30 March, 2018
The Lesgilative Yuan promulgated the amended provisions of Securities Investment Trust and Consulting Act on December 29, 2017 (promulgated by the President on January 31, 2018).
The amdnedment provides that:
(1) the maximum number of subscribers for a private placement is increased from 35 people to 99 people;
(2) the clients of discretionary investment who meet certain qualification are not subject to relevant regulations over safekeeping procedure and entering into contracts regarding the clients’ assets;
(3) for purpose of protecting the safety of investor’s assets, the assets obtained by the investment consultants and trustees of a securities business on their own names or accounts on behalf of the investors clients pursuant to the applicable laws and regulations shall not be commigled with the securities business’s own assets; nor shall such investors’ assets be subject to the claims or rights of the securities business’s creditors for debts arise out of the securities business’s own assets.
For further information, please contact:
Chia-chi Chen, Tsar & Tsai Law Firm
law@tsartsai.com.tw
