Last published date: The U. They analyze a variety of economies that are or could be markets for U. The Investment Climate Statements are also references for working with partner governments to create enabling business environments that are not only economically sound, but address issues of labor, human rights, responsible business conduct, and steps taken to combat corruption. Executive Summary Norway is a modern, highly developed country with a small but very strong economy.

Per capita GDP is among the highest in the world, boosted by decades of success in the oil and gas sector and other world-class industries like shipping, shipbuilding, and aquaculture. The major industries are supported by a strong and growing professional services industry finance, ICT, legal , and there are emerging opportunities in fintech, cleantech, medtech, and biotechnology.

Norway is politically stable, with strong property rights protection and an effective legal system. As securities investment trust funds have the majority share of the mutual funds market in Taiwan, we will focus our discussion in this chapter on securities investment trust funds without reference to futures investment trust funds.

A securities investment trust fund refers to the trust property under a securities investment trust agreement, including the purchase price obtained from the public offering or private placement, and any proceeds accruing thereupon and assets purchased therewith.

If the fund is raised outside Taiwan but will invest in Taiwanese securities or the fund is denominated in foreign currency, a prior approval of the Central Bank of the Republic of China Taiwan is also required. There is no exemption to the requirement of effective registration or approval for offering of onshore funds to the public. The effective registration system is the principle and the approval system is applicable only in limited circumstances prescribed by the Regulations for Public Offering of Funds.

Onshore funds For onshore funds, the issuing company of the funds, which is also the management company of the fund, i. The required application documents include, among others: the offering plan; the trust agreement; the prospectus and a simplified prospectus; and an opinion issued by a lawyer that the provisions of the trust agreement are reasonable. For a fund investing in domestic products only, the registration of the fund will be effective 12 business days after it is filed with the FSC, and for other funds, such period will be 30 business days.

Offshore funds For offshore funds, the local master agent should first submit the application documents to the SITCA for its preliminary review. No onshore fund or offshore fund can be offered or sold to the public in Taiwan unless it is effectively registered with or approved by, as the case may be, the FSC. Or are foreign funds permitted to register in your jurisdiction? Regulatory Framework 2.

Are there other main areas of regulation that are imposed on public funds? Governance Onshore funds Onshore funds should be established in the form of a trust under the trust agreement entered into by and between a SITE and a custodian. Under the SITC Act, the management company and the custodian of an onshore fund shall: conduct their businesses in good faith and with due care and the duty of loyalty; be subject to the confidentiality obligation; and comply with the SITC Act, relevant regulations and rulings of competent authorities, codes of conduct and rules promulgated by the SITCA, and the trust agreement.

Under the SITC Act, material events should be approved by the beneficiaries meeting of the fund, such as termination of the trust agreement, increase in the remuneration of the fund management company or custodian, change of management company or custodian, material amendment to the basic policies or scope of investment targets of the fund, or amendment to the securities investment trust agreement that would have a material effect on the rights or interests of the beneficiaries.

The SITE shall also publicly announce and report to the competent authority, with a copy to the SITCA, any matter that materially affects the rights or interests of the beneficiaries within two days from the occurrence of the event. The SITE shall set up proper procedures to select the sub-manager.

The regulator of the sub-manager shall have executed a memorandum or similar document with our FSC in respect of information exchange and cooperation of securities supervision, and shall issue a letter consenting to cooperation of supervision with our FSC with exception. The SITE and the sub-manager shall enter into an investment agreement, which shall include certain required matters prescribed by the FSC.

Offshore funds There is no requirement or restriction on offshore funds with respect to selection of an investment adviser and review and approval of an investment advisory agreement. With the exception of equity fund investing in domestic securities, all other types of funds must set a maximum issuing amount. An onshore fund is not allowed to borrow money but it may obtain a short-term loan extended by a bank to meet the requirement of payment of redemption price or settlement of purchase price of securities.

Offshore funds There is no capital structure requirement for offshore funds. Limits on portfolio investments Onshore funds An onshore fund, depending on its nature, may only invest in securities and derivatives that are permitted by the applicable Taiwan laws and regulations and are specified in the trust agreement. Currently, an onshore fund is not allowed to invest in commodity, loans, or alternative assets such as creditor rights.

