《證券公司資產(chǎn)證券化業(yè)務(wù)管理規(guī)定》中英文版

1、證券公司資產(chǎn)證券化業(yè)務(wù)管理規(guī)定 第一章 總 則 Chapter 1: General Provisions 第一條 為了規(guī)范證券公司資產(chǎn)證券化業(yè)務(wù)活動(dòng)，保障投資者的合法權(quán)益，根據(jù)中華人民共和國證券法、中華人民共和國信托法、證券公司監(jiān)督管理?xiàng)l例和其他相關(guān)法律、行政法規(guī)，制定本規(guī)定。 Article 1 With a view to regulating the asset securitization business of securities companies, and safeguarding the legitimate rights and interests of investor

2、s, 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. 第二條 證券公司資產(chǎn)證券化業(yè)務(wù)是指

3、證券公司以特殊目的載體管理人身份，按照約定從原始權(quán)益人受讓或者以其他方式獲得基礎(chǔ)資產(chǎn)，并且以該基礎(chǔ)資產(chǎn)產(chǎn)生的現(xiàn)金流為支持，發(fā)行資產(chǎn)支持證券的業(yè)務(wù)活動(dòng)。 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 underlying asse

4、ts 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. 前款所指特殊目的載體，是指證券公司為開展資產(chǎn)證券化業(yè)務(wù)專門設(shè)立的專項(xiàng)資產(chǎn)管理計(jì)劃（以下簡稱“專項(xiàng)計(jì)劃”）或者中國證監(jiān)會認(rèn)可的其他特殊目的載體。 For the purpose of the preceding Paragraph, a specia

5、l 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). 第三條 因?qū)ｍ?xiàng)

6、計(jì)劃資產(chǎn)的管理運(yùn)用、處分或者其他情形而取得的財(cái)產(chǎn)，歸入專項(xiàng)計(jì)劃資產(chǎn)。因處理專項(xiàng)計(jì)劃事務(wù)所支出的費(fèi)用、對第三人所負(fù)債務(wù)，以專項(xiàng)計(jì)劃資產(chǎn)承擔(dān)。 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 expenses in

7、curred, 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. 專項(xiàng)計(jì)劃資產(chǎn)為信托財(cái)產(chǎn)，獨(dú)立于原始權(quán)益人、管理人、托管人、資產(chǎn)支持證券投資者及其他業(yè)務(wù)參與機(jī)構(gòu)的固有財(cái)產(chǎn)。 The assets under a Special Scheme shall be assets held in trust, which shall be independ

8、ent of the proprietary assets of the originators, managers, custodians, investors of asset-backed securities and other business participating institutions. 原始權(quán)益人、管理人、托管人、資產(chǎn)支持證券投資者及其他業(yè)務(wù)參與機(jī)構(gòu)因依法解散、被依法撤銷或者宣告破產(chǎn)等原因進(jìn)行清算的，專項(xiàng)計(jì)劃資產(chǎn)不屬于其清算財(cái)產(chǎn)。 Where the originators, managers, custodians, investors of asset-backed

9、 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. 第四條 管理人管理、運(yùn)用專項(xiàng)計(jì)劃資產(chǎn)所產(chǎn)生的債權(quán)，不得與原始權(quán)益人、管理人、托管人

10、、資產(chǎn)支持證券投資者及其他業(yè)務(wù)參與機(jī)構(gòu)的固有財(cái)產(chǎn)產(chǎn)生的債務(wù)相抵銷。管理人管理運(yùn)用、處分不同專項(xiàng)計(jì)劃資產(chǎn)所產(chǎn)生的債權(quán)債務(wù)，不得相互抵銷。 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, managers, c

11、ustodians, 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. 第五條 專項(xiàng)計(jì)劃資產(chǎn)應(yīng)當(dāng)由商業(yè)銀行、中國證券登記結(jié)

12、算有限責(zé)任公司、具有托管業(yè)務(wù)資格的證券公司或者中國證監(jiān)會認(rèn)可的其他資產(chǎn)托管機(jī)構(gòu)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 by

