(March 14, 2006 China insurance supervision Management Committee makes 2006 1th, announced since announced of day up purposes) first chapter General first article to strengthening on insurance funds indirect investment based facilities project of management, prevention and control management operation risk, ensure insurance funds security, maintenance insurer, and was insurer and parties party of lawful rights and interests of, promote insurance stable health development, according to People's Republic of China insurance, and People's Republic of China Trust method, and
People's Republic of China contract law and other laws and administrative regulations, these measures are formulated.
Article referred to indirect investment of insurance funds for infrastructure projects, refers to the client delegates its insurance funds to trustees, the Trustees set up investment plans in their own name on a principal basis, invest in infrastructure projects, for the benefit of beneficiaries or for a specific purpose, to manage or deal. Third trustee investment scheme investment trustee shall employ the custodian property of a managed investment scheme.
Beneficiary shall engage an independent supervisor supervision and management and operation of the investment plan.
Fourth trustee, Trustees, beneficiaries, Trustees, an independent supervisor and other parties involved in the investment plan should engage in related business activities according to law, and in accordance with this regulation, to enter into a written contract, the rights and obligations of the parties set forth. Article fifth investment property separate from the trustee, custodian, independent oversight and other services for investment management of natural persons, legal persons or other property of the inherent property of the Organization and its management.
Property of the trustee investment scheme management, utilization and disposition or any other property and proceeds obtained shall be classified as investment property.
Article sixth trustee, custodian, independent oversight and other services for investment management of natural person, legal person or organization, dissolved, revoked or declared bankrupt according to law, the termination of the liquidation, investment property does not belong to the assets to be liquidated. Investment plan, the creditor's rights, shall not be trustees, custodians, independent oversight and other services for investment management of natural persons, legal persons or organizations that own assets offset by debt.
Different investment schemes the creditor's rights and liabilities of the property shall not be set off against each other.
Non-debt arising from implementation of the investment plan, and shall not be enforceable against investment property. Article seventh indirect investment of insurance funds for infrastructure projects, should follow safety, profitability, liquidity and asset-liability matching. Clients should be prudent investments, and risk prevention.
Trustee, trustee, independent oversight and other services for investment management of natural persons, legal persons or organizations should fulfill their duties to fulfil obligations of honesty, faith, prudence, diligence.
Eighth China insurance regulatory Committee (hereinafter referred to as the China insurance regulatory Commission) is responsible for formulating relevant policies of indirect investment of insurance funds for infrastructure projects.
The China insurance regulatory Commission and the relevant regulatory authorities in accordance with the indirect investment of insurance funds for infrastructure projects the parties supervise activities related to business and management.
Chapter II investment plans Nineth investments in these measures refers to form their respective contractual rights and obligations of the parties, determines investment funds, amount, currency, term, use, benefits paid and beneficial transfers of financial instruments.
Tenth the scope of investment schemes, including traffic, communication, energy, municipal, environmental protection and other key national infrastructure projects.
Investment plans can take credit, equity, property and other viable way to invest in infrastructure projects.
11th article investment plans investment of based facilities project should meet following conditions: (a) meet national industry policy and about policy; (ii) has national about sector finds highest level qualification of professional institutions issued of feasibility analysis report and assessment report; (three) has or expected has stable of cash flow returns; (four) has regular paid principal and returns of capacity, or can provides legal effective of guarantees; (five) has insured related insurance;
(F) Project Manager (hereinafter referred to as project party) controlling shareholders or controlling person for large enterprises or enterprise groups, and without bad credit records; (VII) business license issued by the relevant departments of the project and (VIII) other conditions stipulated by the Circ.
12th article investment plans to claims, and equity and the other feasible way investment of based facilities project, except meet 11th article provides conditions outside, also should meet following conditions: (a) raised funds shall not below project total budget of 60%, and funds has actual in place; (ii) project party capital shall not below project total budget of 30%, and funds has actual in place; (three) China Circ provides of other conditions.
Projects already completed are not subject to the provisions of the preceding paragraph.
Investment plan to invest in infrastructure projects, upon approval by the relevant departments of the State Council or, parties may implement.
13th article investment plans shall not investment has following case one of of based facilities project: (a) national expressly ban or limit investment of; (ii) national provides should made but yet made legal effective license of; (three) subject not determine or ownership unknown does, exists legal risk of; (four) project party not has corporate qualification of; (five) China Circ provides of other case.
