Upon permission by the FSC, a trust enterprise may concurrently operate the following business in a manner consistent with the provisions of the SITC Act:
1.Discretionary investment business, conducted on a mandate basis.
2.Discretionary investment business, conducted on a trust basis.
3.Securities investment consulting business.
Any operation of the business under subparagraph 1 or 2 of the preceding paragraph shall be subject, in addition to these Standards, to the Discretionary Investment Regulations.

A trust enterprise applying to concurrently operate discretionary investment business or securities investment consulting business pursuant to these Standards shall do so in its institutional name.
A trust enterprise that concurrently operates the discretionary investment business under subparagraph 1 or 2 of paragraph 1 of the preceding Article shall allocate operating capital, earmarked for that business, in an amount not less than that specified in Article 5, paragraph 1, subparagraph 1 of the Discretionary Investment Regulations.
The operating capital that a trust enterprise has allocated for securities investment trust business it concurrently operates, if applicable, may be calculated into the amount required by the preceding paragraph.
The operating capital that a trust enterprise allocates for the concurrently operation of discretionary investment business may be used only for that exclusive purpose, and, unless an application has been made to concurrently operate securities investment trust business pursuant to Article 6 of the SITC Act, or unless otherwise provided in any other law, may not be used for purposes of any non-discretionary investment business or other business.

A trust enterprise applying to concurrently operate discretionary investment business or securities investment consulting business shall meet the following conditions:
1.Has net worth per share of not less than par value, as shown in the CPA-audited and attested financial report for the most recent period.
2.Has not, during the last half year, been sanctioned under Article 103, subparagraph 1 of the SITC Act, Article 66, subparagraph 1 of the Securities and Exchange Act, or Article 100, paragraph 1, subparagraph 1 of the Futures Trading Act, and has not on 3 or more occasions been given an official reprimand, or ordered to achieve improvement within a specified period of time, in accordance with Article 44of the Trust Enterprise Act.
3.Has not, during the last 2 years, been sanctioned under Article 103, subparagraphs 2 to 5 of the SITC Act, Article 66, subparagraphs 2 to 4 of the Securities and Exchange Act, Article 100, paragraph 1, subparagraphs 2 to 4 of the Futures Trading Act, or Article 44, subparagraphs 1 to 3 of the Trust Enterprise Act.
4.If it has been sanctioned under any provisions of the preceding two subparagraphs and ordered to achieve improvement, concrete improvement has been achieved.

A trust enterprise intending to concurrently operate the discretionary investment business set out in Article 22, paragraph 1, subparagraph 1 or 2 shall apply to the FSC for permission by filling out and submitting an application form, together with the following documents:
1.A business plan, specifying, with respect to the concurrently operated discretionary investment business: operational principles, internal organization and segregation of duties, and personnel recruitment and training.
2.Minutes of the relevant board of directors meetings, showing [the resolution to] concurrently operate discretionary investment business. If the trust enterprise is a foreign bank, it may, in lieu of such, submit documentation bearing the signature of an entity or person authorized by the head office.
3.A register of directors and supervisors.
4.A register of qualified personnel meeting the qualification requirements in the Discretionary Investment Regulations, issued by the SITCA after reviewing their qualifications, together with documentary proof of their qualifications.
5.The prospectus required to be prepared by the Discretionary Investment Regulations.
6.Written statement(s) that none of the circumstances in Article 68 of the SITC Act exists with respect to any director, supervisor, managerial officer, any department supervisor engaging in discretionary investment business, or any associated person. If the trust enterprise is a foreign bank, it may, in lieu of written statements from directors and supervisors, submit documentation bearing the signature of an entity or person authorized by the head office.
7.The CPA-audited and attested financial report for the most recent period. If at the time of application 6 months have already elapsed since the beginning of the fiscal year, a CPA-audited and attested financial report for the first half-year shall be additionally submitted.
8.Operating bylaws for the concurrent operation of discretionary investment business.
9.The audit report from a CPA special audit on the internal control system for discretionary investment business.
10.Written statement(s) that the application form and its attachments contain no misrepresentations or nondisclosures.
The operating bylaws referred to in subparagraph 8 of the preceding paragraph shall set out, with respect to discretionary investment business, a system of internal controls that includes rules for preventing conflict of interest and for segmentation of risks in areas related to business operations, such as operational principles, operating procedures, segregation of authority and duties, resolution of business disputes, personnel training and administration, information sharing, or advertising.
The CPA under paragraph 1, subparagraph 9 may only be a CPA allowed to provide audit and attest services on the financial reports of public companies.

