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Article 23-2
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Where approved real estate investment trust beneficiary securities offered and issued by a domestic closed-end real estate investment trust fund established by a trustee institution meet all the below-listed conditions, and the offering trustee institution applies for listing, this Corporation may agree to the listing thereof:
1. The total issue amount is NT$3 billion or more.
2. The duration of the contract must be one year or more from the date of listing for trading.
3. The number of beneficiaries holding a total amount of NT$1 million or less of the beneficial units shall not be less than 500, and the total amount of all beneficial units held by such beneficiaries shall not be less than NT$200 million.
4. The total price amount of the beneficial units held by any five beneficiaries shall not exceed 50 percent of the total issue amount of the beneficiary securities. Provided, this restriction shall not apply where the holder is an independent institutional investor.
5. Each beneficiary security shall represent 1,000 beneficial units, and have a par value limited to NT$10,000.
6. The owner of the real estate or rights owner of rights related to the real estate invested in by the fund, in accordance with Article 6, paragraph 1, subparagraph 5 of the Regulations Governing the Offering or Private Placement of Real Estate Investment Trust or Real Estate Asset Trust Beneficiary Securities by Trustee Institutions, shall place in full the beneficiary securities it holds from the assignment of the real estate or real estate related rights in centralized custody, and shall undertake that it shall neither release the beneficiary securities from custody, nor transfer or pledge the beneficiary securities or certificates under custody, before one year has elapsed from the time it comes to hold them, and only after one year has elapsed may it retrieve them in full.
Where approved real estate asset trust beneficiary securities offered and issued by a trustee institution meet all the below-listed conditions, and the offering trustee institution applies for listing, this Corporation may agree to the listing thereof:
1. The total issue amount of the real estate asset trust beneficiary securities under application for listing is NT$500 million or more.
2. The date of maturity is at least one year from the date of listing for trading.
3. The number of beneficiaries shall be no less than five, and furthermore the total amount of the first-payment-priority beneficiary securities held by any five beneficiaries shall not exceed 50 percent of the total issue amount of the beneficiary securities; if the securities are tranched, the calculation shall be based on the issue amount after tranching. Provided, this restriction shall not apply where the holder is an independent institutional investor.
4. The par value shall be limited to NT$100,000.
5. Beneficiary securities under application for listing shall be rated by a credit rating institution.
The term “independent institutional investor” in this Article means a juristic person or institution under Article 13, paragraph 1, subparagraph 1 of the Real Estate Securitization Act or a fund under Article 13, paragraph 1, subparagraph 2 of the same Act; and does not mean a promoter of a real estate investment trust or a settler of a real estate asset trust, or an interested party thereof, or an affiliated enterprise as referred to in the Company Act, or a related party or substantially related party as defined in Statement of Financial Accounting Standards No. 6.
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