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Article 2
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The term "beneficiary certificates" in these Regulations includes beneficiary certificates issued by a securities investment trust enterprise for the offering of a closed-end securities investment trust fund in accordance with the Regulations Governing Securities Investment Trust Funds, or for the establishment of an exchange-traded Fund (the latter hereunder referred to as “ETF beneficiary certificates”), and real estate investment trust beneficiary securities offered and issued by a trustee institution for the establishment of a real estate investment trust fund in accordance with the Real Estate Securitization Act. Applications may be filed for the listing and trading of such beneficiary certificates on the TSEC.
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Article 8
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The price fluctuation limit for beneficiary certificates on the first trading day shall be based on the net asset value per beneficiary unit on the previous day calculated by the securities investment trust enterprise according to Article 13 of the Regulations Governing Securities Investment Trust Funds or by the real estate investment trust fund established by the trustee institution according to the stipulations of the real estate investment trust contract.
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Article 9
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The income derived from the beneficiary certificates shall be distributed by the securities investment trust enterprise pursuant to Article 25 of the Regulations Governing Securities Investment Trust Funds or by the real estate investment trust established by the trustee institution pursuant to the real estate investment trust contract. Transactions settled after the record date for suspension of title transfer shall be ex-dividend transaction. The daily fluctuation limit for beneficiary certificates on the ex-dividend starting date shall be calculated based on the closing price on the previous day minus the income distributed.
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