Order on Approved Business Types for Securities Investment Trust and Consulting Enterprises under Articles 3 and 4 of the Securities Investment Trust and Consulting Act (FSC Securities Investment No. 1150382965)

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Order on Approved Business Types for Securities Investment Trust and Consulting Enterprises under Article 3, Paragraph 3, Subparagraph 3 and Article 4, Paragraph 3, Subparagraph 3 of the Securities Investment Trust and Consulting Act (FSC Securities Investment No. 1150382965)

2026-07-08

Financial Supervisory Commission Order Issuance Date: July 8, 2026 Issuance Number: Jin-Guan-Zheng-Tou-Zi No. 1150382965

1. In accordance with Article 3, Paragraph 3, Subparagraph 3 and Article 4, Paragraph 3, Subparagraph 3 of the Securities Investment Trust and Consulting Act, a securities investment trust enterprise concurrently engaging in securities investment consulting business, and a securities investment consulting enterprise (excluding those concurrently engaging in other businesses), after being approved by this Commission to operate discretionary investment business and completing the renewal of their business license, may engage in the following businesses: (1) Accepting client mandates to provide securities investment consulting services with discretionary power. (2) Accepting client mandates to provide securities investment consulting services with discretionary power, and executing transactions on their behalf. (3) Accepting client mandates to provide securities investment analysis recommendations, and executing transactions on their behalf.

2. Securities investment trust enterprises and securities investment consulting enterprises engaging in the businesses mentioned in the preceding point shall comply with the following provisions: (1) The term 'client' shall be limited to foreign professional institutional investors. The term 'professional institutional investor' refers to a professional institutional investor that meets the requirements of Article 4 of the Financial Consumer Protection Act. (2) The term 'securities investment consulting services with discretionary power' refers to securities investment trust enterprises and securities investment consulting enterprises accepting client mandates to provide securities investment analysis recommendations, and agreeing with clients that the clients shall engage in securities investment activities based on the securities investment analysis recommendations provided. (3) The term 'executing transactions on their behalf' refers to securities investment trust enterprises and securities investment consulting enterprises accepting client mandates to act as agents for engaging in securities investment or securities-related product trading activities. (4) Securities investment trust enterprises and securities investment consulting enterprises engaging in the businesses mentioned in the preceding point shall enter into a securities investment consulting contract with clients, clearly stipulating the rights and obligations arising from the mandate between them and the clients, including at least the basic investment or trading policy, agreement and changes to the investment or trading scope, authorization and restrictions on investment or trading decisions, designation and changes of securities brokers, and calculation of entrusted remuneration and fees. (5) Securities investment trust enterprises and securities investment consulting enterprises engaging in the businesses mentioned in the preceding point that involve executing transactions on behalf of clients may be exempt from the restrictions in Article 13, Paragraph 2, Subparagraph 2 of the Regulations Governing Securities Investment Consulting Enterprises, Article 13, Paragraph 2, Subparagraph 11 of the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Trust Enterprises, and Article 15, Paragraph 2, Subparagraph 2 of the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises, which prohibit the aforementioned enterprises and their personnel from acting as agents for others in engaging in securities investment or securities-related product trading activities. (6) Securities investment trust enterprises and securities investment consulting enterprises engaging in the businesses mentioned in the preceding point shall establish operating principles for effective prevention of conflicts of interest in their internal control systems to ensure fair treatment of all clients. The term 'operating principles for effective prevention of conflicts of interest' shall apply mutatis mutandis to the provisions of this Commission's Order Jin-Guan-Zheng-Tou-Zi No. 1060041612 dated January 2, 2018, regarding the prevention of conflicts of interest and control measures.

3. Securities investment trust enterprises and securities investment consulting enterprises engaging in the businesses mentioned in point 1 shall, before the fifth business day of each month, handle information reporting in accordance with the regulations of the Securities Investment Trust and Consulting Association of the Republic of China.

4. This Order shall take effect from the date of its issuance; this Commission's Order Jin-Guan-Zheng-Tou-Zi No. 1120384682 dated October 26, 2023, is abolished from the date of issuance of this Order.

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Update Date: 2026-07-08

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