《证券公司资产证券化业务管理规定》中英文版.

1、111Westlaw. chi ma证券公司资产证券化业务管理规定第一章总则Chapter 1: General Provisions第一条为了规范证券公司资产证券化业务活动，保障投资者的合法权益，根据中华人民共和国证券法、中华人民共和国信托法 、证券公司监督管理条例和其他相关法律、行政法规，制定本规定。Article 1 With a view to regulating the asset securitization business of securities companies, and safeguarding the legitimate rights and interests

2、 of investors, these Provisions are formulated pursuant to the Securities Law of the Peoples Republic of China , the Trust Law of the Peoples Republic of China, the Regulations on the Supervision and Administration of Securities Companies, and other relevant laws and administrative regulations.第二条证券

3、公司资产证券化业务是指证券公司以特殊目的载体管理人身份，按照约定从原始权益人受让或者以其他方式获得基础资产，并且以该基础资产产生的现金流为支持，发行资产支持证券的 业务活动。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, acquires unde

4、rlying 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.前款所指特殊目的载体，是指证券公司为开展资产证券化业务专门设立的专项资产管理计划(以下 简称 专项计划”)或者中国证监会认可的其他特殊目的载体。For the purpose of the preceding Paragraph

5、, 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 Regulatory Commission (CSRC

6、).第三条因专项计划资产的管理运用、处分或者其他情形而取得的财产，归入专项计划资产。因处理专项计划事务所支出的费用、对第三人所负债务，以专项计划资产承担。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 under the Special Scheme. The expe

7、nses 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.专项计划资产为信托财产，独立于原始权益人、管理人、托管人、资产支持证券投资者及其他业务 参与机构的固有财产。The assets under a Special Scheme shall be assets held in trust, which shall be in

8、dependent of the proprietary assets of the originators, managers, custodians, investors of asset-backed securities and other business participating institutions.原始权益人、管理人、托管人、资产支持证券投资者及其他业务参与机构因依法解散、被依法撤销 或者宣告破产等原因进行清算的，专项计划资产不属于其清算财产。Where the originators, managers, custodians, investors of asset-b

9、acked 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.第四条 管理人管理、运用专项计划资产所产生的债权，不得与原始权益人、管理人

10、、托管人、 资产支持证券投资者及其他业务参与机构的固有财产产生的债务相抵销。管理人管理运用、处分不同专 项计划资产所产生的债权债务，不得相互抵销。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 assets of the originators, manage

11、rs, 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 each other.第五条专项计划资产应当由商业银行、中国证券

12、登记结算有限责任公司、具有托管业务资格的 证券公司或者中国证监会认可的其他资产托管机构托管。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 other asset custodians approved

13、by the CSRC.第六条资产支持证券可以在证券交易所、中国证券业协会机构间报价与转让系统、证券公司柜 台市场以及中国证监会认可的其他交易场所进行转让。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-counter market of securities companies, and oth

14、er market places approved by the CSRC.第七条证券公司发行资产支持证券，应当向中国证监会提出申请并获得批准。Article 7 To issue asset-backed securities, securities companies shall apply to the CSRC and obtain its approval.第二章专项计划Chapter 2: Special Schemes第八条本规定所称基础资产是指可以产生独立、可以预测的现金流的财产权利或者财产。基础资产可以是单项财产权利或者财产，也可以是多项财产权利或者财产构成的资产组合。Art

15、icle 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 property rights or assets.前款规定的财产权利或者财产可以是企业应收款

16、、信贷资产、信托受益权、基础设施收益权等财产 权利，商业票据、债券及其衍生产品、股票及其衍生产品等有价证券，商业物业等不动产财产。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 and other property rights of an enterprise

17、, or marketable securities such as commercial papers, bonds and their derivatives, and stocks and their derivatives, or commercial properties and other real estate properties.第九条法律法规规定基础资产转让应当办理批准、登记手续的，应当依法办理。法律法规没有要求办理登记或者暂时不具备办理登记条件的，管理人应当采取有效措施，维护基础资产安全。Article 9 The transfer of underlying asset

18、s 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 manager shall take effective measures to

19、safeguard the security of the underlying assets.基础资产为债权的，应当按照有关法律规定将债权转让事项通知债务人。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.第十条基础资产不得附带抵押、质押等担保负担或者其他权利限制。能够通过专项计划相关安排，解除基础资产相关担保负担

20、和其他权利限制的除外。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 pertinent arrangements of the Special? Westlaw

21、 ChinaPage 2 WestlavLcHiNAScheme.第十一条以基础资产产生现金流循环购买新的基础资产方式组成专项计划资产的，专项计划的法律文件应当明确约定基础资产购买条件、购买规模、流动性风险以及风险控制措施。基础资产的规模、存续期限应当与资产支持证券的规模、存续期限匹配。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 existing un

