and Exchange Act shall apply mutatis mutandis to privately placed beneficiary certificates.
證券交易法第四十三條之七及第四十三條之八第一項規定，於私募之受益憑證，準用之。

Article 12 Unless the Competent Authority provides otherwise, a securities investment trust contract shall specify the following particulars:
第12條 證券投資信託契約除主管機關另有規定外，應記載下列各款事項：

1. 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. name and duration 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. rights, obligations, and legal responsibilities of the securities investment trust enterprise.
三、證券投資信託事業之權利、義務及法律責任。

4. rights, obligations, and legal responsibilities of the fund custodian institution.
四、基金保管機構之權利、義務及法律責任。

5. rights, obligations, and legal responsibilities of the beneficiaries.
五、受益人之權利、義務及法律責任。

6. basic policies and scope for managing the securities investment trust fund to invest in securities and trade securities-related products.
六、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交易之基本方針及範圍。

7. matters relating to the distribution of proceeds of the securities investment trust.
七、證券投資信託之收益分配事項。

8. matters relating to the redemption of beneficiary certificates.
八、受益憑證之買回事項。

9. fees to be borne by the securities investment trust fund.
九、證券投資信託基金應負擔之費用。

10. management and custodial fees of the securities investment trust enterprise and the fund custodian institution.
十、證券投資信託事業及基金保管機構之經理或保管費用。

11. calculation of the net asset value of the securities investment trust fund and the beneficiary units.
十一、證券投資信託基金及受益權單位淨資產價值之計算。

12. matters relating to termination of the securities investment trust contract.
十二、證券投資信託契約之終止事項。

13. matters relating to convening of beneficiaries meetings, quorum requirements, voting requirements, and the method for resolutions.
十三、受益人會議之召開事由、出席權數、表決權數及決議方式。

A securities investment trust contract template shall be drafted by the Securities Investment Trust and Consulting Association in consultation with the Trust Association, and submitted to the Competent Authority for ratification.
證券投資信託契約範本，應由同業公會洽商信託業商業同業公會擬訂，報經主管機關核定。

Article 13 Depending on market conditions, the Competent Authority may impose ceilings on the fees charged for purchase or redemption of beneficiary certificates by beneficiaries, and the management or custodial fees charged by securities investment trust enterprises or fund custodian institutions, and impose restrictions on the types of fees to be borne by securities investment trust funds.
第13條 受益人購買或請求買回受益憑證之費用與證券投資信託事業、基金保管機構所收取經理或保管費用之上限及證券投資信託基金應負擔費用之項目，主管機關得視市場狀況限制之。

Article 14 The Competent Authority will specify the types of securities investment trust funds that securities investment trust enterprises may publicly offer or privately place, the scope of investments or trading thereby, and restrictions thereupon.
第14條 證券投資信託事業得募集或私募證券投資信託基金之種類、投資或交易範圍及其限制，由主管機關定之。

Where investments or trading by funds under the preceding paragraph involves any item other than securities-related products, the Competent Authority shall first consult with the competent authority for the relevant industry and obtain its consent; if it involves the money market, it shall also consult with and obtain the consent of the Central Bank.
前項基金之投資或交易涉及證券相關商品以外之項目者，主管機關應先會商相關目的事業主管機關之同意；其涉及貨幣市場者，應另會商中央銀行同意。

Article 15 A securities investment trust enterprise publicly offering a securities investment trust fund shall deliver a prospectus to prospective subscribers in the manner prescribed by the Competent Authority.
第15條 證券投資信託事業募集證券投資信託基金，應依主管機關規定之方式，向申購人交付公開說明書。

A securities investment trust enterprise privately placing a securities investment trust fund with specific persons shall be obligated to deliver a private placement memorandum to offerees at their request.
證券投資信託事業向特定人私募證券投資信託基金，應應募人之請求，負有交付投資說明書之義務。

A securities investment trust enterprise that fails to deliver a prospectus or private placement memorandum in accordance with the preceding two paragraphs shall be held liable for injury consequently sustained by bona fide trading counterparties.
證券投資信託事業未依前二項規定交付公開說明書或投資說明書者，對於善意相對人因而所受之損害，應負賠償責任。

The provisions of Article 32 of the Securities and Exchange Act shall apply mutatis mutandis to liability for damages for any injury sustained by a bona fide counterparty because of any misrepresentation or concealment in the main required content of a prospectus or private placement memorandum.
公開說明書或投資說明書應記載之主要內容有虛偽或隱匿之情事，對於善意相對人因而所受損害之賠償責任，準用證券交易法第三十二條規定。

The Competent Authority shall prescribe the matters required to be specified in a prospectus under paragraph 1 and a private placement memorandum under paragraph 2.
第一項公開說明書及第二項投資說明書，其應記載之事項，由主管機關定之。

Article 16 No person may, itself or as an agent, engage within the Republic of China in the public offer, sale, or investment consultancy of offshore funds without first obtaining approval from the Competent Authority or effective registration upon filing with the Competent Authority.
第16條 任何人非經主管機關核准或向主管機關申報生效後，不得在中華民國境內從事或代理募集、銷售、投資顧問境外基金。

Private placement of offshore funds shall comply with the provisions of Article 11, paragraphs 1 to 3, and may not involve any act of general advertising or public solicitation.
境外基金之私募，應符合第十一條第一項至第三項規定，並不得為一般性廣告或公開勸誘之行為。

If those provisions are not complied with, it shall be deemed public offering of offshore funds;
不符合規定者，視為募集境外基金；

the same restriction shall apply to any act of general advertising or public solicitation in respect of investment consultancy for offshore funds.
境外基金之投資顧問為一般性廣告或公開勸誘之行為者，亦同。

Securities investment trust enterprises, securities investment consulting enterprises, securities firms, issuers of offshore funds and institutions designated thereby, and other institutions designated by the Competent Authority may engage in the business specified in paragraph 1 within the Republic of China;
證券投資信託事業、證券投資顧問事業、證券商、境外基金發行者與其指定之機構及其他經主管機關指定之機構，得在中華民國境內從事第一項所定業務；

the Competent Authority shall prescribe regulations governing related qualifications and conditions, application or filing procedures, business items that may be engaged in, and other compliance requirements.
其資格條件、申請或申報程序、從事業務之項目及其他應遵行事項之辦法，由主管機關定之。

The Competent Authority shall prescribe regulations governing the types, investment or trading scopes, and restrictions thereupon, of offshore funds that may be publicly offered, sold, or addressed in investment consulting, within the Republic of China by persons, themselves or as agents, and the relevant application or filing procedures and other compliance requirements.
在中華民國境內得從事或代理募集、銷售、投資顧問境外基金之種類、投資或交易範圍與其限制、申請或申報程序及其他應遵行事項之辦法，由主管機關定之。

Where the public offer or sale of offshore funds within the Republic of China by a person, itself or as an agent, as referred to in paragraph 1 involves inward or outward remittance of funds, approval shall be obtained from the Central Bank.
在中華民國境內從事或代理募集、銷售第一項境外基金，涉及資金之匯出、匯入者，應經中央銀行同意。

Section II Fund Operation
第二節基金之操作

Article 17 In managing a securities investment trust fund to invest or trade, a securities investment trust enterprise shall base its decisions on its analysis reports; it shall keep records of its execution thereof, and shall also submit a review report on a monthly basis. Its analysis reports and decisions shall be founded on reasonable grounds and bases.
第17條 證券投資信託事業運用證券投資信託基金投資或交易，應依據其分析報告作成決定，交付執行時應作成紀錄，並按月提出檢討報告，其分析報告與決定應有合理基礎及根據。

The analysis reports, decisions, execution records, and review reports referred to in the preceding paragraph shall all be made in writing, and shall be kept for a certain period of time.
前項分析報告、決定、執行紀錄及檢討報告，均應以書面為之，並保存一定期限。

The Competent Authority shall prescribe the format and required content of the written materials under the preceding paragraph and the period of time for which they shall be kept.
前項書面之格式、應記載事項及保存期限，由主管機關定之。

Article 18 The Competent Authority shall prescribe regulations governing the methods by which securities investment trust enterprises manage securities investment trust funds in investment and trading, and the giving of instructions for custody, disposition, collection and payment, and other relevant matters.
第18條 證券投資信託事業運用證券投資信託基金從事投資或交易之方式與為指示保管、處分、收付及其他相關事項之辦法，由主管機關定之。

Assets held by a securities investment trust enterprise in the course of managing a securities investment trust fund shall be registered in the name of the fund account with the fund custodian institution.
證券投資信託事業運用證券投資信託基金所持有之資產，應以基金保管機構之基金專戶名義登記。

Provided, foreign securities and foreign securities-related products that are held may be registered in the manner stipulated in the agreement entered into between the fund custodian institution and the appointed foreign custodian institution.
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之。

Article 19 A securities investment trust enterprise shall manage securities investment trust funds in accordance with this Act, regulations authorized and adopted under this Act, and the provisions of the securities investment trust contracts, and is prohibited to do any of the following acts, except where otherwise provided by the Competent Authority:
第19條 證券投資信託事業應依本法、本法授權訂定之命令及證券投資信託契約之規定，運用證券投資信託基金，除主管機關另有規定外，不得為下列行為：

1. instruct the fund custodian institution to make a loan or provide security.
一、指示基金保管機構為放款或提供擔保。

2. engage in securities margin transactions.
二、從事證券信用交易。

3. engage in securities trading with any other securities investment trust fund managed by the same securities investment trust enterprise.
三、與本證券投資信託事業經理之其他證券投資信託基金間為證券交易行為。

4. invest in securities issued by such securities investment trust enterprise or a company having an interest relationship with such securities investment trust enterprise.
四、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。

5. manage the securities investment trust fund to purchase beneficiary certificates of the fund.
五、運用證券投資信託基金買入該基金之受益憑證。

6. instruct the fund custodian institution to lend securities held by the fund to another person.
六、指示基金保管機構將基金持有之有價證券借與他人。

The Competent Authority shall define the scope of the term "company having an interest relationship" as used in subparagraph 4 of the preceding paragraph.
前項第四款所稱利害關係之公司，其範圍由主管機關定之。

Article 20 The securities investment trust enterprise and fund custodian institution shall place the securities investment trust fund prospectus, sales-related documents, securities investment trust contract, and latest financial statements at their place of business and their agent´s place of business to make them available for reading, or shall make them available for reading by another method designated by the Competent Authority.
第20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，或以主管機關指定之其他方式，以供查閱。

Section III Fund Custody
第三節基金之保管

Article 21 A securities investment trust fund publicly offered or privately placed by a securities investment trust enterprise, the private property of the securities investment trust enterprise, and the private property of the fund custodian institution shall be independently maintained.
第21條 證券投資信託事業募集或私募之證券投資信託基金，與證券投資信託事業及基金保管機構之自有財產，應分別獨立。

Creditors may not make any claim or exercise any other rights against the assets of the fund to satisfy liabilities incurred by the securities investment trust enterprise or the fund custodian institution of the fund with respect to their own private properties.
證券投資信託事業及基金保管機構就其自有財產所負之債務，其債權人不得對於基金資產為任何請求或行使其他權利。

The fund custodian institution shall establish and maintain a separate account for each securities investment trust fund in its custody in accordance with this Act, regulations authorized and adopted under this Act, and the securities investment trust contracts.
基金保管機構應依本法、本法授權訂定之命令及證券投資信託契約之規定，按基金帳戶別，獨立設帳保管證券投資信託基金。

Article 22 An institution to which any of the following circumstances applies may not serve as a fund custodian institution:
第22條 有下列情形之一者，不得擔任基金保管機構：

1. It has been subject to a disposition by the Competent Authority under Article 115, and the disposition period has not yet expired.
一、經主管機關依第一百十五條規定處分，處分期限尚未屆滿。

2. It has not yet obtained a credit rating of a certain grade or higher from a credit rating institution approved or recognized by the Competent Authority.
二、未達經主管機關核准或認可之信用評等機構一定等級以上評等。

An institution to which any of the following circumstances applies may not serve as a fund custodian institution of a securities investment trust enterprise, except with the approval of the Competent Authority:
有下列情形之一，除經主管機關核准外，不得擔任各該證券投資信託事業之基金保管機構：

1. Its investment in the securities investment trust enterprise reaches a certain percentage of the total issued shares of the enterprise.
一、投資於證券投資信託事業已發行股份總數達一定比率股份。

2. It serves as a director or supervisor of the securities investment trust enterprise; or any of its directors or supervisors serves as a director, supervisor or manager of the securities investment trust enterprise.
二、擔任證券投資信託事業董事或監察人；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。

3. A certain percentage of its total issued shares 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達一定比率股份。

4. The securities investment trust enterprise or its representative serves as a director or supervisor of the institution.
四、由證券投資信託事業或其代表人擔任董事或監察人。

5. It serves as a certifying institution of the securities investment trust fund.
五、擔任證券投資信託基金之簽證機構。

6. The securities investment trust enterprise is a subsidiary of a same financial holding company as the institution, or is an affiliated enterprise with the institution.
六、與證券投資信託事業屬於同一金融控股公司之子公司，或互為關係企業。

7. Other institutions that the Competent Authority specifies as inappropriate to serve as a fund custodian institution.
七、其他經主管機關規定不適合擔任基金保管機構。

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

The "certain percentage" in subparagraphs 1 and 3 of paragraph 2 shall be prescribed by the Competent Authority.
第二項第一款及第三款之一定比率，由主管機關定之。

The term "subsidiary" in subparagraph 6 of paragraph 2 means a subsidiary as defined in Article 4 of the Financial Holding Company Act.
第二項第六款所稱子公司，指金融控股公司法第四條所稱之子公司。

Article 23 If a fund custodian institution learns that a securities investment trust enterprise has violated a securities investment trust contract or an applicable act or regulation, it shall immediately request the securities investment trust enterprise to perform its obligations under the contract or the applicable act or regulations;
第23條 基金保管機構知悉證券投資信託事業有違反證券投資信託契約或相關法令，應即請求證券投資信託事業依契約或相關法令履行義務；

if there is a likelihood of injury to the rights or interests of beneficiaries, it shall immediately report to the Competent Authority, with a copy to the Securities Investment Trust and Consulting Association.
其有損害受益人權益之虞時，應即向主管機關申報，並抄送同業公會。

If a securities investment trust enterprise intentionally or negligently injures assets of the fund, the fund custodian institution shall seek recovery from the enterprise on behalf of the rights and interests of the fund beneficiaries.
證券投資信託事業因故意或過失致損害基金之資產時，基金保管機構應為基金受益人之權益向其追償。

