證券公司資產(chǎn)證券化業(yè)務(wù)管理規(guī)定中英文版

1、證券公司資產(chǎn)證券化業(yè)務(wù)管理規(guī)定第一章總則Chapter 1: General Provisions第一條為了規(guī)范證券公司資產(chǎn)證券化業(yè)務(wù)活動，保障投資者的合法權(quán)益，根據(jù)中華人民共和國證券法、«中華人民共和國信托法 、«證券公司監(jiān)督管理條例 和其他相關(guān)法律、行政法規(guī)，制 定本規(guī)定。Article 1 With a view to regulating the asset securitization business of securities companies, and safeguarding the legitimate rights and interests of

2、investors, these Provisions are formulated pursuant to the Securities Law of the People's Republic of China , the Trust Law of the People's Republic of China, the Regulations on the Supervision and Administration of Securities Companies, and other relevant laws and administrative regulations

3、.第二條證券公司資產(chǎn)證券化業(yè)務(wù)是指證券公司以特殊目的載體管理人身份，按照約定從原始權(quán)益人受讓或者以其他方式獲得基礎(chǔ)資產(chǎn)，并且以該基礎(chǔ)資產(chǎn)產(chǎn)生的現(xiàn)金流為支持，發(fā)行資產(chǎn)支持證券的 業(yè)務(wù)活動。Article 2 The asset securitization business of a securities company shall refer to the business activities whereby the securities company, in the capacity as the manager of a special purpose vehicle, acquire

4、s underlying assets from originators by acting as the transferee or otherwise as agreed upon, and issues asset-backed securities supported by the cash flow generated by such underlying assets.前款所指特殊目的載體，是指證券公司為開展資產(chǎn)證券化業(yè)務(wù)專門設(shè)立的專項資產(chǎn)管理計劃(以下 簡稱 專項計劃”)或者中國證監(jiān)會認可的其他特殊目的載體。For the purpose of the preceding Par

5、agraph, a special purpose vehicle shall refer to a special asset management scheme set up by the securities company specifically for asset securitization business (hereinafter referred to as the "Special Scheme") or other special purpose vehicle recognized by the China Securities Regulator

6、y Commission ("CSRC").第三條因?qū)ｍ椨媱澷Y產(chǎn)的管理運用、處分或者其他情形而取得的財產(chǎn)，歸入專項計劃資產(chǎn)。因處理專項計劃事務(wù)所支出的費用、對第三人所負債務(wù)，以專項計劃資產(chǎn)承擔(dān)。Article 3 The assets obtained by managing, utilizing or disposing of the assets under a Special Scheme or obtained under other circumstances related thereto shall be included as the assets unde

7、r the Special Scheme. The expenses incurred, and the liabilities owed to third parties, for handling matters relating to the Special Scheme shall be borne by the assets under the Special Scheme.專項計劃資產(chǎn)為信托財產(chǎn)，獨立于原始權(quán)益人、管理人、托管人、資產(chǎn)支持證券投資者及其他業(yè)務(wù) 參與機構(gòu)的固有財產(chǎn)。The assets under a Special Scheme shall be assets he

8、ld in trust, which shall be independent of the proprietary assets of the originators, managers, custodians, investors of asset-backed securities and other business participating institutions.原始權(quán)益人、管理人、托管人、資產(chǎn)支持證券投資者及其他業(yè)務(wù)參與機構(gòu)因依法解散、被依法撤銷 或者宣告破產(chǎn)等原因進行清算的，專項計劃資產(chǎn)不屬于其清算財產(chǎn)。Where the originators, managers, cu

9、stodians, investors of asset-backed securities and other business participating institutions conduct liquidation due to dissolution, or being closed down or declared bankrupt, etc., in accordance with the law, the assets under the Special Scheme shall not belong to the assets for liquidation.第四條 管理人

10、管理、運用專項計劃資產(chǎn)所產(chǎn)生的債權(quán)，不得與原始權(quán)益人、管理人、托管人、 資產(chǎn)支持證券投資者及其他業(yè)務(wù)參與機構(gòu)的固有財產(chǎn)產(chǎn)生的債務(wù)相抵銷。管理人管理運用、處分不同專 項計劃資產(chǎn)所產(chǎn)生的債權(quán)債務(wù)，不得相互抵銷。Article 4 The claims generated by a manager from managing and utilizing the assets under the relevant Special Scheme shall not be used for offsetting the liabilities incurred by the proprietary ass

