CHINA Law and Practice Contributed by: Borong Liu, Xiaoli Liu, Jingyi Lu and Zhijie Zhang, Zhong Lun Law Firm
CIBM Business Asset Securitisation sets the basic framework and some specific disclosure requirements such as disclosures pertaining to important obligors and credit enhancement pro - viders. The Registration Documents and Forms for the Public Offerings of Asset Backed Notes by Non-Financial Enterprises (Announcement of NAFMII [2017] No 27) includes Form ZM which provides specific disclosure requirements for an offering circular. Exchange Market Securitisation As for exchange market securitisation, the Disclosure Guidelines for the Asset Securiti - sation Business of Securities Companies and Subsidiaries of Fund Management Companies (Announcement of CSRC [2014] No 49) provides the content framework and some basic disclo - sure requirements regarding underlying assets for an offering circular. Schedule 5 of Circular [2014] No 459 by the Asset Management Asso - ciation of China (AMAC) provides particular con - tents and forms for the offering circular of an ABSP.
and the disclosure guidelines for various kinds of underlying assets published by NAFMII, which include SME loans, retail auto loans, personal mortgage loans, redevelopment of shanty towns loans, personal consumer loans, and non-per - forming loans. CIBM Business Asset Securitisation Information disclosure regarding CIBM busi - ness asset securitisation mainly follows the Administrative Measures for Debt Financing Instruments of Non-Financial Enterprises in the Interbank Bond Market (Order of PBOC [2008] No 1) published by the PBOC, and the rules published by NAFMII in relation to information disclosure, such as the Rules on CIBM Busi - ness Asset Securitisation and the Information Disclosure Guidelines on CIBM Business Asset Securitisation, the Registration Documents and Forms for the Public Offerings of Asset Backed Notes by Non-Financial Enterprises, the Rules for Information Disclosure on CIBM Debt Financ - ing Instruments of Non-Financial Enterprises (2021), and the Duration Information Disclosure Forms for CIBM Debt Financing Instruments by Information disclosure regarding exchange mar - ket securitisation primarily follows the Admin - istrative Provisions on Asset Securitisation by the CSRC and the Disclosure Guidelines for the Asset Securitisation Business of Securities Companies and Subsidiaries of Fund Manage - ment Companies. Based on these provisions, the SSE and the SZSE have respectively pub - lished disclosure guidelines for specific types of underlying assets, including financial lease assets, public-private partnership (PPP) pro - jects, accounts receivable and infrastructure assets. At the end of 2022, the SSE and SZSE each issued a series of Guidelines on the Listing Non-Financial Enterprises (2021). Exchange Market Securitisation
4. Laws and Regulations Specifically Relating to Securitisation 4.1 Specific Disclosure Laws or Regulations Credit Asset Securitisation
Information disclosure regarding credit asset securitisation mainly follows the rules published by the People’s Bank of China (PBOC), includ - ing the Rules for the Information Disclosure of Asset-Backed Securities (Announcement of PBOC [2005] No 14) and the Announcement of Matters Regarding Information Disclosure of Credit Asset Securitisations’ Underlying Asset Pool (Announcement of PBOC [2007] No 16),
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