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After accepting an application by a trustee to list REIT or REAT beneficial interest securities that it offers and issues, a TSEC case handler shall conduct a document review of the application documents and their attachments in accordance with the following guidelines and procedures:
(1) Review guidelines:
1. Application documents:
(a) Check whether the documents have been submitted in full, fill in the "Document Checklist for Application to List REIT or REAT Beneficial Interest Securities" (Attachment 1), and submit it for higher level review. If the documents have not been submitted in full, request that the applicant supplement within a prescribed period. Where supplementation is not made within the prescribed period, issue a rejection notice, and send a copy to the competent authority.
(b) Check whether the prospectus records all the information required by the Regulations Governing Information to be Recorded in the Prospectus by a Trustee Offering Beneficial Interest Securities in a Real Estate Investment Trust or Real Estate Asset Trust, as issued and implemented by the competent authority, and fill in the "Checklist for REIT or REAT Beneficial Interest Securities Prospectus" (Attachment 2).
(c) Check whether the evaluation report issued by the underwriter clearly indicates that the current asset trust plan is feasible and reasonable.
(d) For the checks set out in the preceding points (a) and (b), the case handler shall fill out the relevant checklists, and submit them for higher level review. If it is discovered upon review that a particular matter has not been disclosed, or has not been fully disclosed, issue a rejection notice, and send a copy to the competent authority.
2. Listing requirements under the TSEC Rules for Review of Securities Listings: Check whether, based on its listing application and attached documents, the listing requirements of each subparagraph of Article 23-2 of the TSEC Rules for Review of Securities Listings are met, fill out the Listing Requirements Review Form (Attachment 3), and submit it for higher level review.
(2) Issuance of listing approval letter:
1. After document review confirms that the application documents are complete and meet the listing requirements, and higher level review uncovers no defect, the TSEC will issue a listing approval letter, to be used by the trustee for its application to the competent authority to offer and issue REIT or REAT beneficial interest securities. The listing approval letter shall include the following statement: "The TSEC approves the listing of the REIT or REAT beneficial interest securities to be offered and issued, contingent upon approval by the competent authority of the application to offer and issue the REIT or REAT beneficial interest securities, and further contingent upon the post-establishment beneficiary distribution data indicating compliance with listing requirements. Where no application for offering and issuance application is submitted to the competent authority within 30 days from the issuance of this listing approval letter, this letter shall be void."
2. TSEC case handling departments shall compile a monthly report on listing approval letters issued in response to applications to list REIT and REAT beneficial interest securities, and submit it to the board of directors.
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