Notice of the Ministry of Finance on Relevant Issues Concerning Further Standardization of Bad Debt Transfers As Regards Financial Asset Management Companies

财政部关于进一步规范金融资产管理公司不良债权转让有关问题的通知

Promulgating Institution:Ministry of Finance

Document Number:Cai Jin [2005] NO.74

Promulgating Date:07/04/2005

Effective Date:07/04/2005

颁布机关:财政部

文      号:财金[2005]74号

颁布时间:07/04/2005

实施时间:07/04/2005

To China Huarong Asset Management Corporation, China Great Wall Asset Management Corporation, China Orient Asset Management Corporation, China Cinda Asset Management Co., Ltd,

For the purposes of further standardizing the transfer of debt as regards financial asset management companies (hereinafter referred to as “AMC"), effectively disposing of non-performing assets, preventing the loss of State-owned assets, the relevant issues are hereby notified 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:

    为进一步规范金融资产管理公司(以下简称"资产公司")债权转让工作,有效处置不良资产,防范国有资产流失,现将有关事宜通知如下:

1. An AMC shall stringently implement relevant provisions such as the Regulations on Financial Asset Management Companies, Administrative Measures for Financial Asset Management on the Disposal of Assets (Revised) (Cai Jin [2004] No. 41), Notice of the Ministry of Finance on Relevant Issues as regards the Packaging and Transfer of Receivable Assets of Financial Asset Management Companies (Cai Jin [2005] No. 12), and the Administrative Measures for Financial Asset Management Companies on the Announcement on the Disposal of Assets (Cai Jin [2005] No. 47), fully demonstrate the feasibility and necessity of adopting the transfer method for the disposal of assets, reasonably determine effective methods to increase the recovery value from the disposal, ensure the standardization of the disposal procedures and public transparency of the disposal information, as well as accord great importance to, and actively prevent issues pertaining to the loss of State assets during the transfer of bad debts.

       一、资产公司应严格执行《金融资产管理公司条例》、《金融资产管理公司资产处置管理办法(修订)》(财金〔2004〕41号)、《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》(财金〔2005〕12号)、《金融资产管理公司资产处置公告管理办法》(财金〔2005〕47号)等有关规定,充分论证采取转让方式处置资产的可行性和必要性,合理确定能够提升处置回收价值的有效方式,确保处置程序的规范性和处置信息的公开透明,并高度重视和积极防范不良债权转让中的国有资产流失问题。

2. The following assets may not be publicly transferred to external parties: bad debts for which a government institution is a creditor or guarantor; State-owned enterprise debts under the national enterprise policy halving and bankruptcy programme approved by the State Council; national defence and military industry debt that involves national security and tertiary information as well as other debt for which transfers are restricted.

       二、下列资产不得对外公开转让:债务人或担保人为国家机关的不良债权;经国务院批准的全国企业政策性减半破产计划的国有企业债权;国防、军工等涉及国家安全和第三信息的债权以及其他限制转让的债权。

3. The following personnel may not acquire, nor acquire in a disguised manner, non-performing assets: public servants, staff of financial regulatory institutions, judicial and public security officers, workers of AMCs, the management of enterprises of the original debt as well as connected persons of intermediaries such as lawyers and accountants participating in the asset disposal.

       三、下列人员不得购买或变相购买不良资产:国家公务员、金融监管机构工作人员、政法干警、资产公司工作人员、原债务企业管理层以及参与资产处置工作的律师、会计师等中介机构人员等关联人。

4. In addition to the abovementioned debts that are subject to transfer restrictions and personnel who are restricted to participating in acquisitions, AMCs shall adopt market approaches such as public tenders and auctions to attract all types of qualified domestic and overseas investors to participate in transactions in the non-performing asset market, and shall bring in market competition mechanisms, raise disposal recovery rates, as well as prudently determine the buyers of the debt, preventing any party from taking the opportunity to speculate in the assets and intentionally avoid the debts so that such debts would be cancelled.

       四、除上述限制转让的债权和限制参与购买的人员外,资产公司应采取公开招标、拍卖等市场化方式,吸引国内外各类合格投资者参与不良资产市场交易,引入市场竞争机制,提高处置回收率,并慎重确定债权买受人,防止借机炒作资产和逃废债务。

5. AMCs shall further enhance the construction of internal controls, comprehensively put things in order, revise and improve existing regulatory systems, standardize debt transfer procedures and the running of all segments during the transfer process such as appraisals, pricing, announcement of disposal information, holding tenders and auctions, and the selection of intermediaries, as well as adopt measures such as separation of duties, rotation of posts, and investigation of accountability, stringently controlling and safeguarding against first priority risks and operational risks in debt transfers, and preventing the loss of State-owned assets.

       五、资产公司应进一步加强内部控制建设,全面梳理、修改和完善现有规章制度,规范债权转让程序和转让过程中评估、定价、处置信息公告、招标拍卖、中介机构选用等各个环节的操作,采取职责分离、岗位轮换、责任追究等措施,严格控制和防范债权转让中的首选风险和操作风险,防止国有资产流失。