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Article 12
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The master agent shall publicly announce the following events within 3 days from the occurrence thereof:
- Revocation of the represented offshore fund’s approval or restriction of its investment activities by the competent authority in the place where the offshore fund is registered;
- Inability of the offshore fund institution to continue to conduct relevant business due to dissolution, suspension of business, transfer of business, merger or acquisition, cessation of business, voidance or revocation of its permit under laws or regulations of the country where it is located, or other similar material event;
- Voidance by the FSC of the registration of an offshore fund represented by the master agent;
- Any disposition made with respect to the offshore fund manager by the competent authority thereof;
- Any suspension or resumption of transactions of an offshore fund represented by the master agent;
- Any amendment or addition to the content of an offshore fund prospectus or other relevant documents delivered to investors with respect to an offshore fund represented by the master agent, where the change or addition materially affects investors’ rights or interests;
- Any investor litigation or material dispute in connection with the offering and sale in Taiwan of an offshore fund represented by the master agent;
- Any material change to the finances or business of the master agent;
- Any occurrence of a material event relating to the offshore ETF represented by the master agent, and such event materially affects investors’ rights or interests, or any approval to change the underlying index by the competent authority in the place where the ETF is registered;
- Any miscalculation of the fund's net asset value that reaches or exceeds the specified tolerable range set by the competent authority in the place where the offshore fund is registered;
- Any other event materially affecting investors’ rights or interests.
The master agent shall report any matter under subparagraph 1, 2, 4, 5, 9, or 10 of the preceding paragraph to the FSC within 3 days from its occurrence. The master agent shall, by the 5th day of the following month, summarize and report any matters under subparagraphs 6 to 8 or subparagraph 11 to the SITCA, which shall then forward the report to the FSC.
The master agent shall submit any of the following matters to the SITCA in advance for review and approval, and publicly announce the matter within 3 days after the approval:
- Any change in sub-distributors.
- Any change in participating dealers.
- In the case of an offshore fund represented by the master agent, any addition, suspension, resumption, or cancellation of the class that is offered and sold in Taiwan.
The SITCA shall report, on a monthly basis, any matters under subparagraphs 1 and 2 of the preceding paragraph to the FSC and the Central Bank of China (CBC), and any matters under subparagraph 3 to the FSC.
Where the master agent is unable to continue offering and distributing any offshore fund due to events referred to in subparagraphs 1 through 3 of paragraph 1, the master agent shall assist investors to carry out subsequent redemption, switch, or other relevant matters relating to the offshore funds.
An offshore fund shall require the approval of the FSC for any of the following events, and shall publicly announce such event within 3 days from its occurrence:
- Transfer, merger, or liquidation of the fund;
- Increase in the remuneration of the offshore fund manager or the custodian institution;
- Termination of the offering and sale of the offshore fund in Taiwan;
- Change of the offshore fund manager or the custodian institution of the offshore fund;
- Change of the fund name;
- Change of the basic investment policies or scope of the fund for investing in securities or trading securities related products, where inconsistent with the provisions of Article 23 hereof;
- Change of the fund type as a result of a change of its investment portfolio or strategy;
- Significant adjustment in the organization or change of name of the fund manager or the custodian institution.
- Any other matter required by the FSC for its approval.
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