14th article investment plans at least should including following legal file: (a) investment plans manual; (ii) delegate people and trustee people signed of trustee contract, contract at least should including investment plans project name, and management way, and beneficiaries and right obligations, and business term and amount, and investment plans property of returns distribution and paid, and management costs and paid, and investment plans property loss Hou of bear subject and bear way, and default compensation responsibility and disputes solution way, content; (Three) delegate people and managed people signed of managed contract, contract at least should including managed property range, and investment plans property of returns allocated, and funds liquidation, and accounting accounting and the valuation, and costs meter mention, and default compensation responsibility, content; (four) trustee people and project party signed of investment contract, contract at least should including investment amount and the term, and funds uses and the allocated way, and project management way, and term and the quality guarantee, and operation management, and default compensation responsibility, content; (five) beneficiaries and independent supervision people signed of supervision contract
Contract shall at least include the independent supervision of the supervisor, to exceed the limits for funds transfer confirmation as well as the transfer of funds, project management, construction supervision, liability for breach of such content (vi) Regulations of the General Assembly of the beneficiary; (VII) other legal documents stipulated by the Circ.
The preceding paragraph (b), (c), (d), (e), (f) the provision relating to the contract shall include the participation of other parties entrusted, hosting, project investment, supervision and other matters. 15th article investment plans manual at least should contains Ming following matters: (a) investment and management risk; (ii) investment plans purpose and based facilities project basic situation, including project funds uses, and amount, and term and the repayment way, and guarantee terms and the default responsibility, and information disclosure,; (three) parties party basic situation, including name, and residence, and contact way and associated relationship; (four) investment based facilities project of market analysis, and cost analysis and the returns measuring; (five) investment plans business process,
Includes registration and hosting issues, risks and control measures, liquidity arrangements, income distribution and account management; (f) investment plan the establishment and termination; (g) the tax status of investment plans, including various sources of tax payment, payment of paid links and priorities; (VIII) investment plan agreement or the law and administrative regulations as well as other content stipulated by the Circ.
Investment and risk management should be prompt in prominent positions in the investment plan statement.
16th investment plan should be written in the investment plan agreed by the parties entrusted with management fees, hosting fees, supervision fees and other remuneration provision standards, calculation methods, terms of payment, guarantee and liability, and so on.
Interested parties agree through consultation, agreement can increase or decrease the amount of remuneration, agreed to amend the relevant remuneration.
Article 17th investment plan benefiting the right amount shall be divided into equal shares. The beneficiary may assign all or part of the right to benefit from. The beneficial right of the transferee should be bodies corporate.
Investment plan after the transfer of the right to benefit, not because of the transfer of rights and obligations of the parties change.
Division of investment plans the right to benefit from share and transfer rules, relevant departments shall be separately formulated by the Circ.
18th article has following case one of of, investment plans terminated: (a) occurred investment plans agreed of terminated causes; (ii) investment plans of acquired violation investment plans purpose; (three) investment plans purpose has achieved or cannot achieved; (four) investment plans was revoked or lifted; (five) investment plans party consultations agreed; (six) investment plans agreed or legal, and administrative regulations and China Circ provides of other case.
Article 19th investment plan after the termination, the trustee shall, within 90 days of the date of termination, complete the planned liquidation of investment and issued to the relevant parties and authorities audited the liquidation report. Beneficiary other ownership, investment property and related parties of the investment plan should be received within 30th of the liquidation report comment.
No mention of written objections, is deemed to be approved a liquidation report, matters listed in the report of the trustee on the liquidation of the discharge, but the Trustees except for misconduct.
Article 20th investment plan should be strictly in accordance with the investment plan agreed by the parties and procedures, allocating investment plan proceeds and related property.
Article 21st trustee, custodian, independent supervision who contravenes these rules, causing property losses of the investment plan, it shall be liable to the beneficiary or the trustee the corresponding liability. Chapter III client
22nd client in these measures refers to the People's Republic of China territory, by the China insurance regulatory Commission approved the establishment of the insurance company, the insurance group and insurance holding company.
One or more clients can invest in an investment plan, a trustee can invest in more than one investment plan.
