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Interpretation Concerning Easing Restrictions on the Use of Funds During the Three-Month Position Building Period Under the Rules Governing the Management and Employment of Collective Investment Trust Funds and Regulations Governing the Management of Common Trust Funds
12 January 2005
Letter Ref. Jin-Kuan-Yin-(IV)-0948010035
Financial Supervisory Commission, Executive Yuan
Subject:
Response to suggestions to ease restrictions on the use of funds during the position building period under the Rules Governing the Management and Employment of Collective Investment Trust Funds ("Collective Management Rules") and the Regulations Governing the Management of Common Trust Funds. Please be advised and notify all members.
Statement:
1. This is in response to the letter dated 5 October 2004 (ref. Jhong-Tuo-Ye-930426) from the Trust Association of the ROC forwarded by the Banking Bureau.
2. In light of the practical operational needs of trust enterprises handling collective investment trust fund accounts and common trust funds, the Banking Bureau accepts the suggestion of the Trust Association of the ROC that Article 4, paragraph 1, subparagraph 8, of the Collective Management Rules shall become applicable only from the date upon which three months have elapsed from the remittance of the first installment of trust funds into a collective investment trust fund account, and that Article 24, subparagraph 6, of the Regulations Governing the Management of Common Trust Funds shall become applicable only from the date upon which three months have elapsed from the establishment of a common trust fund. |