If any of the following circumstances, the person(s) responsible for such act shall be punished with imprisonment for not less than one (1) year and not more than seven (7) years, and a criminal fine of not more than Ten Million New Taiwan Dollars (NT$ 10,000,000):
1. an enterprise not qualified as a Trustee as provided for in Article 4, paragraph 2 hereof serves as a Trustee for the REIT or REAT and offers/issues Beneficial Securities; or
2. the Trustee offers and issues Beneficial Securities without the approval of or effective registration with the competent authority, in violation of Article 6, paragraph 1 or Article 29, paragraph 1 hereof.

In case of any of the following events that cause damage to the public, other persons, or the trust property, the person(s) responsible for such act shall be punished with imprisonment for not less than six (6) months and not more than five (5) years, and in addition, a fine of not more than Three Million New Taiwan Dollars (NT$3,000,000):
1. Documents or information contained therein provided by the trustee pursuant to paragraph 1 of Article 6, paragraph 1 of Article 8, paragraph 3 of Article 9, Article 15, paragraph 1 of Article 29, paragraph 1 of Article 31, paragraph 3 of Article 32, or Article 36 herein to which Article 15 herein applies mutatis mutandis contain false representation or concealment;
2. The private placement of beneficiary securities violates paragraph 6 of Article 13 herein to which paragraph 1, Article 20 of the Securities and Exchange Act applies mutatis mutandis;
3. The arranger, real estate management institution, promoter or trustor of the REAT provides false statements or employs other illicit methods to cause the trustee to record false information in documents as specified in paragraph 1 of Article 6, paragraph 1 of Article 8, paragraph 3 of Article 9, Article 15, paragraph 1 of Article 29, paragraph 1 of Article 31, paragraph 3 of Article 32, or Article 15 herein to which Article 36 herein applies mutatis mutandis;
4. Violating Article 44 herein by providing false statements or having concealed information regarding the state of credit rating and credit enhancement;
5. Violating paragraph 2 of Article 44-1 by containing false statements or having concealed information in a statement or report;
6. The trust supervisor or the person(s) appointed by the beneficiaries’ meeting pursuant to Article 47 herein to which paragraph 1 of Article 27 of the Financial Asset Securitization Act applies mutatis mutandis acts against his/her duties with the intention of acquiring illegal profits for his/her own or a third party; or
7. The appraisal report made by the professional appraiser pursuant to the provisions of this Act contains false representation or concealment.

If any of the following circumstances, the person(s) responsible for such act shall be punished with imprisonment for not less than two (2) years or detention, and/or a criminal fine of not more than Three Million New Taiwan Dollars (NT$ 3,000,000):
1. an enterprise not qualified as a Trustee as provided for in Article 4, paragraph 2 hereof serves as a Trustee of a REIT or REAT and privately places and delivers Beneficial Securities;
2. the Trustee privately places and delivers Beneficial Securities without the approval of or registration with the competent authority, in violation of Article 6, paragraph 1 or Article 29, paragraph 1 hereof; or
3. the private placement of Beneficial Securities violates Article 13, paragraph 1 or Article 36 hereof referring to the mutatis mutandis application of Article 13, paragraph 1 hereof.

In case of any of the following situations, the person(s) responsible for such act shall be punished with imprisonment or detention for not, and/or a fine of not more than Three Million New Taiwan Dollars (NT$3,000,000):
1. Reselling privately placed beneficiary securities in violation of paragraph 6 of Article 13 herein to which paragraph 1 of Article 43-8 of the Financial Asset Securitization Act applies mutatis mutandis; or
2. Violating Article 15 or Article 36 herein to which Article 15 applies mutatis mutandis by failing to provide the prospectus or investment memorandum in a manner prescribed by the competent authority and causing damages to the public or other persons.

Any of the following events shall be subject to an administrative fine of not less than Two Million New Taiwan Dollars (NT$2,000,000) and not more than Ten Million New Taiwan Dollars (NT$10,000,000), and shall also be ordered to comply or correct within a prescribed time period, and failing to comply or correct within the prescribed time period may be consecutively punished:
1. Altering the REIT plan or the REAT plan in violation of paragraph 2 of Article 9, or paragraph 2 of Article 32 herein;
2. The trustee fails to report for the record in violation of paragraph 4 of Article 13, paragraph 2 or 3 of Article 14, or Article 36 herein to which paragraph 4 of Article 13, and paragraph 2 or 3 of Article 14 herein applies mutatis mutandis;
3. Violating the restrictions on investment objects, ratios or amounts set forth in paragraphs 1 to 3 and paragraphs 5 to 7 of Article 17 herein or drawing on the funds in violation of paragraph 4 of the same Article;
4. Violating Article 18 or Article 36 herein to which Article 18 applies mutatis mutandis governing the utilization of idle funds or paragraph 1 of Article 30 governing the restrictions on the transfer of property rights;
5. Borrowing money in violation of paragraphs 1 and 2 of Article 19, or Article 36 herein to which paragraphs 1 and 2 of Article 19 applies mutatis mutandis;
6. Violating paragraph 1 or paragraph 3 of Article 22, Article 34, or Article 36 to which paragraph 3 of Article 22 applies mutatis mutandis governing appraisals;
7. The trust supervisor fails to attend the beneficiaries’ meeting without any justified reasons in violation of Article 47 herein to which paragraph 2, Article 23 of the Financial Asset Securitization Act applies mutatis mutandis;
8. The trust supervisor fails to attend the meeting of specific types of beneficiaries without any justified reasons in violation of Article 47 herein to which paragraph 4, Article 26 of the Financial Asset Securitization Act applies mutatis mutandis;
9. The trust supervisor violates paragraph 1 of Article 48 herein to which paragraph 2, Article 28 of the Financial Asset Securitization Act applies mutatis mutandis;
10. The trust supervisor refuses to exercise the rights of beneficiaries without any justified reasons in violation of paragraph 1 of Article 48 herein to which paragraph 2, Article 31 of the Financial Asset Securitization Act applies mutatis mutandis; or
11. The trust supervisor is a related party, staff, employee of the trustee, or the trustor of the REAT in violation of paragraph 2 of Article 48 herein.

