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| Notice by the Shanghai Stock Exchange of Issuing the Rules of the Shanghai Stock Exchange for Asset-backed Securities Business | | 上海证券交易所关于发布《上海证券交易所资产支持证券业务规则》的通知 |
| (No. 29 [2024] of the Shanghai Stock Exchange) | | （上证发〔2024〕29号） |
| Market participants: | | 各市场参与人： |
| For the purpose of regulating the asset-backed securities business, promoting the high-quality development of the asset securitization market, serving the development of the real economy, and protecting the legitimate rights and interests of investors, the Shanghai Stock Exchange ("Exchange") has formulated the Rules of the Shanghai Stock Exchange for Asset-backed Securities Business (see Annex for details), as approved by the China Securities Regulatory Commission. These Rules are hereby issued and shall come into force on the date of issuance. | | 为了规范资产支持证券业务，推进资产证券化市场高质量发展，服务实体经济发展，保护投资者合法权益，上海证券交易所（以下简称本所）制定了《上海证券交易所资产支持证券业务规则》（详见附件），经中国证监会批准，现予以发布，并自发布之日起施行。 |
| On the date of issuance, the Guidelines of the Shanghai Stock Exchange for Asset Securitization Business (No. 80 [2014], SSE) issued by the Exchange on November 26, 2014, and the Guidelines of the Shanghai Stock Exchange for the Confirmation of the Listing Conditions of Asset-backed Securities (No. 28 [2017], SSE) issued on June 20, 2017, are repealed. | | 本所于2014年11月26日发布的《上海证券交易所资产证券化业务指引》（上证发〔2014〕80号）、2017年6月20日发布的《上海证券交易所资产支持证券挂牌条件确认业务指引》（上证发〔2017〕28号）同时废止。 |
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特此通知。 |
| Annexes: | | 附件： |
| 1. Rules of the Shanghai Stock Exchange for Asset-backed Securities Business | | 1.上海证券交易所资产支持证券业务规则 |
| 2. Explanatory Notes on Drafting the Rules of the Shanghai Stock Exchange for Asset-backed Securities Business | | 2.《上海证券交易所资产支持证券业务规则》起草说明 |
| Shanghai Stock Exchange | | 上海证券交易所 |
| March 29, 2024 | | 2024年3月29日 |
| Annex 1 | | 附件1 |
| Rules of the Shanghai Stock Exchange for Asset-backed Securities Business | | 上海证券交易所资产支持证券业务规则 |
| Chapter I General Provisions | | 第一章 总 则 |
| Article 1 For the purposes of regulating the asset-backed securities business, maintaining market order, and protecting the legitimate rights and interests of investors, the Shanghai Stock Exchange ("Exchange") develops these Rules in accordance with the Securities Law of the People's Republic of China, the Provisions on the Administration of the Asset Securitization Business of Securities Companies and the Subsidiaries of Fund Management Companies ("Administrative Provisions"), and other relevant laws, administrative regulations, departmental rules, and normative documents (collectively, "laws and regulations"), as well as the relevant business rules of the Exchange. | | 第一条 为了规范资产支持证券业务，维护市场秩序，保护投资者合法权益，上海证券交易所（以下简称本所）根据《中华人民共和国证券法》《证券公司及基金管理公司子公司资产证券化业务管理规定》（以下简称《管理规定》）等有关法律、行政法规、部门规章和规范性文件（以下统称法律法规），以及本所相关业务规则，制定本规则。 |
| Article 2 These Rules apply to matters such as the offering, transfer by listing, and duration management of asset-backed securities on the Exchange. | | 第二条 资产支持证券在本所发行、挂牌转让和存续期管理等事宜，适用本规则。 |
