2012 Annual Report 會務暨業務概況. Association and Business Activities 協助爭取業務發展空間, 提升產業競爭力

2012 Association and Business Activities SITCA performs its duties in accordance to laws, article of incorporation and self- regulatory rules. Representing member companies to communicate and negotiate

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2012 Association and Business Activities SITCA performs its duties in accordance to laws, article of incorporation and self- regulatory rules. Representing member companies to communicate and negotiate various issues with the regulator as well as assisting members in promoting business related development. With the collaborative efforts among our directors, supervisors, committee members and staff, we have achieved the following in 協助爭取業務發展空間, 提升產業競爭力 一 協助爭取境內基金業務發展空間 proposal was adopted by the authority and the deregulation of SITE's public and private funds, SITE and SICE discretionary investment ratio in Mainland China was announced. (OBU) OBU S I T C A p r o p o s e d t h e o p e n i n g o f O ff s h o r e B a n k i n g U n i t s ( O B U ) d i s t r i b u t i o n s o f S I T E F u n d s which was duly approved by the authority, and allows entrusted OBU or self-owned funds to invest in domestically raised and issued foreign- denominated funds by SITE. Wo r k e d t o w a r d s t h e l a u n c h o f m u l t i - c u r r e n c y f u n d i s s u a n c e w h i c h w a s a c c e p t e d b y t h e 6 authority, where the multi-currency denominated SITE funds can be issued regardless of the 7 / investing in onshore or offshore investments. Current SITE NTD denominated funds can be amended to add foreign currency category to become a multi- currency fund. 一 / ( ) 會 Strive to relax the raising and issuing of RMB denominated funds which were accepted by the 〇務 authority. Central Bank approved SITE are allowed to publicly or privately raise funds and 一暨 include RMB in their multi-currency denominated. 年 業 Pertaining to payment mechanisms i n NTD of sole multi- currency funds issued outside banking 年報 channels, per FSC instructions, on July 27th, 2012, the SITCA researched the feasibility and procedure to adopt offshore fund model and use fund accounts for investor transactions in 務概 NTD. Related guidelines were announced by the FSC on October 17th, 況 Amendment of Standard for the Calculation of Net Asset Value of Funds to regulate the SITE company when its securities or bonds are in suspended trading or during its split capital KYC Strive for Business Development and Deregulation 1. Pursue Domestic Fund Business Development S t r i v e t o r e v o k e t h e r e s t r i c t i o n o n t h e S I T E a n d S I C E C h i n a - b o u n d i n v e s t m e n t r a t i o. T h e reduction. The amendment includes SITE companies to establish the assessment committee as one of the sources for fair pricing. Research on whether foreign SITE fund management fees are lower, issues of funds bearing less costs and compare the contractual fund s total expense ratio calculation methods and composition. The costs that should be bore by the new funds and relate measure should be under the principle of not changing the fund s total expense ratio. Comment on TWSE' s for the discount or premium control mechanism on listed domestic closedend funds per FSC instructions. The SITCA needs to provide commentary after understanding the needs of the industry as well as draft amendment contents on the regulation with related supporting measures. I n o r d e r t o i m p l e m e n t t h e a d a p t a t i o n p r i n c i p l e s o n f i n a n c i a l p r o d u c t s a n d i n v e s t o r s, S I T E companies or sales institutions should carry out the KYC and risk tolerance assessment with financial consumers prior to the provision of financial instruments or service contract and the act must be recognized by the investors. Planned to further simplify the prospectus on investment scope and the tax related contents that should be bore by the beneficiaries. Simplified prospectus will be integrated to make it convenient for investors to understand and compare different products. ISIN Code International Securities Identification Numbers ISIN Research on the issues of open-end SITE funds to apply for ISIN Code (International Securities Identification Numbers) assignment. Through the approval of FSC for allocation of ISIN, new funds allocation entity registration application can be processed together. Recommended to deregulate fund distributor to subscription funds under their own name on behalf of investors, or investors withholding subscription payments through a financial institution account on the date of subscription, such as in accepting subscription or debit on a business day before 10:00 am the subscription amount should be transferred from the institution's account and the unit net worth is calculated to the date of subscription. The SITCA proposed to the authority to exempt SITE funds investing in foreign financial securities or asset backed securities, and real estate asset trust beneficiary securities that benefit issuance of securities or underlying securities 8 P-Notes Institutional Share Class 二 健全投資顧問事業發展 rating should be consistent with the provisions of the credit rating institutions up to a certain level. The SITCA proposed to the authority to open investment trust funds to invest in convertible bonds and high-yield bonds and that the balanced funds may invest in high-yield bonds. The SITCA proposed to the authority on relaxing the offshore convertible bonds credit rating which is allowed to be invested by SITE funds as well as the investment in offshore P-Notes. Per authority instructions, propose the feasibility, necessity and related measures on domestic SITE issuing Institutional Share Class certificate. 