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Article 1. In order to regulate the information disclosure of asset-backed securities, maintain the lawful rights and interests of investors, and promote the development of the bond market, these Rules are formulated pursuant to the Administrative Measures for the Securitization of Credit Assets (Announcement No. 7 [2005] of the People's Bank of China) and other relevant provisions. Article 2. The information disclosure by an entrusted institution of asset-backed securities (hereinafter referred to the entrusted institution) shall be conducted by the China Money Network, China Bond Network and other ways prescribed by the People's Bank of China. Article 3. The entrusted institution shall ensure that the information disclosure is authentic, accurate and complete, and may not have any false record, misleading statement or significant omission. The promoter institution of asset-backed securities and the institution that accepts the entrustment of the entrusted institution and provides securitization services shall, pursuant to the trust contract and service contract, timely report the relevant information to the entrusted institution, and ensure that the provided information is authentic, accurate and complete. Article 4. The entrusted institution, the institution that provides securitization services, the National Inter-bank Funding Center (hereinafter referred to the Funding Center), the China Government Securities Depository Trust & Clearing Co., Ltd. (hereinafter referred to the CGSDTC) and other insiders may not divulge the information to be disclosed prior to the information disclosure. Article 5. The entrusted institution shall disclose the instructions for the issuance, rating report, measures for securities floatation and a name list of the members of the selling group on the fifth working day prior to the issuance of asset-backed securities. In the case of issuing asset-backed securities by installments, the information disclosure of the first installment shall be conducted pursuant to the relevant prescriptions of Paragraph 1 of this Article. From the second installment and onwards, the entrusted institution shall only disclose the supplementary instructions for the issuance on the fifth working day prior to the issuance of asset-backed securities of each installment. Article 6. The entrusted institution shall explain the payment sequence and investment risks in the instructions for asset-backed securities, and give the investors in an eye-catching place that the following points of attention: "The investors that purchase the asset-backed securities shall seriously read this document and the relevant information disclosure documents and carry out an independent investment judgment. The examination and approval of the issuance of securities of this installment by the department in-charge does not mean any appraisal of the investment value of securities of this installment or any judgment of the investment risks of securities of this installment. " Article 7. The entrusted institution shall announce the information about the issuance of asset-backed securities on the day or the following working day when the issuance of asset-backed securities of each installment is completed. Article 8. During the existing period of asset-backed securities, the entrusted institution shall, three working days prior to the encashment date of the principal and interest of asset-backed securities of each installment, announce a report of the entrusted institution (the formulation requirements are attached at the end), which shall reflect the situation of the asset pool corresponding to the current installment of asset-backed securities and the information on the encashment of the principal and interest corresponding to the asset-backed securities of each class, and shall announce the report of` the entrusted institution for previous year audited by registered accountants prior to April 30 each year. Article 9. The entrusted institution shall make stipulations on the relevant arrangement of follow-up rating of asset-backed securities with the credit rating institution, and shall disclose the follow-up rating report of previous year to the investors prior to July 31 each year during the existing period of asset-backed securities. Article 10. In case a general assembly of holders of asset-backed securities is to be held, the convener shall announce the time, place, forms, matters to be deliberated, procedures for discussing matters, and the voting way of the general assembly of holders of asset-backed securities at leas 30 days in advance, and disclose the resolution of the general assembly within ten days upon conclusion of the general assembly. Article 11. In case a temporary significant matter that may have a material effect on the investment value of asset-backed securities occurs, the entrusted institution shall submit the information disclosure materials to the Funding Center and the CGSDTC within three working days upon occurrence of the said matter, and report it to the People's Bank of China. The significant matters mentioned in this Article include but not limited to: (1) matters that will affect the interests of investors have happened or are going to happen, for example, the entrusted institution can not pay the principal and interest of asset-backed securities on schedule; (2) illegal, irregular or defaulting matters that will affect the investment value of asset-backed securities have occurred to the entrusted institution and the securitization service institution; (3) the subject of the third-party guarantor for the asset-backed securities is changed; (4) the credit rating of the asset-backed securities is changed; (5) other matters that need to be announced pursuant to the trust contract; (6) other matters prescribed by the supervision departments like the People's Bank of China and the China Banking Regulatory Commission that need to be announced; and (7) other matters prescribed by laws and administrative regulations that need to be announced. Article 12. The Funding Center and the CGSDTC shall announce the relevant documents not later than the following working day upon receipt of the information disclosure documents. Article 13. Apart from these Rules, the information disclosure of asset-backed securities shall also be governed by the Measures for Administration of Bond Trading in the National Inter-bank Bond Market (Order No. 2 [2000] of the People's Bank of China), the Measures for Administration of the Issuance of Financial Bonds in the National Inter-bank Bond Market (Order No.1 [2005] of the People's Bank of China) and the Rules for Examination and Approval of Bond Trading and Circulation in the National Inter-bank Bond Market (Announcement No. 19 [2004] of the People's Bank of China) and other relevant provisions. Article 14. The power to interpret these Rules shall remain with the People's Bank of China. Article 15. These Rules shall come into force as of the date of promulgation. Attachment: Entrusted Institution Reports Formulation Requirements ATTACHMENT: ENTRUSTED INSTITUTION REPORTS FORMULATION REQUIREMENTS I. Name and address of the entrusted institution and securitization service institution. II. The information on the encashment of principal and interest of securities of each class, including the amount of principal at the time of pooling the securities of each class, the amount of principal at the beginning and end of current installment, par interest rate of securities, information on the payment of principal and interest of current installment, the information on the late payment of interests of current installment, the information on the loss of the principal of current installment and the rating conditions. III. The explanations for the feature of the asset pool of current installment, including the balance of loans, amount of loans, weighted average interest rate of loans and weighted averaged remaining period. IV. The explanations for the separate listing of detailed items of the principal of the asset pool of current installment (including the normal amount of returns of the principal, the amount of the principal settled in advance, the amount of the principal partly paid in advance, the amount of the principal disposed and reclaimed and the amount of the principal of repurchased loans) and on the separate listing of detailed items of interests (including the taxes and expenses). V. The information about the advanced payment, delay, default, treatment, treatment and reclaiming as well as losses of the asset pool. VI. The explanations for the internal and external credit rating increased. VII. The information on the credit assets of the asset pool that is subject to the legal procedure, and the progress of legal procedure. VIII. The information on the total amount of investment incomes or losses from the approved investment pursuant to the trust contract. IX. The explanations for other matters. |
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