Article 24 If the fund custodian institution intentionally or negligently violates this Act, a regulation authorized and adopted under this Act, or a securities investment trust contract, causing injury to assets of the fund, it shall be liable for damages.  
第24條 基金保管機構因故意或過失違反本法、本法授權訂定之命令及證券投資信託契約之規定，致生損害於基金之資產者，應負損害賠償責任。

The securities investment trust enterprise shall furthermore seek recovery from the institution on behalf of the rights and interests of the fund beneficiaries.
證券投資信託事業並應為基金受益人之權益向其追償。

A fund custodian institution shall be responsible for any intentional or negligent [act or omission] of its agents, representatives, or employees when performing their obligations under a securities investment trust contract to the same extent that the fund custodian institution is responsible for its own intentional or negligent [acts or omissions].
基金保管機構之代理人、代表人或受僱人，履行證券投資信託契約規定之義務有故意或過失時，基金保管機構應與自己之故意或過失負同一責任。

Section IV Fund Redemption
第四節基金之買回

Article 25 Where the securities investment trust contract stipulates that the beneficiary is entitled to request redemption of the beneficiary certificate, unless the Competent Authority has provided otherwise, the beneficiary may request in writing or by other stipulated means that the securities investment trust enterprise redeem the beneficiary certificate, and the securities investment trust enterprise may not refuse to do so; payment of the redemption price may not be delayed.
第25條 證券投資信託契約載有受益人得請求買回受益憑證之約定者，除主管機關另有規定外，受益人得以書面或其他約定方式請求證券投資信託事業買回受益憑證，證券投資信託事業不得拒絕；對買回價金之給付不得遲延。

The Competent Authority shall prescribe regulations governing the calculation of the redemption price, the time limit for payment of the redemption price, issuance of a new beneficiary certificate upon partial redemption, the temporary suspension of calculation of redemption price, delayed payment of the redemption price, and other compliance requirements with respect to securities investment trust funds.
證券投資信託基金買回價格之核算、給付買回價金之期限、請求買回一部分時受益憑證之換發、買回價格之暫停計算、買回價金之延緩給付及其他應遵行事項之辦法，由主管機關定之。

Section V Fund Accounting
第五節基金之會計

Article 26 An individual account shall be established for each securities investment trust fund publicly offered or privately placed by a securities investment trust enterprise and accounting books and records shall be established as provided by the Competent Authority;
第26條 證券投資信託事業募集或私募之各證券投資信託基金，應分別設帳，並應依主管機關之規定，作成各種帳簿、表冊；

they shall be kept in the manner and for the period set forth in the Business Accounting Act and applicable regulations.
其保存方式及期限，依商業會計法及相關規定辦理。

Article 27 The accounting year of a securities investment trust fund shall be from 1 January to 31 December each year unless otherwise stipulated in the securities investment trust contract or otherwise approved by the Competent Authority.
第27條 證券投資信託基金之會計年度，除證券投資信託契約另有約定或經主管機關核准者外，為每年一月一日起至十二月三十一日止。

Article 28 The securities investment trust enterprise shall calculate the net asset value of the securities investment trust fund each business day.
第28條 證券投資信託事業應於每一營業日計算證券投資信託基金之淨資產價值。

The Securities Investment Trust and Consulting Association shall draft standards for the calculation of the net asset value of securities investment trust funds and submit them to the Competent Authority for approval.
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，報經主管機關核定。

Article 29 The securities investment trust enterprise shall on each business day publicly announce the net asset value per beneficiary unit of the securities investment trust fund for the previous business day.
第29條 證券投資信託事業應於每一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。

Provided, for securities investment trust funds raised by offering beneficiary certificates overseas, the laws and regulations of the place where they are offered shall govern.
但對在國外發行受益憑證募集之證券投資信託基金，依募集所在地之法令規定辦理。

The provisions of the preceding paragraph do not apply to securities investment trust funds privately placed with specific persons by the securities investment trust enterprise.
證券投資信託事業向特定人私募之證券投資信託基金，不適用前項規定。

Provided, the net asset value per beneficiary unit of the securities investment trust fund shall be reported to the beneficiaries according to the provisions of the securities investment trust contract.
但應依證券投資信託契約之規定，向受益人報告證券投資信託基金每一受益權單位之淨資產價值。

Article 30 A securities investment trust enterprise shall maintain the assets of each securities investment trust fund in the following manners according to the percentages prescribed by the Competent Authority:
第30條 證券投資信託事業就每一證券投資信託基金之資產，應依主管機關所定之比率，以下列方式保持之：

1. cash.
一、現金。

2. bank deposits.
二、存放於銀行。

3. short-term bills purchased from bills dealers.
三、向票券商買入短期票券。

4. other manners provided by the Competent Authority.
四、其他經主管機關規定之方式。

Banks or short-term bills under subparagraphs 2 or 3 of the preceding paragraph shall have obtained at least a certain rating from a credit rating institution approved by the Competent Authority.
前項第二款或第三款之銀行或短期票券，應符合主管機關核准或認可之信用評等機構評等達一定等級以上者。

The total amount of assets held in the manners in subparagraphs 2 to 4 of paragraph 1 by a securities investment trust fund that is publicly offered or privately placed domestically may not exceed a certain prescribed percentage;
國內募集或私募之證券投資信託基金，持有第一項第二款至第四款之總額，不得超過規定之一定比率；

the percentage shall be set by the Competent Authority and submitted to the Ministry of Finance for ratification in consultation with the Central Bank.
其一定比率，由主管機關報請財政部會商中央銀行定之。

Article 31 Any profit from investment income of the securities investment trust fund that shall be distributed according to the stipulations of the securities investment trust contract, shall be distributed within six months from the close of the accounting year unless otherwise approved by the Competent Authority, and the distribution date shall be specified in the securities investment trust contract.
第31條 證券投資信託基金投資所得依證券投資信託契約之約定應分配收益，除經主管機關核准者外，應於會計年度終了後六個月內分配之，並應於證券投資信託契約內明定分配日期。

Section VI Beneficiary Certificates
第六節受益憑證

Article 32 Beneficiary certificates shall be registered.
第32條 受益憑證應為記名式。

Beneficiary certificates may be issued in scripless form and transferred by the book-entry method.
發行受益憑證得不印製實體，而以帳簿劃撥方式交付之。

Regulations governing matters related to beneficiary certificates shall be drafted by the Securities Investment Trust and Consulting Association and submitted to the Competent Authority for ratification.
受益憑證事務之處理規則，由同業公會擬訂，報請主管機關核定。

Article 33 Where several persons own the same beneficiary certificate(s), the co-owners shall select one of them to exercise their beneficial rights.
第33條 受益憑證為數人共有者，其共有人應推派一人行使受益權。

Where a government or juristic person is the beneficiary, it shall appoint one natural person to exercise its beneficial rights on its behalf.
政府或法人為受益人時，應指定自然人一人代表行使受益權。

Article 34 Beneficiary certificates may freely be transferred unless otherwise provided by law.
第34條 受益憑證，除法律另有規定者外，得自由轉讓之。

The transfer of beneficiary certificates shall be effected by endorsement and delivery by the beneficiary, and the transferee´s name shall be recorded on the beneficiary certificates.
受益憑證之轉讓，由受益人以背書交付，並將受讓人姓名或名稱記載於受益憑證。

A transfer under the preceding paragraph may not be asserted as a defense against a securities investment trust enterprise unless the transferee´s name and domicile or residence have been recorded in the beneficiaries´ register of the securities investment trust enterprise.
前項轉讓，非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。

The preceding paragraph does not apply to transfer of beneficiary certificates effected by means of book-entry transfer or registration.
受益憑證之轉讓以帳簿劃撥或登錄方式為之者，不適用前項規定；

Regulations governing book-entry transfer or registration shall be promulgated by the Competent Authority.
其帳簿劃撥或登錄之作業辦法，由主管機關定之。

Article 35 The beneficial rights of a securities investment trust fund shall be divided equally based on the total number of beneficiary units. The number of beneficiary units of each beneficiary certificate shall be as recorded on the beneficiary certificate.
第35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 shall be in accordance with the content recorded on the beneficiary certificate and are exercisable according to the number of beneficiary units.
受益人對於受益憑證之權利，依其受益憑證所載內容，按受益權之單位數行使之。

Identical beneficial rights shall be enjoyed under any additional public offerings or private placements of the fund.
基金追加募集或私募發行之受益權，亦享有相同權利。

Article 36 Unless the beneficiary certificates are scripless, the securities investment trust enterprise shall record the required information on them in the format prescribed by the Competent Authority, and issue them after they have been signed by the fund custodian institution.
第36條 受益憑證，除不印製實體者外，由證券投資信託事業依主管機關所定格式，載明其應記載事項，經基金保管機構簽署後發行之。

The following information is required to be recorded on beneficiary certificates under the preceding paragraph:
前項受益憑證，應記載下列事項：

1. name of the securities investment trust fund, total number of beneficiary units, issue date, duration, and whether additional issues are permitted.
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. name and address of the securities investment trust enterprise and the fund custodian institution.
二、證券投資信託事業及基金保管機構之名稱及地址。

3. name (individual or entity) of the beneficiary.
三、受益人之姓名或名稱。

4. number of beneficiary units represented by the beneficiary certificate.
四、本受益憑證之受益權單位數。

5. method for calculating the purchase price per beneficiary unit and the fee.
五、購買每一受益權單位之價金計算方式及費用。

6. method for calculating, and payment method and times, for the management or custodial fees charged by the securities investment trust enterprise and fund custodian institution.
六、證券投資信託事業及基金保管機構所收取經理或保管費用之計算方法、給付方式及時間。

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

8. method for calculating and publicly announcing the net asset value of the beneficiary units.
八、受益權單位淨資產價值之計算及公告方法。

9. if there are any restrictions on whom beneficiary certificates may be transferred to, the content and effect of the restrictions.
九、受益憑證轉讓對象設有限制者，其限制內容及其效力。

10. other particulars that the Competent Authority requires to be recorded.
十、其他經主管機關規定應記載事項。

Beneficiary certificates issued shall be certified, unless the certificates are in scripless form. The certification provisions governing the issuance of stocks and corporate bonds by public companies shall apply mutatis mutandis to the certification of beneficiary certificates.
發行受益憑證，除不印製實體者外，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簽證規則之規定。

Article 37 A beneficiary´s right to claim distribution of proceeds shall be extinguished by prescription if not exercised within five years from the distribution date of the proceeds. Any proceeds that are extinguished by prescription shall be incorporated into the securities investment trust fund.
第37條 受益人之收益分配請求權，自收益發放日起五年間不行使而消滅，因時效消滅之收益併入該證券投資信託基金。

A beneficiary´s right to claim payment of the price for redemption of beneficiary certificates shall be extinguished by prescription if not exercised within 15 years from the expiration of the time limit for payment of the price.
受益人買回受益憑證之價金給付請求權，自價金給付期限屆滿日起，十五年間不行使而消滅。

When a fund is liquidated, a beneficiary´s right to claim distribution of residual assets shall be extinguished by prescription if not exercised within 15 years from the distribution date.
基金清算時，受益人之賸餘財產分配請求權，自分配日起，十五年間不行使而消滅。

When exercising the rights referred to in the preceding three paragraphs before extinction by prescription has occurred under this article, a beneficiary may not claim default interest.
受益人於本條所定消滅時效完成前行使前三項之權利時，不得請求加計遲延利息。

Section VII Beneficiaries meeting
第七節受益人會議

Article 38 Beneficiary rights shall be exercised subject to a resolution at a beneficiaries meeting. Provided, this restriction shall not apply to acts done solely for the benefit of beneficiaries.
第38條 受益人權利之行使，應經受益人會議決議為之。但僅為受益人自身利益之行為，不在此限。

Article 39 The following matters shall be done subject to a resolution of a beneficiaries meeting. Provided, this restriction shall not apply where the Competent Authority has provided otherwise.
第39條 下列情事，應經受益人會議決議為之。但主管機關另有規定者，不在此限：

1. change of fund custodian institution.
一、更換基金保管機構。

2. change of securities investment trust enterprise.
二、更換證券投資信託事業。

3. termination of the securities investment trust contract.
三、終止證券投資信託契約。

4. increase in the management or custodial fees of the securities investment trust enterprise or fund custodian institution.
四、調增證券投資信託事業或基金保管機構之經理或保管費用。

5. material amendment to the basic policies or scope of securities investment or securities-related product trading by the fund.
五、重大變更基金投資有價證券或從事證券相關商品交易之基本方針及範圍。

6. amendment to the securities investment trust contract that would have a material effect on the rights or interests of beneficiaries.
六、其他修正證券投資信託契約對受益人權益有重大影響。

Article 40 When any event occurs that by law, regulation, or the securities investment trust contract requires a resolution of a beneficiaries meeting, the securities investment trust enterprise shall convene a beneficiaries meeting.
第40條 依法律、命令或證券投資信託契約規定，應由受益人會議決議之事項發生時，由證券投資信託事業召開受益人會議。

When the securities investment trust enterprise is unable or fails to convene the meeting, the fund custodian institution shall convene it.
證券投資信託事業不能或不為召開時，由基金保管機構召開之。

When the fund custodian institution is unable or fails to convene it, it shall be convened as provided in the securities investment trust contract or by the beneficiaries themselves.
基金保管機構不能或不為召開時，依證券投資信託契約之規定或由受益人自行召開；

When all are unable or fail to convene it, a person appointed by the Competent Authority shall convene it.
均不能或不為召開時，由主管機關指定之人召開之。

For beneficiaries themselves to convene a beneficiaries meeting, beneficiaries who have held continuously for at least one year beneficiary certificates representing beneficiary units accounting for at least three percent of the total beneficiary units issued and outstanding of the fund at the time of the proposal shall file an application to the Competent Authority in writing, describing the matters proposed and the reasons for convening the meeting, and convene the meeting themselves after obtaining approval therefrom.
受益人自行召開受益人會議時，應由繼續持有受益憑證一年以上，且其所表彰受益權單位數占提出當時該基金已發行在外受益權單位總數百分之三以上之受益人，以書面敘明提議事項及理由，申請主管機關核准後，自行召開之。

