资产支持证券信息披露规则
为规范资产支持证券信息披露行为，维护投资者合法权益，保证资产支持证券试点的顺利进行，促进银行间债券市场的健康发展，中国人民银行制定了《资产支持证券信息披露规则》，现予公布。本规则自公布之日起施行。
中国人民银行
二00五年六月十三日
资产支持证券信息披露规则
第一条 为规范资产支持证券信息披露行为，维护投资者合法权益，推动债券市场的发展，根据《信贷资产证券化试点管理办法》(中国人民银行公告(2005)第7号)等有关规定，制定本规则。
第二条 资产支持证券受托机构(以下简称受托机构)的信息披露应通过中国货币网、中国债券信息网以及中国人民银行规定的其他方式进行。
第三条 受托机构应保证信息披露真实、准确和完整，不得有虚假记载、误导性陈述和重大遗漏。
资产支持证券发起机构和接受受托机构委托为证券化提供服务的机构应按照信托合同和服务合同的约定，及时向受托机构提供有关信息报告，并保证所提供信息真实、准确和完整。
第四条 受托机构、为证券化提供服务的机构、全国银行间同业拆借中心(以下简称同业中心)、中央国债登记结算有限责任公司(以下简称中央结算公司)等相关知情人在信息披露前不得泄露拟披露的信息。
第五条 受托机构应在资产支持证券发行前的第五个工作日，向投资者披露发行说明书、评级报告、募集办法和承销团成员名单。
分期发行资产支持证券的，其第一期的信息披露按本条第一款的有关规定执行；自第二期起，受托机构只在每期资产支持证券发行前第五个工作日披露补充发行说明书。
第六条 受托机构应在发行说明书中说明资产支持证券的清偿顺序和投资风险，并在显著位置提示投资者：“投资者购买资产支持证券，应当认真阅读本文件及有关的信息披露文件，进行独立的投资判断。主管部门对本期证券发行的核准，并不表明对本期证券的投资价值作出了任何评价，也不表明对本期证券的投资风险作出了任何判断”。
第七条 受托机构应在每期资产支持证券发行结束的当日或次一工作日公布资产支持证券发行情况。
第八条 资产支持证券存续期内，受托机构应在每期资产支持证券本息兑付日的三个工作日前公布受托机构报告(编制要求附后)，反映当期资产支持证券对应的资产池状况和各档次资产支持证券对应的本息兑付信息；每年4月30日前公布经注册会计师审计的上年度受托机构报告。
第九条 受托机构应与信用评级机构就资产支持证券跟踪评级的有关安排作出约定，并应于资产支持证券存续期内每年的7月31日前向投资者披露上年度的跟踪评级报告。
第十条 召开资产支持证券持有人大会，召集人应至少提前三十日公布资产支持证券持有人大会的召开时间、地点、会议形式、审议事项、议事程序和表决方式等事项，并于大会结束后十日内披露大会决议。
第十一条 在发生可能对资产支持证券投资价值有实质性影响的临时性重大事件时，受托机构应在事发后的三个工作日内向同业中心和中央结算公司提交信息披露材料，并向中国人民银行报告。
本条所称重大事件包括但不限于以下事项：
(一)发生或预期将发生受托机构不能按时兑付资产支持证券本息等影响投资者利益的事项；
(二)受托机构和证券化服务机构发生影响资产支持证券投资价值的违法、违规或违约事件；
(三)资产支持证券第三方担保人主体发生变更；
(四)资产支持证券的信用评级发生变化；
(五)信托合同规定应公告的其他事项；
(六)中国人民银行和中国银行业监督管理委员会等监管部门规定应公告的其他事项；
(七)法律、行政法规规定应公告的其他事项。
第十二条 同业中心和中央结算公司应在不迟于收到信息披露文件的次一工作日将有关文件予以公告。
第十三条 资产支持证券的信息披露除适用本规则外，还适用于《全国银行间债券市场债券交易管理办法》(中国人民银行令(2000)第2号)、《全国银行间债券市场金融债券发行管理办法》(中国人民银行令(2005)第1号)和《全国银行间债券市场债券交易流通审核规则》(中国人民银行公告(2004)第19号)等有关规定。
第十四条 本规则由中国人民银行负责解释。
第十五条 本规则自公布之日起施行。
附：受托机构报告编制要求
一、受托机构和证券化服务机构的名称、地址。
二、各档次证券的本息兑付情况，包括各档次证券入库时点的本金金额、本期期初及期末的本金余额、证券票面利率、本期本金和利息支付情况、本期利息迟付情况、本期本金损失情况以及评级情况等。
三、本期资产池统计特征说明，包括贷款余额、贷款数目、加权平均贷款利率和加权平均剩余期限等。
四、本期的资产池本金细项分列(含正常还本金额、本金提前结清金额、部分提前还本金额、处置回收本金金额及回购贷款本金金额等)和利息(含税费支出)细项分列的说明。
五、资产池提前还款、拖欠、违约、处置、处置回收及损失等情况。
六、内外部信用增级情况说明。
七、资产池中进入法律诉讼程序的信托资产情况；法律诉讼程序进度。
八、依信托合同所进行许可投资之投资收入或损失之总金额等情况。
九、其他情况说明。
Rules for the Information Disclosure of Asset-backed Securities
People's Bank of China Announcement No. 14 [2005]
To regulate information disclosure of asset-backed securities, safeguard the legal rights of investors, ensure a smooth progress of the pilot asset-backed securities and promote the healthy development of the inter-bank bond market, the People's Bank of China formulates and is hereby promulgating the Rules for the Information Disclosure of Asset-backed Securities. These Rules shall enter into effect on date of promulgation.
The People's Bank of China
June 13, 2005
Rules for the Information Disclosure of Asset-backed Securities
