iSinoLaw Weekly
中華法律網每周更新
Volume 17, May 15 – May 21, 2006
第17期，2006年5月15 - 5月21日
CSRC Approved the
Securities Investment Funds Invested in Asset-backed Bonds
On May 14, 2006, the China Securities Regulatory Commission (CSRC) promulgated the “Notice on the Matters Concerning the Securities Investment Funds Invested in Asset-backed Bonds” (iSinolaw Reference ID 10015849 hereinafter referred to as the “Notice”), through which the previous restriction that securities investment funds shall not be invested into the asset-backed bonds was lifted.
The Notice makes strict provisions on investment risk regarding the securities investment funds invested in asset-backed bonds. Under the Notice, before the securities investment funds are invested in the asset-backed bonds, the fund manager shall establish the corresponding risk evaluation process, and formulate the corresponding examination procedures for investment and risk control system. If a fund manager intends to invest in the asset-backed bonds, he shall file the investment plan and risk control measures of the asset-backed bonds to the CSRC for a record and announce them to the public.
The Notice also stipulates that the proportion of the same (the same credit rating) asset-backed bonds held by a single securities investment fund shall not exceed 10% of the scale of such asset-backed bonds. The proportion of the various asset-backed bonds of the same original equity receiver invested in by a single securities investment fund shall not exceed 10% of the net asset value of such fund. If all securities investment funds managed by the same fund manager are invested in various asset-backed bonds belonging to the same equity receiver, such asset-backed bonds shall not exceed 10% of the aggregated scale of the total asset-backed bonds. The market value of the whole asset-backed bonds held by a single securities investment fund shall not exceed 20% of the net asset value of such fund, except for the particular categories prescribed by the CSRC.
In addition, the Notice also provides that the credit rating of the asset-backed bonds invested by the currency market funds shall not be lower than the AAA grade as rated by the domestic credit rating institution or the grade equivalent to the AAA grade. If the securities investment funds of other categories are invested in the asset-backed securities, the corresponding securities credit rating restriction shall be formulated according to the fund contracts. If the corresponding securities credit rating restriction has not been clearly stated in the fund contract, the funds shall be invested in the asset-backed bonds with the credit rating of BBB grade or above (including BBB grade).
This
Notice shall be effective as of the promulgation date. The promulgation and
implementation of this Notice will further heighten the liquidity of bank
assets and bring positive effect to development and stability of the Chinese
