To publicly offer or privately place REIT beneficiary securities, the trustee shall submit the following documents to the competent authority for approval or effective registration. The regulations governing the review process, requirements for approval or effective registration, and other matters of compliance shall be prescribed by the competent authority:
1. The REIT plan;
2. The REIT contract;
3. A comparison table of the REIT contract and the standard contract specimen;
4. The prospectus or investment memorandum;
5. Documentation evidencing that the operating and managerial personnel of the REIT fund are in compliance with the regulations prescribed by the competent authority;
6. Namelist, and documentation of qualifications, and consent letter (to the appointment) of the trust supervisor, if any;
7. Minutes of the resolution adopted by the trustee’s board of directors for public offering or private placement of REIT beneficiary securities;
8. Explanations regarding the methods of managing and disposing the trust property. Where a real estate management institution is appointed to manage or dispose trust property, the appointment agreement or other documentary proofs are required;
9. Case checklist filled out by the trustee and reviewed by a certified public accountant (CPA) or lawyer;
10. Legal opinions of a lawyer; and
11. Other documents as required by the competent authority.
The competent authority shall consult with the central competent authority in charge of the target enterprise concerned for written opinions when examining the documents as prescribed in the preceding paragraph.
Where a REIT fund has promoters, the promoters shall not be misrepresentative, fraudulent or misleading with regard to the information they provide to the trustee for the public offering, issuance or private placement of REIT beneficiary securities.
Where the promoters of a REIT fund violates the preceding paragraph, they shall be held liable for damages sustained by the bona fide purchasers or sellers of the beneficiary securities therefrom.
Where the real estate or related rights of real estate that the promoters plan to assign has lien thereon, the promoters shall remove the lien registration and provide the trustee with relevant proof document.

The Trustee that plans to publicly offer or privately place REIT funds overseas for domestic real estate investment shall apply for the approval of the Central Bank prior to the application for approval or effective registration of public offering, additional offering, or private placement.

A REIT plan shall contain the following particulars:
1. Name and address of the trustee; where a real estate management institution is appointed to manage or dispose the trust property, the name and address of the appointed institution; and names and addresses of the promoters and arranger, if applicable;
2. Name and duration of the REIT fund;
3. Matters concerning REIT beneficiary securities as follows:
(1) The total amount of the REIT fund to be publicly offered or privately placed and the total units of beneficial interests; and
(2) Methods and dates of issuance or delivery, the amount of purchasing each unit of beneficial interests, expenses, and transfer restrictions of REIT beneficiary securities;
4. Conditions under which the publicly offered or private placed REIT fund is established or not established, and method of handling in case the REIT fund is not established;
5. Valuation method, valuation bases, and expert opinions regarding the expected income of the trust property;
6. Investment plan: including the types and locations of real estate or other investment objects planned to purchase, manage or dispose, and planned holding period, sources of funds, utilization and management modules, cost recovery, financial projections, and estimated rate of return;
7. Real estate development plan: including the types and locations of real estate or related rights of real estate planned for development, and related market analysis, feasibility study, title search report, appraisal report, planned development schedule and projects, phase plans and control modules for acquisition, development, sale or operation management plans , sources of funds, fund utilization and control modules, cost recovery, financial projections and estimated rate of return, expert opinions, and self-evaluation plan;
8. In case the real estate development project is delayed or not completed , the method of handling, impact on the interests of the beneficiaries, and agreement on rights and obligations among the trustee, the real estate management institution, and the beneficiaries; and
9. Other matters as required by the competent authority.
The experts that offer opinions as prescribed in Subparagraph 5 and Subparagraph 7 of the preceding paragraph shall not be a related party or substantive related party as defined in The Statement of Financial Accounting Standards No. 6 to the trustee or the owners of the real estate.

The trustee shall operate the REIT business in accordance with the REIT plan approved by or effectively registered with the competent authority.
The trustee, after publicly offering or privately placing REIT beneficiary securities, shall not alter the REIT plan unless with the resolution of the beneficiaries’ meeting as well as the approval of, or effective registration with the competent authority. However, if the alteration has no significant impact on the rights and interests of the beneficiaries, such alteration may be made with the approval of, or effective registration with the competent authority.
The application or registration as referred to in the preceding paragraph shall be made in an application form or registration form, which shall expressly state the contents of and reasons for the alteration, together with the following documents:
1. The REIT plans before and after alteration as well as the corresponding comparison table;
2. Minutes of the beneficiaries’ meeting, which is exempted if the alteration meets the condition prescribed in the proviso of the preceding paragraph;
3. Evaluation and expert opinions on whether or not the alteration has any significant impact on the rights and interests of the beneficiaries; and
4. Other documents as required by the competent authority.
The competent authority shall consult with the central competent authority in charge of the target enterprise concerned for written opinions when examining the documents as prescribed in the preceding paragraph.
Any additional amount of REIT fund to be publicly offered or privately placed by the trustee beyond the total amount approved by or effectively registered with the competent authority shall obtain the resolution of the beneficiaries’ meeting, and in such event, the provisions in Article 6 herein, instead of the provisions in the preceding three paragraphs shall apply.