22、derlying 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.第十二条专项计划的任何货币收

23、支活动均应当通过专项计划账户。Article 12 Any and all monetary receipt and expenditure under a Special Scheme shall be conducted through the account of the Special Scheme.第十三条资产支持证券是投资者享有专项计划受益权的证明，可以依法继承、交易或转让。Article 13 Asset-backed securities are proofs that investors are entitled to the beneficial interests of

24、the relevant Special Scheme, and may be inherited, traded or transferred in accordance with the law.资产支持证券投资者享有下列权利：Investors of asset-backed securities shall be entitled to:(一)分享专项计划收益；(1) share the returns on the Special Scheme;(二)参与分配清算后的专项计划剩余资产；(2) participate in the distribution of the assets

25、remaining after the liquidation of the Special Scheme;(三)获得资产管理报告等专项计划信息披露文件，查阅或者复制专项计划相关信息资料；(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)交易或转让资产支持证券；(4) trad

26、e or transfer the asset-backed securities;(五)根据交易场所相关规则，通过回购进行融资；(5) raise funds by repurchase in accordance with relevant rules of market places; and(六)认购协议或者计划说明书约定的其他权利。(6) exercise other rights agreed upon in subscription agreements or statements on the Special Scheme.第十四条为保障基础资产现金流安全，专项计划可以通过内部

27、或者外部信用增级方式提升资产支持证券信用等级。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.同一专项计划发行的资产支持证券面值相同，并可以根据风险收益特征划分为不同种类。同一种类 的资产支持证券，享有同等权益，承担同等风险

28、。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.第十五条资产支持证券可

29、以由取得中国证监会核准的证券市场资信评级业务许可的资信评级机构(以下简称资信评级机构)进行初始评级和跟踪评级。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-backed securities.

30、第十六条专项计划的管理人以及资产支持证券的销售机构应当采取下列措施，确保投资者的投资决定是在充分知悉资产支持证券风险收益特点的情形下作出的审慎决定：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 decisions made when they a

31、re fully aware of the risk-return characteristics of the asset-backed securities:(一)了解投资者的财产与收入状况、风险承受能力和投资偏好等，推荐与其风险承受能力相匹配 的资产支持证券；(1) To understand the asset size and income level, risk tolerance and investment preference of the investors, and recommend asset-backed securities suitable for their

32、risk tolerance;(二)向投资者充分披露专项计划的基础资产情况、现金流预测对专项计划的影响、交易合同主要 内容及资产支持证券的风险收益特点，明确投资资产支持证券的权利义务；(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 transaction contracts an

33、d 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)制作风险揭示书充分揭示投资风险，在接受投资者认购资金前应当确保投资者已经知悉风险 揭示书内容并在风险揭示书上签字。(3) To prepare a risk disclosure statement to fully reveal investment

34、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.第十七条 专项计划应当开立资产支持证券募集专用账户，用于资产支持证券认购资金的接收、 验资与划转。管理人应当在专项计划设立后五个工作日内，将专项计划的设立情况向住所地中国证监会

35、 派出机构报告。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 establishment of the S

36、pecial Scheme within five working days thereof to the local office of the CSRC at its domicile.第十八条发行期结束时，资产支持证券发行规模未达到计划说明书约定的最低发行规模，或者专项计划未满足计划说明书约定的其他设立条件，专项计划设立失败。管理人应当自发行期结束之日起 十个工作日内，向投资者退还认购资金及利息。Article 18 The establishment of a Special Scheme shall be deemed as failure if upon expiry of the

37、 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 the manager concerne

38、d shall return the subscription funds and the interest accrued thereon to investors within ten working days following the expiry of the issuance period.第十九条资产支持证券的登记、托管、转让、结算、代为兑付等事项应当遵守所在交易场所及相应登记结算机构的有关规定。证券公司可以为资产支持证券提供双边报价服务。Article 19 The registration, custody, transfer, settlement, agency rede

39、mption 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.? Westlaw ChinaPage 4*IKWestlaw. chi maSecurities companies may provide two-way quote

40、s for asset-backed securities.第二十条发生下列情形之一的，专项计划终止：Article 20 A Special Scheme shall be terminated under any of the following circumstances:(一)资产支持证券到期；(1) Where the asset-backed securities reach their maturity;(二)计划说明书约定的不可抗力事件导致专项计划不能存续；(2) Where the Special Scheme can no longer exist due to force

41、 majeure events agreed upon in the statements on the Special Scheme; or(三)法律、行政法规或者中国证监会规定，以及计划说明书约定的其他情形。(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