When a beneficiaries meeting is convened by a party other than the securities investment trust enterprise, the securities investment trust enterprise, at the request of the fund custodian institution, the beneficiaries, or the person appointed by the Competent Authority, shall provide any documents or materials necessary for convening the beneficiaries meeting.
受益人會議非由證券投資信託事業召開時，證券投資信託事業應依基金保管機構、受益人或經主管機關指定之人之請求，提供召開受益人會議之必要文件及資料。

Article 41 If in conducting fund custody business, a fund custodian institution requests a securities investment trust enterprise to perform its obligations as provided in Article 23, paragraph 1, and the enterprise fails to do so, and thereby injures the rights or interests of beneficiaries, and the securities investment trust enterprise fails to make corrections by a deadline after being notified in writing to make corrections by the deadline, the institution may, after applying to the Competent Authority and obtaining approval, convene a beneficiaries meeting to replace the securities investment trust enterprise.
第41條 基金保管機構執行基金保管業務，遇有依第二十三條第一項規定請求證券投資信託事業履行義務而不履行，致損害受益人權益之情事，經書面通知證券投資信託事業限期改善而屆期不改善時，得經報請主管機關核准後，召開受益人會議更換證券投資信託事業。

Article 42 The Competent Authority shall prescribe regulations governing the time limits for convening, procedures, resolution methods, meeting protocol, and other compliance requirements with respect to beneficiaries meetings.
第42條 受益人會議召開之期限、程序、決議方法、會議規範及其他應遵行事項之準則，由主管機關定之。

The Competent Authority, if it deems necessary to protect the public interest or the rights or interests of beneficiaries, may amend, by an order, the provisions of the securities investment trust contract regarding the quorum requirements, voting requirements, and resolution method for the meeting of beneficiaries as provided in the securities investment trust contract.
證券投資信託契約有關受益人會議出席權數、表決權數及決議方式之規定，主管機關基於保護公益或受益人權益，認有必要時，得以命令變更之。

Article 43 The procedures for amending the securities investment trust contract are as follows:
第43條 證券投資信託契約之變更程序如下：

1. For a publicly offered securities investment trust fund, approval shall be obtained from the Competent Authority; the securities investment trust enterprise shall publicly announce the content within two days after approval has been obtained.
一、募集證券投資信託基金者，應報經主管機關核准；經核准後，證券投資信託事業應於二日內公告其內容。

2. For a privately offered securities investment trust fund, a report shall be filed with the Competent Authority within five days after the amendment.
二、私募證券投資信託基金者，應於變更後五日內向主管機關申報。

Article 44 Paragraph 3 of Article 6, Article 16, Article 32, paragraphs 1 to 3 of Article 36, Article 39 to paragraph 1 of Article 42, Article 43, and Articles 52 to 59 of the Trust Act do not apply to securities investment trusts.
第44條 信託法第六條第三項、第十六條、第三十二條、第三十六條第一項至第三項、第三十九條至第四十二條第一項、第四十三條、第五十二條至第五十九條規定，於證券投資信託，不適用之。

Section VIII Termination, Liquidation, and Merger of Funds
第八節基金之終止、清算及合併

Article 45 In any of the following events, a securities investment trust contract shall be terminated after approval has been given by the Competent Authority:
第45條 證券投資信託契約有下列情事之一者，應經主管機關核准後予以終止：

1. The securities investment trust enterprise or fund custodian institution is dissolved, bankrupted, or its approval is voided or revoked, or its management or custodianship of the securities investment trust fund is obviously unsound, and the Competent Authority has ordered that it be replaced, such that it is unable to continue executing its duties, and there is no other suitable securities investment trust enterprise or fund custodian institution to assume the rights and obligations of the original enterprise or institution.
一、證券投資信託事業或基金保管機構有解散、破產、撤銷或廢止核准之情事，或因對證券投資信託基金之經理或保管顯然不善，經主管機關命令更換，致不能繼續執行職務，而無其他適當之證券投資信託事業或基金保管機構承受原事業或機構之權利及義務。

2. A beneficiaries meeting resolves to replace the securities investment trust enterprise or fund custodian institution, and there is no other suitable securities investment trust enterprise or fund custodian institution to assume the rights and obligations of the original enterprise or institution.
二、受益人會議決議更換證券投資信託事業或基金保管機構，而無其他適當之證券投資信託事業或基金保管機構承受原事業或機構之權利及義務。

3. The net asset value of the fund is lower than the standard set by the Competent Authority.
三、基金淨資產價值低於主管機關所定之標準。

4. The securities investment trust fund is unable to continue operating because of market conditions, the characteristics or scale of the fund, or other legal or factual reasons.
四、因市場狀況、基金特性、規模，或其他法律上或事實上原因致證券投資信託基金無法繼續經營。

5. A beneficiaries meeting resolves to terminate the contract.
五、受益人會議決議終止契約。

6. The securities investment trust enterprise or fund custodian institution is unable to accept a resolution of a beneficiaries meeting, and there is no other suitable securities investment trust enterprise or fund custodian institution to assume the rights and obligations of the original enterprise or institution.
六、受益人會議之決議，證券投資信託事業或基金保管機構無法接受，且無其他適當之證券投資信託事業或基金保管機構承受原事業或機構之權利及義務。

7. Another other reason for termination as set forth in the securities investment trust contract.
七、其他依證券投資信託契約所定終止事由。

Where it is desirable to terminate the securities investment trust contract to protect the public interest or the rights and interests of beneficiaries, the Competent Authority may order its termination.
基於保護公益或受益人權益，以終止證券投資信託契約為宜者，主管機關得命令終止之。

Where a securities investment trust contract is terminated because of expiration of the duration thereof, a report shall be filed with the Competent Authority for recordation within two days from expiration.
證券投資信託契約因存續期間屆滿而終止者，應於屆滿二日內申報主管機關備查。

A securities investment trust enterprise shall publicly announce the termination of a securities investment trust contract within two days from the date of filing for recordation or of approval.
證券投資信託契約之終止，證券投資信託事業應於申報備查或核准之日起二日內公告之。

Article 46 Securities investment trust enterprises may conduct mergers of securities investment trust funds; regulations governing the conditions, procedures, or other applicable matters for mergers thereof shall be prescribed by the Competent Authority.
第46條 證券投資信託事業得為證券投資信託基金之合併；其合併之條件、程序及其他相關事項之辦法，由主管機關定之。

Article 47 When a securities investment trust contract is terminated, the liquidator shall complete the liquidation of the securities investment trust fund within three months from the date the Competent Authority approves liquidation, and shall distribute the balance after liquidation to the beneficiaries pro rata to the number of beneficiary units.
第47條 證券投資信託契約終止時，清算人應於主管機關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率分派予各受益人。

Provided that where for some legitimate reason the liquidation cannot be completed within three months, the liquidator may apply to the Competent Authority before expiration of the time limit for one extension, which shall be limited to three months.
但有正當理由無法於三個月內完成清算者，於期限屆滿前，得向主管機關申請展延一次，並以三個月為限。

The liquidator shall report to the Competent Authority and publicly announce, and notify the beneficiaries of, the methods for liquidation and distribution under the preceding paragraph. Within two months from conclusion of the liquidation procedures, he shall report the results thereof to the Competent Authority for recordation and notify the beneficiaries of the same.
清算人應將前項清算及分配之方式，向主管機關申報及公告，並通知受益人。清算程序終結後應於二個月內，將處理結果向主管機關報備，並通知受益人。

Article 48 The securities investment trust enterprise shall serve as the liquidator of the fund. Where an event specified in subparagraphs 1 or 2 of paragraph 1 of Article 45 exists with respect to the securities investment trust enterprise, the fund custodian institution shall serve as the liquidator.
第48條 基金之清算人由證券投資信託事業擔任之，證券投資信託事業有第四十五條第一項第一款或第二款之情事時，應由基金保管機構擔任。

Where an event specified in subparagraphs 1 or 2 of paragraph 1 of Article 45 also exists with respect to the fund custodian institution, a beneficiaries meeting shall select by a resolution a securities investment trust enterprise or fund custodian institution that complies with the provisions of the Competent Authority to be the liquidator.
基金保管機構亦有第四十五條第一項第一款或第二款之情事時，由受益人會議以決議選任符合主管機關規定之證券投資信託事業或基金保管機構為清算人。

When the fund contract is terminated because an event specified in subparagraphs 1 or 2 of paragraph 1 of Article 45 exists with respect to the fund custodian institution, the liquidator may select a suitable fund custodian institution to assume, after approval is obtained from the Competent Authority, the fund custody duties during the liquidation period.
基金因基金保管機構有第四十五條第一項第一款或第二款之情事致終止契約者，得由清算人選任適當之基金保管機構報經主管機關核准後，擔任清算時期基金保管職務。

Unless otherwise provided by law or contract, the rights and obligations of the liquidator and the fund custodian institution during the duration of the fund shall be the same as those of the original securities investment trust enterprise and fund custodian institution.
除法律或契約另有規定外，清算人及基金保管機構之權利義務在基金存續範圍內，與原證券投資信託事業、基金保管機構相同。

Article 49 From the date the conclusion of the liquidation is reported to the Competent Authority, the liquidator shall keep all account books and statements for not less than 10 years.
第49條 清算人應自清算終結申報主管機關之日起，就各項帳簿、表冊保存十年以上。

Chapter III Discretionary Investment Business
第三章全權委託投資業務

Article 50 A securities investment trust enterprise or securities investment consulting enterprise may not operate discretionary investment business until it has met the conditions set by the Competent Authority and has obtained approval from the Competent Authority.
第50條 證券投資信託事業或證券投資顧問事業經營全權委託投資業務，應符合主管機關所定之條件，並經主管機關核准，始得為之。

The Competent Authority shall prescribe regulations governing conditions, eligibility, application procedures, personnel administration, contract signing, account processing, and other compliance requirements under the preceding paragraph.
前項條件、資格、申請程序、人員管理、契約簽訂、帳務處理及其他應遵行事項之辦法，由主管機關定之。

Article 51 Fiduciary investment assets received from customers by securities investment trust enterprises or securities investment consulting enterprises shall be kept separate and independent from the private property of the securities investment trust enterprises or securities investment consulting enterprises and full fiduciary custodian institutions.
第51條 證券投資信託事業或證券投資顧問事業接受客戶之委託投資資產，與證券投資信託事業或證券投資顧問事業及全權委託保管機構之自有財產，應分別獨立。

Creditors may not make any claim or exercise any other rights against the fiduciary investment assets to satisfy liabilities incurred by the securities investment trust enterprise or securities investment consulting enterprise and the full fiduciary custodian institution with respect to their own private properties.
證券投資信託事業或證券投資顧問事業及全權委託保管機構對其自有財產所負債務，其債權人不得對委託投資資產，為任何之請求或行使其他權利。

Article 52 A securities investment trust enterprise or securities investment consulting enterprise that will operate discretionary investment business shall deposit an operating bond with a financial institution.
第52條 證券投資信託事業或證券投資顧問事業經營全權委託投資業務者，應向金融機構提存營業保證金。

Where a trust enterprise that will concurrently operate discretionary investment business has already deposited a compensation reserve, it is not required to deposit an operating bond.
信託業兼營全權委託投資業務已提存賠償準備金者，免提存營業保證金。

The Competent Authority shall prescribe the deposit method and amount of the operating bond and the eligibility criteria for financial institutions with which it may be deposited.
營業保證金之提存方式、金額及得為提存金融機構之資格條件，由主管機關定之。

A principal, settlor, or beneficiary who is [a creditor of] a claim arising from discretionary investment business shall have preferential right of payment from the operating bond referred to in paragraph 1 or the compensation reserve referred to in paragraph 2.
因全權委託投資業務所生債務之委任人、委託人或受益人，對於第一項營業保證金及第二項賠償準備金，有優先受清償之權。

Article 53 Where a securities investment trust enterprise or securities investment consulting enterprise operates discretionary investment business on a mandate basis, the customer shall place the assets in the full fiduciary custody of the custodian institution or transfer them to the custodian institution by trust.
第53條 證券投資信託事業或證券投資顧問事業以委任方式經營全權委託投資業務，應由客戶將資產全權委託保管機構保管或信託移轉予保管機構。

A trust enterprise that concurrently operates discretionary investment business may keep the trust property in its own custody; if it keeps the trust property in its own custody it shall appoint dedicated personnel to handle the custodial matters.
信託業兼營全權委託投資業務者，得自行保管信託財產；其自行保管者，應指定專責人員辦理。

A securities investment trust enterprise or securities investment consulting enterprise may not keep fiduciary investment assets in its own custody except under the circumstances provided in the preceding paragraph.
證券投資信託事業或證券投資顧問事業，除前項情形外，不得保管受託投資資產。

If a customer of a discretionary investment business is a trust enterprise or another enterprise approved by the Competent Authority, the customer may keep the fiduciary investment assets in its own custody.
全權委託投資業務之客戶為信託業或其他經主管機關核准之事業，得由客戶自行保管委託投資資產。

Article 54 Where a control relationship exists between the full fiduciary custodian institution and the securities investment trust enterprise or securities investment consulting enterprise, the securities investment trust enterprise or securities investment consulting enterprise shall be obligated to inform the customer.
第54條 全權委託保管機構與證券投資信託事業或證券投資顧問事業間具有控制關係者，證券投資信託事業或證券投資顧問事業對客戶應負告知義務。

"Control relationship" in the preceding paragraph shall be defined by the Competent Authority.
前項控制關係，由主管機關定之。

Article 55 The value of the fiduciary investment assets of a single client accepted by a securities investment trust enterprise or securities investment consulting enterprise operating discretionary investment business may not be less than a certain amount.
第55條 證券投資信託事業或證券投資顧問事業經營全權委託投資業務，其接受單一客戶委託投資資產之金額不得低於一定數額。

The total amount accepted for investment purposes by a securities investment consulting enterprise operating discretionary investment business may not exceed a certain multiple of its net worth.
證券投資顧問事業經營全權委託投資業務，接受委託投資之總金額，不得超過其淨值之一定倍數。

Provided, this restriction shall not apply where its paid-in capital reaches a certain amount.
但其實收資本額達一定數額者，不在此限。

"Certain multiple" and "certain amount" in the preceding two paragraphs shall be defined by the Competent Authority.
前二項一定倍數及數額，由主管機關定之。

Article 56 The scope of investment or trading by securities investment trust enterprises or securities investment consulting enterprises operating discretionary investment business, and restrictions thereupon, shall be prescribed by the Competent Authority.
第56條 證券投資信託事業或證券投資顧問事業經營全權委託投資業務之投資或交易之範圍及其限制，由主管機關定之。

