1. Emphasize asset quality and promote securitization business step by step. Banks should develop securitization business step by step according to their own business level and management ability. In view of the current market situation and investors' risk preference and tolerance, we should emphasize the quality of assets, and securitization assets are mainly good and relatively good assets; For example, in the pilot project of securitization of non-performing assets, because of its completely different risk characteristics, banks should earnestly do a good job in the dispersion and information disclosure of default risk and credit (business) risk.
Second, ensure "real sales" and control credit risk. First, the host bank should earnestly implement the "off-balance-sheet" requirements of securitized assets, so as to sell them truly and reduce the credit risk of banks; Second, the initiating bank should accurately distinguish and evaluate the risk of transaction transfer and the risk still retained, and must effectively monitor and control the retention risk.
Third, emphasize the "economic essence" and strictly withdraw capital. Banks participating in the securitization business should strictly abide by the relevant requirements of capital supervision, measure risks according to the "economic essence" of the transaction, not just the "legal form", accurately judge whether asset securitization has effectively transferred risks, and extract capital from the securitization risk exposure caused by securities initiation, credit enhancement, investment and loan services, so as to ensure sufficient capital and prudent operation.
Fourth, strengthen risk management and internal control to prevent operational risks. First, when initiating asset-backed securities, the initiating bank should establish a targeted internal risk management system for securitization business, which should cover the business process and management of securitization business, the selection and adjustment process of basic assets, and accounting treatment methods. It is necessary to ensure that the risk management of credit asset securitization business is included in the overall risk management system, and all kinds of related risks are continuously and effectively identified, measured, monitored and controlled. Second, when performing the loan service function, the loan service bank should clarify the business operation flow and internal rules and regulations of information provision and fund transfer, establish strict internal supervision and audit mechanism, dynamically monitor the system operation, improve the completeness and stability of the system function, optimize the information system support, and clarify the time cut-off point of each link to ensure the strict performance of the obligations in the relevant contracts.
Five, scientific and reasonable development of loan service assessment mechanism, to prevent moral hazard. The loan service bank shall establish and improve the internal rules and standards of securitization asset management services, clarify post responsibilities, enrich personnel, standardize service management behaviors, establish corresponding incentive and assessment mechanisms, include due diligence in securitization loan management into the assessment scope of relevant personnel, ensure that the management level reaches the standards agreed in the transaction documents, and effectively prevent moral hazard in loan services. Especially for loans that default after securitization, it is necessary to intensify collection, improve collection requirements and disposal efficiency, implement dynamic monitoring, and reduce operational risks and reputation risks.
Six, standardize the work related to the transfer of creditor's rights, to prevent legal risks. First, the host bank should hire professional institutions such as law firms, underwriters, accounting consultants and rating agencies with good professional ability and rich experience to ensure the standardized operation of all links and steps of business. Second, the lead bank should fully communicate with relevant judicial and regulatory authorities to ensure that the transaction structure design and actual operation comply with laws and regulations. Third, the host bank should communicate with the debtor in accordance with the relevant regulations to prevent the debtor from misunderstanding the securitization business, provide convenience for the securitization business of credit assets, and prevent the legal risks that may be caused by the securitization business.
Seven, strict information disclosure, protect the interests of investors. Relevant banks participating in the securitization business should do a good job in information disclosure of the underlying asset pool in accordance with relevant regulatory provisions to effectively protect the interests of investors. When disclosing basic asset information to sub-prime securities investors, investors should be urged to keep important customer information confidential in accordance with relevant agreements.
Eight, strengthen investor education. Relevant banks involved in securitization business should raise public awareness of the value of credit asset-backed products and fully reveal risks. At the same time, do a good job in investor training, especially for small and medium-sized investors.
Link: www.cbrc.gov.cn/chinese/home/docD...F00.html