13、the CSRC. 第六條 資產(chǎn)支持證券可以在證券交易所、中國證券業(yè)協(xié)會機(jī)構(gòu)間報(bào)價(jià)與轉(zhuǎn)讓系統(tǒng)、證券公司柜臺市場以及中國證監(jiān)會認(rèn)可的其他交易場所進(jìn)行轉(zhuǎn)讓。 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 othe

14、r market places approved by the CSRC. 第七條 證券公司發(fā)行資產(chǎn)支持證券，應(yīng)當(dāng)向中國證監(jiān)會提出申請并獲得批準(zhǔn)。 Article 7 To issue asset-backed securities, securities companies shall apply to the CSRC and obtain its approval. 第二章 專項(xiàng)計(jì)劃 Chapter 2: Special Schemes 第八條 本規(guī)定所稱基礎(chǔ)資產(chǎn)是指可以產(chǎn)生獨(dú)立、可以預(yù)測的現(xiàn)金流的財(cái)產(chǎn)權(quán)利或者財(cái)產(chǎn)?；A(chǔ)資產(chǎn)可以是單項(xiàng)財(cái)產(chǎn)權(quán)利或者財(cái)產(chǎn)，也可以是多項(xiàng)財(cái)產(chǎn)權(quán)利或者財(cái)產(chǎn)構(gòu)成的資

15、產(chǎn)組合。 Article 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. 前款規(guī)定的財(cái)產(chǎn)權(quán)利或者財(cái)

16、產(chǎn)可以是企業(yè)應(yīng)收款、信貸資產(chǎn)、信托受益權(quán)、基礎(chǔ)設(shè)施收益權(quán)等財(cái)產(chǎn)權(quán)利，商業(yè)票據(jù)、債券及其衍生產(chǎn)品、股票及其衍生產(chǎn)品等有價(jià)證券，商業(yè)物業(yè)等不動(dòng)產(chǎn)財(cái)產(chǎn)。 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 e

17、nterprise, or marketable securities such as commercial papers, bonds and their derivatives, and stocks and their derivatives, or commercial properties and other real estate properties. 第九條 法律法規(guī)規(guī)定基礎(chǔ)資產(chǎn)轉(zhuǎn)讓應(yīng)當(dāng)辦理批準(zhǔn)、登記手續(xù)的，應(yīng)當(dāng)依法辦理。法律法規(guī)沒有要求辦理登記或者暫時(shí)不具備辦理登記條件的，管理人應(yīng)當(dāng)采取有效措施，維護(hù)基礎(chǔ)資產(chǎn)安全。 Article 9 The transfer of unde

18、rlying assets 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

19、measures to safeguard the security of the underlying assets. 基礎(chǔ)資產(chǎn)為債權(quán)的，應(yīng)當(dāng)按照有關(guān)法律規(guī)定將債權(quán)轉(zhuǎn)讓事項(xiàng)通知債務(wù)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. 第十條 基礎(chǔ)資產(chǎn)不得附帶抵押、質(zhì)押等擔(dān)保負(fù)擔(dān)或者其他權(quán)利限制。能夠通過專項(xiàng)計(jì)劃相

20、關(guān)安排，解除基礎(chǔ)資產(chǎn)相關(guān)擔(dān)保負(fù)擔(dān)和其他權(quán)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

21、 Special Scheme. 第十一條 以基礎(chǔ)資產(chǎn)產(chǎn)生現(xiàn)金流循環(huán)購買新的基礎(chǔ)資產(chǎn)方式組成專項(xiàng)計(jì)劃資產(chǎn)的，專項(xiàng)計(jì)劃的法律文件應(yīng)當(dāng)明確約定基礎(chǔ)資產(chǎn)購買條件、購買規(guī)模、流動(dòng)性風(fēng)險(xiǎn)以及風(fēng)險(xiǎn)控制措施?；A(chǔ)資產(chǎn)的規(guī)模、存續(xù)期限應(yīng)當(dāng)與資產(chǎn)支持證券的規(guī)模、存續(xù)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 underlying asset

22、s, 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. 第十二條 專項(xiàng)計(jì)劃的任何貨幣收支活動(dòng)均應(yīng)當(dāng)通過專項(xiàng)計(jì)劃