Where business of discretionary investment in foreign securities operated by a securities investment trust enterprise or securities investment consulting enterprise involves inward or outward remittance of funds, approval shall be obtained from the Central Bank.
證券投資信託事業或證券投資顧問事業經營全權委託投資外國有價證券業務，涉及資金之匯出、匯入者，應經中央銀行同意。

A securities investment trust enterprise or securities investment consulting enterprise operating discretionary investment business and investing in securities shall, except as otherwise provided by law, appoint a securities broker to do so on the centralized securities exchange market or over-the-counter markets.
證券投資信託事業或證券投資顧問事業經營全權委託投資業務而為有價證券之投資者，除法令另有規定外，應委託證券經紀商，於集中交易市場或證券商營業處所為之。

Article 57 A securities investment trust enterprise or securities investment consulting enterprise operating discretionary investment business shall do so in compliance with operating rules.
第57條 證券投資信託事業或證券投資顧問事業辦理全權委託投資業務，應依業務操作之規定為之。

Operating rules under the preceding paragraph regarding contract signing, account opening, trading, settlement, clearing, and handling of other related matters, and any amendments thereto, shall be drafted by the Securities Investment Trust and Consulting Association and ratified by the Competent Authority.
前項有關簽約、開戶、買賣、交割、結算及其他處理事項之業務操作規定，由同業公會擬訂，報經主管機關核定；修正時，亦同。

Article 58 The provisions of Article 17 shall apply mutatis mutandis to investment decisions that a securities investment trust enterprise or securities investment consulting enterprise makes for the utilization of fiduciary investment assets.
第58條 證券投資信託事業或證券投資顧問事業運用全權委託投資資產之投資決定，準用第十七條規定。

A securities investment trust enterprise or securities investment consulting enterprise utilizing fiduciary investment assets shall diversify its investments; the Competent Authority shall prescribe the investment target diversification rate.
證券投資信託事業或證券投資顧問事業運用委託投資資產應分散投資；其投資標的分散比率，由主管機關定之。

Article 59 The following acts are prohibited in the operation of discretionary investment business:
第59條 經營全權委託投資業務不得有下列行為：

1. using information learned in the course of professional duties to engage in securities trading for the enterprise´s own account or for any party other than the customer.
一、利用職務上所獲知之資訊，為自己或客戶以外之人從事有價證券買賣之交易。

2. engaging in any trading prejudicial to the rights and interests of the customer when utilizing fiduciary investment assets to trade securities.
二、運用委託投資資產買賣有價證券時，從事足以損害客戶權益之交易。

3. signing any agreement with the customer to share proceeds or losses resulting from investment in securities; provided, this restriction shall not apply where the Competent Authority has otherwise made provision for performance-linked compensation.
三、與客戶為投資有價證券收益共享或損失分擔之約定。但主管機關對績效報酬另有規定者，不在此限。

4. using a customer´s fiduciary investment assets to conduct cross trading with the enterprise´s own funds or the fiduciary investment assets of another customer; provided, that this restriction does not apply to unintentional cross trades that occur on the centralized securities exchange market or on an over-the counter market.
四、運用客戶之委託投資資產，與自己資金或其他客戶之委託投資資產，為相對委託之交易。但經由證券集中交易市場或證券商營業處所委託買賣成交，且非故意發生相對委託之結果者，不在此限。

5. using a customer´s account to trade securities for the enterprise´s own account or for any other party.
五、利用客戶之帳戶，為自己或他人買賣有價證券。

6. outsourcing a discretionary investment services contract, in full or in part, to another party to perform, or assigning such a contract to another party; provided, this restriction shall not apply where the Competent Authority has provided otherwise.
六、將全權委託投資契約之全部或部分複委任他人履行或轉讓他人。但主管機關另有規定者，不在此限。

7. when utilizing a customer´s fiduciary investment assets to trade securities, in the absence of legitimate reason, shifting executed orders from the discretionary investment account into the enterprise´s own account, the account of another, or another discretionary investment account, or shifting them from another account into the discretionary investment account.
七、運用客戶委託投資資產買賣有價證券時，無正當理由，將已成交之買賣委託，自全權委託帳戶改為自己、他人或其他全權委託帳戶，或自其他帳戶改為全權委託帳戶。

8. formulating investment decisions not based upon an investment analysis report, or basing investment decisions on an investment analysis report that clearly is lacking in reasonable analytical foundation and basis; provided, that this restriction shall not apply where a reasonable explanation can be given.
八、未依投資分析報告作成投資決策，或投資分析報告顯然缺乏合理分析基礎與根據者。但能提供合理解釋者，不在此限。

9. any other acts that would adversely affect the operation of the enterprise or the rights or interests of customers.
九、其他影響事業經營或客戶權益者。

Article 60 Before signing a discretionary investment contract with a customer, a securities investment trust enterprise or securities investment consulting enterprise shall carry out the following matters:
第60條 證券投資信託事業或證券投資顧問事業與客戶簽訂全權委託投資契約前，應辦理下列事項：

1. It shall assign dedicated personnel to explain in detail to the customer matters related to the discretionary investment services, and provide the customer with a discretionary investment services prospectus.
一、應將全權委託投資之相關事項指派專人向客戶做詳細說明，並交付全權委託投資說明書。

2. It shall allow the customer a period of at least seven days to review the entire content of the terms and conditions and shall fully acquaint itself with the customer´s financial ability, investment experience, objectives, and requirements, and shall compile a reference file on the customer including a data sheet and other relevant documentation.
二、應有七日以上之期間，供客戶審閱全部條款內容，並先對客戶之資力、投資經驗及其目的需求充分瞭解，製作客戶資料表連同相關證明文件留存備查。

The discretionary investment services prospectus shall be made an attachment to the discretionary investment contract; the Competent Authority shall prescribe the particulars required to be included in the prospectus.
全權委託投資說明書應作為全權委託投資契約之附件；其應記載事項，由主管機關定之。

Article 61 A securities investment trust enterprise or securities investment consulting enterprise operating discretionary investment business shall sign a discretionary investment contract with the customer specifying the various rights and obligations arising between it and the customer as a result of the mandate or trust relationship, and the customer and the custodian institution also shall separately sign a mandate or trust contract.
第61條 證券投資信託事業或證券投資顧問事業經營全權委託投資業務，應與客戶簽訂全權委託投資契約，明定其與客戶間因委任或信託關係所生之各項權利義務內容；並應由客戶與保管機構另行簽訂委任或信託契約。

Provided, this restriction shall not apply to one who under this Act is permitted to keep the fiduciary investment assets in its own custody.
但依本法得自行保管委託投資資產者，不在此限。

Where fiduciary investment assets involve idle funds, the utilization and scope thereof shall be prescribed by the Competent Authority.
委託投資資產涉及閒置資金者，其運用及範圍，由主管機關定之。

The particulars required to be included in a discretionary investment contract under paragraph 1 shall be prescribed by the Competent Authority.
第一項全權委託投資契約應記載事項，由主管機關定之。

The model for discretionary investment contracts under paragraph 1 shall be drafted by the Securities Investment Trust and Consulting Association and submitted to the Competent Authority for ratification.
第一項全權委託投資契約之範本，由同業公會擬訂，報經主管機關核定。

Article 62 An operator of discretionary investment business shall create a separate account for each individual customer, and record on a daily basis the trading activities of the customer´s assets, and the balance of the fiduciary investment assets by volume and monetary amount.
第62條 經營全權委託投資業務，應按客戶別設帳，按日登載客戶資產交易情形、委託投資資產庫存數量及金額。

A customer may request to examine the data referred to in the preceding paragraph and the appointed securities investment trust enterprise or securities investment consulting enterprise may not refuse such a request.
客戶得要求查詢前項資料，受委託之證券投資信託事業或證券投資顧問事業不得拒絕。

Any discount received on securities firm transaction fees for securities trading utilizing discretionary investment assets shall be applied to offset the customer´s transaction costs.
運用全權委託投資資金買賣有價證券所收取證券商之手續費折讓，應作為客戶買賣成本之減少。

An operator of discretionary investment business shall produce monthly reports detailing each customer´s asset trading record and current status, and shall deliver the reports to the customers.
經營全權委託投資業務，應每月定期編製客戶資產交易紀錄及現況報告書送達客戶。

When losses on the net asset value of the fiduciary investment assets of a customer reach a certain percentage of the original fiduciary investment assets, the securities investment trust enterprise or securities investment consulting enterprise shall within two business days from the date of occurrence of the event produce a report referred to in the preceding paragraph and deliver the report to the customer.
客戶委託投資資產之淨資產價值減損達原委託投資資產一定比率時，證券投資信託事業或證券投資顧問事業應自事實發生之日起二個營業日內，編製前項書件送達客戶。

The same shall subsequently apply each time losses reach a certain percentage of the net asset value recorded in the previous report.
日後每達較前次報告淨資產價值減損達一定比率時，亦同。

The "certain" percentages in the preceding paragraph shall be prescribed by the Competent Authority.
前項一定比率，由主管機關定之。

Chapter IV Securities Investment Trust and Consulting Enterprises
第四章證券投資信託及顧問事業

Section I General Provisions
第一節通則

Article 63 Securities investment trust enterprises and securities investment consulting enterprises may begin operations only after obtaining permission from the Competent Authority and being issued a business license.
第63條 證券投資信託事業及證券投資顧問事業，應經主管機關許可，並核發營業執照後，始得營業。

Securities investment trust enterprises and securities investment consulting enterprises shall obtain permission from the Competent Authority before establishing branch units.
證券投資信託事業及證券投資顧問事業設立分支機構，應經主管機關許可。

None other than a securities investment trust enterprise or securities investment consulting enterprise may use a name similar to "securities investment trust enterprise" or "securities investment consulting enterprise."
非證券投資信託事業或證券投資顧問事業，不得使用類似證券投資信託事業或證券投資顧問事業之名稱。

Article 64 A securities investment trust enterprise or securities investment consulting enterprise may operate discretionary investment business by means of a trust; where it meets certain conditions, it shall apply under the Trust Enterprise Act to concurrently operate trust business.
第64條 證券投資信託事業及證券投資顧問事業得以信託方式經營全權委託投資業務；其符合一定條件者，應依信託業法申請兼營信託業務。

"Certain conditions" in the preceding paragraph shall be defined by the competent authority for the Trust Enterprise Act in consultation with the Competent Authority.
前項一定條件，由信託業法主管機關會商主管機關定之。

Operators of discretionary investment business by means of trusts shall be limited to securities investment trust enterprises, securities investment consulting enterprises, or entities permitted to operate trust business under the Trust Enterprise Act.
以信託方式經營全權委託投資業務者，以證券投資信託事業及證券投資顧問事業或依信託業法規定得從事信託業務者為限。

Article 65 A trust enterprise operating business ratified by the competent authority for the Trust Enterprise Act that involves discretionary decision-making in the underlyings utilized, where the trust property is utilized in securities defined in Article 6 of the Securities and Exchange Act, and where certain conditions are met, shall apply to the Competent Authority to concurrently operate discretionary investment business.
第65條 信託業經營信託業法主管機關核定之業務，涉及信託業得全權決定運用標的，且將信託財產運用於證券交易法第六條規定之有價證券，並符合一定條件者，應向主管機關申請兼營全權委託投資業務。

"Certain conditions" in the preceding paragraph shall be defined by the Competent Authority in consultation with the competent authority for the Trust Enterprise Act.
前項一定條件，由主管機關會商信託業法主管機關定之。

Article 66 If it meet the conditions prescribed by the Competent Authority and obtains permission, a securities investment trust enterprise may concurrently operate a securities investment consulting enterprise, and vice versa.
第66條 證券投資信託事業及證券投資顧問事業符合主管機關所定之條件並取得許可者，得互相兼營。

A securities investment trust enterprise or securities investment consulting enterprise that has obtained approval from the Competent Authority may concurrently operate other enterprises.
證券投資信託事業或證券投資顧問事業經主管機關核准者，得兼營其他事業。

Securities firms, futures trust enterprises, futures advisory enterprises, managed futures enterprises, or other related enterprises that have obtained permission from the Competent Authority, may concurrently operate securities investment trust enterprises or securities investment consulting enterprises.
證券商、期貨信託事業、期貨顧問事業、期貨經理事業或其他相關事業取得主管機關許可者，得兼營證券投資信託事業或證券投資顧問事業。

Where futures trading accounts for a certain percentage or monetary amount of the issued amount of a securities investment trust fund publicly placed or privately offered by a securities investment trust enterprise, it shall apply to concurrently operate a futures trust enterprise.
證券投資信託事業募集或私募證券投資信託基金從事期貨交易占證券投資信託基金募集發行額度之一定比率或金額者，應申請兼營期貨信託事業。

The percentage or monetary amount of futures trading under the preceding paragraph shall be prescribed by the Competent Authority.
前項期貨交易之比率或金額，由主管機關定之。

Article 67 Securities investment trust enterprises and securities investment consulting enterprises may be organized only as companies limited by shares.
第67條 證券投資信託事業及證券投資顧問事業之組織，以股份有限公司為限。

The minimum paid-in capital amount of a securities investment trust enterprise or securities investment consulting enterprise shall be fully subscribed by the promoters at the time of incorporation. The amount thereof shall be prescribed by the Competent Authority.
發起人應於發起時一次認足證券投資信託事業或證券投資顧問事業之最低實收資本額；其金額，由主管機關定之。

Article 68 A person under any of the following circumstances may not serve as a promoter, responsible person, or associated person of a securities investment trust enterprise or securities investment consulting enterprise;
第68條 有下列情事之一者，不得充任證券投資信託事業與證券投資顧問事業之發起人、負責人及業務人員；

where such a person is already serving as a responsible person or associated person, he or she shall be dismissed, and may not serve as a director, supervisor, or manager, and the Competent Authority shall request the competent authority for corporate registration by letter to void or revoke the registration of such person:
其已充任負責人或業務人員者，解任之，不得充任董事、監察人或經理人者，並由主管機關函請公司登記主管機關撤銷或廢止其登記：

1. has previously been convicted by a final and unappealable judgment of a crime under the Organized Crime Prevention Act, and has not completed serving the sentence, or five years have not elapsed since completion of the sentence, expiration of the suspended sentence, or pardon.
一、曾犯組織犯罪防制條例規定之罪，經有罪判決確定，尚未執行完畢，或執行完畢、緩刑期滿或赦免後尚未逾五年。

