論結構債之契約關係及指定用途金錢信託之法律性質 (Contractual Structure of Structured Notes and Legal Characterisation of Non-discretionary Trust)
軍法專刊，第55卷第3期，2009年6月，頁111-133 (Law Journal, Vol. 55, Issue 3, pp. 111-133, 2009)
23 Pages Posted: 8 May 2011
Date Written: June 1, 2011
This article argues that if a structured product is documented as “notes”, it should be deemed as “securities” under the Securities Exchange Act in Taiwan. It should be regulated issuance, purchase or brokerage activities under securities regulations, if a structured note is issued directly in Taiwan or if a domestic investor authorized a securities broker to have it purchased in a foreign country on his behalf,. In addition, even if one invests in structured notes issued by a foreign company via a non-discretionary trust with a commercial bank, this activity should still constitute sales of foreign securities; and thus it should require registration and/or authorization from competent authorities before issuance and a prospectus must also be provided. On this basis, we may further examine the regulation and conduct of business rules of promoting investment products by way of a non-discretionary trust under the name of wealth management.
Note: Downloadable document is in Chinese.
Keywords: 結構債、連動債、衍生性金融商品、證券、投資、指定用途金錢信託 (Structured note, derivatives, security, non-discretionary trust)
JEL Classification: K10
Suggested Citation: Suggested Citation