23rd article client should meet following conditions: (a) internal management and risk control system meet insurance funds using risk control guidelines (pilot) provides, and implementation specification; (ii) established has project assessment and risk monitoring system; (three) introduced has investment plans property managed mechanism; (four) has must number of related professional investment personnel; (five) recently 3 years no major investment illegal violations records; (six) paid capacity meet China Circ about provides;
(G) risk management in accordance with the relevant provisions approach chapter Nineth; (VIII) other conditions stipulated by the Circ. Principal may authorize an insurance asset management company, fulfilling its obligations related to the right.
Insurance asset management company as authorized agent, shall conform to the preceding paragraph shall subject to subsection (vi) outside the rules.
24th article insurance company, and insurance group and insurance holding company application served as client, should to China Circ submitted following application material: (a) investment applications; (ii) investment Yu investment plans of feasibility report; (three) company Board through investment Yu investment plans of resolution; (four) trustee people, and managed people about material and the contract text; (five) internal management, and risk control, and project assessment and the risk monitoring system; (six) related business sector set and the main business personnel situation;
(VII) by an accounting firm for the last 3 years the company's financial statements; (VIII) issued by an accounting firm for the last 3 years the company internal control management proposals, and (IX) other documents and materials provided by the Circ. China insurance regulatory Commission from the date of receipt of the application materials on 20th, made the decision to approve or not to approve.
Is not granted shall notify the applicant in writing and state the reasons. 25th article except China Circ another has provides outside, client investment Yu investment plans should meet following about investment proportion of provides: (a) life insurance company investment of balance, by cost price calculation shall not over the company Shang quarter late total assets of 5%; property insurance company investment of balance, by cost price calculation shall not over the company Shang quarter late total assets of 2%; (ii) life insurance company investment single based facilities project of balance, by cost price calculation shall not over the project total budget of 20%
Property insurance company investment balances of single infrastructure projects, at cost price must not exceed the total project budget 5%; (c) insurance companies, independent investment products account balances, calculated at cost shall not exceed the insurance clauses stipulated in the specific scale.
26th article client should perform following duties: (a) research project investment feasibility, assessment investment plans, confirmed investment project: (ii) test investment plans risk and the bear capacity, developed risk prevention measures and plans; (three) select trustee people and managed people, agreed beneficiaries right and independent supervision people duties; (four) and trustee people signed trustee contract, determine investment plans management way, agreed trustee people management, and using and the disposition permission, supervision trustee people perform duties of situation; (Five) and managed people signed investment plans property managed contract, supervision managed people perform duties of situation; (six) assist beneficiaries and independent supervision people signed supervision contract; (seven) agreed about party paid of meter mention method and paid way; (eight) regularly to about party understand investment plans property of management, and using, and payments and disposition situation and the project construction and management operation information, and requirements its made specific description; (nine) according to about legal, and Administrative regulations provides and investment plans of agreed or for failed to foreseen of special causes led investment plans not meet beneficiaries interests of, requirements trustee people adjustment investment plans property of management method; (10) trustee people violation about legal provides and investment plans agreed, caused investment plans property loss of, requirements trustee people recovery investment plans property undisturbed, and give compensation; (11) trustee people, and managed people violation investment plans purpose disposition investment plans property or management, and using, and disposition investment plans property has major fault of
, According to the investment plan of the conventions and the provisions of these procedures to remove the trustee, custodian, (12) save the investment plan investment accounting records, reports, and so on (13) accept the supervision and administration of China insurance regulatory Commission, to submit relevant documents and materials (14) investment plan agreement or the law and administrative regulations, as well as other duties stipulated by the Circ.
27th the principal shall not be any of the following acts: (a) direct investment in infrastructure projects, (ii) investment without Circ approval of investment plans; (c) the use of illegal transfer of insurance funds investment plan; (d) interfere with duties related to fulfilment of investment plans agreed by the parties; (e) investment plan agreement or the laws, administrative regulations and other prohibited acts stipulated by the Circ.
The fourth chapter trustee to trustee in 28th article of the rules refers to according to the agreed investment plan, according to client wishes, for the benefit of beneficiaries to their investment in infrastructure projects in the name of trust and investment companies and insurance asset management companies, investment fund management companies or other institutions of professional management.
Trustees and custodians, independent monitor must not be the same person, and must not have a relationship.
