After accepting an application by a trustee to list REIT or REAT beneficial securities that it issues in an offering or a follow-on offering, the TWSE shall check whether the documents have been submitted in full based on the Review Form as specified under the Regulations. After confirming that the documents have been submitted in full, the TWSE shall issue a listing approval letter to the trustee, and forward the Review Form as specified in the Regulations and a photocopy of the listing approval letter to the competent authority, and shall clearly state that the trustee has met the qualifications and that the application documents have been submitted in full.
The listing approval letter mentioned in the preceding paragraph shall include the following statement: "The TWSE approves the listing of the REIT or REAT beneficial securities to be issued in an offering or a follow-on offering, contingent upon approval by the competent authority of the application to issue in an offering or a follow-on offering the REIT or REAT beneficial securities, and further contingent upon the post-establishment beneficial owner distribution data indicating compliance with listing requirements.
If the application documents, upon review, are found not to have been submitted in full by the trustee, the TWSE shall notify the trustee by letter to make supplementation. If the trustee does not make supplementation within the time limit, or if there exists any circumstance listed in Review Item 14, 15, or 16 in the Review Form under the Regulations, the TWSE shall reply by letter to the trustee stating that it has not approved and forwarded the application to the competent authority, and shall reject the application, and send a copy to the competent authority as well as each competent authority in charge of the relevant industry.
The review period by the TWSE together with the supplementation period by the trustee shall not exceed one month.
TWSE case handling departments shall compile a monthly report on listing approval letters issued in response to applications to list REIT and REAT beneficial securities, and submit it to the board of directors.