The REIT contract shall be made in written form and contain the following matters:
1. name and address of the Trustee: where a real estate management institution is appointed to manage or dispose of the trust property, the name and address of the institution is so appointed as trustee;
2. name and duration of the REIT Funds;
3. the total par value of the REIT Funds publicly offered or privately placed and the total units of beneficial interests;
4. methods and dates of issuance or delivery, amount of purchasing each unit of beneficial interests, expenses, and transfer restrictions of REIT Beneficial Securities;
5. obligations and duties of the Trustee and the real estate management institution appointed to manage or dispose of trust property, if any;
6. basic principles, scope, and investment strategies of the utilization of the REIT Funds;
7. matters of the REIT Funds regarding borrowed money and the corresponding upper limit as well as idle funds;
8. items, timing and payment method of the distribution of REIT Funds investment proceeds;
9. items and corresponding calculation methods, payment method and timing of the expenses that the REIT Funds shall reimburse;
10. the Trustee’s remuneration and its variety, calculation method, and payment timing and method;
11. calculation method of the REIT Fund net asset value (including the real estate assessment method, evaluation basis, assessment duration, calculation duration of the net asset value, time limit and method of announcement);
12. calculation and announcement methods of the net asset value per unit of beneficial interests;
13. reasons for convening a beneficiaries’ meeting by the Trustee;
14. reasons for the appointment of a Trust Supervisor by the Trustee as well as the special knowledge or experience of such Trust Supervisor;
15. reasons for the alteration, rescission, reasons of termination, termination procedures, and matters to be handled after the termination of the REIT contract;
16. where the REIT Funds no longer exist, the settlement method of the funds and the calculation method, payment method and timing of the currency amount or property that the beneficiaries request for return; and
17. others prescribed in Article 19, Paragraph 1 of the Trust Enterprise Act and by the competent authority.

The provisions under Chapter 2, Section 7 of the Financial Asset Securitization Act shall apply mutatis mutandis to the alteration and termination of the REIT contract, unless otherwise provide for in the trust contract and recorded in the prospectus or the investment memorandum.

The Trust Trade Association shall stipulate a standard contract model for REIT Funds publicly offered by the Trustee and submit to the competent authority for approval.
With regard to the REIT Funds publicly offered by the Trustee, the stipulation and alteration of the REIT contract regarding the extent of the protection of beneficiary’s rights and interests shall not be lower than that defined in the standard contract model for REIT Funds approved by the competent authority.

The Trustee may conduct private placement of REIT Beneficial Securities to the following objects:
1. banking enterprises, finance bills enterprises, trust enterprises, insurance enterprises, securities enterprises or other juristic persons or institutions approved by the competent authority; or
2. natural persons, juristic persons or funds that meet the requirements as prescribed by the competent authority.
The total subscribers as referred to in Subparagraph 2 of the preceding paragraph shall not exceed thirty-five (35) persons.
The Trustee shall have the obligation of providing financial, business or other information regarding the private placement for the reasonable requirements made by the objects described in Paragraph 1, Subparagraph 2 prior to the completion of the private placement.
The Trustee shall report to the competent authority for the record within fifteen (15) days after the date when the purchase price payment of REIT Beneficial Securities is completed.
The transfer limitations of privately placed securities shall be explicitly noted on the REIT Beneficial Securities, and recorded in related written documents delivered to the subscriber or purchaser.
Article 20, Article 43-7, and Article 43-8, Paragraph 1 of the Securities and Exchange Act shall apply mutatis mutandis to the REIT Beneficial Securities privately placed.

After the application or registration of the public offering of REIT Funds is approved or effectively registered with the competent authority, the Trustee shall commence the offering within three (3) months upon the receipt of the written approval or after the date when the registration takes effects; provided, that those with reasonable reasons may apply to the competent authority for an extension prior to the expiry date. The extension shall not be longer than three (3) months and shall be granted once only.
The Trustee shall report to the competent authority for the record within five (5) business days after the offering of the REIT Funds is completed.
If the Trustee fails to collect minimum amount raised for the establishment of the REIT Funds at the expiration of the fund offering duration, the Trustee shall inform the beneficiaries in written form and submit to the competent authority for the record within ten (10) business days after the expiration of fund offering duration, and s hall manage the consequent matters in accordance with the REIT plan.

When a trustee publicly offers beneficiary securities according to the REIT plan, the trustee shall provide the subscribers or purchasers with a prospectus in a manner prescribed in the Securities and Exchange Act.
When a trustee privately places beneficiary securities, the trustee shall provide the subscribers or purchasers with an investment memorandum in a manner prescribed by the competent authority.
The guidelines for information to be published in the prospectus in Paragraph 1 hereof and the investment memorandum as referred to in the preceding paragraph shall be prescribed by the competent authority.

The REIT Funds shall be only subject to Closed-End Funds; provided, that Open-End Funds attached with repurchasing time, quantity or other limits may be collected with the approval of the competent authority.