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Important Measures

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Important Measure November 2020

1. Electronic Transmission Allowed as One of the Methods for Voting at Meetings of Securities Investment Trust Fund Beneficiaries
The FSC issued a partial amendment to the Regulations Governing Securities Investment Trust Fund Beneficiaries Meetings on 25 November 2020. Key points of the amended provisions are as follows:
(1) Parties that have the power to convene meetings of securities investment trust fund beneficiaries are now allowed to list electronic transmission as one of the methods for exercising voting power at the meetings, and are required to indicate the voting methods in meeting notices. To ensure the impartiality and independence of electronic voting, matters related to electronic voting are required to be outsourced for handling by an outside entity.
(2) For meetings of beneficiaries that are held via written correspondence, in addition to allowing the casting of votes in written form as before, the amended Regulations now additionally provide for the exercise of voting rights by electronic transmission, and set out the method for rescission of expressions of intention and the method for handling redundant expressions of intention. 
(3) For meetings of beneficiaries that are held by attendance in person, in addition to the casting of votes in person or via proxy as before, the amended Regulations now additionally provide for the exercise of voting rights by electronic transmission, and set out the methods for rescission of expressions of intention and for handling of redundant expressions of intention.
(4) To clarify the procedures for exercise of voting rights by electronic transmission at meetings of beneficiaries, the amended provisions require beneficiaries to make an expression of intention using the format prepared by the convener of the meeting, set a time limit for delivery of an expression of intention, define the legal effect of non-expression of intention, and set out the method for handling electronic voting on extraordinary motions and on amendments to the original motions.
2. Electronic Transmission Allowed as One of the Methods for Voting at Meetings of Futures Trust Fund Beneficiaries, Per FSC Order Under Article 97 of the Regulations Governing Futures Trust Funds (Order No. Financial-Supervisory-Securities-Futures-1090365253)
For voting at meetings of beneficiaries of futures trust funds, in addition to the original methods of casting votes in written form, in person, or via proxy as before, beginning from 30 November 2020, electronic transmission will also be an allowable method for the exercise of voting rights. The introduction of electronic voting will provide beneficiaries with more diverse channels and facilitate the exercise of their voting rights, as well as will enable futures trust funds to convene meetings of beneficiaries at lower cost and more efficiently.
 
Visitor: 716   Update: 2021-02-02
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