On March 2, 2016, the FSC issued a ruling (Ref. No.: Jin-Guan-Yin-Piao-Zi-  10540000410) broadening the scope of permitted investments  of Taiwan's Real Estate Investment Trust Funds (“REIT Funds”), subject to the following limitations: (1) the total amount invested in offshore REIT Funds and in beneficial securities and asset-backed securities issued or delivered by other trustees or special-purpose companies, pursuant to the Real Estate Securitization Act or the Financial Asset Securitization Act, together shall not exceed 25% of the net asset value of the fund; (2) the amount invested in a single offshore REIT Fund shall not exceed 5% of the net asset value of the fund; (3) the total amount invested in offshore real estate and in offshore REIT Funds shall not reach 50% of the net asset value of the fund.