23、賬戶。 Article 12 Any and all monetary receipt and expenditure under a Special Scheme shall be conducted through the account of the Special Scheme. 第十三條 資產(chǎn)支持證券是投資者享有專項(xiàng)計(jì)劃受益權(quán)的證明，可以依法繼承、交易或轉(zhuǎn)讓。 Article 13 Asset-backed securities are proofs that investors are entitled to the beneficial interests of the rele

24、vant Special Scheme, and may be inherited, traded or transferred in accordance with the law. 資產(chǎn)支持證券投資者享有下列權(quán)利： Investors of asset-backed securities shall be entitled to: （一）分享專項(xiàng)計(jì)劃收益； (1) share the returns on the Special Scheme; （二）參與分配清算后的專項(xiàng)計(jì)劃剩余資產(chǎn)； (2) participate in the distribution of the assets re

25、maining after the liquidation of the Special Scheme; （三）獲得資產(chǎn)管理報(bào)告等專項(xiàng)計(jì)劃信息披露文件，查閱或者復(fù)制專項(xiàng)計(jì)劃相關(guān)信息資料； (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）交易或轉(zhuǎn)讓資產(chǎn)支持證券； (4) tr

26、ade or transfer the asset-backed securities; （五）根據(jù)交易場所相關(guān)規(guī)則，通過回購進(jìn)行融資； (5) raise funds by repurchase in accordance with relevant rules of market places; and （六）認(rèn)購協(xié)議或者計(jì)劃說明書約定的其他權(quán)利。 (6) exercise other rights agreed upon in subscription agreements or statements on the Special Scheme. 第十四條 為保障基礎(chǔ)資產(chǎn)現(xiàn)金流安全，專項(xiàng)

27、計(jì)劃可以通過內(nèi)部或者外部信用增級方式提升資產(chǎn)支持證券信用等級。 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. 同一專項(xiàng)計(jì)劃發(fā)行的資產(chǎn)支持證券面值相同，并可以根據(jù)風(fēng)險(xiǎn)收益特征劃分為不同種類。同一種類的資產(chǎn)支持證券，享有同等

28、權(quán)益，承擔(dān)同等風(fēng)險(xiǎn)。 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.

29、第十五條 資產(chǎn)支持證券可以由取得中國證監(jiān)會核準(zhǔn)的證券市場資信評級業(yè)務(wù)許可的資信評級機(jī)構(gòu)（以下簡稱資信評級機(jī)構(gòu)）進(jìn)行初始評級和跟蹤評級。 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-backe

30、d securities. 第十六條 專項(xiàng)計(jì)劃的管理人以及資產(chǎn)支持證券的銷售機(jī)構(gòu)應(yīng)當(dāng)采取下列措施，確保投資者的投資決定是在充分知悉資產(chǎn)支持證券風(fēng)險(xiǎn)收益特點(diǎn)的情形下作出的審慎決定： 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

31、made when they are fully aware of the risk-return characteristics of the asset-backed securities: （一）了解投資者的財(cái)產(chǎn)與收入狀況、風(fēng)險(xiǎn)承受能力和投資偏好等，推薦與其風(fēng)險(xiǎn)承受能力相匹配的資產(chǎn)支持證券； (1) To understand the asset size and income level, risk tolerance and investment preference of the investors, and recommend asset-backed securities su

32、itable for their risk tolerance; （二）向投資者充分披露專項(xiàng)計(jì)劃的基礎(chǔ)資產(chǎn)情況、現(xiàn)金流預(yù)測對專項(xiàng)計(jì)劃的影響、交易合同主要內(nèi)容及資產(chǎn)支持證券的風(fēng)險(xiǎn)收益特點(diǎn)，明確投資資產(chǎn)支持證券的權(quán)利義務(wù)； (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 transa

33、ction contracts and 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）制作風(fēng)險(xiǎn)揭示書充分揭示投資風(fēng)險(xiǎn)，在接受投資者認(rèn)購資金前應(yīng)當(dāng)確保投資者已經(jīng)知悉風(fēng)險(xiǎn)揭示書內(nèi)容并在風(fēng)險(xiǎn)揭示書上簽字。 (3) To prepare a risk disclosure statement to fully