| For the purposes of these Rules, an "asset-backed security" refers to any security offered by a securities company, a fund management company's subsidiary, or any other relevant entity that meets the requirements of the Administrative Provisions, acting as a manager, through the establishment of a special asset-backed plan ("special plan") or any other special purpose vehicle approved by the China Securities Regulatory Commission ("CSRC"), with payments supported by the cash flow generated by the underlying assets, based on credit enhancement through transaction structure design and other means. | | 本规则所称资产支持证券，是指符合《管理规定》要求的证券公司、基金管理公司子公司等相关主体作为管理人通过设立资产支持专项计划（以下简称专项计划）或者中国证券监督管理委员会（以下简称中国证监会）认可的其他特殊目的载体，以基础资产所产生的现金流为偿付支持，通过交易结构设计等方式进行信用增级，在此基础上所发行的证券。 |
| Article 3 Managers, originators, asset service institutions, credit enhancement institutions, custodians, distributors, securities service institutions, and other participants in the asset-backed securities business (collectively, "business participants") and their relevant personnel shall be honest, trustworthy, diligent, and dutiful, comply with laws and regulations, the relevant business rules of the Exchange, and the provisions and relevant commitments specified in the listing agreement, plan prospectus, and other documents, and ensure that disclosed or filed information is authentic, accurate, and complete, without false records, or misleading statements or material omissions. | | 第三条 管理人、原始权益人、资产服务机构、增信机构、托管人、销售机构、证券服务机构等资产支持证券业务参与人（以下统称业务参与人）及其相关人员应当诚实守信、勤勉尽责，遵守法律法规、本规则和本所相关业务规则的规定，以及挂牌协议、计划说明书等文件的约定和相关承诺，保证所披露或者报送的信息真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏。 |
| Article 4 In conducting asset-backed securities business, a business participant and its relevant personnel shall not violate fair competition, engage in tunneling, directly or indirectly seek improper benefits, or otherwise disrupts market order. | | 第四条 业务参与人及其相关人员在资产支持证券业务开展过程中，不得存在违反公平竞争、利益输送、直接或间接谋取不正当利益以及其他破坏市场秩序的行为。 |
| Article 5 The Exchange places the offering, subscription for, and transfer by listing of asset-backed securities under investor suitability management. The Exchange may dynamically adjust the transfer mechanism, information disclosure arrangements, and investor suitability requirements during the period of transfer by listing based on market conditions, the credit rating of asset-backed securities, and investor protection needs, among other factors. | | 第五条 本所对资产支持证券的发行认购和挂牌转让实行投资者适当性管理。本所可以根据市场情况、资产支持证券资信状况以及投资者保护需要等，在挂牌转让期间动态调整转让机制、信息披露安排以及投资者适当性要求。 |
| Article 6 The transfer by listing of asset-backed securities on the Exchange does not indicate that the Exchange assesses or guarantees the investment risks or returns associated with asset-backed securities, nor does it indicate that the Exchange guarantees the authenticity, accuracy, and completeness of application documents for transfer by listing and information disclosure documents. | | 第六条 资产支持证券在本所挂牌转让，不表明本所对资产支持证券的投资风险或收益等作出判断或保证，也不表明本所对挂牌转让申请文件、信息披露文件的真实性、准确性、完整性作出保证。 |
| An investor assesses and bears the investment risks associated with asset-backed securities. | | 资产支持证券的投资风险由投资者自行判断和承担。 |
| Article 7 The Exchange subjects business participants and their relevant personnel (collectively, “supervisees”) to self-regulatory management in accordance with relevant laws and regulations, these Rules, the Exchange's relevant business rules, the listing agreement, plan prospectus, and other documents, and relevant undertakings. | | 第七条 本所依据相关法律法规、本规则和本所相关业务规则的规定，以及挂牌协议、计划说明书等文件的约定和相关承诺等，对业务参与人及其相关人员（以下统称监管对象）实施自律管理。 |
| Article 8 Asset-backed securities are registered with and settled by China Securities Depository and Clearing Corporation Limited or any other institution approved by the CSRC, in accordance with their business rules. | | 第八条 资产支持证券的登记和结算，由中国证券登记结算有限责任公司或者中国证监会认可的其他机构按照其业务规则办理。 |