financial market.
(Translator: JS)
1. Laws and
Regulations Promulgated in the Week
|
NO |
Title |
Promulgation Date |
Effective Date |
|
1 |
Measures for Implementation of Online
Subscription of Shares in Shanghai Stock Exchange |
20/5/2006 |
20/5/2006 |
|
2 |
Notice of the Shanghai Stock Exchange and the China Securities
Depository and Clearing Corporation Limited on Issuing the Measures for
Implementation of Online Subscription of
Shares in Shanghai Stock Exchange |
20/5/2006 |
20/5/2006 |
|
3 |
Rules of the Shanghai Stock Exchange on Listing Shares (Amended in
May, 2006) |
19/5/2006 |
19/5/2006 |
|
4 |
Notice of the Shanghai Stock Exchange on Issuing the Rules of the
Shanghai Stock Exchange on Listing Shares (Amended in May, 2006) |
19/5/2006 |
19/5/2006 |
|
5 |
Notice of the Shenzhen Stock Exchange on Issuing the Rules of the
Shenzhen Stock Exchange on Listing Shares (Amended in May, 2006) |
19/5/2006 |
19/5/2006 |
|
6 |
Rules of the Shenzhen Stock Exchange on Listing Shares (Amended in
May, 2006) |
19/5/2006 |
19/5/2006 |
|
7 |
Rules on Notarial Procedures (2006) |
18/5/2006 |
1/7/2006 |
|
8 |
Notice of the State Food and Drug Administration on Further
Strengthening the Supervision and Administration over the Drugs Manufacturers |
18/5/2006 |
18/5/2006 |
|
9 |
Measures for Administration of Initial Public Offer and Listing of
Shares |
17/5/2006 |
18/5/2006 |
|
10 |
Notice of the China Securities Regulatory Commission on the Repeal of the Approval Procedures of the China Securities
Regulatory Commission on the Issuance of Shares |
17/5/2006 |
18/5/2006 |
|
11 |
Notice of the State Administration of Taxation on Relevant Issues
Concerning the Usage of New
Version Uniform Invoices of
Transportation Industry of Road and Inland Water Cargo Transportation |
16/5/2006 |
16/5/2006 |
|
12 |
Notice of the Science and Technology Department under the Ministry of Construction on Issuing the Key Points of the Work of the Science and Technology Department under the Ministry of Construction in 2006 |
15/5/2006 |
15/5/2006 |
|
13 |
Key Points of
work of the Science and Technology Department of the Ministry of Construction in
2006 |
15/5/2006 |
15/5/2006 |
|
14 |
Notice of the Ministry of Education, the Ministry of Finance and the
Ministry of Personnel on Implementing the Plans for Special Position of Teachers of Villages at
the Compulsory Education Stage |
15/5/2006 |
15/5/2006 |
|
15 |
Implementing Scheme for the Plans for Special Position of Teachers of Villages at the Compulsory Education Stage |
15/5/2006 |
15/5/2006 |
|
16 |
Trading Rules of the Shanghai Stock Exchange |
15/5/2006 |
1/7/2006 |
|
17 |
Notice of the Shanghai Stock Exchange on Issuing the Trading Rules of
the Shanghai Stock Exchange |
15/5/2006 |
1/7/2006 |
|
18 |
Notice of the State Administration of Taxation on Relevant Issues
Concerning the Accounting of the Revenue Accounts and Statistics in Levying
the Tobacco Leaves Taxes |
15/5/2006 |
15/5/2006 |