29th article trustee people should meet following conditions: (a) has national about regulatory sector finds of highest level qualification; (ii) has perfect of company governance structure, reputation good, management science; (three) has perfect of internal management, and risk control, and operation process and the internal audit monitoring system, and implementation specification; (four) has perfect of based facilities project assessment, and selection and the management system; (five) has independent of external audit system and the regularly audit arrangements;
(Six) has enough number of based facilities project investment management personnel, important post personnel professional experience rich; (seven) has investment plans risk management responsibility people, established has risk responsibility finds and the responsibility held system; (eight) Board and senior management personnel has on business personnel and investment plans implementation of effective monitoring system; (nine) recently 2 years continuous profit; (10) recently 3 years no due not reimbursement debt, and not occurred due not performance phenomenon, and no misappropriated trustee property, illegal violations behavior;
(11) the other conditions stipulated by the Circ.
30th article trust and investment companies served as trustee people, except meet this approach 29th article provides conditions outside, also should meet following conditions: (a) registered capital not below 1.2 billion Yuan Yuan, and any when are maintained not less than 1.2 billion Yuan Yuan of net worth; (ii) has engaged in based facilities project investment of rich experience; (three) original deposits sex liabilities business has all cleanup finished, not occurred new of deposits sex liabilities or not handle to trust, way disguised liabilities of business;
(D) proprietary business asset and liquidity in good condition, in compliance with the relevant regulatory requirements; (e) complete the re-registration more than 3 years, (vi) other prudent requirements as stipulated by the Circ.
31st industry investment fund management company as the trustee shall comply with article 29th and 30th of this approach (a), (b), (f) conditions.
32nd article trustee people should to China Circ proposed established investment plans application, and submitted following file and the material: (a) established investment plans applications; (ii) license (copy) or license effective copies; (three) company governance of description; (four) internal management, and risk control, and operation process and the internal audit monitoring, and based facilities project assessment, and selection and the management system, including Board and senior business management layer of effective monitoring means, and independent of external audit arrangements,;
(Five) by accountants firm audit of recently 3 years company financial report; (six) Accountants firm issued of recently 3 years company internal control management proposal; (seven) company all Director perform trustee duties of commitment book; (eight) main business personnel of list and resume; (nine) investment plans including of all legal file and the investment plans benefit right of divided method; (10) investment plans feasibility report and the project assessment report; (11) based facilities project project report and the about sector reply;
(12) over 5 years professional experience practicing lawyers issue a legal opinion on investment plans (13) due diligence report (14) other documents and materials provided by the Circ.
Trustee of trust investment companies, in addition to documents and materials submitted to the provisions of the preceding paragraph, shall also submit their compliance with conditions specified in article 30th documentary.
33rd Circ from assets under management, corporate governance, credit, credit rating, management, internal control system and the investment plan of project selection, risk control, custody arrangements, monitoring mechanisms and other aspects, the Trustees submit all application materials form the integrity of audit and issue audit opinions.
34th trustee and investment plans of other parties officially signed the contract, brought into effect by the China insurance regulatory Commission approved the rear. 35th article trustee people should perform following duties: (a) survey investment project situation, issued due diligence survey report; (ii) select based facilities project, assessment project investment value and the management operation risk; (three) established investment plans, and client signed trustee contract; (four) and project party signed based facilities project investment contract, agreed project party written commitment accept independent supervision people of supervision and for independent supervision people implementation supervision provides convenience;
(E) for each investment bank plans to open a separate investment plan property accounts; (vi) for the best interests of beneficiaries, prudent investment plans to ensure that investment property; (VII) investment programme within the limits of authority, funds transfer instructions to the trustee issued project in a timely manner.
Over investment plans authorized lines of instruction, must consent of independent supervision people of written recognized; (eight) timely to beneficiaries distribution and paid investment plans returns, will due investment plans property returned beneficiaries or delegate people; (nine) assist beneficiaries handle benefit right transfer matters, completed property transfer procedures, and written notification about party; (10) timely disclosure investment plans information, accept about party query, truthfully provides related material, report project management operation situation;
(11) continued management and track monitoring based facilities project construction or operation situation, requirements project party perform related information disclosure obligations; (12) prepared investment plans management and the financial accounting report; (13) hired accountants firm, intermediary institutions audit investment plans management and investment project operation situation; (14) save processing investment plans Affairs of full records and the investment project of accounting books, and report,; (15) law conservative investment plans of commercial confidential;
(16) beneficiaries Assembly substantive change investment plans of, timely will about investment plans change of file information submitted China Circ audit; (17) met has burst emergency event, timely to about party, and China CIRC and about regulatory sector report; (18) active accept about party, and China CIRC and about regulatory sector of supervision, submitted related file and the information; (19) investment plans agreed or legal, and administrative regulations and China Circ provides of other duties.