| Chapter II Listing Conditions | | 第二章 挂牌条件 |
| Article 9 An asset-backed security listed for transfer on the Exchange shall meet the following conditions: | | 第九条 资产支持证券在本所挂牌转让的，应当符合下列条件： |
| (1) The underlying assets comply with Article 10 of these Rules. | | （一）基础资产符合本规则第十条的规定； |
| (2) The transaction structure is reasonable. | | （二）交易结构设置合理； |
| (3) Other conditions specified by the CSRC and the Exchange. | | （三）中国证监会和本所规定的其他条件。 |
| Article 10 If an asset-backed security is listed for transfer on the Exchange, its underlying assets shall meet the following conditions: | | 第十条 资产支持证券在本所挂牌转让的，其基础资产应当符合下列条件： |
| (1) Their legal attributes are clearly defined and may be defined as property rights or property. | | （一）法律属性界定清晰，可以明确为财产权利或者财产； |
| (2) Their ownership is clear, their content and scope are determinate, and they can be specific, and are transferable. | | （二）权属明确，内容和范围明确，可特定化，且具备可转让性； |
| (3) They are clear of any mortgage, pledge, or other security interest or encumbrance, unless through relevant arrangements for the special plan, the security interest or encumbrance can be terminated when the originator transfers the underlying assets to the special plan. | | （三）不存在抵押、质押等担保负担或者其他权利限制，但通过专项计划相关安排，在原始权益人向专项计划转移基础资产时能够解除相关担保负担和其他权利限制的除外； |
| (4) The cash flow is independent, continuous, stable, and predictable, and shall come from diversified sources in principle. | | （四）现金流独立、持续、稳定、可预测，现金流来源原则上应当分散； |
| (5) The transaction contracts and operating activities involved are authentic, legal, and valid, and the transaction consideration is fair and commercially reasonable. | | （五）涉及的交易合同和经营活动真实、合法、有效，交易对价公允，具有商业合理性； |
| (6) There is no relevant circumstance specified in the Guidelines of the Asset Management Association of China on the Negative List of Underlying Assets for Asset Securitization Business. | | （六）不存在中国证券投资基金业协会《资产证券化业务基础资产负面清单指引》规定的相关情形； |
| (7) They do not violate relevant provisions on the administration of local government debts. | | （七）不存在违反地方政府性债务管理相关规定的情形； |
| (8) Other requirements prescribed by the CSRC and the Exchange. | | （八）中国证监会和本所规定的其他要求。 |
| Article 11 The pathway for the collection and allocation of cash flow from underlying assets shall be clear and determinate. The special plan shall establish a risk prevention mechanism to prevent risks such as commingling and misappropriation of cash flow. | | 第十一条 基础资产的现金流回款以及分配路径应当清晰明确。专项计划应当建立风险防范机制，防范现金流的混同和挪用等风险。 |
| The manager may engage an accounting firm or any other securities service institution that meets relevant provisions to forecast the cash flow and issue a report. A cash flow forecast shall be reasonable and prudent, considering various factors that may influence future cash flow changes. | | 管理人可以聘请符合规定的会计师事务所或者其他证券服务机构进行现金流预测并出具报告。现金流预测应当遵循合理、审慎的原则，充分考虑影响未来现金流变化的各种因素。 |
| Article 12 The scale and duration of underlying assets shall align with those of a asset-backed security. | | 第十二条 基础资产的规模、存续期限应当与资产支持证券的规模、存续期限相匹配。 |
| If the cash flow generated by the underlying assets is recurrently used to purchase new underlying assets of the same type, the manager shall establish appropriate selection standards for the pool, processes for asset screening and confirmation, manager supervision and management mechanisms, and other relevant arrangements. | | 以基础资产产生现金流循环购买新的同类基础资产的，管理人应当设置适当的入池标准、资产筛选和确认流程、管理人监督管理机制等相关安排。 |
