| Article 7-1 |
Beneficiary securities or asset-backed securities issued under the Financial Assets Securitization Act (hereinafter, "beneficiary securities" or "asset-backed securities") for which the issuing institution is applying to the GTSM for trading on OTC markets shall meet the following conditions:
1. Be beneficiary securities or asset-backed securities issued through effective registration or application and approval from the competent authority for the Financial Assets Securitization Act.
2. Have set out specific definitions and calculation standards for the repayment amounts, duration, interest, and interest payment.
3. The maturity date shall be not less than one year from the date of listing with the GTSM.
4. Issue size shall be not less than NT$500 million.
5. The number of beneficiaries or holders is not less than five persons, and the total amount of any individual holdings of such beneficiary securities or asset-backed securities shall not exceed 20 percent of the total issue amount; if the holder is an independent institutional investor, the restriction of 20 percent of the total issue amount shall not apply.
The term “independent institutional investor” in the preceding paragraph means a juristic person or institution under Article 13, paragraph 1, subparagraph 1 of the Real Estate Securitization Act or a fund under Article 13, paragraph 1, subparagraph 2 of the same Act; and does not mean an originator as referred to in the Financial Asset Securitization Act, or an interested party thereof, or an affiliated enterprise as referred to in the Company Act, or a related party or substantially related party as defined in Statement of Financial Accounting Standards No. 6.
When applying for trading of its beneficiary securities or asset-backed securities on OTC markets, an issuer shall submit the Application for Trading on OTC markets (Schedules 4-1, 4-2) to the GTSM and fill in the statement of particulars, together with required documents. |
| Article 7-2 |
Real estate asset trust beneficiary securities issued under the Real Estate Securitization Act for which the issuing institution is applying for trading on OTC markets shall meet all the following conditions:
1. Issue size shall be not less than NT$500 million.
2. The maturity date shall be not less than one year from the date of commencement of OTC trading.
3. Have set out specific definitions and calculation standards for the repayment amounts, duration, interest, and interest payment.
4. The number of beneficiaries shall be no less than five, and furthermore the total amount of the first-payment-priority beneficiary securities held by any five beneficiaries shall not exceed 50 percent of the total issue amount of the beneficiary securities; if the holder is an independent institutional investor, the restriction of 20 percent of the total issue amount shall not apply.
5. The beneficiary securities shall undergo rating by a credit rating institution approved by the competent authority for the relevant industry.
The term “independent institutional investor” in the preceding paragraph means a juristic person or institution under Article 13, paragraph 1, subparagraph 1 of the Real Estate Securitization Act or a fund under Article 13, paragraph 1, subparagraph 2 of the same Act; and does not mean a promoter of a real estate investment trust, or an interested party thereof, or an affiliated enterprise as referred to in the Company Act, or a related party or substantially related party as defined in Statement of Financial Accounting Standards No. 6.
A trustee institution applying for trading of its issued beneficiary securities on OTC markets shall submit the Application for Trading of Beneficiary Securities on OTC markets (Schedules 4-3, 4-4) to the GTSM, specifying the required particulars and annexing the required documents. |
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