Announcement on the Types and Scope of Foreign Securities Advised by Operators of Foreign Securities Investment Advisory Business

Announcement on the Types and Scope of Foreign Securities Advised by Operators of Foreign Securities Investment Advisory Business. (Financial Supervisory Commission, Securities Investment and Futures Bureau, No. 1150384682)

2026-10-16

Financial Supervisory Commission Announcement
Date of Issue: October 16, 2026 (Republic of China Year 115) Document No.: Jin Guan Zheng Tou Zi No. 1150384682 Attachment: Attachment PDF File

Subject: Announcing the types and scope of foreign securities advised by operators of foreign securities investment advisory business, effective immediately.

Basis: Article 19, Paragraph 2 of the Rules Governing the Management of Securities Investment Advisory Firms.

Announcement Items:

1. The scope of foreign securities advised by operators of foreign securities investment advisory business is limited to the following categories:

(1) Offshore funds approved or declared effective by this Commission for fundraising and sale.

(2) Stocks, index funds, and actively managed Exchange Traded Funds (ETFs) with characteristics of securities investment trusts, Depositary Receipts, or Real Estate Investment Trusts (REITs) traded on foreign stock exchanges designated by this Commission. For clients who are non-professional investors, the scope of ETFs is limited to those primarily investing in stocks and bonds and not having leverage or short-selling effects.

(3) Foreign central government bonds. For clients who are non-professional investors, the sovereign credit rating of the issuing country must meet a certain level as rated by the credit rating agencies listed in Attachment One; for clients who are professional investors, the sovereign credit rating of the issuing country must meet a certain level as rated by the credit rating agencies listed in Attachment Three.

(4) Foreign bonds other than those in the preceding paragraph (including convertible corporate bonds and bonds with warrants). For clients who are non-professional investors, the long-term debt credit rating of the foreign bond issuer or guarantor and the debt issuance rating of the foreign bond must meet a certain level as rated by the credit rating agencies listed in Attachment Two; for clients who are professional investors, the long-term debt credit rating of the foreign bond issuer or guarantor or the debt issuance rating of the foreign bond must meet a certain level as rated by the credit rating agencies listed in Attachment Three.

(5) Foreign securitized products. For clients who are non-professional investors, the debt issuance rating of the foreign securitized product must meet a certain level as rated by the credit rating agencies listed in Attachment Two, and must not be re-securitized products or synthetic securitized products; for clients who are professional investors, the debt issuance rating of the foreign securitized product must meet a certain level as rated by the credit rating agencies listed in Attachment Three.

(6) Offshore structured products shall be handled in accordance with the relevant provisions of the Rules Governing the Management of Offshore Structured Products.

2. For foreign securities advised by operators of foreign securities investment advisory business (excluding offshore funds), if the client is a professional institutional investor approved by its competent authority to invest in foreign securities, it is not subject to the restrictions on designated foreign stock exchanges and credit rating levels in Paragraph 1, Items (2) through (5).

3. For foreign securities advised by operators of foreign securities investment advisory business (excluding offshore funds), if the client is a non-professional investor, it must not involve securities of the mainland China market.

4. The terms "professional institutional investor," "professional investor," and "non-professional investor" in this announcement apply the provisions of Paragraphs 3 and 4 of Article 3 of the Rules Governing the Management of Offshore Structured Products.

5. The term "foreign stock exchanges designated by this Commission" in Paragraph 1, Item (2) applies the provisions of Paragraph 1, Article 5 of the Rules Governing Securities Dealers Acting as Agents for Trading Foreign Securities.

6. The announcement by this Commission dated April 15, 2020 (Jin Guan Zheng Tou Zi No. 1090361101) is hereby repealed effective immediately.

Related Attachments

Attachment One to the Announcement
Attachment Two to the Announcement
Attachment Three to the Announcement

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Last Updated: 2026-10-16

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