| Article 13 An originator that conducts the asset-backed securities business shall comply with laws, regulations, and the regulatory requirements of appropriate authorities, and obtain relevant operating permits or qualifications. A specific originator shall meet the relevant requirements of the Administrative Provisions. | | 第十三条 原始权益人开展资产支持证券业务应当合法合规、满足主管部门监管要求，取得相关经营许可或经营资质。特定原始权益人应当符合《管理规定》相关要求。 |
| Article 14 If an asset service institution is established in the transaction structure of a special plan, the asset service institution shall be capable of continuous service. The manager shall develop a mechanism for replacing the asset service institution. If the originator or its related party serves as an asset service institution, the manager shall also ensure the independence of the underlying assets and their cash flow and prevent conflicts of interest and moral hazard. | | 第十四条 专项计划交易结构中设置资产服务机构的，资产服务机构应当具有持续服务能力。管理人应当设置资产服务机构替换机制。原始权益人或者其关联方担任资产服务机构的，管理人还应当确保基础资产、现金流的独立性，防范利益冲突和道德风险。 |
| Article 15 If a special plan adopts tranches, undertakings to cover the difference, surety bonds, and other internal and external credit enhancement measures, it shall specify the initiation time, triggering mechanism, guaranteed content, and operational procedures for each enhancement measure, the validity and credit enhancement effect of the credit enhancement arrangements, and other matters. | | 第十五条 专项计划设置结构化分层、差额支付承诺、保证担保等内外部信用增级措施的，应当明确各项增级措施的启动时间、触发机制、保障内容及操作流程、增信安排的法律效力和增信效果等事项。 |
| Article 16 The originator or its related party shall retain a certain proportion of the credit risk of the underlying assets, unless otherwise specified by the Exchange. | | 第十六条 原始权益人或其关联方应当保留一定比例的基础资产信用风险，本所另有规定的，从其规定。 |
| Chapter III Procedures for Confirming Listing Conditions | | 第三章 挂牌条件确认程序 |
| Article 17 The Exchange confirms listing conditions under the principles of openness, fairness, impartiality, convenience, and efficiency, and promptly makes the standards for confirming listing conditions, information disclosure requirements, and related work processes available to the market. | | 第十七条 本所遵循公开、公平、公正以及便捷高效的原则开展挂牌条件确认工作，及时向市场公开挂牌条件确认标准、信息披露要求和相关工作流程信息。 |
| When confirming listing conditions, the Exchange focuses on and assesses the following matters: | | 本所开展挂牌条件确认，重点关注和判断下列事项： |
| (1) Whether the asset-backed securities meet the conditions prescribed by the CSRC and the Exchange. | | （一）资产支持证券是否符合中国证监会和本所规定的条件； |
| (2) Whether information disclosures concerning asset-backed securities comply with the requirements of the CSRC and the Exchange. | | （二）资产支持证券的信息披露是否符合中国证监会和本所要求。 |
| Article 18 If in the process of confirming listing conditions, the Exchange discovers that an asset-backed security involves any material change in macroeconomic control and industrial policy, matter that materially affects solvency, material unprecedented situation, material sensitive matter, material public opinion, clue to material violations of laws and regulations, or other matter that needs to be decided by the CSRC, the Exchange will promptly request instructions from the CSRC. | | 第十八条 本所挂牌条件确认过程中，发现资产支持证券涉及重大宏观调控及产业政策等变化、重大影响偿付能力事项、重大无先例情况、重大敏感事项、重大舆情和重大违法违规线索的，以及其他需要中国证监会决定的事项，将及时请示中国证监会。 |
| Article 19 To apply for the transfer by listing of asset-backed securities on the Exchange, the manager shall submit the following application documents to the Exchange: | | 第十九条 资产支持证券申请在本所挂牌转让的，管理人应当向本所提交下列申请文件： |
| (1) An application for transfer by listing. | | （一）挂牌转让申请书； |