9 Know Your Customer KYC ( ) ( ) EDM 2. Development of Holistic SICE Business In order to implement SICE assessment procedure in KYC (Know Your Customer) to protect the interests of investors, the SITCA deliberated the instruction on delivering the nature of the SICE activity and investment risks to investors. After investors have signed the contract with acknowledgment, a copy of amended SICE contract with investor's information is to be approved by the FSC and conveyed to the member companies. Conducted surveys on the needs of SICE companies with or without operation to purchase (sell) warrants, whether deliberations on SICE companies to use the trading warrant on attracting customers or promotions through the media. Appropriate research and supporting measures are proposed with amendment in the related self-assessment specifications and supporting measures. Researched to draft and set the standard internal management of the general investment consultant in the SICE and to be provided to the industry as reference and to review the SITCA's operating activities and the comprehensiveness of the consulting businesses. Discussions on how to strengthen the integrity of SICE regarding its investment analysis that are provided to the members, and reminder to SICE companies and control mechanism on promoting the stocks for the members up to a certain decrease is also included in the discussion in order to amend related Code of Conduct to strengthen the management of SICE businesses. In order to regulate resigned staffs of SICE companies that continue to provide security analysis or recommendations or propose to customers of previously employed company, relevant specification of the company is amended. Strived to obtain reasonable rules on media securities analysis and related specifications from the FSC and to collect relevant case as reference in considering the needs of the industry and the functioning of association's selfregulation. Advocacy to enhance investors' understanding of illegal SICE businesses and continue to strengthen the ban against illegal SICE companies and handle reported cases as well. Active and regular visits to related financial websites and cooperate with relevant units to ban illegal investments. Counseling members to improve unsuitable business and advertising practices and urges the member companies the advocacy to strengthen self-regulatory function, produce and update SICE advertising behavior norms and violation case advocacy EDM in order to improve sound image and development of SICE companies. 三 強化境外基金業務發展 Know Your Product (KYP) 四 持續推動全權委託業務 3. Strengthen Offshore Fund Business Development A review panel was set up by the SITCA for the master agents to apply for special approval to exempt the hold of offshore funds with derivatives limits to assist in the review. Related specifications have been approved by the authority to grant permission for inspection as soon as FSC's derivative calculation method and immunities has been reviewed. Amended the Sample Investor Brochure on Offshore Funds so that domestic investors can easily understand the information and benefits of the investment. The amendment includes two parts, the first part is the exclusive information of the funds, and the second part is the general information of the funds. In order to strengthen analyst training of offshore funds institutions, the SITCA coordinated the revision of the Key Points for Staff Training Plan of Offshore Funds, and develop assessment and random inspection mechanism for product analysts and channel sales personnel. Reviewed the necessity to apply and examine documents on current offshore fund. The authority is recommended to amend the offshore fund's check list so that offshore funds application review documents can be simplified. In cooperation with the FSC on strengthening of Know Your Product in offshore funds as well as the comprehensive operation model in channel management, the Offshore Funds Sales Channel Self-Evaluation Agreement is been drafted to facilitate sales agency's assessment results and to be sent to the general agent as reference 五 其他業務之研議與推動 4. Continuous Promotion of Discretionary Investment Business In order to assist the industry to actively seek foreign asset commissioned on behalf of the domestic asset management companies, the SITCA recommended the authority to