Home >

Special Investment Business Channel Is Blocked. Securities Securitization Must Find Another Way Out.

2014/2/26 12:41:00 10

< < a > href= > //www.sjfzxm.com/news/index_s.asp > > market > /a > anticipate that the special investment of the broker will be changed to the filing system. The announcement of the SFC clearly stated: "cancel the business, approve and cancel accordingly" 
, which means that the asset securitization business of the securities company will lose the carrier, how to carry out the business next, and how to continue the project in the audit channel. It is urgent to define "/p >".
 the official website of the China Securities Regulatory Commission yesterday announced the announcement of the cancellation of three items of administrative examination and approval, including the cancellation of special investment approval items of securities companies. Compared with previous market expectations, the special investment will be changed to the filing system. The announcement shows that the cancellation is due to "cancelling the business and approving the corresponding cancellation". And the asset securitization business of the securities company with special information management as the main carrier will also find a way out because of the cancellation of the "channel". 
 the decision of the State Council on the cancellation and decentralization of a number of administrative examination and approval projects (No. 5] 2014) has focused on the existing administrative examination and approval items of ministries and commissions. According to this decision, the SFC announced that three items of approval should be abolished by securities companies, such as approval of subordinated debt, approval of annual foreign exchange risk exposure by overseas futures business, and special investment approval of securities companies. 
After the abolition of , the CSRC and its dispatched offices will no longer accept the applications filed by the parties on the basis of the cancelled administrative examination and approval items. 
 it is worth noting that the special investment business of the securities company will be changed from approval to record filing before the market is expected. The announcement shows that the special investment business of the securities company has been cancelled and the corresponding examination and approval has been cancelled. And how the asset management business of a securities company will continue as a main carrier with special plans will cause market concern. 
 the SFC issued the regulation on the asset securitization business of securities companies in March 2013 (hereinafter referred to as the "Regulations"), indicating that the securities asset securitization business of the securities company has been spanformed into a regular business after a long-term trial. "Cash flow from a specific base asset or asset portfolio is a solvency support, and credit enhancement is structured through structured means. On this basis, the issuance of assets to support a href=" //www.sjfzxm.com "> Securities < /a > applies to the regulation. 
 according to the regulations, a securities company must carry out the asset securitization business by setting up a special purpose carrier, which refers specifically to the special asset management plan specially established by the broker for the asset securitization business (hereinafter referred to as the "special plan") or other special purpose vehicle authorized by the Securities and Futures Commission. 
 at present, the establishment of special plan as the carrier is the absolute mainstream way for securities firms to develop asset securitization business. The latest announcement by the SFC that the admissibility and examination of the application for administrative licensing of securities institutions shows that as of February 24th, 37 applications for special plans were still under examination, which was recently accepted for two projects submitted by Galaxy Securities and Hengtai securities in January 24th. 
 a senior manager of a securities company told reporters that according to the current business mode, after the cancellation of the special information management business, the securities company's asset securitization business will lose its carrier, how to carry out the business next, and how to declare the declared project in the audit channel. 
 according to the aforesaid "a href=" //www.sjfzxm.com/news/index_c.asp > < SFC > /a > announcement, the SFC will issue a notice in connection with the subsequent management methods and linking work related to the cancelled administrative examination and approval items.