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Article 24
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When a master agent submits an application (or filing) for the offering and sale of an offshore fund, the offshore fund manager of the offshore fund, other than an offshore ETF, shall meet the following conditions:
- The total net asset value of all funds under the management of the fund manager (which may include its controlling and subsidiary institutions) raised by public offering and invested in securities exceeds US$2 billion or the equivalent in other foreign currencies. The calculation of the "net asset value" excludes pension funds and discretionary investment accounts.
- The fund manager has not been sanctioned in connection with the handling of asset management business, with a record, by the competent authority of its home country during the past 2 years in any case in which it furthermore still has not remedied the issue.
- The fund manager has been established for at least 2 years.
- The fund manager or a member of the same corporate group has made concrete contributions, in compliance with FSC regulations, that further asset management business in Taiwan, and has been recognized by the FSC. The fund manager, however, may be exempted from this requirement if the place of registration of the fund and the home country of the offshore fund manager have been recognized and publicly announced by Taiwan.
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