simplify the account opening process. If the appointee is a professional institutional investor that is applying for the discretionary investment business, then it could be entrusted with legal opinions issued by the lawyer to clarify the rights and obligations of the contract between the parties. Tripartite Agreement and Discretionary Investment Services Contract for Engaging or Entrusting Assets to the Custodian Institutions are not allowed to be signed. In order to expand the discretionary investment business, the professional institutional investors is amended to include domestic and foreign banking, securities, futures, insurance, fund management companies, government investment institutions, government fund, pension funds, mutual funds, unit trust and legal institution investors in the Mainland China region. In order to simplify the process, we strive for the Central Bank to allow SITE and SICE companies to handle NTD discretionary investment services in foreign securities without individual application of approval. In response to the insurance industry dealing in the provision of the discretionary investment business, Article 2 of the Regulations Governing the Conduct of Discretionary Investment Business is amended. Pursue the conditional relaxation of the SITE and SICE who establish effective conflict of interest control mechanism for the practitioner to mutually serve as fund managers, discretionary investment managers, and securities investment analyst under SICE. 5. Other Business Proposals and Promotions In order to implement SITE companies' good administrator responsibilities, the Security Investment Trust Enterprise Manager Code was amended. Companies should regularly or as needed, check funds manager and discretionary investment managers, spouses and minor children's valued securities trading situation in TWSE and corporate trading on the GTSM. In response to environmental protection and simplifying the operating procedures, learning passports are fully computerized. The computer system will send out s of training records and bills after the end of each lesson to the learners. In order to strengthen services of members, the SITCA establish automatic system to send out notifications regarding pre-job and on-job training to members. According to the instruction of the authority, deliberations on investment in securities analysts whether it is for specialized professional and technical personnel. The Professional and Technical Personnel Examination Category Check List and Specialized Professional and Technical Personnel Examination Requirement Specifications and assessment studies for the necessity and feasibility of career management law was drafted. 11 參與國際交流, 提升產業競爭力 一 出席 2012 年亞大基金年會 Participation in International Exchange and Cooperation to Improve Industry Competitiveness 1. Attend the 2012 Asia Oceania Investment Funds Association (AOIFA) Annual Meeting Attended AOIFA's annual meeting held in April At the meeting global supervisory mechanism transformation trends, risk management of funds, Asia-Pacific regional funds cross-border sales and co-supervisory mechanism, the changes in the regulatory environment to support the industrial growth, pension fund management and other topics were 12 二 出席 2012 年世界基金年會 三 與中國 香港及其他國家之國際交流活動 ICI 提升專業素養, 強化產業正面形象 一 舉辦新春記者會 二 編製 共同基金產品教材 手冊 (KYP) 三 舉辦高階主管教育訓練及國際研討會 QFII QDII - (FATCA) discussed and views were exchanged with other countries. 2. Attend the 2012 International Investment Funds Association (IIFA) Annual Meeting Attended IIFA's annual meeting held in October At the meeting, global perspective of the corporate governance, pension fund and statistic of economic substance, political and regulatory challenges of the funds industry, positioning of responsible investment, investment fund shareholder's equity exercise, the long-term challenges of funds industry, investor communications, funds industry association challenges and other topics were discussed and experiences were exchanged with other countries. 3. International Exchange Activities with China, Hong Kong and other Countries From August 21st 23rd, 2012, Chairman Mr. Henry Lin and Mr. Zong Sheng Liu the Convener of Cross-Strait and International Affairs Association had led a delegation of 22 representatives on behalf of member companies to Beijing to visit the China Securities Regulatory Commission, Asset Management Association of China, China Construction Bank, China Social Insurance Association and National Council for Social Security Fund The People's Republic of China, a total of 5 agencies. Attended the Hong Kong Investment Funds Association's annual meeting that was held on October, Attended the China Securities Investment Fund Forum International held that was held at Shenzhen in December, Attended the ICI annual meeting that was held at Washington in May, Enhance Professional Quality and Strengthen Positive Image of the Industry 1. New Year Press Conference SITCA held a New Year press conference on January 4th 2012, and announced the results from 2012 Global Economic and Investment Forecast Survey. To further promote the professional image and demonstrate the strengths of SITE market research, analysis and forecast, SITCA surveyed all SITE Chief Investment Officers and research heads regarding their views on the outlook of global economy in The survey results were announced during the press conference for the reference of public investors. 