| 14-3 |
A trustee institution that applies with the GreTai for OTC listing of real-estate investment trust ("REIT") or real-estate asset trust ("REAT") beneficiary certificates issued in accordance with the Act Governing Securitization of Real Estate Properties shall first apply to the GreTai for issuance of a letter of approval for OTC trading of real-estate investment trust or real-estate asset trust beneficiary certificates (below, "OTC Listing Approval Letter") in accordance with the provisions of the GreTai's Review Standards for Issuance of Approval Letters for OTC Listing of Real-Estate Investment Trust Or Real-Estate Asset Trust Beneficiary Certificates. When review by a GreTai case-handler finds the given issue of real-estate investment trust or real-estate asset trust beneficiary certificates in conformance with Article 3-2 or Article 7-2 of the GreTai Securities Market Regulations Governing Review of Securities Traded on Over-the-Counter Markets and all required documents are submitted, a review checklist will be filled out, signed, and submitted to the supervisor for approval within seven business days, after which the GreTai will issue a letter of approval for OTC listing to the trustee institution, which will state, "Contingent upon the competent authority's approval of the application for public offering of beneficiary certificates, and on compliance with OTC listing requirements based on beneficiary distribution data at the time of completion of the offering, and on an undertaking to carry out centralized custody in accordance with applicable regulations, the GreTai grants approval for OTC listing of this issue of beneficiary certificates. Where no application for public offering is made with the competent authority within 30 days from the date of issuance of this letter, this approval shall be void," with a copy to the competent authority. |
| 14-4 |
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