2. has previously been sentenced by a final and unappealable judgment to imprisonment for one year or more for fraud, breach of trust, or misappropriation, and has not completed serving the sentence, or two years have not elapsed since completion of the term of sentence, expiration of the suspended sentence, or pardon.
二、曾犯詐欺、背信或侵占罪，經宣告有期徒刑一年以上之刑確定，尚未執行完畢，或執行完畢、緩刑期滿或赦免後尚未逾二年。

3. has previously been sentenced by a final and unappealable judgment to a sentence of imprisonment or greater severity for misappropriation related to public function or occupation and has not completed serving the sentence, or two years have not elapsed since completion of the sentence, expiration of the suspended sentence, or pardon.
三、曾犯公務或業務侵占罪，經宣告有期徒刑以上之刑確定，尚未執行完畢，或執行完畢、緩刑期滿或赦免後尚未逾二年。

4. has previously been convicted by a final and unappealable judgment of a crime under the Securities and Exchange Act or this Act, and has not completed serving the sentence, or three years have not elapsed since completion of the sentence, expiration of the suspended sentence, or pardon.
四、違反證券交易法或本法規定，經有罪判決確定，尚未執行完畢，或執行完畢、緩刑期滿或赦免後尚未逾三年。

5. has previously been sentenced by a final and unappealable judgment to a sentence of imprisonment or greater severity for engaging in business of accepting deposits, managing trust funds or public properties, or handling domestic or foreign remittances in violation of Article 29, paragraph 1, of the Banking Act and has not completed serving the sentence, or three years have not elapsed since completion of the term of sentence, expiration of the suspended sentence, or pardon.
五、違反銀行法第二十九條第一項規定經營收受存款、受託經理信託資金、公眾財產或辦理國內外匯兌業務，經宣告有期徒刑以上之刑確定，尚未執行完畢，或執行完畢、緩刑期滿或赦免後尚未逾三年。

6. has previously been sentenced by a final and unappealable judgment to a sentence of imprisonment or greater severity for engaging in trust business in violation of Article 33 of the Trust Enterprise Act and has not completed serving the sentence, or three years have not elapsed since completion of the sentence, expiration of the suspended sentence, or pardon.
六、違反信託業法第三十三條規定辦理信託業務，經宣告有期徒刑以上之刑確定，尚未執行完畢，或執行完畢、緩刑期滿或赦免後尚未逾三年。

7. has been adjudicated bankrupt and his or her rights have not been reinstated, or previously served as a director, supervisor, manager, or in another equivalent position of a juristic person when such juristic person was adjudicated bankrupt, and three years have not elapsed since the bankruptcy was concluded, or the reconciliation has not been fulfilled.
七、受破產之宣告，尚未復權，或曾任法人宣告破產時之董事、監察人、經理人或與其地位相等之人，其破產終結尚未逾三年或調協未履行。

8. has been refused transaction because of dishonor of a negotiable instrument and transactions have not been reinstated.
八、使用票據經拒絕往來尚未恢復往來。

9. has no legal disposing capacity or limited disposing capacity.
九、無行為能力或限制行為能力。

10. has been subject to a disposition under Article 56, or subparagraph 2 of Article 66 of the Securities and Exchange Act, or to a disposition of dismissal from duties under subparagraph 2 of Article 103, or Article 104, of this Act, and three years have not elapsed since such disposition.
十、受證券交易法第五十六條或第六十六條第二款之處分，或受本法第一百零三條第二款或第一百零四條解除職務之處分，尚未逾三年。

11. has previously served as a director or supervisor of a securities firm, securities investment trust enterprise, or securities investment consulting enterprise, and during the term of such position, such enterprise was subject to a disposition under subparagraph 3 of Article 66 of the Securities and Exchange Act, or to a disposition of suspension of business or revocation of its permission for operation under subparagraph 4 or 5 of Article 103 of this Act, and one year has not elapsed since such disposition.
十一、曾擔任證券商、證券投資信託事業或證券投資顧問事業之董事、監察人，而於任職期間，該事業受證券交易法第六十六條第三款或第四款之處分，或受本法第一百零三條第四款或第五款停業或廢止營業許可之處分，尚未逾一年。

12. has been subject to removal or dismissal from duties under Article 100, paragraph 1, subparagraph 2, or Article 101, paragraph 1 of the Futures Trading Act, and five years have not elapsed since such disposition.
十二、受期貨交易法第一百條第一項第二款或第一百零一條第一項撤換或解除職務之處分，尚未逾五年。

13. it has been discovered that the promoter has allowed the use of his or her own name by others for the purpose of acting as a promoter, director, supervisor, manager or associated person of a securities investment trust enterprise or securities investment consulting enterprise.
十三、經查明接受他人利用其名義充任證券投資信託事業及證券投資顧問事業發起人、董事、監察人、經理人或業務人員。

14. there is factual evidence that the promoter has engaged in or been involved in other dishonest or improper activities, showing the promoter to be unsuitable for engaging in securities investment trust and securities investment consulting business.
十四、有事實證明從事或涉及其他不誠信或不正當之活動，顯示其不適合從事證券投資信託及證券投資顧問業務。

Where a promoter, director, or supervisor is a juristic person, the provisions of the preceding paragraph shall apply mutatis mutandis with respect to the exercise of duties by its representative or designated representative.
發起人及董事、監察人為法人者，其代表人或指定代表行使職務時，準用前項規定。

Article 69 The Competent Authority shall prescribe regulations governing personnel requirements, qualification requirements for responsible persons and associated persons, codes of conduct, training, registration deadlines, procedures, and other compliance requirements for securities investment trust enterprise and securities investment consulting enterprises.
第69條 證券投資信託事業及證券投資顧問事業，其應備置人員、負責人與業務人員之資格條件、行為規範、訓練、登記期限、程序及其他應遵行事項之規則，由主管機關定之。

Article 70 The Competent Authority shall prescribe regulations governing restrictions, bans, prohibitions, or other compliance matters in the conduct of advertising, public informational meetings, and other promotional activities by securities investment trust enterprises and securities investment consulting enterprises.
第70條 證券投資信託事業及證券投資顧問事業從事廣告、公開說明會及其他營業活動，其限制、取締、禁止或其他應遵行事項之規則，由主管機關定之。

Article 71 Responsible persons, associated persons, and other employees of securities investment trust enterprises and securities investment consulting enterprises are also prohibited from doing, in the course of exercising their duties, any act that an enterprise is prohibited from doing as provided in Article 19, paragraph 1, Article 59, or in an act, regulation, or contract.
第71條 證券投資信託事業、證券投資顧問事業之負責人、業務人員及其他受僱人執行業務，對於第十九條第一項、第五十九條或本於法令或契約規定事業不得為之行為，亦不得為之。

Acts done by responsible persons, associated persons, and other employees of securities investment trust enterprises and securities investment consulting enterprises when engaging in business listed in the subparagraphs of paragraph 3 of Article 3 and paragraph 3 of Article 4, where civil liability is involved, are presumed to be acts within the scope of the authorization by the enterprise.
證券投資信託事業、證券投資顧問事業之負責人、業務人員及其他受僱人，於從事第三條第三項及第四條第三項各款業務之行為涉及民事責任者，推定為該事業授權範圍內之行為。

Article 72 The Competent Authority shall prescribe establishment standards governing the conditions for establishment of securities investment trust enterprise and securities investment consulting enterprise companies and branch units, the departments they are required to establish, application procedures, and required documents, and supervisory regulations governing their finances, business, relocation, closure, and other compliance matters.
第72條 證券投資信託事業及證券投資顧問事業，其公司及分支機構之設立條件、應設置部門、申請程序、應檢附書件之設置標準及其財務、業務、遷移、裁撤與其他應遵行事項之管理規則，由主管機關定之。

For concurrent operation of securities investment trust enterprises or securities investment consulting enterprises by other kinds of enterprises, the Competent Authority shall consult with the competent authorities for the target enterprises concerning the establishment and financial and business supervision matters under the preceding paragraph.
其他事業兼營證券投資信託事業及證券投資顧問事業，前項有關設置及財務、業務管理之事項，主管機關應會商目的事業主管機關。

Section II Securities Investment Trust Enterprises
第二節證券投資信託事業

Article 73 A director or supervisor of a securities investment trust enterprise or a shareholder holding 5 percent or more of the total issued shares thereof may not concurrently serve as a promoter of any other securities investment trust enterprise or as a shareholder holding 5 percent or more of the total issued shares thereof.
第73條 證券投資信託事業之董事、監察人或持有已發行股份總數百分之五以上之股東，不得兼為其他證券投資信託事業之發起人或持有已發行股份總數百分之五以上之股東。

One that has a relationship of affiliated enterprise as defined under Chapter VI-I of the Company Law with respect to a director, supervisor or shareholder holding 5 percent or more of the issued shares of a securities investment trust enterprise may not serve as a promoter, director, or supervisor, or a shareholder holding 5 percent or more of the total issued shares, of another securities investment trust enterprise.
與證券投資信託事業之董事、監察人或持有已發行股份總數百分之五以上之股東，具有公司法第六章之一所定關係企業之關係者，不得擔任其他證券投資信託事業之發起人、董事、監察人或持有已發行股份總數百分之五以上之股東。

Where non-compliance with the preceding two paragraphs results from a merger, adjustments shall be made to effect compliance within one year from the date of merger.
因合併致違反前二項規定者，應自合併之日起一年內，調整至符合規定。

Shares held by the shareholder´s spouse or minor children or held under others´ names shall be included in calculation of shareholdings of five percent or more of total issued shares under paragraphs 1 and 2 above.
第一項、第二項持有已發行股份總數百分之五以上之股東，其股份之計算，包括其配偶、未成年子女及利用他人名義持有者。

Article 74 The promoters operating a securities investment trust enterprise shall meet certain qualification requirements; among the promoters shall be a fund management institution(s), bank(s), insurance company(ies), financial holding company(ies), securities firm(s), or other institution(s) recognized by the Competent Authority, and the combined share subscribed thereby shall be not less than 20 percent of the first issue of shares;
第74條 經營證券投資信託事業之發起人應具備一定資格條件；發起人中應有基金管理機構、銀行、保險公司、金融控股公司、證券商或其他經主管機關認可之機構，且其所認股份，合計不得少於第一次發行股份之百分之二十；

before any transfer of shareholdings by such promoter(s), the securities investment trust enterprise shall file an advance report of such transfer with the Competent Authority for recordation.
其轉讓持股時，證券投資信託事業應於發起人轉讓持股前申報主管機關備查。

Qualification requirements for promoters referred to in the preceding paragraph shall be prescribed by the Competent Authority.
前項發起人之資格條件，由主管機關定之。

A securities investment trust enterprise shall have one or more shareholder meeting the qualification requirements referred to in the preceding two paragraphs, whose total shareholdings (excluding shareholdings from distributions of new shares for employee bonuses, or from issuance of new shares reserved for subscription by employees, or shareholdings meeting certain conditions) may not be less than 20 percent of the total issued shares;
證券投資信託事業應有一名以上符合前二項所定資格條件之股東，除以發行新股分配員工紅利、發行新股保留由員工承購或符合一定條件者外，其合計持有股份不得少於已發行股份總數百分之二十；

before any transfer of shareholdings by such shareholder(s), the securities investment trust enterprise shall file an advance report of such transfer with the Competent Authority for recordation.
轉讓持股時，證券投資信託事業應於轉讓前申報主管機關備查。

"Certain conditions" in the preceding paragraph shall be defined by the Competent Authority.
前項一定條件，由主管機關定之。

Article 75 The total combined shares held by a single securities investment trust enterprise shareholder other than one meeting the qualification requirements in the preceding article, related parties of the shareholder, and any other persons under whose name the shareholder holds shares, may not exceed 25 percent of the total issued shares of the company.
第75條 證券投資信託事業之股東，除符合前條資格條件者外，每一股東與其關係人及股東利用他人名義持有股份合計，不得超過該公司已發行股份總數百分之二十五。

The scope of related parties referred to in the preceding paragraph shall be prescribed by the Competent Authority.
前項關係人之範圍，由主管機關定之。

Article 76 A promoter of a securities investment trust enterprise may not, within one year from the date of the company´s incorporation, concurrently serve as a promoter of another securities investment trust enterprise.
第76條 證券投資信託事業之發起人自公司設立之日起一年內，不得兼為其他證券投資信託事業之發起人。

A promoter of a securities investment trust enterprise who has served as promoter in accordance with the qualifications set forth under Article 74 may not serve as a promoter of any other securities investment trust enterprise within three years from the date of issuance of the business license of that securities investment trust enterprise by the Competent Authority.
曾依第七十四條所定資格擔任證券投資信託事業之發起人者，自主管機關核發該證券投資信託事業營業執照之日起三年內，不得再擔任其他證券投資信託事業之發起人。

Article 77 From the time that the securities investment trust enterprise decides to utilize the securities investment trust fund to engage in any type of corporate stock or equity derivative trade until such time as the securities investment trust fund no longer holds that corporate stock or equity derivative, no responsible person, department supervisor, branch unit manager, or fund manager of the securities investment trust enterprise, him or herself or his or her spouse, minor child, or other person in whose name he or she transacts, may engage in trading such corporate stock or equity derivative;
第77條 證券投資信託事業之負責人、部門主管、分支機構經理人與基金經理人，其本人、配偶、未成年子女及被本人利用名義交易者，於證券投資信託事業決定運用證券投資信託基金從事某種公司股票及具股權性質之衍生性商品交易時起，至證券投資信託基金不再持有該公司股票及具股權性質之衍生性商品時止，不得從事該公司股票及具股權性質之衍生性商品交易。

provided, this restriction shall not apply where otherwise provided by the Competent Authority.
但主管機關另有規定者，不在此限。

A responsible person, department supervisor, branch unit manager, fund manager, or related party thereof, of a securities investment trust enterprise who engages in trading of any corporate stock or equity derivative shall report the circumstances of the trade to the securities investment trust enterprise as provided by the Competent Authority.
證券投資信託事業之負責人、部門主管、分支機構經理人、基金經理人及其關係人從事公司股票及具股權性質之衍生性商品交易，應依主管機關之規定，向所屬證券投資信託事業申報交易情形。

The scope of "related persons" in the preceding paragraph shall be defined by the Competent Authority.
前項關係人之範圍，由主管機關定之。

