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Article 27-2
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If an offshore fund institution is recognized by the FSC as meeting certain conditions, the effective registration system will be adopted for offshore fund offering and sale cases handled by its appointed master agent.
When the master agent files for an offshore fund offering and sale case as provided in the preceding paragraph, the registration will become effective upon the expiration of 45 business days counting inclusively from the date that the FSC receives the filing documents.
If the filing documents submitted by the master agent are incomplete, the required information is not fully furnished, or an event under Article 32 occurs, then if the master agent submits supplementation in full on its own initiative prior to being notified by the FSC of suspension of the filing for effective registration, the registration shall become effective when the effective registration period of the preceding paragraph has expired, counting inclusively from the date on which the FSC receives the supplementary documentation.
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Article 32
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If, after the master agent has filed with the FSC for approval or registration of the offering and sale of any offshore fund but before approval has been granted or registration has become effective, there is an occurrence of any event set out in Article 12, paragraph 1 or any subparagraph of paragraph 6 in connection with the master agent, the offshore fund institution, or the offshore fund, or any change in the content of the application or filing documents, where there would be a material affect on the rights and interests of investors, the master agent shall report to the FSC within 3 days from the date of occurrence.
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