42、: Managers and Custodians第二十一条管理人应当履行下列职责：Article 21 The manager of a Special Scheme shall perform the following duties:(一)对相关交易主体和基础资产进行全面的尽职调查；(1) To conduct a comprehensive due diligence investigation of relevant transaction participants and underlying assets;(二)督促原始权益人规范运作、依法履行职责；(2) To urge ori

43、ginators to conduct standardized operations and perform duties in accordance with the law;(三)办理资产支持证券发行事宜；(3) To handle matters relating to the issuance of asset-backed securities;(四)按照约定及时将募集资金支付给原始权益人；(4) To promptly pay the funds raised to the originators as agreed upon;(五)为资产支持证券投资者的利益管理专项计划资产；(

44、5) To manage the assets under the Special Scheme for the interests of the investors of the asset-backed securities;(六)监督、检查原始权益人持续经营情况和基础资产现金流状况，出现重大异常情况的，管理人 应当采取必要措施维护专项计划资产安全；(6) To supervise and inspect the ongoing business operations of the originators and the cash flow of the underlying assets

45、, and in the event of significant abnormalities, to take necessary measures to safeguard the security of the assets under the Special Scheme;(七)按照约定向资产支持证券投资者分配收益；(7) To distribute proceeds to the investors of the asset-backed securities as agreed upon;(八)履行信息披露义务；(8) To fulfill information disclosu

46、re obligations;(九)负责专项计划的终止清算；(9) To be responsible for the liquidation upon termination of the Special Scheme; and(十)法律、行政法规或者中国证监会规定，以及计划说明书约定的其他职责。(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

47、 Scheme.第二十二条管理人不得有下列行为：Article 22 The manager of a Special Scheme shall not commit any of the following conducts:(一)募集资金不入账或者进行其他任何形式的账外经营；(1) To fail to credit the funds raised into accounts or otherwise conduct off-the-books operations;(二)募集资金超过计划说明书约定的规模；(2) To raise funds in excess of the size

48、agreed upon in the statements on the Special Scheme;(三)挪用专项计划资产；(3) To misappropriate the assets under the Special Scheme;(四)违反计划说明书的约定以专项计划资产设定担保或者其他或有负债；(4) To provide guarantee or incur other contingent liabilities with the assets under the Special Scheme in breach of the statements on the Specia

49、l Scheme;(五)违反计划说明书的约定以专项计划资产对外投资；(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、行政法规及中国证监会禁止的其他行为。(6) To commit any other acts prohibited by laws, administrative regulations or the CSRC.第二十三条管理人应当为专项计划单独记账、独立核算，不同的专

50、项计划在账户设置、资金划拨、账簿记录等方面应当相互独立。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.第二十四条管理人应当为专项计划指

51、定项目主办人，项目主办人应当承担尽职调查及计划管理职责。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.项目主办人应当具备良好的职业道德，无不良诚信记录，具备资产证券化相关知识与经验。The project lead shall have upright profession

52、al ethics, knowledge and experience of asset securitization, and no unfavorable credit record.第二十五条管理人应当针对专项计划存续期内可能出现的重大风险，制订切实可行的风险控制措施和风险处置预案。在风险发生时，管理人应当勤勉尽责地执行风险处置预案，最大程度地保护资产 支持证券投资者利益。Article 25 The manager of a Special Scheme shall develop practical risk control measures and risk handling pl

53、ans in response to the 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.第二十六条有下列情形之一的，管理人应当充分披露

54、有关事项并对可能存在的风险进行揭示：Article 26 Under any of the following circumstances, the manager of a Special Scheme shall fully disclose relevant matters and reveal potential risks:? Westlaw ChinaPage 6 nWestlaw. chi ma(一)管理人持有原始权益人5 %以上的股份；(1) Where the manager holds 5% or more of the shares of an originator;(二

55、)原始权益人持有管理人5 %以上的股份；(2) Where an originator holds 5% or more of the shares of the manager;(三)管理人与原始权益人之间近三年存在承销保荐、财务顾问等业务关系的；(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)管理人与原始权益人

56、之间存在其他重大利益关系的。(4) Where there are other significant interests between the manager and an originator.第二十七条管理人与原始权益人存在第二十六条所列情形或者管理人以自有资金或者其管理的集合资产管理计划、基金认购资产支持证券的，应当建立相应机制防范可能存在的利益冲突。Article 27 Where the manager and an originator of a Special Scheme fall under any of the circumstances listed in Artic

57、le 26 herein, or where the manager subscribes for asset-backed 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.管理人以自有资金或其管理的集合资产管理计划认购资产支持证券的比例上限可以根据

58、具体业务 需要自行确定。The manager may, depending on specific business 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.第二十八条专项计划终止的，管理人应当按照计划说明书的约定成立清算组，负责专项计划资产的保管、清理、估价、变现和分配。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 sa