In case of any of the following events, the trustee shall be subject to an administrative fine of not less than One Million New Taiwan Dollars (NT$1,000,000) and not more than Five Million New Taiwan Dollars (NT$5,000,000), and shall also be ordered to comply or correct within a prescribed time period, and may be consecutively punished if failing to comply or correct within the prescribed time period:
1. Appointing other persons to manage or dispose of real estate without stating in the plan or contract of the REIT or REAT in violation of subparagraph 1, paragraph 1 of Article 8, subparagraph 1 of Article 10, subparagraph 1, paragraph 1 of Article 31, subparagraph 5, paragraph 1 of Article 33 herein;
2. Violating Article 11 or Article 36 herein to which Article 48 of the Financial Asset Securitization Act applies mutatis mutandis;
3. Publicly offering open-end funds without the approval of the competent authority in violation of Article 16 herein;
4. Engaging in the acts prohibited in paragraph 1 of Article 25 or Article 36 herein to which paragraph 1 of Article 25 applies mutatis mutandis;
5. Failing to report to the trust supervisor in violation of paragraph 1 of Article 44-1 herein;
6. Refusing the request in violation of Article 47 herein to which paragraph 2, Article 42 of the Financial Asset Securitization Act applies mutatis mutandis; or
7. Failing to notify the beneficiaries of the fact regarding the appointment of the trust supervisor within the given time period in violation of paragraph 1 of Article 48 herein to which paragraph 3, Article 28 of the Financial Asset Securitization Act applies mutatis mutandis.

In any of the following circumstances, the Trustee shall be punished with an administrative fine of not less than Six Hundred Thousand New Taiwan Dollars (NT$ 600,000) and not more than Three Million New Taiwan Dollars (NT$ 3,000,000), and shall also be ordered to comply or correct within a prescribed time. If failing to comply or correct within the prescribed time, it shall be consecutively imposed for each successive failure:
1. failing to operate the trust business in accordance with the REIT plan or the REAT plan, in violation of Article 9, paragraph 1 or Article 32, paragraph 1 hereof;
2. failing to make an announcement of the borrowed money contract or failing to adjust the borrowed money within a prescribed time when the amount exceeds the ratio prescribed by the competent authority, in violation of Article 19, paragraphs 3 and 4 or Article 36 hereof referring to the mutatis mutandis application of Article 19, paragraph 3 or 4 hereof;
3. the current assets fail to achieve the ratio prescribed by the competent authority and are not adjusted within the prescribed time, in violation of Article 20 hereof;
4. violation of Article 22, paragraph 4, Article 26, paragraphs 1 and 6, Article 36 hereof referring to the mutatis mutandis application of Article 26, paragraph 1 or 6 governing announcements;
5. failing to distribute proceeds pursuant to Article 28, paragraph 3 or Article 36 hereof referring to the mutatis mutandis application of Article 28, paragraph 3 hereof;
6. failing to establish the name list of the beneficiaries, in violation of Article 47 hereof referring to the mutatis mutandis application of Article 20, paragraph 1 of the Financial Asset Securitization Act, or such establishment violates Article 20, paragraph 2 of the Financial Asset Securitization Act;
7. impeding or refusing the inspection of the competent authority or providing false information, in violation of Article 54, paragraph 1 or 2 hereof;
8. violating the transfer disposition made by the competent authority pursuant to Article 55, paragraph 1 hereof, or the disposition made pursuant to Article 44 of the Trust Enterprise Act mutatis mutandis;
9. the Trustee violates Article 55, paragraph 2 or Article 56, paragraph 4 governing announcement;
10. the Trustee fails to make announcements or reports pursuant to Article 41 of the Trust Enterprise Act when in the situations prescribed in Article 57, paragraph 1 hereof; or
11. the Trustee fails to notify the Trust Supervisor, in violation of Article 57, paragraph 2 hereof.

When the responsible person, agent, employee, or other staff of a juristic person violates any provision of this Act in the course of performing his/her duties, in addition to punishing such person(s), a criminal fine or an administrative fine in the amount as prescribed in each respective Article shall also be imposed upon such juristic person.