Article 1 These Rules are formulated in accordance with the Administrative Rules for the Pilot Securitization of Credit Assets (People's Bank of China Announcement No. 7 [2005]) and other rules so as to regulate information disclosure of asset-backed securities, safeguard the legal rights of investors and promote the development of the bond market.
Article 2 Information disclosure of the entrusted institution of asset-backed securities (hereinafter referred to as the entrusted institution) shall be conducted via the websites of Chinamoney.com.cn, Chinabond.com.cn or other channels stipulated by the People's Bank of China.
Article 3 The entrusted institution shall ensure the truthfulness, accuracy and completeness of disclosed information. There shall be no falsified description, misleading statements or major omissions.
According to the stipulation of trust contracts or service contracts, the initiating institution and the service-providing institution designated by the entrusted institution shall provide related information reports to the entrusted institution and ensure the truthfulness, accuracy and completeness of the information provided.
Article 4 Information insiders such as the entrusted institution, the service-providing institution for securitization, the National Inter-bank Lending and Borrowing Center (hereinafter referred to as the NILBC), the China Government Securities Depository Trust & Clearing Company Ltd ( hereinafter referred to as the China Clearing Company) are not allowed to reveal the information before disclosure.
Article 5 The entrusted institution shall release the issuance charter, the credit rating report, the prospectus and the name list of the underwriting syndicate to investors five working days before the issuance of the asset-backed securities.
Where asset-backed securities are issued in installments, information relating to its first issue shall be disclosed in accordance with the first provision of this article, while the entrusted institution shall only release the supplementary issuance charters five working days before the following issues.
Article 6 The entrusted institution shall explain in the issuance charter the liquidation sequence as well as investment risks of the asset-backed securities, and declare in a noticeable place that " Investors shall carefully read this document and other relevant information-disclosing documents and make independent investment judgments. The approval of the issuance of the said securities by administrative organs implies neither an assessment of the investment value nor a judgment of the investment risks of the said securities".
Article 7 The entrusted institution shall disclose the issuance result of the asset-backed securities on the day the issuance completes or on the immediate following working day.
