第2條 有關不動產之證券化，依本條例之規定；本條例未規定者，依其他法律之規定。
Article 2 The securitization of real estate shall be governed by the provisions of this Act; matters not fully provided for in this Act shall be governed by other laws.
第3條 本條例所稱主管機關，為財政部。
Article 3 The competent authority as referred to in this Act shall be the Ministry of Finance.
本條例規定事項，涉及目的事業主管機關職掌者，由主管機關會同目的事業主管機關辦理。
Where the matters governed by this Act are related to those administered by the authority in charge of the target enterprise concerned, the competent authority and the authority in charge of the target enterprise concerned shall jointly administer such matters.
第4條 本條例用詞定義如下：
Article 4 The definitions of the terms used in this Act are as follows:
一不動產：指土地、建築改良物、道路、橋樑、隧道、軌道、碼頭、停車場及其他具經濟價值之土地定著物。
1. “Real estate” shall refer to land, construction improvements, roads, bridges, tunnels, rails, wharfs, parking lots, and other things of economic value affixed to land.
二證券化：指受託機構依本條例之規定成立不動產投資信託或不動產資產信託，向不特定人募集發行或向特定人私募交付受益證券，以獲取資金之行為。
2. “Securitization” shall refer to an act by which a Trustee establishes a REIT or REAT pursuant to the provisions of this Act, and acquires funds from issuing Beneficial Securities to non-specific persons through public offering or delivering Beneficial Securities to specific persons through private placement.
三不動產投資信託：依本條例之規定，向不特定人募集發行或向特定人私募交付不動產投資信託受益證券，以投資不動產、不動產相關權利、不動產相關有價證券及其他經主管機關核准投資標的而成立之信託。
3. “Real Estate Investment Trust (REIT)” shall refer to a trust established pursuant to the provisions of this Act, whereby the REIT Beneficial Securities are issued to non-specific persons through public offering or delivered to specific persons through private placement to invest in real estate, related rights of real estate, securities of real estate, as well as other investment objects approved by the competent authority.
四不動產資產信託：依本條例之規定，委託人移轉其不動產或不動產相關權利予受託機構，並由受託機構向不特定人募集發行或向特定人私募交付不動產資產信託受益證券，以表彰受益人對該信託之不動產、不動產相關權利或其所生利益、孳息及其他收益之權利而成立之信託。
4. “Real Estate Asset Trust (REAT)” shall refer to a trust established pursuant to the provisions of this Act, by which trustors transfer their real estate or relevant rights to a Trustee to issue REAT Beneficial Securities to non-specific persons through public offering or deliver REAT Beneficial Securities to specific persons through private placement, evidencing the beneficiaries' rights of the real estate of such trust, relevant rights, or profits, interests, and other proceeds accrued therefrom.
五受益證券：指下列不動產投資信託受益證券及不動產資產信託受益證券：
5. “Beneficial Securities” shall refer to the following REIT Beneficial Securities and REAT Beneficial Securities:
(一)不動產投資信託受益證券：指受託機構為不動產投資信託基金而發行或交付表彰受益人享有該信託財產及其所生利益、孳息及其他收益之受益權持分之權利憑證或證書。
(1) REIT Beneficial Securities: shall refer to the document of title or certificate issued or delivered by the Trustee for REIT funds, evidencing the beneficiaries' rights of such trust property and the profits, interests, and o ther proceeds accrued therefrom.
(二)不動產資產信託受益證券：指受託機構為不動產資產信託而發行或交付表彰受益人享有該信託財產本金或其所生利益、孳息及其他收益之受益權持分之權利憑證或證書。
(2) REAT Beneficial Securities: shall refer to the document of title or certificate issued or delivered by the Trustee for the REAT, evidencing the beneficiaries' rights of the principals of such trust property and the profits, interests, and other proceeds accrued therefrom.
六受託機構：指得受託管理及處分信託財產，並募集或私募受益證券之機構。
6. “Trustee” shall refer to an institution that may manage and dispose of the trust property and publicly offer or privately place Beneficial Securities.
