In order to facilitate the holding of the beneficiaries’ meeting of securities investment trust funds by including electronic means as one of the means to exercise voting rights, the FSC is studying amendments to the Regulations Governing Securities Investment Trust Fund Beneficiaries Meetings, which will be announced in the near future in accordance with the provisions of the Administrative Procedure Act to solicit opinions from all parties. The key amendments are as follows:

1.Those who have the right to convene a beneficiaries’ meeting may list “electronic means” as one of the means to exercise voting rights, and the method of exercising voting rights shall be specified in the meeting notice; matters related to electronic voting shall be outsourced in order to ensure the impartiality and independence of electronic voting (Article 7 after amendment).

2.The methods of exercising the beneficiary''s voting rights are specified for beneficiaries’ meetings held in written form. In addition to the exercise of voting rights in written form as originally stipulated, the voting rights may be exercised by electronic means, and the method of cancellation of the expression of intention and the method of handling multiple expressions of intention are regulated (Article 8 after amendment).

3.The method of exercising the beneficiary''s voting rights are specified for beneficiaries’ meetings held by attendance in person. In addition to the exercise of voting rights in person or by proxy as originally stipulated, the voting rights may be exercised by electronic means, and the method of cancellation of the expression of intention and the method of handling multiple expressions of intention are regulated (Article 9 after amendment).

4.In order to make the operation of exercising voting rights by electronic means at the beneficiaries’ meeting more definite, the requirement that the beneficiary shall express his/her intention in accordance with the format made by the convener, the deadline for delivery of the expression of intention, the effect of non-expression of intention, and the method of handling the exercise of voting rights by electronic means on extraordinary motions and amendments to the original motions are stipulated (Article 9-1 after amendment).

The FSC said that, in addition to being published in the official gazette of the Executive Yuan, the draft will be published on the FSC website. If you have any comments, please visit the webpage “Notice of Draft Regulations” on the website of the “FSC Regulatory Inquiry System” (URL: http://law.fsc.gov.tw/) and state your views, or consult the Securities and Futures Bureau of the FSC within 60 days from the announcement day.

Contact unit: SITE and SCIE Group, Securities and Futures Bureau

Tel: (02) 2774-7320  Section Chief Lin

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