| | |
Notice of the China Insurance Regulatory Commission on Issuing the Guidelines for the Establishment of Products of Infrastructure Debt Investment Plans
(No. 41 [2009] of the China Insurance Regulatory Commission)
All insurance asset management companies:
For purposes of steadily promoting the indirect investment of insurance funds in infrastructure projects in the form of creditor's rights, regulating the business of establishment of products of debt investment plans, clarifying the operational processes and maintaining the asset security, the CIRC formulated the Guidelines for the Establishment of Products of Infrastructure Debt Investment Plans in accordance with the Administrative Measures for the Pilot Indirect Investment of Insurance Funds in Infrastructure Projects, the Administrative Guidelines on the Indirect Investment of Insurance Funds in Infrastructure Debt Investment Plans (for Trial Implementation) and other relevant provisions, which are hereby issued to you in print. Please earnestly implement them accordingly.
China Insurance Regulatory Commission
March 19, 2009
Guidelines for the Establishment of Products of Infrastructure Debt Investment Plans
| | 中国保险监督管理委员会关于印发《基础设施债权投资计划产品设立指引》的通知
（保监发〔2009〕41号）
各保险资产管理公司：
为稳步推进保险资金以债权形式间接投资基础设施项目，规范债权投资计划产品设立业务，明确操作流程，维护资产安全，根据《保险资金间接投资基础设施项目试点管理办法》、《保险资金间接投资基础设施债权投资计划管理指引（试行）》及有关规定，我会制定了《基础设施债权投资计划产品设立指引》。现印发给你们，请认真遵照执行。
中国保险监督管理委员会
二○○九年三月十九日
基础设施债权投资计划产品设立指引
|
Chapter I General Provisions
| | 第一章 总则
|
Article 1 For purposes of steadily promoting the indirect investment of insurance funds in infrastructure projects in the form of creditor's rights, regulating the business of establishment of products of debt investment plans and maintaining the asset security, these Guidelines are formulated in accordance with the Administrative Measures for the Pilot Indirect Investment of Insurance Funds in Infrastructure Projects (hereinafter referred to as the “Administrative Measures”), the Administrative Guidelines on the Indirect Investment of Insurance Funds in Infrastructure Debt Investment Plans (for Trial Implementation) (hereinafter referred to as the “Administrative Guidelines”) and the relevant laws and regulations.
| | 第一条 为稳步推进保险资金以债权形式间接投资基础设施项目，规范债权投资计划产品设立业务，维护保险资产安全，根据《保险资金间接投资基础设施项目试点管理办法》（以下简称管理办法）、《保险资金间接投资基础设施债权投资计划管理指引（试行）》（以下简称管理指引）及有关法规，制定本指引。
|
Article 2 The insurance asset management companies, trust companies and other professional management institutions conforming to the provisions of the Administrative Measures and Administrative Guidelines (hereafter “professional management institutions) may, based on the principles of trust, act as promoters and managers in the formation of debt investment plans and so as to raise funds for infrastructure projects.
| | 第二条 符合管理办法和管理指引规定的保险资产管理公司、信托公司等专业管理机构（以下统称专业管理机构），可以作为发起人和管理人，依据信托原理，发起设立债权投资计划，募集资金投资基础设施项目。
|
Article 3 The professional management institutions shall follow the principle of being fair and impartial, being honest and faithful, and performing functions with due diligence in establishing debt investment plans, and prudently carry out businesses in accordance with the provisions of relevant laws and regulations and these Guidelines.
| | 第三条 专业管理机构设立债权投资计划，应当遵循公平公正、诚实守信、勤勉尽责的原则，按照有关法律法规和本指引规定，审慎开展业务。
|
Chapter II Competency Standards
| | 第二章 能力标准
|
Article 4 To operate the business of debt investment plans, a professional management institution shall, in addition to conforming to the provisions of the Administrative Measures and the Administrative Guidelines, meet the following conditions:
| | 第四条 专业管理机构开展债权投资计划业务，除符合管理办法和管理指引规定外，还应当满足下列条件：
|
(1) It shall establish a professional management system and set up a special subsidiary or business unit. The subsidiary must have built a perfect management system, a sound corporate governance, an effective decision-making mechanism, standardized operational processes, and a clear accountability system, etc. and shall have functional departments in project reservation, investment examination, investment management, credit rating, operational security, risk management, legal advice, etc. The business unit shall have full-time posts as the subsidiary at least.
