2021版资产证券化市场趋势与发展之中国篇（英文版）.pdfVIP

GLOBAL PRACTICE GUIDES Definitive global law guides offering comparative analysis from top-ranked lawyers Securitisation China Trends and Developments Wen Li, Xin Zhang and Harold Shen Global Law Office 2021 CHINA TreNds ANd developmeNTs Trends and Developments Contributed by: Wen Li, Xin Zhang and Harold Shen Global Law Office see p.5 From the legal perspective, 2020 was the most important year These three asset-backed securities are currently governed by in the history of China’s securitisation market. On 1 March different laws and regulations. The basic rules for the offering 2020, the most recently revised Securities Law promulgated and trading of credit asset-backed securities are the Admin- by the National People’s Congress (hereinafter referred to as istrative Measures on the Pilot Programme for Securitisation “the new Securities Law”) came into effect. This amendment of Credit Assets (promulgated by the People’s Bank of China unequivocally provides that the general principles of the new and the former China Banking Regulatory Commission in Securities Law are applicable to the offering and trading of 2005) and the Measures for the Supervision and Administra- asset-backed securities. On 28 May 2020, the National Peo- tion of the Pilot Programme Securitisation for Credit Assets of ple’s Congress deliberated and passed the Civil Code of the Financial Institutions (promulgated by the former China Bank- PRC, which will come into force on 1 January 2021. The Civil ing Regulatory Commission in 2005). The basic rules for the Code has made substantial amendments to several important offering and trading of exchange asset-backed securities are the legal matters involved in asset-backed sec