Article 78 A responsible person of a securities investment trust enterprise and its department supervisors, branch unit managers, fund managers, or spouses thereof, when acting as a director, supervisor, manager, or shareholder with 5 percent or more of the total issued shares, of a securities issuing company may not participate in decision making when the securities investment trust enterprise utilizes the securities investment trust fund to trade in the securities of such issuing company.
第78條 證券投資信託事業之負責人、部門主管、分支機構經理人或基金經理人本人或其配偶，有擔任證券發行公司之董事、監察人、經理人或持有已發行股份總數百分之五以上股東者，於證券投資信託事業運用證券投資信託基金買賣該發行公司所發行之證券時，不得參與買賣之決定。

A securities investment trust enterprise and its responsible persons, department supervisors, branch unit managers, fund managers, or shareholder´s representative in a share issuing company from which the securities investment trust enterprise purchases stock may not assume a position as a director, supervisor, or manager of an issuing company from which the securities investment trust fund purchases stock; provided, this restriction shall not apply where otherwise provided by the Competent Authority.
證券投資信託事業及其負責人、部門主管、分支機構經理人、基金經理人或證券投資信託事業於其購入股票發行公司之股東代表人，均不得擔任證券投資信託基金所購入股票發行公司之董事、監察人或經理人。但主管機關另有規定者，不在此限。

The responsible persons, department supervisors, or branch unit managers of a securities investment trust enterprise may not invest in any other securities investment trust enterprise or concurrently act as a director, supervisor, or manager of another securities investment trust enterprise, securities investment consulting enterprise, or securities firm; provided, this restriction shall not apply where otherwise provided by the Competent Authority.
證券投資信託事業之負責人、部門主管或分支機構經理人不得投資於其他證券投資信託事業，或兼為其他證券投資信託事業、證券投資顧問事業或證券商之董事、監察人或經理人。但主管機關另有規定者，不在此限。

Paragraph 4 of Article 73 shall apply mutatis mutandis to the calculation of the shareholding of shareholders with 5 percent or more of the total issued shares under paragraph 1.
第一項持有已發行股份總數百分之五以上股東，其股份之計算，準用第七十三條第四項規定。

Article 79 Where a director or supervisor of a securities investment trust enterprise is a corporate shareholder, the provisions of this Act concerning directors and supervisors shall apply mutatis mutandis to the performance of duties by its representative or designated representative.
第79條 證券投資信託事業之董事或監察人為法人股東者，其代表人或指定代表行使職務時，準用本法關於董事、監察人之規定。

Where a position of director or supervisor in a securities investment trust enterprise is held by a representative of a corporate shareholder, the provisions of this Act concerning directors and supervisors shall apply mutatis mutandis to the corporate shareholder.
證券投資信託事業之董事或監察人以法人股東之代表人身分擔任者，本法關於董事、監察人之規定，於法人股東，準用之。

Article 80 As necessary for purposes of protecting the public interest or beneficiaries´ rights and interests, the Competent Authority may order a securities investment trust enterprise or a securities investment trust fund managed by it to obtain a credit rating from a credit rating institution approved or recognized by the Competent Authority.
第80條 主管機關基於保護公益或受益人權益之必要，得命令證券投資信託事業或其經理之證券投資信託基金，應委託主管機關核准或認可之信用評等機構進行評等。

As necessary for purposes of protecting the public interest or beneficiaries´ rights and interests, the Competent Authority may order a securities investment trust company meeting certain conditions to deposit an operating bond;
主管機關基於保護公益或受益人權益之必要，得命令符合一定條件之證券投資信託事業應提存營業保證金；

those certain conditions, the method of deposit of the operating bond, the deposit rate, conditions for withdrawing the deposit, custody of the bond, and the method of its utilization shall be prescribed by the Competent Authority.
其一定條件、營業保證金之提存方法、提存比率、停止提存之條件及其保管、運用之方法，由主管機關定之。

Article 81 A securities investment trust enterprise shall publicly announce and report to the Competent Authority any matter that materially affects the rights and interests of beneficiaries within two days from the occurrence of the fact.
第81條 證券投資信託事業應將重大影響受益人權益之事項，於事實發生之日起二日內，公告並申報主管機關。

"An matter that materially affects the rights and interests of beneficiaries" in the preceding paragraph shall be defined by the Competent Authority.
前項重大影響受益人權益之事項，由主管機關定之。

Article 82 The provisions of articles 73 to 76 do not apply to other enterprises concurrently operating securities investment trust enterprises, unless the Competent Authority provides otherwise for purposes of protecting the public interest or preserving market order.
第82條 其他事業兼營證券投資信託事業，除主管機關為保障公共利益或維護市場秩序另有規定外，不適用第七十三條至第七十六條規定。

Section III Securities Investment Consulting Enterprises
第三節證券投資顧問事業

Article 83 When a securities investment consulting enterprise accepts a mandate from a customer to provide analysis, opinions, or recommendations regarding matters relating to investment or trading in securities, it shall enter into a written securities investment consulting contract setting forth the rights and obligations of both parties.
第83條 證券投資顧問事業接受客戶委任，對證券投資或交易有關事項提供分析意見或推介建議時，應訂定書面證券投資顧問契約，載明雙方權利義務。

A customer may terminate a contract under the preceding paragraph by giving written notice within seven days from the date of receiving the written contract.
於前項情形，客戶得自收受書面契約之日起七日內，以書面終止契約。

A declaration of intention to terminate a contract under the preceding paragraph shall take effect from the time it reaches the securities investment consulting enterprise.
前項契約終止之意思表示，於到達證券投資顧問事業時生效。

When a contract is terminated under paragraph 2, the securities investment consulting enterprise may demand commensurate compensation from the customer for services provided before termination of the contract, but it may not demand any damages or penalty for the termination of the contract.
證券投資顧問事業因第二項規定而為契約之終止時，得對客戶請求終止契約前所提供服務之相當報酬。但不得請求契約終止之損害賠償或違約金。

Required content of securities investment consulting contracts under paragraph 1 shall be prescribed by the Competent Authority. The Securities Investment Trust and Consulting Association shall draft a model contract and submit it to the Competent Authority for ratification; the same shall apply to any amendments thereto.
第一項證券投資顧問契約應行記載事項，由主管機關定之；其契約範本，由同業公會擬訂，報經主管機關核定，修正時，亦同。

Chapter V Self-Regulatory Organizations
第五章自律機構

Article 84 Securities investment trust enterprises and securities investment consulting enterprises may not commence business without being admitted to membership in the Securities Investment Trust and Consulting Association;
第84條 證券投資信託事業及證券投資顧問事業非加入同業公會，不得開業；

without legitimate reason, the Securities Investment Trust and Consulting Association may not deny an application for membership thereby or attach improper conditions to its membership.
同業公會非有正當理由，不得拒絕其加入，或就其加入附加不當之條件。

Unless otherwise provided in this Act, the Commercial Associations Act shall apply to the establishment, organization, and supervision of the Securities Investment Trust and Consulting Association referred to in the preceding paragraph.
前項同業公會之設立、組織及監督，除本法另有規定外，適用商業團體法之規定。

Article 85 The Securities Investment Trust and Consulting Association shall install at least three directors and one supervisor, all of whom shall be elected by the general meeting of members from among the member delegates in accordance with the articles of association.
第85條 同業公會至少置理事三人，監事一人，均依章程之規定，由會員大會就會員代表中選任。

Provided, at least one-fourth each of the directors and supervisors shall consist of related experts, among whom at least half shall be appointed by the Competent Authority, and the remainder shall be appointed by the boards of directors and supervisors and ratified by the Competent Authority.
但理事、監事中，至少各應有四分之一由有關專家擔任，其中半數以上由主管機關指派，餘由理、監事會遴選，經主管機關核定後擔任；

The rules governing such appointments shall be prescribed by the Competent Authority.
其遴選辦法，由主管機關定之。

The directors and supervisors shall serve for a term of three years. Those serving by reelection may not exceed one-half. If those serving by reelection exceed one-half, they shall be kept or eliminated on the basis of the relative numbers of votes they received, with the resultant vacancies to be occupied by member delegates not serving by reelection, likewise based sequentially upon the relative numbers of votes that they received. The chairman of the board of directors is eligible for reelection once only.
理事、監事之任期均為三年。連選連任者，不得超過二分之一；如連任者超過二分之一，以得票數多寡取捨，缺額依其他非連任之會員代表得票數多寡為序，順次遞補。理事長之連任，以一次為限。

Article 86 The Competent Authority shall prescribe regulations governing the regulation and supervision of Securities Investment Trust and Consulting Association business by the Competent Authority, the required content of the articles of association of the Securities Investment Trust and Consulting Association, the qualification requirements for the responsible persons and associated persons of the Securities Investment Trust and Consulting Association, its finances and business, and other compliance requirements.
第86條 主管機關對同業公會業務之規範與監督事項、同業公會章程應記載事項、同業公會負責人與業務人員之資格條件、財務、業務及其他應遵行事項之規則，由主管機關定之。

Article 87 The Securities Investment Trust and Consulting Association may collect some fees from its members in addition to the fees set forth by the Commercial Associations Act, as necessary to effect the function of self-regulation and to coordinate with the development of securities investment trust and consulting business. The categories and rates of such fees shall be proposed by the Securities Investment Trust and Consulting Association and ratified by the Competent Authority.
第87條 同業公會為發揮自律功能及配合證券投資信託及顧問業務之發展，得向其會員收取商業團體法所規定經費以外之必要費用；其種類及費率，由同業公會擬訂，報經主管機關核定。

Article 88 The mission of the Securities Investment Trust and Consulting Association includes the following matters, in addition to the matters set out in Article 5 of the Commercial Associations Act:
第88條 同業公會之任務，除依商業團體法第五條規定辦理外，包括下列事項：

1. adopting self-regulatory rules and overseeing self-regulation by its members.
一、訂定自律規範，並督促會員自律。

2. carrying out matters that the Competent Authority has authorized it to handle.
二、辦理主管機關授權處理之事項。

3. imposing sanctions on members who violate acts, regulations, or self-disciplinary rules, such sanctions including suspension of privileges, imposition of penalties, warnings, orders to make corrections by a deadline, and so forth; or requiring a member to suspend an associated person thereof from executing his or her duties for a period of one to six months.
三、對違反法令或自律規範之會員予以停權、課予違約金、警告、命其限期改善等處置；或要求會員對其從業人員予以暫停執行業務一個月至六個月之處置。

4. investigating whether members are abiding by acts, regulations, and self-regulatory rules.
四、檢查會員是否遵守法令及自律規範。

5. in cases where a member´s business operations are obviously unsound and have materially injured the rights and interests of investors, coordinating other members to assist in handling the business of the member, or reporting to the Competent Authority and asking it to make an appropriate disposition.
五、對於業務經營顯然不善，重大損害投資人權益之會員，協調其他會員協助處理該會員之業務，或報請主管機關為適當之處分。

6. administering property of bankrupt members.
六、對於破產會員之財產進行管理。

7. rendering dispositions to void or suspend the memberships of members who violate this Act.
七、對於違反本法規定之會員為撤銷或暫停會員資格之處置。

Where the Securities Investment Trust and Consulting Association requires a member to suspend an associated person thereof from executing his or her duties under subparagraph 3 of the preceding paragraph, or renders a disposition under subparagraph 7 of the preceding paragraph, it shall report to the Competent Authority for recordation.
同業公會為前項第三款要求會員對其從業人員暫停執行業務或第七款之處置，應報請主管機關備查。

As necessary to the mission under paragraph 1, the Securities Investment Trust and Consulting Association may make inquiries of its members, require them to provide relevant materials for review, or notify them to give explanations; a member may not refuse to comply.
同業公會為第一項任務之需要，得向會員查詢及調閱有關資料或通知提出說明，會員不得拒絕。

Article 89 The Securities Investment Trust and Consulting Association shall adopt a member self-regulatory agreement and regulations governing appeals against sanctions for violations. These shall be enforced after they have been submitted to and passed by the general meeting of members and then reported to and ratified by the Competent Authority; the same shall apply to any amendments thereto.
第89條 同業公會應訂立會員自律公約及違規處置申復辦法，提經會員大會通過後，報請主管機關核定後實施；修正時，亦同。

Article 90 When the Competent Authority deems necessary for purposes of protecting the public interest or rights and interests of beneficiaries, it may order the Securities Investment Trust and Consulting Association to amend its articles of association, rules, or resolutions, or to provide reference materials or reports, or to perform certain other acts.
第90條 主管機關基於保護公益或受益人權益，認有必要時，得命令同業公會變更其章程、規則、決議，或提供參考、報告之資料，或為其他一定之行為。

Article 91 Where a director or supervisor of the Securities Investment Trust and Consulting Association violates an act or regulation, fails to abide by the Association´s articles of association or rules, abuses his or her authority, or breaches the principle of good faith, the Competent Authority may take corrective measures or order the Securities Investment Trust and Consulting Association to dismiss the director or supervisor.
第91條 同業公會之理事、監事有違反法令，怠於遵守該會章程、規則，濫用職權或違背誠實信用原則之行為者，主管機關得予糾正，或命令同業公會予以解任。

Article 92 The Securities Investment Trust and Consulting Association may, in accordance with the articles of association, impose necessary sanctions upon members or member delegates who violate its articles of association, rules, self-regulatory agreement, or related operational self-regulatory codes, or resolutions of the general members meeting or the board of directors.
第92條 同業公會得依章程之規定，對會員及其會員代表違反章程、規章、自律公約或相關業務自律規範、會員大會或理事會決議等事項時，為必要之處置。

Chapter VI Administrative Supervision
第六章行政監督

Article 93 Securities investment trust enterprises, and securities investment consulting enterprises operating business of discretionary investment services for customers, shall establish internal control systems; the Competent Authority shall prescribe regulations governing such systems.
第93條 證券投資信託事業及經營接受客戶全權委託投資業務之證券投資顧問事業，應建立內部控制制度；其準則，由主管機關定之。

Article 94 Where, pursuant to this Act or another act or regulation, and with the approval of the Competent Authority, a securities investment trust enterprise concurrently operates a securities investment consulting enterprise or vice versa, or either such kind of enterprises concurrently operates another enterprise, or is concurrently operated by another enterprise, they may do nothing that would involve a conflict of interest with or prejudice to the rights or interests of beneficiaries or clients in terms of concurrent appointments of and codes of conduct of their responsible persons or associated persons, sharing and utilization of information, sharing of operating equipment or places of business, or advertising, public informational meetings, or other business promotion activities.
第94條 依本法或其他法律規定，經主管機關核准，證券投資信託事業或證券投資顧問事業互相兼營、兼營他事業或由他事業兼營者，其負責人與業務人員之兼任及行為規範、資訊交互運用、營業設備或營業場所之共用，或為廣告、公開說明會及其他營業促銷活動，不得與受益人或客戶利益衝突或有損害其權益之行為；