| | （一）建立专业管理体制，设立专门的子公司或者事业部。子公司必须具有完善的制度体系，健全的公司治理，有效的决策机制，规范的操作流程，清晰的责任追究等制度，并设置项目储备、投资审查、投资管理、信用评级、运营保障、风险管理、法律咨询等职能部门。事业部至少具有子公司的专职岗位；
|
(2) The department of credit rating or the setup of posts, rating system, rating capability, etc. shall reach the standards set forth in regulatory provisions.
| | （二）信用评级部门或者岗位设置、评级系统、评级能力等达到监管规定标准。
|
Article 5 To operate the business of debt investment plans, a professional management institution shall be equipped with professional personnel, and shall have:
| | 第五条 专业管理机构开展债权投资计划业务，应当配备专业人员，至少满足下列条件：
|
(1) at least 20 staff members with experiences in investment, credit, law, accounting, audit, asset assessment, credit rating, risk management, etc.
| | （一）具有投资、信贷、法律、会计、审计、资产评估、信用评级、风险管理等从业经验，且不少于20人；
|
(2) at least 8 staff members with at least 3 years experiences in project investment or credit management;
| | （二）具有3年以上项目投资、信贷管理经验的人员，且不少于8人；
|
(3) at least 4 managers at the mid level or higher with at least 5 years experiences in project investment or credit management and relevant professional qualification;
| | （三）具有5年以上项目投资、信贷管理经验和相关专业资质的中级以上管理人员，且不少于4人；
|
(4) at least 3 staff members with at least 5 years experiences in credit rating; and
| | （四）具有5年以上信用评级经验的人员，且不少于3人；
|
(5) at least 3 staff members for risk management of debt investment plans.
| | （五）具有债权投资计划风险管理的人员，且不少于3人。
|
Article 6 To operate the business of debt investment plans, a professional management institution shall establish scientific and sound systems, which shall cover at least the following:
| | 第六条 专业管理机构开展债权投资计划业务，应当建立科学完善的制度体系，至少包括下列内容：
|
(1) A project reserve database system. It shall clarify the standards for entering into the database, corporate governance standards for projects in the database, the requirements that financial indicators shall be better than the industry average and requirements of relevant regulatory provisions, and conduct dynamic management of projects entering into the database;
| | （一）项目储备库制度。明确入库标准，入库项目公司治理规范，财务指标优于行业平均水平及相关监管规定要求，并对入库项目实行动态管理；
|
(2) A duality rating system. It shall establish a credit rating system and an assessment model that is in match with its own characteristics, divide the credit rating into rating of subject and debt rating, and clarify the risk limit and issuance scale;
| | （二）二元评级制度。建立适合自身特点的信用评级制度和评估模型，将信用评级分为主体评级和债项评级，明确风险限额和发行规模；
|
(3) A project appraisal system. It shall establish a project appraisal committee, of which the external experts shall not be less than 1/3 of the total number of members of the committee. The members of the appraisal committee shall maintain their independence;
| | （三）项目评审制度。建立项目评审委员会，其中外部专家人数不少于委员会总人数的三分之一。评审委员保持独立性；
|
(4) An investment decision-making system. In accordance with the decision-making authority and procedures as prescribed in the authorization management provisions, the general meeting of shareholders, the board of directors or the investment decision-making committee it authorizes shall be responsible for the final examination and approval. The proportion of members of the investment decision-making committee who concurrently hold posts of members in the project appraisal committee shall not exceed 20% of all members of the investment decision-making committee; and
| | （四）投资决策制度。按照授权管理规定的决策权限和程序，最终由股东大会、董事会或者由其授权的投资决策委员会审批。投资决策委员会委员兼任项目评审委员的比例，不超过投资决策委员会总人数的20%；
|
(5) An investment accountability system. It shall establish a mechanism to “subject those who have neglected their duties to liabilities, exempt those that have diligently fulfilled their duties from liabilities and make liability investigations independently”, and the participants of all projects shall assume corresponding responsibilities of management within their respective duties.