11、ets of the originators, managers, custodians, investors of asset-backed securities and other business participating institutions. The claims and liabilities generated by a manager from managing, utilizing and disposing of the assets under different Special Schemes shall not be used for offsetting ea

12、ch other.第五條專項計劃資產(chǎn)應(yīng)當(dāng)由商業(yè)銀行、中國證券登記結(jié)算有限責(zé)任公司、具有托管業(yè)務(wù)資格的 證券公司或者中國證監(jiān)會認可的其他資產(chǎn)托管機構(gòu)托管。Article 5 The assets under Special Schemes shall be put under the custody of commercial banks, the China Securities Depository and Clearing Corporation Limited, securities companies with custody business qualifications or ot

13、her asset custodians approved by the CSRC.第六條資產(chǎn)支持證券可以在證券交易所、中國證券業(yè)協(xié)會機構(gòu)間報價與轉(zhuǎn)讓系統(tǒng)、證券公司柜 臺市場以及中國證監(jiān)會認可的其他交易場所進行轉(zhuǎn)讓。Article 6 Asset-backed securities are transferrable via stock exchanges, the inter-agency offer and transfer system of the Securities Association of China ("SAC"), the over-the-count

14、er market of securities companies, and other market places approved by the CSRC.第七條證券公司發(fā)行資產(chǎn)支持證券，應(yīng)當(dāng)向中國證監(jiān)會提出申請并獲得批準。Article 7 To issue asset-backed securities, securities companies shall apply to the CSRC and obtain its approval.第二章專項計劃Chapter 2: Special Schemes第八條本規(guī)定所稱基礎(chǔ)資產(chǎn)是指可以產(chǎn)生獨立、可以預(yù)測的現(xiàn)金流的財產(chǎn)權(quán)利或者財產(chǎn)。基

15、礎(chǔ)資產(chǎn)可以是單項財產(chǎn)權(quán)利或者財產(chǎn)，也可以是多項財產(chǎn)權(quán)利或者財產(chǎn)構(gòu)成的資產(chǎn)組合。Article 8 For the purpose of these Provisions, underlying assets shall refer to the property rights or assets that can generate independent and predictable cash flow. Underlying asset may be individual property right or asset, or the portfolio of multiple prope

16、rty rights or assets.前款規(guī)定的財產(chǎn)權(quán)利或者財產(chǎn)可以是企業(yè)應(yīng)收款、信貸資產(chǎn)、信托受益權(quán)、基礎(chǔ)設(shè)施收益權(quán)等財產(chǎn) 權(quán)利，商業(yè)票據(jù)、債券及其衍生產(chǎn)品、股票及其衍生產(chǎn)品等有價證券，商業(yè)物業(yè)等不動產(chǎn)財產(chǎn)。For the purpose of the preceding Paragraph, property rights or assets may be the account receivables, credit assets, the right as a trust beneficiary, the right to proceeds from infrastructure

17、and other property rights of an enterprise, or marketable securities such as commercial papers, bonds and their derivatives, and stocks and their derivatives, or commercial properties and other real estate properties.第九條法律法規(guī)規(guī)定基礎(chǔ)資產(chǎn)轉(zhuǎn)讓應(yīng)當(dāng)辦理批準、登記手續(xù)的，應(yīng)當(dāng)依法辦理。法律法規(guī)沒有要求辦理登記或者暫時不具備辦理登記條件的，管理人應(yīng)當(dāng)采取有效措施，維護基礎(chǔ)資產(chǎn)安全。

18、Article 9 The transfer of underlying assets shall be subject to approval and registration in accordance with the law if so required by laws and regulations. Where registration is not required by laws and regulations or where the conditions for registration are temporarily not available, the relevant

19、 manager shall take effective measures to safeguard the security of the underlying assets.基礎(chǔ)資產(chǎn)為債權(quán)的，應(yīng)當(dāng)按照有關(guān)法律規(guī)定將債權(quán)轉(zhuǎn)讓事項通知債務(wù)人。In the event that the underlying assets are claims, matters concerning the transfer of the claims shall be notified to the debtors in accordance with pertinent laws.第十條基礎(chǔ)資產(chǎn)不得附帶抵押