Article 8 Before the maturity of the asset-backed securities, the entrusted institution shall announce the trusteeship report (the compiling requirements are attached) 3 working days before the principal redemption and interest payment of each issue of the asset-backed securities. The report shall reveal the status of the investment pool of each corresponding issue of the asset-backed securities as well as information in relation to the principal redemption and interest payment of asset-backed securities of each level. The annual trusteeship report of the previous year audited by certified public accountants shall be disclosed on April 30 every year.
Article 9 The entrusted institution shall make relevant arrangements with a credit rating institution regarding the tracking rating of the said asset-backed securities and disclose to investors the tracking rating report of the previous financial year before July 31 each year.
Article 10 Where a general meeting of the asset-backed security holders is to be held, the convener shall, at least 10 days in advance, announce the time, venue, mode, issues to be reviewed, procedures and voting method, etc. of the general meeting. In addition, the resolution of the general meeting shall be disclosed within 10 days after the conclusion of the general meeting.
Article 11 In cases when an unexpected major event takes place and might have substantial impact on the value of the asset-backed securities, the entrusted institution shall report to the People's Bank of China in addition to submitting information-disclosing documents to the NILBC and China Clearing Company within 3 working days after the occurrence of the event.
The major events referred to in this article include but are not limited to the following:
1) Occurrence or expected occurrence of the default of the entrusted institution in terms of timely principal redemption and interest payment of the asset-backed securities and other events that might have a negative impact on the investors' rights;
2) Violation of the laws or regulations or breach of contracts by the entrusted institution and service-providing institution for securitization, which might have a negative impact on the investment value of the asset-backed securities;
3) Substantial change of the third-party guarantor of the asset-backed securities;
4) Change of credit rating of the asset-backed securities;
5) Other events that shall be announced according to stipulations of the trust contract;
6) Other events that shall be announced according to the stipulations of the People's Bank of China and China Banking Regulatory Commission;
7) Other events that shall be announced according to laws or administrative regulations.
Article 12 The NILBC and China Clearing Company shall disclose the related documents no later than 1 working day after they receive documents of information disclosure.
Article 13 Information disclosure of asset-backed securities is not only subject to these Rules but also the Administrative Rules for the Trading and Circulation of Bonds in the National Inter-bank Bond Market ( People's Bank of China Decree No. 2 [2000]), the Administrative Rules for the Issuance of Financial Bonds in the Inter-bank Bond Market (People's Bank of China Decree No. [2005]) and the Approving Guidance on the Transaction and Circulation of Bonds in the National Inter-bank Bond Market ( People's Bank of China Announcement No. 19 [2004] ) and other related rules.
Article 14 The People's Bank of China is responsible for the interpretation of these Rules.
Article 15 These Rules shall enter into effect on date of promulgation
Annex:Compiling Requirements for the Report of the Entrusted Institution
1. Names and addresses of the entrusted institution and the service-providing institution for securitization.
2. Information about principal redemption and interest payment, which includes the counted paid-in amount of the principal, outstanding balance of the principal both at the beginning and end of the current period, coupon rate of the security, information about principal redemption and interest payment for the current period, information about interest in arrears for the current period, information about loss of the principal for the current period, credit rating situation, etc.
3. Information about characteristics of the asset pool for the current period, which includes outstanding balance of the loans, total amount of the loans, weighted average interest rate of loans and weighted average remaining term of the loans, etc.
4. Information about the list of principals for the current period ( including normal amount of principal redemption, amount of principal settled in advance, amount of principal redeemed in advance, amount of disposition of principal callback as well as repurchase of the principal of the loans) as well as the list of interests (including the expenses of tax and fees) in the asset pool.
5. Information about repayment in advance, repayment in arrears, breach of contract, disposition, disposition of callback, loss, etc. of the asset pool.
6. Information about credit rating enhancement both internally and externally.
7. Information about the fiduciary assets going through a lawsuit procedure in the asset pool; progress of the lawsuit.
8. Information about the total amount of the investment income or loss arising from the approved investment activities based on the trust contract.
9. Other information that shall be disclosed.