| | （五）投资问责制度。建立 “失职问责、尽职免责、独立问责”的机制，所有项目参与人员在各自职责范围内，承担相应管理责任。
|
Article 7 To operate the business of debt investment plans, a professional management institution shall establish an operating mechanism featuring checks and balances, which shall at least:
| | 第七条 专业管理机构开展债权投资计划业务，应当建立相互制衡的运作机制，至少满足下列条件：
|
(1) Strictly separate appraisal, decision-making and investment from supervision;
| | （一）实行评审、决策、投资与监督严格分离；
|
(2) Formulate standardized operational processes, basically including: project reservation, due diligence, credit rating, project assessment, structural design of transactions, examination and approval of decision-making, organization of implementation and follow-up management; and
| | （二）制定规范的操作流程，基本包括：项目储备、尽职调查、信用评级、项目评估、交易结构设计、决策审批、组织实施、后续管理；
|
(3) Clarify the duties of business posts and operate in strict accordance with the scope of authorization and prescribed procedures.
| | （三）明确业务岗位职责，严格按照授权范围和规定程序操作。
|
Chapter III Standards for Establishment
| | 第三章 设立规范
|
Article 8 A professional management institution shall select the discharger of debts under the premise of maintaining funds security. The term “discharger of debts” refers to the corporate body paying the investment proceeds and repaying investment costs under the investment contract, it may be a project party, or the parent company or actual controller of the project party. A discharger of debts shall meet the following conditions:
| | 第八条 专业管理机构必须以资金安全为前提，选择偿债主体。偿债主体是指按照投资合同约定支付投资收益和偿还投资成本的法人主体，可以是项目方，也可以是项目方的母公司或者实际控制人。偿债主体应当具备下列条件：
|
(1) It shall be a company listed on the main board in or out of China, or the actual controller of the listed company, or a large enterprise (group) under the Central Government;
| | （一）在中国境内、境外主板上市的公司或者上市公司的实际控制人，中央大型企业（集团）；
|
(2) Such indicators as the asset-liability ratio, quick ratio, cash flow from operations to debt ratio, main business profit margins, return on common stockholders' equity, interest cover ratio and financial leverage multiple in two consecutive fiscal years reach the industry average of domestic listed companies in the previous year;
| | （二）连续两个会计年度资产负债率、速动比率、经营现金流与负债比率、主营业务利润率、净资产收益率、利息保障倍数和财务杠杆倍数等指标，达到境内上市公司上年度行业平均水平；
|
(3) It has the assessment report of having good credit status and no record of breach of contract as issued by a credit rating institution recognized by the regulatory institution, or is able to provide the certification of repaying bank loans and paying bond interests on schedule, and the credit rating of subject reaches the standards for internal rating of professional management institutions;
| | （三）具有监管机构认可的信用评级机构，出具的信用状况良好、无违约记录的评估报告，或者能够提供按期偿还银行贷款、支付债券利息的证明，信用主体评级达到专业管理机构内部评级标准；
|
(4) It has the capability of continuous operation, has operated for more than 3 years, has made profits in the latest two consecutive years, and has stable cash flow which is able to cover the costs for project investment and repayment; and
．．．．．． | | （四）具备持续经营能力，经营年限3年以上，最近2年连续盈利，具有稳定的现金流，能够覆盖项目投资及偿债支出；
．．．．．． |
Dear visitor,you are attempting to view a subscription-based section of lawinfochina.com. If you are already a subscriber, please login to enjoy access to our databases . If you are not a subscriber, please subscribe . Should you have any questions, please contact us at:
+86 (10) 8268-9699 or +86 (10) 8266-8266 (ext. 153)
Mobile: +86 133-1157-0713
Fax: +86 (10) 8266-8268
database@chinalawinfo.com
| |
您好：您现在要进入的是北大法律英文网会员专区，如您是我们英文用户可直接 登录，进入会员专区查询您所需要的信息；如您还不是我们 的英文用户，请注册并交纳相应费用成为我们的英文会员 。如有问题请来电咨询；
Tel: +86 (10) 82689699, +86 (10) 82668266 ext. 153
Mobile: +86 13311570713
Fax: +86 (10) 82668268
E-mail: database@chinalawinfo.com
|
| | | |
| | | |