China Opens the Door to Securitization
June 02, 2005 | BY
clpstaff &clp articlesChina's capital market is certain to benefit from the China Banking Regulatory Commission and the People's Bank of China's joint release of new Procedures on the securitization of credit assets. Limitations remain, however, concerning the types of institutions that can originate securitizations and the types of assets that can be securitized.
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By David Liu and Nelson Zhou, Jun He Law Offices, Shanghai
Following years of speculation and debate among regulators, the People's Bank of China (PBOC) and the China Banking Regulatory Commission (CBRC) finally enacted the Administration of Pilot Projects for Securitization of Credit Assets Procedures (the Procedures - see p.39 for a full translation) on April 20 2005. The Procedures reflect the first concerted regulatory effort to address securitization issues in China.