Recently, the regulator has been considering amending the SITC Act to allow the establishment of real estate investment trust enterprises to issue funds for investment in real estate. Further, except as being approved by the FSC, the assets of an onshore fund cannot be used for certain purposes, which include, among others: i making loans or providing a security, unless otherwise provided by laws or regulations; ii conducting securities margin trading; iii investing the securities issued by the SITE managing the fund or its related entities; iv purchasing the beneficiary units of that same fund; and v lending securities held by the funds to others, except where otherwise permitted by applicable regulations e.

Conflicts of interest Onshore funds Taiwan law requires that the management company and the custodian of a fund should be separate and independent of each other and, unless permitted by the FSC, cannot be related companies e. In addition, an Insider may not assume a position as a director, supervisor, or managerial officer of a company, the stock of which are purchased by the fund, unless otherwise provided by the FSC. Offshore funds There is no specific requirement on conflicts of interest for the manager or issuer of offshore funds.

Reporting and recordkeeping Onshore funds For onshore funds, a SITE shall on each business day publish the net asset value of each beneficiary unit for the previous business day. Further, a SITE shall prepare CPA-audited annual financial reports of each of its funds within two months of the end of the fiscal year, CPA-reviewed semi-annual financial reports within 45 days of the second quarter of the fiscal year, and monthly reports within 10 days of the end of each month.

In addition, a SITE or custodian of an onshore fund should notify investors of the funds certain matters set forth in the trust agreement, including major amendment to the trust agreement, income distribution of the fund, change to the fund manager or custodian, termination of the trust agreement or other matters that should be notified to the investors in accordance with laws, regulations, or instructions of the FSC.

All the accounting books and financial statements must be kept for at least 10 years after the annual fiscal year according to the Taiwan Business Accounting Act. Offshore funds For offshore funds, on each business day, the master agent shall report to the FSC, or an institution designated by the FSC, the fund names, and the aggregate amounts and numbers of units of confirmed subscriptions, redemptions, or switches of the offshore funds represented by it the preceding business day and such other items as prescribed by the FSC in the format and with the content specified by the FSC through the information transmission system designated by the FSC.

In addition, the master agent shall publicly announce the net asset value of each offshore fund that it represents on each business day. In addition, a master agent shall: produce a monthly report for the offshore funds represented by it, in the format and with the content prescribed by the FSC; and, within 10 business days after the end of each month, submit the report to the SITCA through the information transmission system designated by the FSC, for the SITCA to compile and forward to the FSC and the Central Bank of the Republic of China Taiwan , provided that the data involving investment ratios may be supplemented by the end of the following month.

An offshore fund offered and sold in Taiwan shall produce an annual financial report in accordance with the regulations of the place where the fund is registered, and immediately publish it together with an abridged Chinese translation thereof. The same applies when a semi-annual financial report is required under the regulations of the place where the fund is registered.

Furthermore, the master agent shall make public announcement of certain material events in respect of offshore funds that may have material impact on the rights and interests of the investors within three days after the occurrence of such event, and shall immediately publicly announce and notify the local distributors of the convening of beneficiaries meetings or shareholders meetings of the offshore fund and other material events related to the exercise of investor rights.

The master agents and local distributors shall keep and preserve the confirmation statements or account statements and other relevant documents in connection with the subscription, redemption, or switch of offshore funds for at least five years and the accounting books and financial statements for at least 10 years. In general, certain major events of an onshore fund shall be approved by the FSC, which include, but are not limited to: 1 any amendment to the trust agreement; 2 change of the custodian; 3 increase in the remuneration of the management company or the custodian; 4 termination of the trust agreement and liquidation of the fund; and 5 merger of funds.

If so, what does the registration process involve?

Friendly and Comfortable Living Environment Strategic Economic Hub in Asia Pacific Taiwan is located just east of Mainland China, the center of global economic growth and the world's second largest economy, south of Japan, the world's third largest economy, east of the United States, the world's largest economy, and north of source ten ASEAN countries.

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