2. Laws and
Regulations Coming into Force in the Week
|
NO |
Title |
Promulgation Date |
Effective Date |
|
1 |
Measures for Implementation of Online Subscription of Shares in
Shanghai Stock Exchange |
20/5/2006 |
20/5/2006 |
|
2 |
Notice of the Shanghai Stock Exchange and
the China Securities Depository and Clearing Corporation Limited on Issuing
the Measures for Implementation of Online Subscription of Shares in Shanghai Stock
Exchange |
20/5/2006 |
20/5/2006 |
|
3 |
Notice of the Shenzhen
Stock Exchange on Issuing the Rules of the Shenzhen Stock Exchange on Listing
Shares (Amended in May, 2006) |
19/5/2006 |
19/5/2006 |
|
4 |
Rules of the Shenzhen
Stock Exchange on Listing Shares (Amended in May, 2006) |
19/5/2006 |
19/5/2006 |
|
5 |
Rules of the Shanghai Stock Exchange on
Listing Shares (Amended in May, 2006) |
19/5/2006 |
19/5/2006 |
|
6 |
Notice of the Shanghai Stock Exchange on
Issuing the Rules of the Shanghai Stock Exchange on Listing Shares (Amended
in May, 2006) |
19/5/2006 |
19/5/2006 |
|
7 |
Notice of the State Food
and Drug Administration on Further Strengthening the Supervision and
Administration over the Drugs Manufacturers |
18/5/2006 |
18/5/2006 |
|
8 |
Measures for
Administration of Initial Public Offer and Listing of Shares |
17/5/2006 |
18/5/2006 |
|
9 |
Notice of the China Securities
Regulatory Commission on the Repeal of the Approval Procedures of the China
Securities Regulatory Commission on the Issuance of Shares |
17/5/2006 |
18/5/2006 |
|
10 |
Notice of the State
Administration of Taxation on Relevant Issues Concerning the Usage of New
Version Uniform Invoices of Transportation Industry of Road and Inland Water
Cargo Transportation |
16/5/2006 |
16/5/2006 |
|
11 |
Notice of the Science and
Technology Department Under the Ministry of Construction on Issuing the Key
Points of the Work of the Science and Technology Department under the
Ministry of Construction in 2006 |
15/5/2006 |
15/5/2006 |
|
12 |
Key Points of Work of the
Science and Technology Department of the Ministry of Construction in 2006 |
15/5/2006 |
15/5/2006 |
|
13 |
Notice of the Ministry of
Education, the Ministry of Finance and the Ministry of Personnel on
Implementing the Plans for Special Position of Teachers of Villages at the
Compulsory Education Stage |
15/5/2006 |
15/5/2006 |
|
14 |
Implementing the Plans for
Special Establishing Posts for School Teachers of Villages in the Phase of
Compulsory Education |
15/5/2006 |
15/5/2006 |
|
15 |
Notice of the State
Administration of Taxation on Relevant Issues Concerning the Accounting of
the Revenue Accounts and Statistics in Levying the Tobacco Leaves Taxes |
15/5/2006 |
15/5/2006 |
|
16 |
Decision of the China
Securities Regulatory Commission on Restricting the Business of the United
Securities Limited Company |
10/5/2006 |
15/5/2006 |
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（一） 新 法 撮 要
中國證監會批准證券投資基金投資資産支持證券
