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An asset securitization business development status and relevant regulatory laws and regulations
As of the end of May 2007 , the UK asset securitization products , total issue size of 47.801 billion yuan , covering banking, telecommunications, transportation, electricity, real estate and many other industries . Products for the period from 0.18 years to 5.34 years, and its yield also from 2.29% to 5% different. Judging from the product accounted for special asset management business planning mode to operate the largest proportion of asset securitization , the issue size of 26.345 billion yuan , accounting for 55.11% of the total scale , followed by credit asset securitization products , accounting for to 27.04% , non-performing asset securitization products accounted for 13.91% , in addition to accounting for a relatively small offshore asset securitization products , quasi- REITs products and quasi ABS trust products . For new Changning Group , it can be taken in the form of asset securitization is basically a special asset management planning mode to operate enterprise asset securitization . Since 2007 , the fledgling asset securitization business development is slow, which of the following main reasons :
截至到2007年五月终，英国资产证券化产品，总计发行规模为478.01亿元，包括了银行、电信、交通、电力、地产等好些个行业。产品时间界线从0.18年到5.34年不等于，其收入率也从2.29百分之百到5百分之百各异。从产品占比上看，以专项资产管理规划标准样式施行操作的公司资产证券化所占比例最大.
First, in the U.S. subprime mortgage crisis triggered by the outbreak of the financial crisis spread to the whole world , of which the "culprit" is one of the sub-prime mortgage loans by banks based on asset securitization products issued to Lehman Brothers on behalf of investment banks and hedge funds and other financial institutions in the past a lot of buying such products and derive high profits, but the U.S. real estate market in 2007 and interest rates rise whereabouts generated a lot of subprime mortgage debt , and mainly by the loss of which purchased the assets securitized products bear the financial institutions , leading to a number of large investment banks huge losses or even bankruptcy . Is affected by , the world's asset securitization markets have been hit hard in 2006, the heyday of asset securitization , the U.S. asset-backed securities outstanding amounted to $ 8 trillion , second only to the national debt has become the largest bond varieties. But this year the market is shrinking dramatically . Affected, the UK asset securitization business has also been a big blow.首先，在美国爆发的次债危机导发了漫延至全球的金融危机，这那里面的“罪魁元凶”之一就是以银行次级按揭贷款为基础资产发行的资产证券化产品，以莱曼昆季为代表的投资银行和对冲基金等金融机构以往数量多购买了此类产品并从其中取得了高额的利润.
People's Bank of England since 2002, has 12 times to raise interest rates , which since 2006 to raise interest rates two times in 2007 to raise interest rates six times , which have greatly increased the corporate bond financing costs. This is also from the negative effects of asset securitization market.
British Commission encourages five securities firms on the basis of asset securitization . First , water, electricity assets, including power plants and power grids, water plants, sewage treatment plants, gas companies , etc. ; Second , bridge toll and public infrastructure , including highways , railways airports, ports, large bus companies ; Third, municipal works especially being back section of the BT projects , mainly referring to the municipal construction projects underwritten by the developer , built and handed over to the government , the government of payment by installments to the developer , the developer in order to recover the money the government should do the underlying asset ; Fourth, commercial property leasing, but little or no contract except hotels and luxury apartments ; Fifth, large equipment leasing, accounts receivable with large enterprises, leasing and other financial assets .
According to "Enterprise asset securitization pilot guidance " the draft , the government will encourage asset securitization market scale development, allowing individual investors to participate. Recently , regulators implement the corporate asset securitization significantly accelerate the pace of the pilot , which means that the long- stalled asset securitization business floodgates again soon . The draft of the asset securitization managers more stringent risk control requirements. Earlier discussions with the industry compared to previous versions of the draft , the new " enterprise asset securitization pilot guidance " draft , clear responsibilities of program managers , the duties of the securities company , the purpose of transfer of risk were carried out detailed provisions. According to the new draft, plan administrator must perform seven functions : issuing beneficiary certificates , the establishment of special programs ; certificate holder for the benefit of the interest , the transferee , management of special plan assets ; accordance with the contract holder to allocate income beneficiary certificates ; by convention convened beneficiary certificate holders' meeting ; obligations of information disclosure ; employ special scheme trustees , service providers and other underlying assets for the securitization business service providers ; laws and administrative regulations , the United Kingdom and plans required by the SFC manual other duties agreed . Draft also of the underlying assets of a clear specification - Enterprise Asset Securitization underlying assets for debt asset class or income right asset class ; may be individual property rights , it can be the same type of assets constituting a number of property rights portfolio ; underlying asset gains income can be derived from the infrastructure , transportation fee income , rental income , accounts receivable , etc. Draft regulations for investors from the point of view , the market is mainly for institutional investors, but does not rule out individual investors. Asset securitization minimum subscription amount of 100 million yuan. Previously the market was not open to natural persons , nor to set a higher threshold for subscription .
