Notice of the Ministry of Finance on Relevant Issues As Regards the Packaging and Transfer of Receivable Assets of Financial Asset Management Companies

财政部关于金融资产管理公司债权资产打包转让有关问题的通知

Promulgating Institution: Ministry of Finance

Document Number: Cai Jin [2005] NO.12

Promulgating Date:02/02/2005

Effective Date: 02/02/2005

Revision History:This document has been repealed pursuant to the Decision of the Ministry of Finance on Announcing the Catalog of Regulations and Normative Documents on Finance to be Repealed or Ineffective (Batch Ⅺ) on February 21,2011 and taken effect from promulgated February 21,2011.

颁布机关: 财政部

文      号: 财金[2005]12号

颁布时间: 02/02/2005

实施时间:02/02/2005

修订记录: 根据2011年2月21日发布的《财政部关于公布废止和失效的财政规章和规范性文件目录（第十一批）的决定》，此文件被宣布废止。

To China Huarong Asset Management Corporation, China Great Wall Asset Management Corporation, China Orient Asset Management Corporation, China Cinda Asset Management Co., Ltd, the fiscal supervisory commissioner's offices of the Ministry of Finance in all provinces, autonomous regions, municipalities directly under the Central Government, and cities separately designated in the State plan,

China Orient Asset Management Corporation had earlier reported that in the course of packaging and transferring receivable assets, some operational difficulty was encountered while seeking opinions from the fiscal supervisory commissioner's offices (hereinafter referred to as “Commissioner’s Office") where the receivables were domiciled, and has put forward relevant recommendations. Upon study, for the purposes of standardizing the disposal operations of non-performing assets of financial asset management companies (hereinafter referred to as “AMCs”), effectively preventing risks, controlling losses, while simultaneously raising the efficiency and quality of the task, the relevant requirements are hereby set forth as follows:

    中国华融资产管理公司,中国长城资产管理公司,中国东方资产管理公司,中国信达资产管理公司,财政部驻各省、自治区、直辖市、计划单列市财政监察专员办事处:

    中国东方资产管理公司日前反映,对债权资产打包转让过程中征求财政部驻债权所在地财政监察专员办事处(以下简称“专员办”)意见的环节有一些操作困难,提出了相关建议。经研究,为规范金融资产管理公司(以下简称“资产公司”)不良资产处置操作,有效防范风险和控制损失,同时提高工作效率和质量,现将有关要求通知如下:

1. AMCs shall stringently implement the provisions of the Notice of the Ministry of Finance on Printing and Distribution (Cai Jin [2004] No. 41) when packaging and transferring receivable assets, and shall examine and carry out record filing procedures on the disposal of packaged assets in accordance with the legal limits placed on the amount packaged and transferred.

       一、资产公司在对债权资产进行打包转让时,必须严格执行《财政部关于印发<金融资产管理公司资产处置管理办法(修订)>的通知》(财金[2004]41号)的规定,按照打包转让金额的权限,履行打包资产处置的审核与备案程序。

2. The major content and key areas of examination as regards the packaging and transfer scheme shall include at least the following:

(1) Principle – The packaging and transfer method adopted by the AMCs shall not only favor accelerated disposal and reduce cost, but shall also conform to the principle of recovery optimization. The said method shall not be focused solely on the speed of the disposal and cost savings while neglecting losses.

(2) Package size – The size of the asset pool shall be moderate. The asset pool shall not be excessively big so as to limit the scope of investors and affect the fairness of the asset transfer, nor shall the size of the asset pool be excessively small that it fails to achieve the basic objective of packaging for disposal.

(3) Structure of the asset pool – The structure of the pool shall be scientifically arranged, ensuring that the asset quality, form, industry, and regional distribution are reasonable;

(4) Method of transfer – Which specific method has been adopted, such as a tender, an auction, invitation of offer, or a transfer agreement. Where a non-public method such as a transfer agreement is adopted, the reasons shall be clearly stated, and relevant measures to ensure that the transfer is fair and transparent shall be adopted.

(5) Transferee – Whether the transferee has been determined and the specific requirements as regards the qualifications and requirements of the transferee.

(6) Price – The basis, method and process of the pricing, as well as whether valuation was adopted and the method of valuation. Where an external valuation was adopted, the selection process of the valuation institution and the valuation conditions shall be clearly stated. Where no external valuation was adopted, the reason, as well as the scientific and rational bases for the substitute pricing method shall be clearly stated.

(7) Announcement of disposal information – What method has been adopted to announce the package transfer information, including the media planned to be selected, and the duration of the information announcement. For the purposes of ensuring that the disposal information is public and transparent, a noticeable position in a well-known media shall be selected for the placement of the announcement prior to the packaging for disposal, and the duration of the announcement shall be ensured to be at least one month.

(8) Other matters should be noticed.