20、、質(zhì)押等擔(dān)保負擔(dān)或者其他權(quán)利限制。能夠通過專項計劃相關(guān)安排，解除基礎(chǔ)資產(chǎn)相關(guān)擔(dān)保負擔(dān)和其他權(quán)利限制的除外。Article 10 The underlying assets of a Special Scheme shall not be subject to any type of security such as mortgage or pledge or any other encumbrances, unless the relevant security or encumbrance of the underlying assets may be lifted through pert

21、inent arrangements of the SpecialScheme.第十一條以基礎(chǔ)資產(chǎn)產(chǎn)生現(xiàn)金流循環(huán)購買新的基礎(chǔ)資產(chǎn)方式組成專項計劃資產(chǎn)的，專項計劃的法律文件應(yīng)當(dāng)明確約定基礎(chǔ)資產(chǎn)購買條件、購買規(guī)模、流動性風(fēng)險以及風(fēng)險控制措施?；A(chǔ)資產(chǎn)的規(guī)模、存續(xù)期限應(yīng)當(dāng)與資產(chǎn)支持證券的規(guī)模、存續(xù)期限匹配。Article 11 Where the assets under a Special Scheme consist of new underlying assets bought in a revolving manner with the cash flow generated by exis

22、ting underlying assets, the legal documents of the Special Scheme shall specify the conditions and the size of purchase of the underlying assets, liquidity risks and risk control measures. The size and term of duration of the underlying assets shall match those of the asset-backed securities.第十二條專項計

23、劃的任何貨幣收支活動均應(yīng)當(dāng)通過專項計劃賬戶。Article 12 Any and all monetary receipt and expenditure under a Special Scheme shall be conducted through the account of the Special Scheme.第十三條資產(chǎn)支持證券是投資者享有專項計劃受益權(quán)的證明，可以依法繼承、交易或轉(zhuǎn)讓。Article 13 Asset-backed securities are proofs that investors are entitled to the beneficial intere

24、sts of the relevant Special Scheme, and may be inherited, traded or transferred in accordance with the law.資產(chǎn)支持證券投資者享有下列權(quán)利：Investors of asset-backed securities shall be entitled to:(一)分享專項計劃收益；(1) share the returns on the Special Scheme;(二)參與分配清算后的專項計劃剩余資產(chǎn)；(2) participate in the distribution of the

25、assets remaining after the liquidation of the Special Scheme;(三)獲得資產(chǎn)管理報告等專項計劃信息披露文件，查閱或者復(fù)制專項計劃相關(guān)信息資料；(3) obtain asset management reports and other information disclosure documents of the Special Scheme, and consult or duplicate the information materials related to the Special Scheme;(四)交易或轉(zhuǎn)讓資產(chǎn)支持證券；(

26、4) trade or transfer the asset-backed securities;(五)根據(jù)交易場所相關(guān)規(guī)則，通過回購進行融資；(5) raise funds by repurchase in accordance with relevant rules of market places; and(六)認購協(xié)議或者計劃說明書約定的其他權(quán)利。(6) exercise other rights agreed upon in subscription agreements or statements on the Special Scheme.第十四條為保障基礎(chǔ)資產(chǎn)現(xiàn)金流安全，專項計

27、劃可以通過內(nèi)部或者外部信用增級方式提升資產(chǎn)支持證券信用等級。Article 14 To ensure the security of the cash flow of the underlying assets, a Special Scheme may adopt internal or external credit enhancement methods to upgrade the credit rating of its asset-backed securities.同一專項計劃發(fā)行的資產(chǎn)支持證券面值相同，并可以根據(jù)風(fēng)險收益特征劃分為不同種類。同一種類 的資產(chǎn)支持證券，享有同等權(quán)益

28、，承擔(dān)同等風(fēng)險。The asset-backed securities issued by the same Special Scheme shall have the same par value, but may be divided into different classes based on risk-return characteristics. Asset-backed securities of the same class shall enjoy equal rights and interests, and bear the same level of risks.第十五條

29、資產(chǎn)支持證券可以由取得中國證監(jiān)會核準的證券市場資信評級業(yè)務(wù)許可的資信評級機構(gòu)(以下簡稱資信評級機構(gòu))進行初始評級和跟蹤評級。Article 15 Credit rating agencies holding the securities market credit rating business license approved by the CSRC (hereinafter referred to as the "Credit Rating Agency") may conduct initial rating and follow-up rating of asset