34、 reveal investment 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. 第十七條 專項(xiàng)計(jì)劃應(yīng)當(dāng)開立資產(chǎn)支持證券募集專用賬戶，用于資產(chǎn)支持證券認(rèn)購資金的接收、驗(yàn)資與劃轉(zhuǎn)。管理人應(yīng)當(dāng)在專項(xiàng)計(jì)劃設(shè)立后五個(gè)工作日內(nèi)，

35、將專項(xiàng)計(jì)劃的設(shè)立情況向住所地中國證監(jiān)會派出機(jī)構(gòu)報(bào)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 est

36、ablishment of the Special Scheme within five working days thereof to the local office of the CSRC at its domicile. 第十八條 發(fā)行期結(jié)束時(shí)，資產(chǎn)支持證券發(fā)行規(guī)模未達(dá)到計(jì)劃說明書約定的最低發(fā)行規(guī)模，或者專項(xiàng)計(jì)劃未滿足計(jì)劃說明書約定的其他設(shè)立條件，專項(xiàng)計(jì)劃設(shè)立失敗。管理人應(yīng)當(dāng)自發(fā)行期結(jié)束之日起十個(gè)工作日內(nèi)，向投資者退還認(rèn)購資金及利息。 Article 18 The establishment of a Special Scheme shall be deemed as failure

37、if upon expiry of the 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

38、 the manager concerned shall return the subscription funds and the interest accrued thereon to investors within ten working days following the expiry of the issuance period. 第十九條 資產(chǎn)支持證券的登記、托管、轉(zhuǎn)讓、結(jié)算、代為兌付等事項(xiàng)應(yīng)當(dāng)遵守所在交易場所及相應(yīng)登記結(jié)算機(jī)構(gòu)的有關(guān)規(guī)定。證券公司可以為資產(chǎn)支持證券提供雙邊報(bào)價(jià)服務(wù)。 Article 19 The registration, custody, transfer,

39、 settlement, agency redemption 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. Securities companies may provide two-way quotes for asset-ba

40、cked securities. 第二十條 發(fā)生下列情形之一的，專項(xiàng)計(jì)劃終止： Article 20 A Special Scheme shall be terminated under any of the following circumstances: （一）資產(chǎn)支持證券到期； (1) Where the asset-backed securities reach their maturity; （二）計(jì)劃說明書約定的不可抗力事件導(dǎo)致專項(xiàng)計(jì)劃不能存續(xù)； (2) Where the Special Scheme can no longer exist due to force majeur

41、e events agreed upon in the statements on the Special Scheme; or （三）法律、行政法規(guī)或者中國證監(jiān)會規(guī)定，以及計(jì)劃說明書約定的其他情形。 (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 第二十一條 管理人應(yīng)當(dāng)履行下列職責(zé)： Article 21 The manager of a Special Scheme shall perform the following duties: （一）對相關(guān)交易主體和基礎(chǔ)資產(chǎn)進(jìn)行全面的盡職調(diào)查； (1) To conduct a comprehensive due diligence investigation of relevant transaction participants and underlying assets; （二）督促原始權(quán)益人規(guī)范運(yùn)作、依法履行職責(zé)； (2) To urg

43、e originators to conduct standardized operations and perform duties in accordance with the law; （三）辦理資產(chǎn)支持證券發(fā)行事宜； (3) To handle matters relating to the issuance of asset-backed securities; （四）按照約定及時(shí)將募集資金支付給原始權(quán)益人； (4) To promptly pay the funds raised to the originators as agreed upon; （五）為資產(chǎn)支持證券投資者的利益

44、管理專項(xiàng)計(jì)劃資產(chǎn)； (5) To manage the assets under the Special Scheme for the interests of the investors of the asset-backed securities; （六）監(jiān)督、檢查原始權(quán)益人持續(xù)經(jīng)營情況和基礎(chǔ)資產(chǎn)現(xiàn)金流狀況，出現(xiàn)重大異常情況的，管理人應(yīng)當(dāng)采取必要措施維護(hù)專項(xiàng)計(jì)劃資產(chǎn)安全； (6) To supervise and inspect the ongoing business operations of the originators and the cash flow of the under