       二、打包转让方案的主要内容和审查重点应至少包括以下内容:

    (一)原则。资产公司采取打包转让方式既要有利于加速处置,降低成本,又要符合回收最大化的原则,不能单方面追求处置速度和节约费用而忽视损失。

    (二)打包规模。资产包规模应适中,既防止资产包过大而限制投资者范围,影响资产转让的公平性,也防止资产包规模过小而达不到打包处置的基本目的。

    (三)资产包结构。科学合理组包,保证包内资产质量、形态、行业、地区分布等的合理性;

    (四)转让方式。采取何种具体方式,招标、拍卖、要约邀请还是协议转让等。采取协议转让等非公开方式的,应说明理由,以及保证转让公正性和透明度的相关措施。

    (五)转让对象。是否具有确定的转让对象,对受让对象的资格和条件有何具体要求。

    (六)价格。定价的依据、方式和过程,是否评估和评估方式。采取外部评估的,应说明评估机构的选择过程和评估情况;未采取外部评估的,应说明原因以及替代定价方法的科学性和合理性。

    (七)处置信息公告。以何种方式公告打包转让信息,包括拟选择的媒体、信息公告期限等。为保证处置工作的公开、透明,打包处置事前公告应选择知名媒体的显著位置,期限应至少保证1个月。

    (八)其他需关注的事项。

3. An AMC, when seeking opinions from the Commissioner's Office where the receivable is domiciled as regards the necessity and appropriateness of packaging and transferring the receivable assets, shall provide the packaging for disposal scheme, as well as other relevant information that the Commissioner's Office deems necessary to be provided in accordance with the abovementioned requirements, and promptly answer the queries of the Commissioner's Office. The AMC shall be responsible for the authenticity and completeness of the information submitted as well as the implementation outcome of the packaging for disposal, so as to prevent packaging blindly, and using the packaging method to cover up private transactions, and to guard against moral hazard.

       三、资产公司对债权资产进行打包转让的必要性和适当性征求债权所在地专员办意见时,必须按上述要求向专员办提供打包处置方案以及专员办认为需要提供的其他相关材料,并及时答复专员办的质疑。资产公司应对所报材料的真实性和完整性以及打包处置的实施效果负责,防止盲目打包现象和借打包方式掩盖私下交易,防范道德风险。

4. The Commissioner’s Office shall, in accordance with the abovementioned key areas of examination, conscientiously examine the relevant information of the packaging and transfer scheme submitted by the AMC, and may conduct on-site checks when necessary, and shall, under the premise of ensuring the quality of the examination, promptly issue a written opinion on the necessity and appropriateness of the packaging and transfer of the receivable assets, providing reference for the AMC at the time of disposal. In order to prevent affecting the timing and the progress of the asset disposal, the Commissioner’s Office shall cooperate actively, raising operational efficiency.

       四、专员办要按照上述审查重点对资产公司报送的打包转让方案等相关材料进行认真审查,必要时可进行现场调查,在保证审查质量的前提下,及时对债权资产打包转让的必要性和适当性出具书面意见,供资产公司处置时参考。为不影响资产处置时机和进度,专员办应积极配合,提高工作效率。

5. The opinion issued by the Commissioner’s Office shall include two categories, one suitable for adopting the packaging method for disposal, and one unsuitable for packaging for disposal. In the opinion, the Commissioner’s Office shall state the reasons for the decision as to whether packaging is suitable or unsuitable, as well as the relevant opinions and recommendations as regards the packaging scheme.

       五、专员办审查出具的意见包括两类,一类是适宜采取打包方式处置;另一类是不适宜打包处置。专员办应在意见中说明适宜或不适宜打包的认定理由,以及对打包方案的相关意见和建议。

6. Prior to the Commissioner’s Office issuing the written opinion, an AMC may not carry out the asset packaging and transfer scheme for which the opinion of the Commissioner’s Office is sought in accordance with the provisions. An AMC, when submitting the asset packaging and transfer scheme to the Ministry of Finance in accordance with the provisions, shall clearly state the necessity and appropriateness thereof, and append the opinion of the Commissioner’s Office.

       六、按规定应征求专员办意见的资产打包转让方案,在专员办出具书面意见之前,资产公司不得实施。资产公司按规定向财政部报备资产打包转让方案时,应对必要性和适当性进行说明,并附专员办意见。

7. The Commissioner’s Office shall track, supervise and check the packaging and transfer of assets undertaken by an AMC to ensure that the actual disposal is carried out strictly in accordance with the scheme. Should material circumstances and issues be discovered, prompt reporting and feedback to the Ministry of Finance shall be made. All acts of disposal in violation of the provisions such as changing the scheme without authorization shall be severely dealt with in accordance with relevant laws and regulations.

       七、专员办应对资产公司打包转让资产工作进行跟踪监督检查,确保实际处置工作严格按方案执行。对发现的重要情况和问题,应及时向财政部报告和反映,对擅自变更方案等各类违规处置行为,依据有关法律法规予以严肃处理。