Article 36th trustee investment scheme to obtain remuneration as agreed.
Trustees violated investment plan agreed upon disposal of the investment property, or due to violation of the management duties, improper investment scheme investment plan of property losses, resume their investment plans before the property to its original condition or is not compensable, shall not seek remuneration.
37th commits a breach of agreed investment plan, resulting in debts to a third party or your loss, with its inherent property.
Trustees violated fiduciary contract, management, utilization and disposition of the illegitimate interests of the investment property, it should be classified as investment property, causing losses in investment property shall be made to the beneficiary or the trustee liable.
Trustee provides false or ambiguous information, misleading the people of independent oversight, causing property losses of the investment plan shall be made to the beneficiary or the trustee liable.
38th article has following case one of of, delegate people or beneficiaries Assembly should according to investment plans agreed dismissed trustee people: (a) trustee people violation trustee contract agreed or failed to perform trustee contract agreed and commitment of duties; (ii) trustee people using investment plans property seek agreed paid yiwai interests, or for others seek not due interests; (three) trustee people for management poor or urged project party poor, cannot regular distribution and paid investment plans meet returns and investment plans property;
(D) the trustee investment plan to the parties concerned to provide false documentation, or other dishonest act; (e) Trustees dissolved, revoked, is declared bankrupt or is lawfully taken over; (vi) client there is evidence that replacement Trustees comply with the beneficiary; (VII) investment plan agreement or the law and administrative regulations, as well as other circumstances as stipulated by the Circ.
Trustees referred to in the preceding paragraph, the China insurance regulatory Commission and the relevant regulatory bodies can suggest the client assembly remove the trustee or the beneficiary.
39th Trustees was dismissed, the principal or beneficiary of the General Assembly should appoint a new trustee in the 30th. Trustees was dismissed, the new trustee before the succession, the former trustee shall continue to perform the duties to keep relevant information and timely fiduciary management operational procedures for the transfer.
New trustee shall inherit the original duties of the trustee investment scheme.
Trustees for the 38th paragraph (e) situations, the principal Assembly should appoint a provisional trustee or the beneficiary is responsible for matters related to the investment plan.
Upon termination of the investment plan, the trustee shall continue to perform the duties, until the end of the liquidation.
40th of the responsibilities of the trustee end, should hire accounting firms to conduct audits of its trustee investment plan, the audit results inform in writing the investment plans of other parties and submitted to the China insurance regulatory Commission, and the relevant regulatory authorities. 41st article trustee people shall not has following behavior: (a) misappropriated investment plans property; (ii) will investment plans property for credit trading; (three) to investment plans property for others provides guarantees or to project party zhiwai of people provides loan; (four) will investment plans property and its inherent property, and others property mixed management; (five) will different investment plans property mixed management; (six) will investment plans property again delegate its others management; (seven) not fair management different investment plans property; (eight) will by trustee inherent fiscal
Produced and investment plans property for trading or will different investment plans property for mutual trading; (nine) engaged in led to investment plans property bear unlimited responsibility of investment; (10) by trustee Director, and prison thing, and Manager and the other practitioners, in managed people, and independent supervision people or other trustee people of institutions in the served; (11) investment plans agreed or legal, and administrative regulations and China Circ ban of behavior.
Chapter fifth 42nd beneficiaries beneficiaries in these measures refers to clients specified in the investment plan, people who have the right to benefit. Beneficiaries of the investment scheme for the client.
Beneficiaries may serve concurrently as an independent supervisor. The trustor is the only beneficiary, the client may request the cancellation of investment plans.
Agreed by the investment plan, their agreement shall prevail.
Article 43rd insurance company, insurance company or the insurance holding company right to the benefit of the investment plan shall comply with the conditions laid down in article 23rd, and in accordance with the provisions of the first paragraph of article 24th of this approach to submit application materials. China insurance regulatory Commission from the date of receipt of the application materials on 20th, made the decision to approve or not to approve.
