The property right or property mentioned in the preceding paragraph can be enterprise receivables, credit assets, trust beneficiary rights, infrastructure beneficiary rights and other property rights, real estate such as commercial property, and other property or property rights recognized by the China Securities Regulatory Commission.
Article 9 Where laws and regulations stipulate that the transfer of basic assets shall go through the formalities of examination and approval and registration, it shall be handled according to law. If the laws and regulations do not require registration or do not meet the conditions for registration for the time being, the manager shall take effective measures to maintain the safety of the underlying assets.
If the underlying assets are creditor's rights, the debtor shall be notified of the transfer of creditor's rights in accordance with the provisions of relevant laws and regulations.
Article 10 The underlying assets shall not be attached with mortgage, pledge and other guarantee burdens or other rights restrictions. Unless the guarantee burden and other rights restrictions related to the underlying assets can be lifted through the relevant arrangements of the special plan.
Article 11 Where a new similar basic asset is purchased through the cash flow generated from the basic asset to form a special plan asset, the special plan legal document shall clearly state the purchase conditions, purchase scale, liquidity risk and risk control measures of the basic asset. The scale and duration of the underlying assets should match the scale and duration of the asset-backed securities.
Article 12 The monetary revenue and expenditure activities of special plans shall be carried out through special plan accounts.
Article 13 Asset-backed securities are proof that investors enjoy the rights and interests of special plans and can be inherited, traded or transferred according to law. Investors in asset-backed securities may not advocate splitting assets of special plans or require special plans to buy back asset-backed securities.
Investors in asset-backed securities enjoy the following rights:
(a) to share the benefits of the special plan;
(two) in accordance with the subscription agreement and the plan specification, participate in the distribution of the remaining assets after the liquidation of the special plan;
(3) Obtaining information disclosure documents of special plans such as asset management reports, and consulting or copying relevant materials of special plans;
(4) Disposing of asset-backed securities by means of transaction, transfer and pledge according to law.
(five) according to the relevant rules of the trading place, financing through repurchase;
(6) Other rights as stipulated in the subscription agreement or plan specification.
Article 14 The special plan can improve the credit rating of asset-backed securities through internal or external credit enhancement.
Asset-backed securities issued by the same special plan can be divided into different types. The same kind of asset-backed securities enjoy the same rights and bear the same risks.
Article 15 Asset-backed securities may be initially rated and tracked by credit rating agencies (hereinafter referred to as credit rating agencies) that have obtained the qualification of credit rating business in the securities market with the approval of China Securities Regulatory Commission.
Article 16 Special plan managers and asset-backed securities sales institutions shall take the following measures to ensure that investors' investment decisions are prudent decisions made on the basis of fully understanding the risk-return characteristics of asset-backed securities:
(a) to understand the property and income, risk tolerance and investment preferences of investors, and recommend asset-backed securities that match their risk tolerance;
(2) Fully disclose the basic assets of the special plan, the cash flow forecast, the impact on the special plan, the main contents of the transaction contract and the risk-return characteristics of asset-backed securities to investors, and inform investors of their rights and obligations to invest in asset-backed securities;
(3) Formulating a risk disclosure statement, fully revealing the investment risks, and ensuring that investors know the contents of the risk disclosure statement and sign the risk disclosure statement before accepting the investors' subscription funds.
Article 17 A special plan shall open a special account for raising asset-backed securities for receiving, verifying and transferring subscription funds for asset-backed securities. The manager shall, within 5 working days after the establishment of the special plan, report the establishment of the special plan to the dispatched office of the China Securities Regulatory Commission.
Article 18 At the end of the issuance period, the issuance scale of asset-backed securities fails to reach the minimum issuance scale agreed in the plan specification, or the special plan fails to meet other establishment conditions agreed in the plan specification, and the establishment of the special plan fails. The manager shall return the subscription funds and interest to investors within 10 working days from the end of the issuance period.
Article 19 The registration, custody, transfer, settlement and agency payment of asset-backed securities shall comply with the provisions of relevant trading places and corresponding registration and settlement institutions. Securities companies can provide bilateral quotation services for asset-backed securities.