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Article 25
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The custodian institution for an offshore fund, other than an offshore ETF, approved by, or effectively registered with, the FSC for offer and sale in Taiwan shall have a certain credit rating or higher from a credit rating institution approved or recognized by the FSC.
If the custodian institution mentioned in the preceding paragraph does not have any credit rating, the credit rating of the conglomerate to which the custodian institution belongs may be used instead.
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