2. Compiled The Curriculum for Mutual Fund Products Manual In order to strengthen the understanding of the sales staff on KYP understanding of the funds, SITCA especially invited the industry to compile The Curriculum for Mutual Fund Products manual, hoping to promote fund sales personnel through the teaching materials and allowing them to pay attention to matters related to the understanding of fund sales and reach the correct concept of sales. Understanding sales KYP to reduce improper sales opportunity and the commodity to comply and fit the Financial Consumer Protection Act, and the protection of rights and interests of investors. 3. Host Senior Managerial Training and International Exchange Hosted the senior managerial training and international exchange. FSC Chairman Yuh Chang Chen and Executive Vice President Alan Lin from Citi Bank (China) was invited to share views on the future of cross-strait SICE, SITE development strategies and directions, QFII and QDII topics. Hosted the European Fund Industry and Regulation Introduction seminar. Association of the Luxembourg Fund Industry (ALFI) was invited on behalf of the EU funds regulations exposure calculation and disclosure in response to recent EU directive development and Foreign Account Tax Compliance Act (FATCA) and ALFI's to share views on the European debt crisis. Hosted a seminar on Taiwan RMB Market Development Policies and Asset Management Industry Opportunities. Invited former FSC commissioner, Professor Yin-Hua Yeh from the Graduate Institute of Finance, NCTU, and SITE companies in discussion on this topic and hoping to assist domestic fund industry to grasp future development opportunities through the seminar. 13 舉辦會員聯誼活動 教育訓練課程, 促進會員間交流 一 舉辦理監事聯誼活動 Host Member Activities, Training Courses, and Increase Member Interaction 1. Host Director and Supervisor Activities To thank the directors and supervisors for their selfless dedication and hard work, SITCA hosted the 9th Supervisor and Directors Activities at the Miaoli Young Lake Resort on September 21-22, Arrangements for the exploration along the winding road around the lake and visit Taiwan's only lake island, the Nisshin Island. The activities allowed the directors, supervisors and their families to get away from the hustle and bustle of big cities relieve work pressure and 二 舉辦投信投顧盃羽球聯誼賽 build social relationships, and were enthusiastically supported by the directors and supervisors ( ) Held the SITE and SICE Badminton Tournament To promote recreational activities, and at the same time exchanges between the SITE and SICE personnel, the SITCA hosted the SITE and SICE Badminton Tournament on July 7th (Saturday) 2012, at the gym hall of National Taipei University of Education. The tournament attracted over 102 badminton players and the cheering teams gets better and better each year. Friends and families cheering for the players brought lots of enthusiasm and excitement to the tournament, and it demonstrates the status and attraction of this annual tournament. 14 四 舉辦投信投顧業與期貨業聯合健行活動 三 舉辦證券期貨盃高爾夫球聯誼賽 Host the Security and Future Golf Championship In order to strengthen the relationships between the securities, futures, investment trust, consulting industries and peripheral units, the Association specifically joined the long-held Securities and Future Cup golf championship. Six major securities, futures and the peripheral units opened the championship enthusiastically at the Sunrise Gold & Country Club, the championship attracted almost 180 golf players. 4. Hosted the 2012 SITE, SICE and Futures Joint Hiking Activity TTo strengthen the exchange between the SITE, SICE and future industry members, the SITCA and Futures Association jointly held the 2012 Zhinan Temple Hiking Activity. Besides distinguished guests from Securities and Futures Bureau and affiliate agencies, more than 960 industry members and their families have joined this activity. Thousands of receipts were collected during the hike and the receipts were all donated to the Genesis Social Welfare Foundation for charity. 15 五 舉辦從業人員教育訓練 162 9, ,033 ECFA 5. SITE and SICE Practitioner Training Course A total of 162 workshops with 9,893 participants joined in the training course which included 15 sessions pre-job training where 860 people participated. And 147 workshops for on-job training for SITE and SICE companies, 9,033 people have participated. New courses in 2012 include: Analysis of global financial market, company capital management and internal audit, derivatives and internal audit, grasp financial English: Language learning and skill sharing, financial industry opportunities and threat of post-ecfa era, dynamic i
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