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A securities investment trust enterprise (SITE) that offers exchange-traded securities investment trust fund or active exchange-traded securities investment trust funds under the Regulations Governing Securities Investment Trust Funds, a futures trust enterprise ("FTE ") that offers exchange-traded futures trust fund under the Regulations Governing Futures Trust Funds, or an offshore fund manager or an institution designated thereby ("OFI") that offers offshore exchange-traded trust fund under the Regulations Governing Offshore Funds, shall select liquidity providers ("liquidity providers") respectively for exchange-traded fund beneficial certificates and active ETF beneficial certificates (collective "beneficial certificates"). An offshore fund institution may engage a general agent to report by letter to the TWSE.
An SITE shall appoint one of the liquidity providers of the beneficial certificates of an ETF securities investment trust fund as the liquidity provider of additional ETF beneficial certificates.
Where a SITE, a futures trust enterprise, or an offshore fund institution is in violation of either of the preceding two paragraphs for three consecutive months, the TWSE will issue a warning letter to the SITE, futures trust enterprise, or offshore fund institution, impose a breach penalty in the amount of NT$30,000 on the agent of the SITE, futures trust enterprise, or offshore fund institution, and further conduct a monthly investigation, and may impose consecutive penalties until such time as correction is made.
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