China Banking and Insurance Regulatory Commission, Circular on Matters Relevant to the Registration of Asset-backed Plans

Issued: June 17, 2019

Main contents: Promotion and establishment of asset-backed plans by insurance asset management institutions shall be subject to initial filing and approval with the China Banking and Insurance Regulatory Commission, and subsequent product registration with the China Insurance Asset Registration and Trading System.

The China Banking and Insurance Regulatory Commission shall conduct a custodian qualification review in respect of an insurance asset management institution that is filing an asset-backed plan for the first time, conducting a compliance and procedural review of the asset-backed plan that is being filed. With respect to an asset-backed plan with a complex transaction structure, the China Banking and Insurance Regulatory Commission will establish an external expert assessment mechanism and take appropriate means to bring the investment risks to the attention of investors. When an insurance asset management institution subsequently offers an asset-backed plan, it shall submit the registration materials to the China Insurance Asset Registration and Trading System, which shall carry out the registration work (Article 1).