2019中国资产证券化实务指南（中英对照）-中伦律所-2019.2-104页.pdf

资产证券化法律实务指南 中 国 & zhonglun.com 目 录 Table of Contents 作者简介 Author Profile ........................................................................................ 4 作者按 From the Authors ...................................................................................... 7 1 交易结构适用的一般性法律 Structurally Embedded Laws of General Application .......................................................................................................... 1 1.1 破产法 Insolvency Laws............................................................................. 1 1.2 特殊目的载体（SPV） Special-Purpose Vehicles (SPV) .......................... 5 1.3 金融资产转让 Transfer of Financial Assets ................................................ 6 2 税法及相关问题 Tax Laws and Issues .............................................................. 10 2.1 税法与避税 Taxes and Tax Avoidance ..................................................... 10 2.2 SPV 的税务处理 Taxes on SPVs .............................................................. 11 2.3 税务与跨境资产转让 Taxes on Transfers Crossing Borders .................... 13 2.4 其他税务问题 Other Taxes ...................................................................... 14 2.5 税务与法律意见 Obtaining Legal Opinion ............................................... 15 3 会计规则及相关问题 Accounting Rules and Issues ......................................... 16 3.1 证券化会计准则中的法律问题 Legal Issues with Securitisation Accounting Rules ........................................................................................................ 16 3.2 证券化会计准则中法律问题的处理 Dealing with Legal Issues............... 17 4 证券化专门适用的法律法规 Laws and Regulations Specifically Relating to Securitisation .................................................................................................... 18 4.1 专门信息披露法律法规 Specific Disclosure Laws or Regulations ........... 18 4.2 信用风险自留 'Credit Risk Retention' ...................................................... 27 4.3 定期报告规定 Periodic Reporting ............................................................ 31 4.4 评级机构证券化业务 Activities of Rating Agencies (RA) ....................... 34 4.5 金融机构对于证券化产品的处理 Treatment of Securitisation in Financial Entities ..................................................................................................... 38 4.6 衍生品的运用 Use of Derivatives ............................................................ 47 4.7 特殊会计准则 Specific Accounting Rules ................................................ 51 4.8 投资者保护 Investor Protection ................................................................ 52 4.9 银行与金融资产证券化 Banks Securitising Financial Assets ................... 53 4.10 SPV 及其他实体 SPVs or Other Entities ................................................ 55 4.11 信用增级的重要形式 Material Forms of Credit Enhancement ............... 58 4.12 政府资助实体的参与 Participation of Government Sponsored Entities .. 60 4.13 证券化投资实体 Entities Investing in Securitisation .............................. 61 5 文件 Documentation .......................................................................................... 66 5.1 破产隔离转让 Bankruptcy Remote Transfers ........................................... 66 5.2 主要保证 Principal Warranties ................................................................. 67 5.3 主要权利完善条款 Principal Perfection Provisions ................................. 69 5.4 主要承诺 Principal Covenants .................................................................. 70 5.5 主要服务条款 Principal Servicing Provisions .......................................... 72 5.6 主要违约 Principal Defaults ..................................................................... 73 5.7 主要赔偿 Principal Indemnities ................................................................ 73 5.8 其他主要事项 Other Principal Matters ..................................................... 74 6 执行 Enforcement .............................................................................................. 76 6.1 其他执行 Other Enforcements .................................................................. 76 6.2 执行制度的整体有效性 Effectiveness of Overall Enforcement Regime ... 77 7 各方的角色和责任 Roles and Responsibilities of the Parties .......................... 79 7.1 发行人 Issuers .......................................................................................... 79 7.2 发起机构 Sponsors ................................................................................... 81 7.3 承销机构和配售代理人 Underwriters and Placement Agents .................. 82 7.4 资产服务机构 Servicers ........................................................................... 83 7.5 投资人 Investors ....................................................................................... 83 7.6 受托人 Trustees ........................................................................................ 84 8 合成证券化 Synthetic Securitisations .............................................................. 86 8.1 合成证券化 Synthetic Securitisation ....................................................... 86 9 特定资产类型 Specific Asset Types .................