| (2) The plan prospectus, legal opinion, manager's due diligence report, and other documents. | | （二）计划说明书、法律意见书、管理人尽职调查报告等文件； |
| (3) other documents required by the Exchange. | | （三）本所要求的其他文件。 |
| The content and format of application documents shall comply with the rules of the CSRC and the Exchange. | | 申请文件的内容与格式应当符合中国证监会和本所规定。 |
| Article 20 Within two working days of receiving application documents, the Exchange will check whether the application documents are complete and meet formal requirements. The Exchange accepts the application documents, if they are complete and meet the requirements, or gives one-time notification of any matter that needs to be supplemented and corrected, if they are incomplete or fail to meet the requirements. | | 第二十条 本所收到申请文件后，在二个工作日内对申请文件是否齐备和是否符合规定形式要求进行核对。申请文件齐备且符合要求的，本所予以受理；申请文件不齐备或者不符合要求的，本所一次性告知需补正的事项。 |
| Article 21 The Exchange examines applications for the transfer by listing of asset-backed securities by classification based on the credit standing of business participants, underlying asset types, managers, and their personnel's professional practices, among others. The Exchange will separately make specific arrangements. | | 第二十一条 本所根据业务参与人的资信状况、基础资产类别、管理人及其人员执业情况等，对资产支持证券挂牌转让申请实行分类审核，具体安排由本所另行规定。 |
| Article 22 After accepting application documents, the Exchange will appoint two examiners to examine the application documents, and provide written feedback within ten working days of acceptance, or if there is no need to provide feedback, convene a meeting to confirm the listing conditions ("examination meeting"). | | 第二十二条 本所受理申请文件后，安排两名工作人员对申请文件进行审核，自受理之日起十个工作日内出具书面反馈意见；无需出具反馈意见的，召开挂牌条件确认会议（以下简称审核会）进行审议。 |
| Article 23 The manager shall submit a reply to the feedback within 30 working days of receipt of the feedback. If the manager is unable to reply within the prescribed time limit, it shall apply for a delay in a reply to the Exchange before the expiration of the period; the delay shall not exceed 30 working days. | | 第二十三条 管理人应当自收到反馈意见之日起三十个工作日内提交反馈意见回复。不能在规定期限内回复的，管理人应当在期限届满前向本所提交延期回复申请，延期时间最长不超过三十个工作日。 |
| If the reply and revised application documents submitted by the manager do not meet the requirements of the Exchange, the Exchange may provide feedback again; if there is no need to provide feedback again, it will convene an examination meeting for deliberation. | | 管理人提交的反馈意见回复和经修改的申请文件不符合本所要求的，本所可以再次出具反馈意见；无需再次出具反馈意见的，召开审核会进行审议。 |
| Article 24 The examination meeting forms an approval or rejection opinion through discussions. | | 第二十四条 审核会通过合议方式形成“通过”或者“不通过”的会议意见。 |
| If any material issue that needs to be verified makes it impossible to form an opinion, deliberation may be postponed. | | 因存在尚待核实的重大问题，无法形成会议意见的，可以暂缓审议。 |
| The Exchange separately prescribes provisions on the composition, working procedures, and other matters of the examination meeting. | | 审核会的人员组成、工作程序等事宜，由本所另行规定。 |
| Article 25 Based on the opinions of the examination meeting, the Exchange issues a document that the asset-backed securities meet the listing conditions and information disclosure requirements, or a document that terminates the confirmation of the listing conditions. | | 第二十五条 本所结合审核会意见，出具资产支持证券符合挂牌条件和信息披露要求的文件或者终止挂牌条件确认的文件。 |
| Article 26 If any of the following circumstances arises in the process of confirming the listing conditions of an asset-backed security, the manager shall promptly report to the Exchange in writing; after confirmation, the Exchange will suspend the procedure for confirming listing conditions: | | 第二十六条 资产支持证券挂牌条件确认过程中出现下列情形之一的，管理人应当及时书面报告本所，本所确认后中止挂牌条件确认程序： |