七不動產投資信託基金：指不動產投資信託契約之信託財產，其範圍包括因募集或私募不動產投資信託受益證券所取得之價款、所生利益、孳息與其他收益及以之購入之各項資產或權利。
7. “REIT Funds” shall refer to the trust property of the REIT contract that include the purchase price and the profits, interests, and other proceeds accrued therefrom from public offering or private placement of REIT Beneficial Securities as well as the assets or rights purchased with the aforementioned.
八信託監察人：指由受託機構依不動產投資信託契約或不動產資產信託契約之約定或經受益人會議決議所選任，為受益人之利益，行使本條例所定權限之人。
8. “Trust Supervisor” shall refer to a person appointed by the Trustee in accordance with the agreement of the REIT contract or REAT contract or the resolution adopted by a beneficiaries' meeting to exercise the powers as prescribed under this Act for the interest of the beneficiaries.
九利害關係人：指信託業法第七條所稱之利害關係人。
9. “Interested Party” shall refer to the Interested Party as defined in Article 7 of the Trust Enterprise Act.
一○不動產管理機構：指建築開發業、營造業、建築經理業、不動產租賃業或其他經中央目的事業主管機關核定公告之事業。
10. “Real Estate Management Institution” shall refer to a construction development enterprise, construction enterprise, construction managing enterprise, real estate leasing enterprise, or other proclaimed enterprises approved and announced by the central competent authority.
一一封閉型基金：指於基金存續期間，投資人不得請求受託機構買回其持有之受益證券，受託機構亦不得追加發行、交付或賣出受益證券之基金。
11. “Closed-End Fund” shall refer to a fund that during its duration, investors shall not request the Trustee to repurchase the held Beneficial Securities, while the Trustee shall not additionally issue, deliver or sell the Beneficial Securities.
一二開放型基金：指投資人得請求受託機構買回其持有之受益證券，受託機構亦得追加發行、交付或賣出受益證券之基金。
12. “Open-End Fund” shall refer to a fund that investors may request the Trustee to repurchase the held Beneficial Securities, while the Trustee may additionally issue, deliver or sell the Beneficial Securities.
一三專業估價者：指不動產估價師或其他依法律得從事不動產估價業務者。
13. “Professional Appraisers” shall refer to real estate appraisers or other professionals engaged in real estate appraisal pursuant to other laws.
前項所稱受託機構，以信託業法所稱之信託業為限，設立滿三年以上者，並應經主管機關認可之信用評等機構評等達一定等級以上。
The Trustee as mentioned in the preceding paragraph shall be limited to the trust enterprises defined in the Trust Enterprise Act with an establishment for more than three (3) years and shall have been rated above certain level by a credit rating institution recognized by the competent authority.
僅辦理不動產投資信託或不動產資產信託業務之信託業，主管機關得就其最低實收資本額、股東結構、負責人資格條件、經營與管理人員專門學識或經驗、業務限制另定之。
For those trust enterprises that only engage in the REIT or REAT business, the competent authority may constitute respective provisions in accordance with the minimum paid-up capital amount, shareholder structure, qualifications of the responsible person, special knowledge or experience of operating and managerial personnel, and business restrictions of such enterprises.
第5條 依本條例規定募集或私募之受益證券，為證券交易法第六條規定經財政部核定之其他有價證券。
Article 5 The Beneficial Securities publicly offered or privately placed pursuant to the provisions of this Act shall be under the category of other securities with the approval of the Ministry of Finance defined in Article 6 of the Securities and Exchange Act.
第6條 受託機構募集或私募不動產投資信託受益證券，應檢具下列書件，向主管機關申請核准或申報生效；
Article 6 To publicly offer or privately place REIT Beneficial Securities, the Trustee shall submit the following documents to the competent authority for approval or effective registration.
其審核程序、核准或生效條件及其他應遵行事項之處理辦法，由主管機關定之：
The guidelines for review process, requirements for approval or effectiveness, and other matters for compliance shall be further prescribed by the competent authority.