On February 16, 2016, the FSC issued a ruling (Ref. No.: Jin-Guan-Yin-Tou-Zi-1040051559) allowing securities investment trust enterprises to offer and issue ETFs by using the dual currency trading mechanism provided by the Taiwan Stock Exchange. Highlights include: (1) foreign currency ETFs, before going public, may be purchased with New Taiwan Dollars; (2) for primary market transactions, foreign currency ETFs are to be transacted in that foreign currency; (3) for secondary market transactions, beneficiary certificates denominated in New Taiwan Dollars may be converted into another currency, and vice versa (the unit conversion ratio is 1 to 1).  RMB-denominated ETFs will be listed for trading in the initial stage. (Ref. No.: Tai-Cheng-Jiao-Zi- 1050002539)