The annual asset management report and the annual custody report shall be reported by the manager to the dispatched office of the China Securities Regulatory Commission for the record.
Article 37 The annual asset management report shall at least include the following contents:
(a) the operation of the basic assets;
(2) the performance of business participants such as specific original rights holders, managers and custodians;
(three) the income and expenditure of funds in the special plan account;
(4) Other matters that need to be reported to investors in asset-backed securities.
(five) the audit opinion of the accounting firm on the annual operation of the special plan.
Article 38 The annual trusteeship report shall at least include the following contents:
(1) Custody of special plan assets;
(2) Supervision over the managers;
(3) Other matters that need to be reported to investors in asset-backed securities.
Article 39 In case of any of the following circumstances during the existence of the special plan, the manager shall promptly disclose it to the investors of asset-backed securities and report it to the dispatched office of the China Securities Regulatory Commission where he lives:
(1) Failing to distribute the income as agreed in the plan specification;
(2) The credit rating of the asset-backed securities is adversely adjusted.
(3) The loss of the underlying assets exceeds10% of the outstanding principal balance of the asset-backed securities;
(4) Significant changes have taken place in the operating conditions of the underlying assets or their ability to generate cash flows;
(5) Legal disputes involving specific original owners, managers, custodians or basic assets may affect the timely distribution of income;
(6) It is estimated that the cash flow of the underlying assets will be reduced by more than 20% than expected;
(7) The default of certain original obligee, manager, custodian and other relevant institutions has adversely affected the interests of investors in asset-backed securities;
(8) Major changes have taken place in the operations of some original owners, managers, custodians and other relevant institutions, or decisions such as capital reduction, merger, division, dissolution and filing for bankruptcy have been made, which may affect the interests of investors in asset-backed securities;
(nine) the manager, custodian, credit rating agencies and other related institutions have changed;
(10) The credit level modulation of some original owners, managers, custodians and other relevant institutions affects the interests of investors in asset-backed securities;
(eleven) circumstances that may have a significant impact on the interests of investors in asset-backed securities.