| (1) The originator is under investigation by an administrative or judicial authority for suspected violation of laws and regulations, pending the conclusion of the case, which has a material impact on the transfer by listing of the asset-backed security. | | （一）原始权益人因涉嫌违法违规被行政机关调查，或者被司法机关侦查，尚未结案，对资产支持证券挂牌转让影响重大； |
| (2) The originator, manager, credit enhancement institution, or securities service institution is ordered to suspend operations for an overhaul, placed under custody or into receivership of a designated institution, or subjected to any other regulatory measure, or the relevant institution or its signatory is prohibited from participating in asset securitization-related business by an appropriate authority in accordance with the law, or is subject to disciplinary action imposed by the Exchange, resulting in the non-acceptance of relevant documents issued by the institution or its signatory for a certain period, and such measures are not lifted. | | （二）原始权益人、管理人、增信机构或者证券服务机构被责令停业整顿、指定其他机构托管或接管等监管措施，相关机构或其签字人员被主管部门依法采取限制参与资产证券化相关业务活动、被本所实施一定期限内不接受其出具的相关文件的纪律处分，尚未解除； |
| (3) The manager applies to the Exchange for suspending the procedure for confirming listing conditions with justification. | | （三）管理人向本所申请中止挂牌条件确认程序且理由正当； |
| (4) Other circumstances prescribed by the Exchange. | | （四）本所规定的其他情形。 |
| Article 27 If any of the following circumstances arises in the process of confirming the listing conditions of an asset-backed security, the Exchange will, after confirmation, suspend the procedure for confirming listing conditions and notify the manager: | | 第二十七条 资产支持证券挂牌条件确认过程中，出现下列情形之一的，本所确认后终止挂牌条件确认程序并通知管理人： |
| (1) The application documents contain any false record, misleading statement or material omission, or the application documents for transfer by listing contain any material defect. | | （一）申请文件存在虚假记载、误导性陈述或重大遗漏，或者挂牌转让申请文件内容存在重大缺陷； |
| (2) The manager or originator, among others, obstructs or refuses any lawful inspection or check by the CSRC and the Exchange, or the manager, originator, or its related party significantly interferes with the confirmation of listing conditions through improper means. | | （二）管理人、原始权益人等阻碍或者拒绝中国证监会、本所依法对其实施检查、核查，或者管理人、原始权益人及其关联方等以不正当手段严重干扰挂牌条件确认工作； |
| (3) The procedure for confirming listing conditions has been suspended for more than three months, or the manager withdraws the application for transfer by listing. | | （三）中止挂牌条件确认程序超过三个月，或者管理人撤回挂牌转让申请； |
| (4) Other circumstances prescribed by the Exchange. | | （四）本所规定的其他情形。 |
| Article 28 If any relevant matter arises during a period from the Exchange's acceptance of an application for the transfer by listing of an asset-backed security to its listing, which may affect the listing conditions of the asset-backed security and significantly affects investors' value judgments and investment decisions, the manager shall promptly report it to the Exchange, conduct a check according to the requirements of the Exchange, and issue a check opinion. If the relevant matter causes the asset-backed security to cease meeting the listing conditions, the relevant provisions prescribed by the Exchange shall apply. | | 第二十八条 本所受理资产支持证券挂牌转让申请后至资产支持证券挂牌前，发生可能影响资产支持证券挂牌条件、严重影响投资者价值判断及投资决策的相关事项，管理人应当及时向本所报告，按照本所要求进行核查并出具核查意见。相关事项导致资产支持证券不再符合挂牌条件的，按照本所相关规定处理。 |
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