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Tai-Tsai-Rong-(4)-Zi-0924000963
Direction
MINISTRY OF FINANCE
From : Ministry of Finance ("MOF")
Date : October 30, 2003
Ref. No. : Tai-Tsai-Rong-(4)-Zi-0924000963
Explanation:
1. The "required credit rating from a qualified credit rating agency recognized by the MOF" as used in Article 4, Paragraph 1, Subparagraph 4 and 5 of the Regulations Governing Management and Employment of Collective Investment Trust Funds, and Article 3, Paragraphs 2 through 4 of the Regulations for the Operation of a Discretionary Money Trust Business by a Trust Enterprise shall mean that one of the following has been satisfied:
(1) For deposits in a financial institution, the credit rating of such financial institution must satisfy one of the following:
a. Have a short-term credit rating from Standard & Poor's of A-3 or above, or a long-term rating from Standard & Poor's of BBB- or above.
b. Have a short-term rating from Moody's Investors Service of P-3 or above, or a long-term credit rating from Moody's Investors Service of Baa3 or above.
c. Have a short-term rating from Fitch Rating Ltd. of F3 or above, or long-term rating from Fitch Rating Ltd. of BBB- or above.
d. Have a short-term rating from Taiwan Ratings Corporation of twA-3 or above, or a long-term rating from Taiwan Ratings Corporation of twBBB- or above.
e. Have a short-term rating from Fitch Ratings Limited, Taiwan Branch of F3 (twn) or above, or a long-term rating from Fitch Ratings Limited, Taiwan Branch of BBB- (twn) or above.
f. Have a short-term rating from Moody's Taiwan Corporation of TW-3 or above, or a long-term rating from Moody's Taiwan Corporation of Baa3.tw or above.
(2) For investments in bank debentures, corporate bonds or short-term bills, the issuer of such bank debentures, and, the debtor (i.e., the issuer, guarantor, or underwriter) for such corporate bonds or short-term bills, shall have a credit rating that is differentiated based on whether the investment purpose is long or short term, and such credit rating must satisfy at least one of the following requirements (the bank debentures and corporate bonds described above shall not include subordinated bank debentures or subordinated corporate bonds):
a. Have a short-term credit rating from Standard & Poor's of A-3 or above, or a long-term rating from Standard & Poor's of BBB- or above.
b. Have a short-term rating from Moody's Investors Service of P-3 or above, or a long-term credit rating from Moody's Investors Service of Baa3 or above.
c. Have a short-term rating from Fitch Rating Ltd. of F3 or above, or long-term rating from Fitch Rating Ltd. of BBB- or above.
d. Have a short-term rating from Taiwan Ratings Corporation of twA-3 or above, or a long-term rating from Taiwan Ratings Corporation of twBBB- or above.
e. Have a short-term rating from Fitch Ratings Limited, Taiwan Branch of F3 (twn) or above, or a long-term rating from Fitch Ratings Limited, Taiwan Branch of BBB- (twn) or above.
f. Have a short-term rating from Moody's Taiwan Corporation of TW-3 or above, or a long-term rating from Moody's Taiwan Corporation of Baa3.tw or above.
2. The MOF order, dated January 30, 2003 (Ref. No.: Tai-Tsai-Rong-(4)-Zi-0914001234), shall no longer apply.
If the translations of the texts differ from the original Chinese texts, the original texts are preferential.
Last Updated:March 18, 2005 |