30、-backed securities.第十六條專項計劃的管理人以及資產(chǎn)支持證券的銷售機構(gòu)應(yīng)當(dāng)采取下列措施，確保投資者的投資決定是在充分知悉資產(chǎn)支持證券風(fēng)險收益特點的情形下作出的審慎決定：Article 16 The manager of a Special Scheme and the sales institutions of its asset-backed securities shall take the following measures to ensure that the investment decisions of investors are prudent decisio

31、ns made when they are fully aware of the risk-return characteristics of the asset-backed securities:(一)了解投資者的財產(chǎn)與收入狀況、風(fēng)險承受能力和投資偏好等，推薦與其風(fēng)險承受能力相匹配 的資產(chǎn)支持證券；(1) To understand the asset size and income level, risk tolerance and investment preference of the investors, and recommend asset-backed securities

32、suitable for their risk tolerance;(二)向投資者充分披露專項計劃的基礎(chǔ)資產(chǎn)情況、現(xiàn)金流預(yù)測對專項計劃的影響、交易合同主要 內(nèi)容及資產(chǎn)支持證券的風(fēng)險收益特點，明確投資資產(chǎn)支持證券的權(quán)利義務(wù)；(2) To fully disclose to the investors the information on the underlying assets of the Special Scheme, the impact of the cash flow forecast on the Special Scheme, main contents of the trans

33、action contracts and the risk-return characteristics of the asset-backed securities, and to specify the rights and obligations relating to the investment in the asset-backed securities; and(三)制作風(fēng)險揭示書充分揭示投資風(fēng)險，在接受投資者認購資金前應(yīng)當(dāng)確保投資者已經(jīng)知悉風(fēng)險 揭示書內(nèi)容并在風(fēng)險揭示書上簽字。(3) To prepare a risk disclosure statement to fully

34、 reveal investment risks, and to make sure that the investors have been made aware of the contents of the risk disclosure statement and have affixed their signatures thereon before accepting the subscription funds of the investors.第十七條 專項計劃應(yīng)當(dāng)開立資產(chǎn)支持證券募集專用賬戶，用于資產(chǎn)支持證券認購資金的接收、 驗資與劃轉(zhuǎn)。管理人應(yīng)當(dāng)在專項計劃設(shè)立后五個工作日內(nèi)，

35、將專項計劃的設(shè)立情況向住所地中國證監(jiān)會 派出機構(gòu)報告。Article 17 A special account for raising asset-backed securities shall be opened under a Special Scheme to receive, conduct capital verification of, and transfer, the subscription funds for the asset-backed securities. The manager of the Special Scheme shall report the est

36、ablishment of the Special Scheme within five working days thereof to the local office of the CSRC at its domicile.第十八條發(fā)行期結(jié)束時，資產(chǎn)支持證券發(fā)行規(guī)模未達到計劃說明書約定的最低發(fā)行規(guī)模，或者專項計劃未滿足計劃說明書約定的其他設(shè)立條件，專項計劃設(shè)立失敗。管理人應(yīng)當(dāng)自發(fā)行期結(jié)束之日起 十個工作日內(nèi)，向投資者退還認購資金及利息。Article 18 The establishment of a Special Scheme shall be deemed as failure if

37、 upon expiry of the issuance period, the size of the asset-backed securities issued fails to reach the minimum issuance size specified in the statements on the Special Scheme or the Special Scheme fails to satisfy other conditions for establishment agreed upon in the said statements, in which case t

38、he manager concerned shall return the subscription funds and the interest accrued thereon to investors within ten working days following the expiry of the issuance period.第十九條資產(chǎn)支持證券的登記、托管、轉(zhuǎn)讓、結(jié)算、代為兌付等事項應(yīng)當(dāng)遵守所在交易場所及相應(yīng)登記結(jié)算機構(gòu)的有關(guān)規(guī)定。證券公司可以為資產(chǎn)支持證券提供雙邊報價服務(wù)。Article 19 The registration, custody, transfer, sett

39、lement, agency redemption and other matters relating to asset-backed securities shall be carried out in accordance with relevant provisions of the market places concerned and the corresponding registration and settlement institutions.Securities companies may provide two-way quotes for asset-backed s