5月14日，中國證監會發布了《關于證券投資基金投資資産支持證券有關事項的通知》（中華法律網之參考編號：10015849，以下簡稱“《通知》”），取消了之前證券投資基金不能投資資産支持證券的限制。
《通知》對證券投資基金投資資産支持證券的投資風險作出了嚴格的規定。根據《通知》規定，證券投資基金在投資資産支持證券之前，基金管理人應當建立相應的風險評估流程，幷制訂相應的投資審批程序和風險控制制度。基金管理人擬投資資産支持證券的，應當將資産支持證券的投資方案和風險控制措施報中國證監會備案幷公告。
《通知》還規定，單只證券投資基金持有的同一（指同一信用級別）資産支持證券的比例，不得超過該資産支持證券規模的10%；單只證券投資基金投資于同一原始權益人的各類資産支持證券的比例，不得超過該基金資産淨值的10%；同一基金管理人管理的全部證券投資基金投資于同一原始權益人的各類資産支持證券，不得超過其各類資産支持證券合計規模的10%；單只證券投資基金持有的全部資産支持證券，其市值不得超過該基金資産凈值的20%，但中國證監會規定的特殊品種除外。
此外，《通知》還規定，貨幣市場基金投資的資産支持證券的信用評級，應不低于國內信用評級機構評定的AAA級或相當于AAA級的信用級別。其它類別的證券投資基金投資于資産支持證券，根據基金合同制訂相應的證券信用級別限制，若基金合同未訂明相應的證券信用級別限制，應投資于信用級別評級爲BBB以上（含BBB）的資産支持證券。
該《通知》自發布之日起實施。《通知》的發布與實施，將能進一步提高銀行資産的流動性，對中國金融市場的發展和穩定也將發揮積極作用。
(Author: YXD)
（二） 本 周 主 要 法 律 法 規
3. 本周新頒法律法規
|
編號 |
名稱 |
頒佈日期 |
實施日期 |
|
1 |
《滬市股票上網發行資金申購實施辦法》 |
20/5/2006 |
20/5/2006 |
|
2 |
上海證券交易所、中國證券登記結算有限責任公司關於發佈《滬市股票上網發行資金申購實施辦法》的通知 |
20/5/2006 |
20/5/2006 |
|
3 |
《上海證券交易所股票上市規則（2006年5月修訂）》 |
19/5/2006 |
19/5/2006 |
|
4 |
上海證券交易所關於發佈《上海證券交易所股票上市規則（2006年5月修訂）》的通知 |
19/5/2006 |
19/5/2006 |
|
5 |
深圳證券交易所關於發佈《深圳證券交易所股票上市規則》（2006年5月修訂）的通知 |
19/5/2006 |
19/5/2006 |
|
6 |
《深圳證券交易所股票上市規則（2006年5月修訂）》 |
19/5/2006 |
19/5/2006 |
|
7 |
《公證程序規則（2006年）》 |
18/5/2006 |
1/7/2006 |
|
8 |
《國家食品藥品監督管理局關於進一步加強藥品生產企業監督管理工作的通知》 |
18/5/2006 |
18/5/2006 |
|
9 |
《首次公開發行股票並上市管理辦法》 |
17/5/2006 |
18/5/2006 |
|
10 |
中國證券監督管理委員會關於廢止《中國證監會股票發行核準程序》的通知 |
17/5/2006 |
18/5/2006 |
|
11 |
《國家稅務總局關於使用新版公路、內河貨物運輸業統一發票有關問題的通知》 |
16/5/2006 |
16/5/2006 |
|
12 |
建設部科學技術司關於印發《建設部科技司2006年工作要點》的通知 |
15/5/2006 |
15/5/2006 |
|
13 |
《建設部科技司2006年工作要點》 |
15/5/2006 |
15/5/2006 |
|
14 |
《教育部、財政部、人事部等關於實施農村義務教育階段學校教師特設崗位計劃的通知》 |
15/5/2006 |
15/5/2006 |
|
15 |
《農村義務教育階段學校教師特設崗位計劃實施方案》 |
15/5/2006 |
15/5/2006 |
|
16 |
《上海證券交易所交易規則》 |
15/5/2006 |
1/7/2006 |
|
17 |
上海證券交易所關於發佈《上海證券交易所交易規則》的通知 |
15/5/2006 |
1/7/2006 |
|
18 |
《國家稅務總局關於開徵煙葉稅有關稅收會計統計核算問題的通知》 |
15/5/2006 |
15/5/2006 |
4. 本周生效法律法規
|
編號 |
名稱 |
頒佈日期 |
實施日期 |
|
1 |
《滬市股票上網發行資金申購實施辦法》 |
20/5/2006 |
20/5/2006 |
|
2 |
上海證券交易所、中國證券登記結算有限責任公司關於發佈《滬市股票上網發行資金申購實施辦法》的通知 |
20/5/2006 |
20/5/2006 |
|
3 |
深圳證券交易所關於發佈《深圳證券交易所股票上市規則》（2006年5月修訂）的通知 |
19/5/2006 |
19/5/2006 |
|
4 |
《深圳證券交易所股票上市規則（2006年5月修訂）》 |
19/5/2006 |
19/5/2006 |
|
5 |
《上海證券交易所股票上市規則（2006年5月修訂）》 |
19/5/2006 |
19/5/2006 |
|
6 |
上海證券交易所關於發佈《上海證券交易所股票上市規則（2006年5月修訂）》的通知 |
19/5/2006 |
19/5/2006 |
|
7 |
《國家食品藥品監督管理局關於進一步加強藥品生產企業監督管理工作的通知》 |
18/5/2006 |
18/5/2006 |
|
8 |
《首次公開發行股票並上市管理辦法》 |
17/5/2006 |
18/5/2006 |
|
9 |
《中國證券監督管理委員會關於廢止《中國證監會股票發行核準程序》的通知 |
17/5/2006 |
18/5/2006 |
|
10 |
《國家稅務總局關於使用新版公路、內河貨物運輸業統一發票有關問題的通知》 |
16/5/2006 |
16/5/2006 |
|
11 |
建設部科學技術司關於印發《建設部科技司2006年工作要點》的通知 |
15/5/2006 |
15/5/2006 |
|
12 |
《建設部科技司2006年工作要點》 |
15/5/2006 |
15/5/2006 |
|
13 |
《教育部、財政部、人事部等關於實施農村義務教育階段學校教師特設崗位計劃的通知》 |
15/5/2006 |
15/5/2006 |
|
14 |
《農村義務教育階段學校教師特設崗位計劃實施方案》 |
15/5/2006 |
15/5/2006 |
|
15 |
《國家稅務總局關於開徵煙葉稅有關稅收會計統計核算問題的通知》 |
15/5/2006 |
15/5/2006 |
|
16 |
《中國證券監督管理委員會關於限制聯合證券有限責任公司業務的決定》 |
10/5/2006 |
15/5/2006 |
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