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An Order Interpreting Subparagraph 8, Paragraph 1, Article 5 of the Regulations Governing Banks Conducting Financial Products and Services for High-Asset Customers
Financial Supervisory Commission Order
Issuance Date: August 15, 2022
Issuance No.: Jin-Guan-Yin-Wai Order No. 11102721131
1. According to Subparagraph 8, Paragraph 1, Article 5 of the Regulations Governing Banks Conducting Financial Products and Services for High-Asset Customers (hereinafter referred to as the Regulations), banks approved by the FSC to process the business specified in the Regulations may accept commissions for investment in “offshore Funds that do not have the nature of a securities investment trust fund” through trusts and process them in accordance with the following regulations:
(1) Clients are limited to professional institution investors, high net worth corporate investors, and high-asset customers. The total number of clients may not exceed 99 persons.
(2) Banks must sign a contract with the foreign asset management institution or its designated institution in advance and specify in the contract that no other institution in Taiwan may be commissioned to process such operations.
(3) Banks must, within five days from the date that the price of the funds has been paid in full, submit the investment report of offshore funds that do not have the nature of a securities investment trust fund (the format is provided in the Attachment) to the Securities Investment Trust & Consulting Association of the R.O.C. They shall also report the summary of changes in the previous month to the trade association before the tenth business day of each month.
2. This Order shall become effective immediately. |