40、ecurities.第二十條發(fā)生下列情形之一的，專項計劃終止：Article 20 A Special Scheme shall be terminated under any of the following circumstances:(一)資產(chǎn)支持證券到期；(1) Where the asset-backed securities reach their maturity;(二)計劃說明書約定的不可抗力事件導(dǎo)致專項計劃不能存續(xù)；(2) Where the Special Scheme can no longer exist due to force majeure events agre

41、ed upon in the statements on the Special Scheme; or(三)法律、行政法規(guī)或者中國證監(jiān)會規(guī)定，以及計劃說明書約定的其他情形。(3) Where there are other circumstances prescribed by laws, administrative regulations or the CSRC, or other circumstances agreed upon in the statements on the Special Scheme.第三章管理人及托管人Chapter 3: Managers and Custo

42、dians第二十一條管理人應(yīng)當(dāng)履行下列職責(zé)：Article 21 The manager of a Special Scheme shall perform the following duties:(一)對相關(guān)交易主體和基礎(chǔ)資產(chǎn)進行全面的盡職調(diào)查；(1) To conduct a comprehensive due diligence investigation of relevant transaction participants and underlying assets;(二)督促原始權(quán)益人規(guī)范運作、依法履行職責(zé)；(2) To urge originators to conduct

43、standardized operations and perform duties in accordance with the law;(三)辦理資產(chǎn)支持證券發(fā)行事宜；(3) To handle matters relating to the issuance of asset-backed securities;(四)按照約定及時將募集資金支付給原始權(quán)益人；(4) To promptly pay the funds raised to the originators as agreed upon;(五)為資產(chǎn)支持證券投資者的利益管理專項計劃資產(chǎn)；(5) To manage the ass

44、ets under the Special Scheme for the interests of the investors of the asset-backed securities;(六)監(jiān)督、檢查原始權(quán)益人持續(xù)經(jīng)營情況和基礎(chǔ)資產(chǎn)現(xiàn)金流狀況，出現(xiàn)重大異常情況的，管理人 應(yīng)當(dāng)采取必要措施維護專項計劃資產(chǎn)安全；(6) To supervise and inspect the ongoing business operations of the originators and the cash flow of the underlying assets, and in the event o

45、f significant abnormalities, to take necessary measures to safeguard the security of the assets under the Special Scheme;(七)按照約定向資產(chǎn)支持證券投資者分配收益；(7) To distribute proceeds to the investors of the asset-backed securities as agreed upon;(八)履行信息披露義務(wù)；(8) To fulfill information disclosure obligations;(九)負責(zé)

46、專項計劃的終止清算；(9) To be responsible for the liquidation upon termination of the Special Scheme; and(十)法律、行政法規(guī)或者中國證監(jiān)會規(guī)定，以及計劃說明書約定的其他職責(zé)。(10) To perform other duties prescribed by laws, administrative regulations or the CSRC, as well as those agreed upon in the statements on the Special Scheme.第二十二條管理人不得有下

47、列行為：Article 22 The manager of a Special Scheme shall not commit any of the following conducts:(一)募集資金不入賬或者進行其他任何形式的賬外經(jīng)營；(1) To fail to credit the funds raised into accounts or otherwise conduct off-the-books operations;(二)募集資金超過計劃說明書約定的規(guī)模；(2) To raise funds in excess of the size agreed upon in the s

48、tatements on the Special Scheme;(三)挪用專項計劃資產(chǎn)；(3) To misappropriate the assets under the Special Scheme;(四)違反計劃說明書的約定以專項計劃資產(chǎn)設(shè)定擔(dān)?；蛘咂渌蛴胸搨?4) To provide guarantee or incur other contingent liabilities with the assets under the Special Scheme in breach of the statements on the Special Scheme;(五)違反計劃說明書的

49、約定以專項計劃資產(chǎn)對外投資；(5) To make outward investment with the assets under the Special Scheme in breach of the statements on the Special Scheme; or(六)法律、行政法規(guī)及中國證監(jiān)會禁止的其他行為。(6) To commit any other acts prohibited by laws, administrative regulations or the CSRC.第二十三條管理人應(yīng)當(dāng)為專項計劃單獨記賬、獨立核算，不同的專項計劃在賬戶設(shè)置、資金劃撥、賬簿記錄等方