The Competent Authority shall prescribe applicable regulations.
其辦法，由主管機關定之。

Article 95 Regulations governing qualification requirements, merger procedures, and other compliance requirements for mergers between securities investment trust enterprises and securities investment consulting enterprises or between such enterprises and financial institutions or other enterprises shall be prescribed by the Competent Authority, except where such matters are otherwise provided for in the Financial Institution Mergers Act, Business Mergers and Acquisitions Act, or other acts.
第95條 證券投資信託事業、證券投資顧問事業之合併或與其他金融機構或事業合併，除金融機構合併法、企業併購法或其他法律另有規定外，其資格條件、合併程序及其他應遵行事項之辦法，由主管機關定之。

Article 96 Where a securities investment trust enterprise is unable to continue engaging in securities investment trust fund business because of dissolution, suspension or termination of business, or voidance or revocation of its business permission, it shall seek another securities investment trust enterprise to succeed to that business, subject to the approval of the Competent Authority.
第96條 證券投資信託事業因解散、停業、歇業、撤銷或廢止許可事由，致不能繼續從事證券投資信託基金有關業務者，應洽由其他證券投資信託事業承受其證券投資信託基金有關業務，並經主管機關核准。

When a securities investment trust enterprise is unable to find a successor in accordance with the preceding paragraph, the Competent Authority will designate another securities investment trust enterprise as successor; the designated securities investment trust enterprise may not refuse unless it reports to and receives approval from the Competent Authority based on a legitimate reason.
證券投資信託事業不能依前項規定辦理者，由主管機關指定其他證券投資信託事業承受；受指定之證券投資信託事業，除有正當理由，報經主管機關核准者外，不得拒絕。

Where there is obvious mismanagement of a securities investment trust fund by a securities investment trust enterprise, the Competent Authority may order the enterprise to transfer the fund to the management of another securities investment trust enterprise designated by the Competent Authority.
證券投資信託事業經理證券投資信託基金顯然不善者，主管機關得命其將該證券投資信託基金移轉於經主管機關指定之其他證券投資信託事業經理。

Public announcement of succession or transfer referred to in the preceding three paragraphs shall be made by the successor securities investment trust enterprise.
前三項之承受或移轉事項，應由承受之證券投資信託事業公告之。

Paragraphs 1 to 3 shall apply mutatis mutandis where a fund custodian institution is unable to continue engaging in fund custody business because of dissolution, suspension or termination of business, or voidance or revocation of its business permission;
基金保管機構因解散、停業、歇業、撤銷或廢止許可事由，致不能繼續從事基金保管業務者，準用第一項至第三項規定；

public announcement of succession or transfer matters thereof shall be made by the securities investment trust enterprise.
其承受或移轉事項，應由證券投資信託事業公告之。

Article 97 If a securities investment trust enterprise or securities investment consulting enterprise is unable to continue operating discretionary investment business because of dissolution of the enterprise or because of voidance or revocation of its business permission, its discretionary investment contracts shall be terminated.
第97條 證券投資信託事業或證券投資顧問事業因解散、撤銷或廢止許可事由，致不能繼續經營全權委託投資業務者，其全權委託投資契約應予終止。

If a securities investment trust enterprise or securities investment consulting enterprise has suspended or ceased business or is obviously being mismanaged, the Competent Authority may order it to transfer its discretionary investment contracts to be managed by another securities investment trust enterprise or securities investment consulting enterprise designated by the Competent Authority
證券投資信託事業或證券投資顧問事業，因停業、歇業或顯然經營不善，主管機關得命其將全權委託投資契約移轉於經主管機關指定之其他證券投資信託事業或證券投資顧問事業經理。

Under the circumstances in the preceding paragraph, the securities investment trust enterprise or securities investment consulting enterprise shall solicit the opinion of the customer; if the customer disagrees or does not express any intention, its discretionary investment contract will be deemed terminated.
於前項情形，證券投資信託事業或證券投資顧問事業應徵詢客戶之意見，客戶不同意或不為意思表示者，其全權委託投資契約視為終止。

Article 98 Where a securities investment trust enterprise or securities investment consulting enterprise has had its permission voided or revoked, been ordered to suspend business, or ceased business of its own accord, such enterprise shall wind up any securities investment trust or securities investment consulting business that it was doing before such voidance, revocation, suspension, or cessation.
第98條 證券投資信託事業或證券投資顧問事業因撤銷、廢止許可、命令停業或自行歇業者，該事業應了結其被撤銷、廢止、停業或歇業前所為之證券投資信託或證券投資顧問業務。

A securities investment trust enterprise or securities investment consulting enterprise whose permission for securities investment trust or securities investment consulting business has been voided or revoked shall continue to be deemed a securities investment trust enterprise or securities investment consulting enterprise within the scope of winding down securities investment trust or securities investment consulting business under the preceding paragraph;
經撤銷或廢止證券投資信託或證券投資顧問業務許可之證券投資信託事業或證券投資顧問事業，就其了結前項之證券投資信託或證券投資顧問業務範圍內，仍視為證券投資信託事業或證券投資顧問事業；

a securities investment trust enterprise or securities investment consulting enterprise that has been ordered to suspend business or has ceased business of its own accord shall be deemed not yet to have suspended or ceased business within the scope of its winding down of securities investment trust or securities investment consulting business that it was doing before it suspended or ceased business.
因命令停業或自行歇業之證券投資信託事業或證券投資顧問事業，於其了結停業或歇業前所為之證券投資信託或證券投資顧問業務之範圍內，視為尚未停業或歇業。

Article 99 A securities investment trust enterprise or securities investment consulting enterprise shall, within three months after the close of each fiscal year, publicly announce and file with the Competent Authority its annual financial report that has been audited and certified by a certified public accountant, approved by the board of directors, and recognized by the supervisors.
第99條 證券投資信託事業及證券投資顧問事業，應於每會計年度終了後三個月內，公告並向主管機關申報經會計師查核簽證、董事會通過及監察人承認之年度財務報告。

The annual financial report referred to in the preceding paragraph shall be submitted to the Securities Investment Trust and Consulting Association for compilation and submission to the Competent Authority.
前項年度財務報告之申報，應送由同業公會彙送主管機關。

Article 100 With respect to the utilization of each securities investment trust fund, a securities investment trust enterprise shall prepare an annual financial report with the format and content prescribed by the Competent Authority within 2 months from the close of each fiscal year, and monthly reports within 10 days from the end of each month, for submission to the Competent Authority.
第100條 證券投資信託事業運用每一證券投資信託基金，應依主管機關規定之格式及內容於每會計年度終了後二個月內，編具年度財務報告；於每月終了後十日內編具月報，向主管機關申報。

The annual financial report referred to in the preceding paragraph shall be audited and certified by a certified public accountant approved by the Competent Authority, and signed by the fund custodian institution, and shall be publicly announced by the securities investment trust enterprise.
前項年度財務報告，應經主管機關核准之會計師查核簽證，並經基金保管機構簽署，證券投資信託事業並應予以公告之。

The annual financial report and monthly reports referred to in paragraph 1 shall be submitted to the Securities Investment Trust and Consulting Association for compilation and submission to the Competent Authority.
第一項年度財務報告及月報之申報，應送由同業公會彙送主管機關。

Article 101 To protect the public interest or preserve order in the market, the Competent Authority may at any time require a securities investment trust enterprise, securities investment consulting enterprise, fund custodian institution, or full fiduciary custodian institution, or a related party thereof, to submit financial and business reports or other related materials within a time limit, and may, directly or by authorizing an appropriate institution to do so, inspect its financial and business condition and other related matters. Such enterprise, institution, or related party thereof may not evade, impede, or refuse the inspection.
第101條 主管機關為保障公共利益或維護市場秩序，得隨時要求證券投資信託事業、證券投資顧問事業、基金保管機構及全權委託保管機構或其關係人，於期限內提出財務、業務報告或其他相關資料，並得直接或委託適當機構，檢查其財務、業務狀況及其他相關事項，該事業、機構或其關係人不得規避、妨礙或拒絕。

When the Competent Authority deems necessary, it may at any time appoint a lawyer, certified public accountant, or other professional or technical personnel to carry out an inspection under the preceding paragraph and to submit a factual report or opinion to the Competent Authority, with the expense to be borne by the inspected party.
主管機關認為必要時，得隨時指定律師、會計師或其他專門職業或技術人員為前項之檢查，並向主管機關據實提出報告或表示意見，其費用由被檢查人負擔。

To protect the public interest or preserve order in the market, the Competent Authority may request a relevant competent government authority or financial institution to provide necessary information or records with respect to anyone suspected of conduct in violation of this Act.
主管機關為保障公眾利益或維護市場秩序，對於有違反本法行為之虞者，得要求相關目的事業主管機關或金融機構提供必要資訊或紀錄。

Information obtained under paragraph 3 may not be made public or provided to any other person, except as necessary for sound supervision and investor protection.
前三項所得之資訊，除為健全監理及保護投資人之必要外，不得公布或提供他人。

Article 102 If, when examining a financial or business report or other relevant materials filed by a securities investment trust enterprise, securities investment consulting enterprise, fund custodian institution, or full fiduciary custodian institution, or inspecting the financial or business condition thereof, the Competent Authority discovers any noncompliance with an act or regulation, it may take corrective measures and additionally may duly impose penalties in accordance with law.
第102條 主管機關於審查證券投資信託事業、證券投資顧問事業、基金保管機構及全權委託保管機構所申報之財務、業務報告及其他相關資料，或於檢查其財務、業務狀況時，發現有不符合法令規定之事項，除得予以糾正外，並得依法處罰之。

Article 103 Where a securities investment trust enterprise or securities investment consulting enterprise has violated this Act or any order issued hereunder, in addition to imposing other penalties pursuant to this Act, the Competent Authority may, depending on the severity of the offense, impose any of the following dispositions:
第103條 主管機關對證券投資信託事業或證券投資顧問事業違反本法或依本法所發布之命令者，除依本法處罰外，並得視情節之輕重，為下列處分：

1. a warning.
一、警告。

2. order the securities firm to dismiss a director(s), supervisor(s), or manager(s) from their office.
二、命令該事業解除其董事、監察人或經理人職務。

3. suspend the whole or part of the enterprise´s public offering or private placement of securities investment trust funds or acceptance of new [discretionary investment] business for not more than two years.
三、對該事業二年以下停止其全部或一部之募集或私募證券投資信託基金或新增受託業務。

4. suspend the whole or part of the business of the company or its branch for not more than six months.
四、對公司或分支機構就其所營業務之全部或一部為六個月以下之停業。

5. revoke the business permission of the company or its branch.
五、對公司或分支機構營業許可之廢止。

6. any other necessary disposition.
六、其他必要之處置。

Article 104 Where a director, supervisor, manager, or employee of a securities investment trust enterprise or securities investment consulting enterprise does anything in the course of executing their duties that violates this Act or other applicable acts or regulations, where sufficient to affect the normal execution of business, the Competent Authority may at any time order the enterprise to suspend such person from exercising business for up to one year or to dismiss such person from their position and, depending on the severity of the violation, may impose a disposition on the enterprise under the preceding article.
第104條 證券投資信託事業及證券投資顧問事業之董事、監察人、經理人或受僱人執行職務，有違反本法或其他有關法令之行為，足以影響業務之正常執行者，主管機關除得隨時命令該事業停止其一年以下執行業務或解除其職務外，並得視情節輕重，對該事業為前條所定之處分。

Chapter VII Penalties
第七章罰則

Article 105 A person who, in operating securities investment trust business or fund custody business, violates Article 8, paragraph 1, with respect to the public or a beneficiary(ies) shall be punished by imprisonment for not less than 3 years and not more than 10 years, and may additionally be fined a criminal fine of not less than NT$10 million and not more than NT$200 million
第105條 經營證券投資信託業務或基金保管業務，對公眾或受益人違反第八條第一項規定者，處三年以上十年以下有期徒刑，得併科新臺幣一千萬元以上二億元以下罰金。

A person who, in operating securities investment consulting business, discretionary investment business, full fiduciary custody business, or other business under this Act, violates Article 8, paragraph 1, with respect to the public or a customer(s) shall be punished by imprisonment for not less than one year and not more than seven years, and may additionally be fined a criminal fine of not more than NT$50 million.
經營證券投資顧問業務、全權委託投資業務、全權委託保管業務或其他本法所定業務，對公眾或客戶違反第八條第一項規定者，處一年以上七年以下有期徒刑，得併科新臺幣五千萬元以下罰金。

Any property or property interest obtained from the commission of a crime by an offender committing an offense under the preceding two paragraphs, other than that which shall be returned to a victim or a third party, shall be confiscated regardless of whether it belongs to the offender. If the whole or a part of such property or property interest cannot be confiscated, the value thereof shall be collected from the offender or offset out of the property of the offender.
違反前二項規定，因犯罪所得財物或財產上利益，除應發還被害人或第三人外，不問屬於犯罪行為人與否，沒收之。如全部或一部不能沒收時，追徵其價額或以其財產抵償之。

Article 106 Any of the following offenses by a securities investment trust enterprise, securities investment consulting enterprise, fund custodian institution, or full fiduciary custodian institution shall be punished by imprisonment for not less than 1 year and not more than 7 years, and in addition a criminal fine of not more than NT$50 million may be imposed:
第106條 證券投資信託事業、證券投資顧問事業、基金保管機構或全權委託保管機構有下列情事之一者，處一年以上七年以下有期徒刑，得併科新臺幣五千萬元以下罰金：

1. any falsehood or concealment in the content of a prospectus or private placement memorandum submitted to the Competent Authority.
一、對主管機關提出之公開說明書或投資說明書之內容為虛偽或隱匿之記載。

2. any falsehood or concealment in the content of any account book, form/statement, document, or other reference or report material submitted under an order by the Competent Authority.
二、對於主管機關命令提出之帳簿、表冊、文件或其他參考或報告資料之內容為虛偽或隱匿之記載。

3. any falsehood or concealment in the content of any account book, form/statement, voucher, financial report or any other business document specified by law or in an order/regulation issued by the Competent Authority under a law.
三、於依法或主管機關基於法律所發布之命令規定之帳簿、表冊、傳票、財務報告或其他有關業務文件之內容為虛偽或隱匿之記載。