With previous innovative securities can only carry out this business is different, most of the future have the opportunity to carry out this business brokers , and individual investors can also invest in the launch of brokerage asset securitization products . "Enterprise Asset securitization pilot Guidelines ( Draft ) " provides that the yield of beneficiary certificates and issue price , by the plan administrator to determine market inquiry , etc. ; same program the same type , duration of beneficiary certificates, yield and the issue price should be the same . And the same special programs , can vary according to the degree of risk and revenue allocation sequence , issue different types of beneficiary certificates . According to the draft , beneficiary certificates through guarantees, etc. to enhance the credit rating. Guarantee the guarantor for financial institutions , credit rating agencies should receive domestic AA level last year, or the equivalent of AA and above the main credit rating. Guarantor of non- guaranteed financial institutions , rating agencies should carry out the main rating agencies have not access to domestic credit rating AA AA grade level or above rating may not be as guarantor . Securities company for asset securitization business , you should set up a special program , and served as program managers . Special plan assets as trust property , the special scheme property independent of the originator , planning manager, trustee , beneficiary certificates holders , service providers and other underlying assets for the asset securitization business inherent property of the service providers . "Draft " clearly provides enterprise asset securitization refers to securities firms for the domestic investors asset-backed beneficiary certificates issued to the Manager as initiated the establishment of special asset management plan, in accordance with the agreement to raise funds to purchase originator can generate stable cash flows of the underlying asset , the asset allocation of the proceeds to benefit the certificate holder 's special asset management activities.
Second, regulatory and disclosure
According to "Enterprise Asset securitization pilot Guidelines ( draft ) ," the British CSRC and its agencies have the right to a securities company undertakes asset securitization business situation, the originator ( new Changning Group ) , promotion agencies, custodians, asset servicing agencies and other basic asset securitization business organizations providing services and asset securitization business-related departments and sites, on-site inspection.
English CSRC and its agencies can also read and copy and asset securitization business related documents , information, likely to be transferred , concealed or destroyed documents, data , electronic equipment be sealed ; interviews securities company directors, supervisors, senior management and staff , asking them to explain the relevant matters ; ask the plan administrator, originator , promotion agencies, custodians, asset servicing agencies and other basic asset securitization business service providers clarification on the matter , within a specified period to provide relevant business information , information .
According to the British PBOC promulgated the " asset-backed securities disclosure rules ." In the event of asset-backed securities may have a substantial impact on the value of temporary events , the Trustee ( securities firms ) should be within three working days after the incident interbank Center and the Central Clearing Company information disclosure materials submitted to the people's Bank of England report .
Major events include the following: ( a ) the occurrence or expected occurrence of the trustee can not be timely principal and interest payment of asset-backed securities and other matters affecting the interests of investors ; ( two ) and securitization trustee service agencies having an impact on the value of asset-backed securities illegal, illegal or event of default ; ( three ) third-party guarantor asset-backed securities subject changed ; ( four ) asset-backed securities credit rating change.
" Guidelines " chapter "Information Disclosure " provides that plan administrators should designate a contact person information disclosure , the disclosure of information is responsible for special programs .
Plan Administrator shall, in accordance with the guidelines and instructions of the convention program , perform periodic disclosure , disclosure of information disclosure obligations temporary .
Regular information disclosure should include the following : Since the date of establishment of special programs , disclosed last three months every three months asset management reports and custody report every twelve months disclose the annual management reports , custody reports , credit rating report ; benefit each voucher distribution of income before income distribution disclosure report ; plan termination, the disclosure of liquidation reports.
Planned duration of the beneficiary certificates based asset exceeds 5% of the outstanding principal balance of the above , or more than 10% of the current amount allocated a significant loss ; underlying assets involved in legal disputes or guarantees or other material contingent liabilities that may affect beneficiary certificates of principal and interest in full and on time reimbursement ; underlying asset cash flows expected significant changes in other circumstances , it should be temporary information disclosure .
Plan Administrator shall ensure that holders of the Shares in accordance with the agreed plan manual time and manner , access to disclosure of information .
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