50、面應(yīng)當(dāng)相互獨立。Article 23 The manager of a Special Scheme shall conduct independent book-keeping and accounting for the Special Scheme. Different Special Schemes shall be independent of each other in terms of account opening, fund disbursement, book-keeping records, etc.第二十四條管理人應(yīng)當(dāng)為專項計劃指定項目主辦人，項目主辦人應(yīng)當(dāng)承擔(dān)盡職調(diào)查

51、及計劃管理職責(zé)。Article 24 The manager of a Special Scheme shall designate a project lead for the Special Scheme who shall undertake the due diligence investigation and management of the Special Scheme.項目主辦人應(yīng)當(dāng)具備良好的職業(yè)道德，無不良誠信記錄，具備資產(chǎn)證券化相關(guān)知識與經(jīng)驗。The project lead shall have upright professional ethics, knowledge

52、 and experience of asset securitization, and no unfavorable credit record.第二十五條管理人應(yīng)當(dāng)針對專項計劃存續(xù)期內(nèi)可能出現(xiàn)的重大風(fēng)險，制訂切實可行的風(fēng)險控制措施和風(fēng)險處置預(yù)案。在風(fēng)險發(fā)生時，管理人應(yīng)當(dāng)勤勉盡責(zé)地執(zhí)行風(fēng)險處置預(yù)案，最大程度地保護資產(chǎn) 支持證券投資者利益。Article 25 The manager of a Special Scheme shall develop practical risk control measures and risk handling plans in response to t

53、he material risks that may arise during the term of the Special Scheme. Where risks occur, the manager shall diligently execute the risk handling plans to protect the interests of the investors of the asset-backed securities to the greatest extent possible.第二十六條有下列情形之一的，管理人應(yīng)當(dāng)充分披露有關(guān)事項并對可能存在的風(fēng)險進行揭示：Ar

54、ticle 26 Under any of the following circumstances, the manager of a Special Scheme shall fully disclose relevant matters and reveal potential risks:(一)管理人持有原始權(quán)益人5 %以上的股份；(1) Where the manager holds 5% or more of the shares of an originator;(二)原始權(quán)益人持有管理人5 %以上的股份；(2) Where an originator holds 5% or mo

55、re of the shares of the manager;(三)管理人與原始權(quán)益人之間近三年存在承銷保薦、財務(wù)顧問等業(yè)務(wù)關(guān)系的；(3) Where underwriting and sponsorship, financial advisory and other business relationships exist between the manager and an originator in the past three years; or(四)管理人與原始權(quán)益人之間存在其他重大利益關(guān)系的。(4) Where there are other significant intere

56、sts between the manager and an originator.第二十七條管理人與原始權(quán)益人存在第二十六條所列情形或者管理人以自有資金或者其管理的集合資產(chǎn)管理計劃、基金認購資產(chǎn)支持證券的，應(yīng)當(dāng)建立相應(yīng)機制防范可能存在的利益沖突。Article 27 Where the manager and an originator of a Special Scheme fall under any of the circumstances listed in Article 26 herein, or where the manager subscribes for asset-ba

57、cked securities with its proprietary funds or the collective asset management schemes or funds under its management, appropriate mechanisms shall be set up to guard against potential conflict of interest.管理人以自有資金或其管理的集合資產(chǎn)管理計劃認購資產(chǎn)支持證券的比例上限可以根據(jù)具體業(yè)務(wù) 需要自行確定。The manager may, depending on specific busines

58、s needs, decide on its own the upper limit under which its proprietary funds or the collective asset management schemes under its management may be used for subscribing for the asset-backed securities.第二十八條專項計劃終止的，管理人應(yīng)當(dāng)按照計劃說明書的約定成立清算組，負責(zé)專項計劃資產(chǎn)的保管、清理、估價、變現(xiàn)和分配。Article 28 Where a Special Scheme is terminated, its manager shall, according to the statements on the Special Scheme, set up a liquidation team to be responsible for the safekeeping, clean-up, valuation, cash realization and distribution of the assets under the Special Scheme.管理人應(yīng)當(dāng)自專項計劃清算完成之日起十個工作日內(nèi)，向托管人、資產(chǎn)支持證券投資者出具清算報 告，并將清算結(jié)果向住所地