45、lying assets, and in the event of significant abnormalities, to take necessary measures to safeguard the security of the assets under the Special Scheme; （七）按照約定向資產(chǎn)支持證券投資者分配收益； (7) To distribute proceeds to the investors of the asset-backed securities as agreed upon; （八）履行信息披露義務(wù)； (8) To fulfill info

46、rmation disclosure obligations; （九）負(fù)責(zé)專項(xiàng)計(jì)劃的終止清算； (9) To be responsible for the liquidation upon termination of the Special Scheme; and （十）法律、行政法規(guī)或者中國證監(jiān)會規(guī)定，以及計(jì)劃說明書約定的其他職責(zé)。 (10) To perform other duties prescribed by laws, administrative regulations or the CSRC, as well as those agreed upon in the state

47、ments on the Special Scheme. 第二十二條 管理人不得有下列行為： Article 22 The manager of a Special Scheme shall not commit any of the following conducts: （一）募集資金不入賬或者進(jìn)行其他任何形式的賬外經(jīng)營； (1) To fail to credit the funds raised into accounts or otherwise conduct off-the-books operations; （二）募集資金超過計(jì)劃說明書約定的規(guī)模； (2) To raise f

48、unds in excess of the size agreed upon in the statements on the Special Scheme; （三）挪用專項(xiàng)計(jì)劃資產(chǎn)； (3) To misappropriate the assets under the Special Scheme; （四）違反計(jì)劃說明書的約定以專項(xiàng)計(jì)劃資產(chǎn)設(shè)定擔(dān)?；蛘咂渌蛴胸?fù)債； (4) To provide guarantee or incur other contingent liabilities with the assets under the Special Scheme in breach

49、of the statements on the Special Scheme; （五）違反計(jì)劃說明書的約定以專項(xiàng)計(jì)劃資產(chǎn)對外投資； (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、行政法規(guī)及中國證監(jiān)會禁止的其他行為。 (6) To commit any other acts prohibited by laws, administrative regulations or the

50、 CSRC. 第二十三條 管理人應(yīng)當(dāng)為專項(xiàng)計(jì)劃單獨(dú)記賬、獨(dú)立核算，不同的專項(xiàng)計(jì)劃在賬戶設(shè)置、資金劃撥、賬簿記錄等方面應(yīng)當(dāng)相互獨(dú)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

51、-keeping records, etc. 第二十四條 管理人應(yīng)當(dāng)為專項(xiàng)計(jì)劃指定項(xiàng)目主辦人，項(xiàng)目主辦人應(yīng)當(dāng)承擔(dān)盡職調(diào)查及計(jì)劃管理職責(zé)。 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. 項(xiàng)目主辦人應(yīng)當(dāng)具備良好的職業(yè)道德，無不良誠信記錄，具備資產(chǎn)證券化相關(guān)知識與經(jīng)驗(yàn)。 The

52、 project lead shall have upright professional ethics, knowledge and experience of asset securitization, and no unfavorable credit record. 第二十五條 管理人應(yīng)當(dāng)針對專項(xiàng)計(jì)劃存續(xù)期內(nèi)可能出現(xiàn)的重大風(fēng)險(xiǎn)，制訂切實(shí)可行的風(fēng)險(xiǎn)控制措施和風(fēng)險(xiǎn)處置預(yù)案。在風(fēng)險(xiǎn)發(fā)生時(shí)，管理人應(yīng)當(dāng)勤勉盡責(zé)地執(zhí)行風(fēng)險(xiǎn)處置預(yù)案，最大程度地保護(hù)資產(chǎn)支持證券投資者利益。 Article 25 The manager of a Special Scheme shall develop practic

53、al risk control measures and risk handling plans 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 gre

54、atest extent possible. 第二十六條 有下列情形之一的，管理人應(yīng)當(dāng)充分披露有關(guān)事項(xiàng)并對可能存在的風(fēng)險(xiǎn)進(jìn)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: （一）管理人持有原始權(quán)益人5以上的股份； (1) Where the manager holds 5% or more of the shares of an originator; （二）原始權(quán)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）管理人與原始權(quán)益人之間近三年存在承銷保薦、財(cái)務(wù)顧問等業(yè)務(wù)關(guān)系的； (3) Where underwriting and sponsorship, financial advisory and other business relationships exist between the manager and an originator in the pas