A trust enterprise applying to concurrently operate the discretionary investment business set out in Article 22, paragraph 1, subparagraph 1 or 2 shall, within 6 months from the day the FSC grants permission, submit the following documents and register in compliance with the requirements of the FSC Banking Bureau:
1.A photocopy of the permission letter issued to the trust enterprise in response to its application to concurrently operate discretionary investment business
2.A register of qualified personnel, issued by the SITCA after reviewing their qualifications, together with documentary proof of their qualifications.
3.Documentary proof of admission to membership in the SITCA.
4.Documentary proof evidencing allocation of operating capital.
5.The CPA-audited and attested financial report for the most recent period. The report is not required, however, if it covers the same period as that covered by the financial report submitted in the application for permission.
6.If discretionary investment business is concurrently operated as set out in Article 22, paragraph 1, subparagraph 1, documentary proof showing the deposit of an operating bond required by the Discretionary Investment Regulations.
A trust enterprise permitted to concurrently operate discretionary investment business may not, except where it has already been concurrently operating securities investment consulting business, commence such business unless and until it has become a member of the SITCA.

A trust enterprise applying to concurrently operate the securities investment consulting business set out in Article 22, paragraph 1, subparagraph 3, shall set up an independent, dedicated consulting department, and appoint the department supervisor and associated persons of the dedicated consulting department to conduct such business.
The independent, dedicated consulting department referred to in the preceding paragraph shall be staffed by department supervisor and associated persons in sufficient numbers to meet its management needs in light of the business size, operating conditions, and internal controls, who shall satisfy the qualification requirements set out in the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises.
The trust enterprise may appoint associated persons from the dedicated consulting department to engage in securities investment consulting business at a branch unit.

A trust enterprise intending to concurrently operate the securities investment consulting business set out in Article 22, paragraph 1, subparagraph 3 shall apply to the FSC for permission by filling out and submitting an application form, together with the following documents:
1.A business plan, specifying, with respect to the dedicated consulting department: operational principles, internal organization and segregation of duties, personnel recruitment and training, and general description of premises and facilities.
2.A written description of the internal control system for the concurrently operated securities investment consulting business.
3.The CPA-audited and attested financial report for the most recent period. If at the time of application 6 months have already elapsed since the beginning of the fiscal year, a CPA-audited and attested financial report for the first half-year shall be additionally submitted.
4.Minutes of the relevant board of directors meetings, showing [the resolution to] concurrently operate securities investment consulting business. If the trust enterprise is a foreign bank, it may, in lieu of such, submit documentation bearing the signature of an entity or person authorized by the head office.
5.A register of qualified personnel, issued by the SITCA after reviewing their qualifications, together with documentary proof of their qualifications.
6.Written statement(s) that none of the circumstances in Article 68 of the SITC Act exists with respect to any director, supervisor, managerial officer, any department supervisor engaging in securities investment consulting business, or any associated person. If the trust enterprise is a foreign bank, it may, in lieu of written statements from directors and supervisors, submit documentation bearing the signature of an entity or person authorized by the head office.
7.Written statement(s) that the application form and its attachments contain no misrepresentations or nondisclosures.
The internal control system referred to in subparagraph 2 of the preceding paragraph shall set out rules for preventing conflict of interest and for segmentation of risks in areas related to such business operations as information sharing, advertising, holding of public investment analysis activities, and provision of research and analysis reports.

A trust enterprise applying to concurrently operate the securities investment consulting business set out in Article 22, paragraph 1, subparagraph 3 shall, within 6 months from the day the FSC grants permission, submit the following documents and register in compliance with the requirements of the FSC Banking Bureau:
1.A photocopy of the permission letter issued to the trust enterprise in response to its application to concurrently operate securities investment consulting business.
2.A register of qualified personnel, issued by the SITCA after reviewing their qualifications, together with documentary proof of their qualifications.
3.The CPA-audited and attested financial report for the most recent period. The report is not required, however, if it covers the same period as that covered by the financial report submitted in the application for permission.
4.Documentary proof of admission to membership in the SITCA.
A trust enterprise permitted to concurrently operate securities investment consulting business may not, except where it has already been concurrently operating discretionary investment business, commence such business unless and until it has become a member of the SITCA.