Newsletter
SITES MAY OFFER FOREIGN CURRENCY DENOMINATED FUNDS
In a letter dated 22 October 2003, the Ministry of Finance authorized securities investment trust enterprises (SITEs) to offer and issue funds de-nominated in foreign currencies. However, such funds are limited to securities investment trust funds offered within the ROC for investment in foreign securities or in foreign and domestic securities, and their securities investments are still subject to the provisions limiting the types and scope of securities open to securities in-vestment trust funds for investment in overseas securities offered by SITEs in Taiwan. Addi-tionally, such funds may not be denominated in Renminbi.