Article 107 Any of the following offenses shall be punished by imprisonment for not more than five years, and in addition a criminal fine of not less than NT$1 million and not more than NT$50 million:
第107條 有下列情事之一者，處五年以下有期徒刑，併科新臺幣一百萬元以上五千萬元以下罰金：

1. operating, without permission from the Competent Authority, securities investment trust business, securities investment consulting business, discretionary investment business or another business requiring approval from the Competent Authority.
一、未經主管機關許可，經營證券投資信託業務、證券投資顧問業務、全權委託投資業務或其他應經主管機關核准之業務。

2. engaging in, or acting as an agent for, the public offer or sale of offshore funds within the Republic of China in violation of Article 16, paragraph 1.
二、違反第十六條第一項規定，在中華民國境內從事或代理募集、銷售境外基金。

Article 108 Any director, supervisor, manager, or employee of a securities investment trust enterprise or securities investment consulting enterprise who solicits, agrees to accept, or accepts any property or other improper benefit in connection with the performance of his or her duties shall be punished by imprisonment for not more than five years, detention, and/or a criminal fine of not more than NT$2.4 million.
第108條 證券投資信託事業、證券投資顧問事業之董事、監察人、經理人或受僱人，對於職務上之行為，要求、期約、收受財物或其他不正利益者，處五年以下有期徒刑、拘役或科或併科新臺幣二百四十萬元以下罰金。

Any person referred to in the preceding paragraph who solicits, agrees to accept, or accepts any property or improper benefit for actions in breach of his or her duties shall be punished by imprisonment for not more than seven years and additionally may be fined a criminal fine of not more than NT$3 million.
前項人員對於違背職務之行為，要求、期約、收受財物或其他不正利益者，處七年以下有期徒刑，得併科新臺幣三百萬元以下罰金。

Any property received by a person who committed an offense specified in the preceding two paragraphs shall be confiscated. If the whole or part thereof cannot be confiscated, the value thereof shall be collected from the offender or offset out of the property of the offender.
犯前二項之罪者，所收受之財物沒收之；如全部或一部不能沒收時，追徵其價額或以其財產抵償之。

Article 109 Any person who promises to offer, agrees to offer, or delivers any property or other improper benefit to any person who acts contrary to his or her duty as specified in the preceding article shall be punished by imprisonment for not more than three years, detention, and/or a criminal fine of not more than NT$1.8 million.
第109條 對於前條人員關於違背職務之行為，行求、期約、交付財物或其他不正利益者，處三年以下有期徒刑、拘役或科或併科新臺幣一百八十萬元以下罰金。

The punishment of the offense specified in the preceding paragraph may be mitigated if the offender confesses or voluntarily surrenders; the punishment may be mitigated if the offender confesses during investigation or trial.
犯前項之罪而自白或自首者，得減輕其刑；在偵查或審判中自白者，得減輕其刑。

Article 110 Any person who engages in, or acts as an agent for, investment consultancy of offshore funds within the Republic of China in violation of Article 16, paragraph 1, shall be punished by imprisonment for not more than two years, detention, and/or a criminal fine not more than NT$1.8 million.
第110條 違反第十六條第一項規定，在中華民國境內從事或代理投資顧問境外基金者，處二年以下有期徒刑、拘役或科或併科新臺幣一百八十萬元以下罰金。

Article 111 For any of the following offenses, a securities investment trust enterprise or securities investment consulting enterprise shall be fined an administrative fine of not less than NT$600,000 and not more than NT$3 million, and ordered to make corrections within a specified period; if it fails to make corrections within such period, consecutive administrative fines of two to five times that amount may be imposed for each instance of failure until such time as corrections have been made:
第111條 證券投資信託事業或證券投資顧問事業有下列情事之一者，處新臺幣六十萬元以上三百萬元以下罰鍰，並責令限期改善；屆期不改善者，得按次連續處二倍至五倍罰鍰至改善為止：

1. operating business that has not been approved by the Competent Authority, in violation of Article 3, paragraph 4, or Article 4, paragraph 4.
一、違反第三條第四項或第四條第四項規定，經營未經主管機關核准之業務。

2. violating provisions of Article 14, paragraph 1, Article 18, paragraph 1, or Article 56, paragraph 1, concerning investment or trading scope, methods, or restrictions.
二、違反第十四條第一項、第十八條第一項或第五十六條第一項有關投資、交易範圍、方式或限制之規定。

3. violating provisions of the regulations prescribed by the Competent Authority under Article 16, paragraph 4, concerning investment or trading scope or restrictions.
三、違反主管機關依第十六條第四項所定辦法有關投資、交易範圍或限制之規定。

4. violating Article 19, paragraph 1, Article 51, paragraph 1, or Article 59.
四、違反第十九條第一項、第五十一條第一項或第五十九條規定。

5. violating provisions prescribed by the Competent Authority under Article 58, paragraph 2, concerning the investment target diversification rate.
五、違反主管機關依第五十八條第二項所定有關投資標的分散比率之規定。

6. operating without a business license issued by the Competent Authority, in violation of Article 63, paragraph 1.
六、違反第六十三條第一項規定，未經主管機關核發營業執照而營業。

7. violating applicable codes of conduct or restrictive or prohibitory provisions of the regulations prescribed by the Competent Authority under Article 69.
七、違反主管機關依第六十九條所定規則有關行為規範或限制、禁止之規定。

8. violating applicable restrictive or prohibitory provisions of the regulations prescribed by the Competent Authority under Article 70.
八、違反主管機關依第七十條所定規則有關限制、禁止之規定。

9. establishing a branch unit or relocating, or closing a company or branch unit without approval from the Competent Authority, in violation of the standards or regulations prescribed by the Competent Authority under Article 72, paragraph 1.
九、違反主管機關依第七十二條第一項所定標準或規則之規定，未經主管機關核准而設立分支機構、遷移或裁撤公司或分支機構。

Article 112 Any of the following offenses shall be punished by an administrative fine of not less than NT$300,000 and not more than NT$1.5 million, and the offender will be ordered to make corrections within a specified period; if the offender fails to make corrections within such period, consecutive administrative fines of two to five times that amount may be imposed for each instance of failure until such time as corrections have been made:
第112條 有下列情事之一者，處新臺幣三十萬元以上一百五十萬元以下罰鍰，並責令限期改善；屆期不改善者，得按次連續處二倍至五倍罰鍰至改善為止：

1. failing to deliver a prospectus in accordance with Article 15, paragraph 1.
一、未依第十五條第一項規定交付公開說明書。

2. using a name similar to "securities investment trust enterprise" or "securities investment consulting enterprise" in violation of Article 63, paragraph 3.
二、違反第六十三條第三項規定，使用類似證券投資信託事業或證券投資顧問事業之名稱。

Article 113 A securities investment trust enterprise, securities investment consulting enterprise, fund custodian institution, or full fiduciary custodian institution that commits any of the following offenses shall be fined an administrative fine of not less than NT$120,000 and not more than NT$600,000, and ordered to make corrections within a specified period; if it fails to make corrections within such period, consecutive administrative fines of two to five times that amount may be imposed for each instance of failure until such time as corrections have been made:
第113條 證券投資信託事業、證券投資顧問事業、基金保管機構或全權委託保管機構有下列情事之一者，處新臺幣十二萬元以上六十萬元以下罰鍰，並責令限期改善；屆期不改善者，得按次連續處二倍至五倍罰鍰至改善為止：

1. violating a provision of Article 11, paragraph 4, or Article 43, subparagraph 2, concerning reporting to the Competent Authority.
一、違反第十一條第四項或第四十三條第二款有關向主管機關申報規定。

2. violating Article 17, paragraph 1 or 2.
二、違反第十七條第一項或第二項規定。

3. failing to make materials available for reading under Article 20.
三、未依第二十條規定提供查閱。

4. failing to prepare, report, publicly announce, make available, or preserve any account book, form/statement, voucher, financial report, or other business document or matter as required under Article 26, Article 49, Article 74, paragraphs 1 or 3, Article 81, paragraph 1, Article 99, paragraph 1, or Article 100, paragraph 2.
四、未依第二十六條、第四十九條、第七十四條第一項、第三項、第八十一條第一項、第九十九條第一項或第一百條第二項規定，製作、申報、公告、備置或保存帳簿、表冊、傳票、財務報告或其他有關業務之文件或事項。

5. violating a provision of Article 29, paragraph 1, Article 43, subparagraph 1, Article 45, paragraph 4, Article 96, paragraph 4 or 5, concerning matters required to be publicly announced.
五、違反第二十九條第一項、第四十三條第一款、第四十五條第四項、第九十六條第四項或第五項有關應公告規定。

6. failing to make a report, public announcement, notice, or recordation under Article 47, paragraph 2.
六、未依第四十七條第二項規定，申報、公告、通知或報備。

7. failing to prepare customer data or preserve related documents under Article 60, paragraph 1, subparagraph 2.
七、未依第六十條第一項第二款規定，製作客戶資料表或留存相關證明文件。

8. failing to create an account, record information, prepare records, or deliver records or reports under Article 62, paragraph 1, 4, or 5.
八、未依第六十二條第一項、第四項或第五項規定設帳、登載、編製、送達紀錄或報告書。

9. violating regulations prescribed by the Competent Authority under Article 69 concerning personnel requirements or under Article 72, paragraph 1, concerning departments required to be established.
九、違反主管機關依第六十九條所定規則有關應備置人員或依第七十二條第一項所定規則有關應設置部門規定。

10. acts causing conflicts of interests with or injury to rights and interests of beneficiaries or customers in violation of Article 94.
十、違反第九十四條規定，與受益人或客戶發生利益衝突或有損害其權益之行為。

11. refusing designation by the Competent Authority as a successor without legitimate reason in violation of Article 96, paragraph 2.
十一、違反第九十六條第二項規定，無正當理由拒絕主管機關之指定承受。

12. failing to produce financial or business reports or other related materials within the time limit, or evading, impeding, or refusing inspection, in violation of Article 101, paragraph 1.
十二、違反第一百零一條第一項規定，未依限提出財務、業務報告或其他相關資料，或規避、妨礙、拒絕檢查。

Article 114 If the Securities Investment Trust and Consulting Association violates provisions of the regulations prescribed by the Competent Authority under Article 86 concerning regulation or supervision of Securities Investment Trust and Consulting Association business, it shall be fined an administrative fine of not less than NT$120,000 and not more than NT$1.2 million, and ordered to make corrections within a specified period;
第114條 同業公會違反主管機關依第八十六條所定規則有關對於同業公會之業務規範或監督規定者，處新臺幣十二萬元以上一百二十萬元以下罰鍰，並責令限期改善；

if it fails to make corrections within such period, consecutive administrative fines of two to five times that amount may be imposed for each instance of failure until such time as corrections have been made.
屆期不改善者，得按次連續處二倍至五倍罰鍰至改善為止。

Article 115 If a fund custodian institution or a director, supervisor, manager, or employee thereof violates Article 7, paragraph 1 or 2, Article 8, paragraph 1 or 2, Article 21, Article 23, paragraph 1, Article 24, paragraph 1, or Article 40, paragraph 1, the Competent Authority may suspend its execution of fund custody business for not less than one month to not more than two years, depending on the severity of the violation.
第115條 基金保管機構或其董事、監察人、經理人、受僱人違反第七條第一項、第二項、第八條第一項、第二項、第二十一條、第二十三條第一項、第二十四條第一項或第四十條第一項規定者，主管機關得視情節輕重停止其執行基金保管業務一個月以上二年以下。

Article 116 If an administrative fine imposed under this Act is not paid by a deadline set for its payment, it will be duly referred for compulsory execution in accordance with law.
第116條 依本法所處之罰鍰，經限期繳納而屆期不繳納者，依法移送強制執行。

Article 117 With respect to where a juristic person is subject to penalty for violating any administrative law obligation under this Act, any deliberate or negligent [act or omission] of a responsible person, associated person, or other employee of such juristic person is deemed a deliberate or negligent [act or omission] of the juristic person.
第117條 法人違反本法有關行政法上義務應受處罰者，其負責人、業務人員或其他受僱人之故意、過失，視為該法人之故意、過失。

Article 118 Where a juristic person violates a provision of Articles 105 to 110, the punishment shall be imposed on its responsible person.
第118條 法人違反第一百零五條至第一百十條規定者，處罰其負責人。

Article 119 Where a criminal fine assessed for an offense under this Act is NT$50 million or more and the offender lacks the ability to pay it in full, it shall be commuted to labor for a period of not more than two years, to be calculated by the ratio of the total amount of the fine to the number of days in two years; where the fine assessed is NT$100 million or more and the offender lacks the ability to pay it in full, it shall be commuted to labor for a period of not more than three years, to be calculated by the ratio of the total amount of the fine to the number of days in three years.
第119條 犯本法之罪，所科罰金達新臺幣五千萬元以上而無力完納者，易服勞役期間為二年以下，其折算標準以罰金總額與二年之日數比例折算；所科罰金達新臺幣一億元以上而無力完納者，易服勞役期間為三年以下，其折算標準以罰金總額與三年之日數比例折算。

Article 120 For purposes of trying criminal cases involving violations of this Act, a court may establish a special tribunal or designate a particular person(s) to handle the case.
第120條 法院為審理違反本法之犯罪案件，得設立專業法庭或指定專人辦理。

Chapter VIII Supplementary Provisions
第八章附則

Article 121 From the date this Act enters into force, the regulations governing securities investment trust enterprises and securities investment consulting enterprises referred to in Articles 18 and 18-1 of the Securities and Exchange Act, and Articles 18-2 and 18-3 of the Securities and Exchange Act, will no longer apply.
第121條 自本法施行之日起，證券交易法第十八條及第十八條之一所定證券投資信託事業及證券投資顧問事業之規定，及第十八條之二與第十八條之三規定，不再適用。

Article 122 Any operation of a securities investment trust enterprise or securities investment consulting enterprise already underway before this Act enters into force, where not in compliance with any provision of this Act, shall be brought into compliance with this Act within one year from the date this Act enters into force.
第122條 本法施行前，已經營證券投資信託事業或證券投資顧問事業，與本法規定不符者，應自本法施行之日起一年內，依本法之規定辦理。

Article 123 Enforcement Rules to this Act shall be prescribed by the Competent Authority.
第123條 本法施行細則，由主管機關定之。

Article 124 This Act shall enter into force on the date prescribed by an order of the Executive Yuan.
第124條 本法施行日期，由行政院以命令定之。