Is not granted shall notify the applicant in writing and state the reasons.
44th beneficiary for insurance companies, the insurance company or insurance holding company shall comply with the provisions of article 25th of this approach concerning the investment proportion of insurance companies.
Article 45th insurance agency rights to the benefit of the investment plan, and should comply with agreed investment plan and the laws, administrative regulations and the relevant regulatory provisions. Article 46th investment plan are two or more beneficiaries, beneficiaries of the General Assembly should be set up. Beneficiaries of the General Assembly shall be held in accordance with the following procedure: (a) the Assembly consists of investment planning 1/3 more beneficial rights of the beneficiary beneficiary of the shares proposed. Proposed beneficiaries as the convener. Convenor should at least be ahead of time, meeting of the 30th Assembly of the beneficiary form, consider matters, proceedings and voting notifications to other beneficiaries, (ii) each beneficial share investment plan has one vote. Beneficiaries beneficiaries may authorize an agent to attend the meeting and to exercise the right to vote, and (iii) the beneficiary should have held $ 1/2 more than the right to vote in favor of the General Assembly to attend shall be held. A resolution of the General Assembly, must be present at the meetings of beneficiaries or their authorized agents, more than half of the voting rights held by pass. However, changes of investment management, replacement of Trustees, custodians and independent watchdog resolution, terminated or postponed investment plans, must be present at the meeting of beneficiary or his or her authorized agent of the voting rights held by at least 2/3.
General Assembly resolutions and the situation of the beneficiary, shall promptly disclose to the beneficiary, and the China insurance regulatory Commission for the record; (d) seriously affect investment plans of major unexpected events occur, any beneficiary or his authorized agent may propose to convene and to call a temporary Assembly of the beneficiary. 47th article investment plans entered into force Hou, beneficiaries law enjoys following right: (a) enjoys or transfer investment plans benefit right; (ii) participate in beneficiaries Assembly, by its holds investment plans benefit right share or investment plans agreed exercise voting; (three) check out beneficiaries Assembly resolution and the related situation; (four) elected one beneficiaries representative, disclosure beneficiaries Assembly held, and issues considered and vote situation; (five) requirements trustee people distribution and paid investment plans returns and due investment plans property; (six) by trustee , And managed people violation investment plans purpose disposition investment plans property or management using, and disposition investment plans property has major fault of, according to investment plans of agreed and this approach of provides dismissed trustee people, and managed people; (seven) select, and replaced independent supervision people, and independent supervision people signed supervision contract, urged its perform supervision duties; (eight) supervision trustee people and the project party, timely gets investment plans management, and project operation, and investment returns, about information; (nine) investment plans agreed or legal, and
Administrative rules and regulations, as well as other rights stipulated by the Circ.
48th article beneficiaries should perform following duties: (a) save investment plans property returns distribution of accounting books, and report,; (ii) according to investment plans agreed handle investment plans benefit right transfer procedures, told investment plans other beneficiaries, and submitted China Circ record; (three) accept other party, and China CIRC and about regulatory sector of supervision, timely submitted related file and the information; (four) investment plans agreed or legal, and administrative regulations and China Circ provides of other duties.
49th investment plan terminates or after the beneficiary will transfer all its investment plans to benefit from the rights, rights and obligations of the beneficiaries to terminate itself. 50th the beneficiary shall not be any of the following acts:
(A) incite illegal investment of Trustees, (ii) damage the interests of other beneficiaries, (iii) other parties to perform their duties (iv) investment plan prescribed or prohibited by laws and administrative rules and regulations and Circ.
Sixth chapter the custodian trustee in 51st article of the rules refers to according to the agreed investment plan, appointed by the principal, responsible for property investment plan managed by commercial banks or other financial institutions. An investment plan to select a trustee.
Trustees shall not, projects with the trustee and the beneficiary are the same person, and shall not have an associated relationship.
52nd custodian shall meet the relevant requirements stipulated by the CIRC, and has qualified as a hosting business.
53rd article managed people should perform following duties: (a) and client signed managed contract, faithful perform managed duties; (ii) according to different investment plans, respectively set specifically account, guarantee investment plans property independent and security full; (three) according to client instruction, timely managed investment plans property, handle client of funds allocated; (four) according to trustee people instruction, timely handle investment plans of funds allocated, will investment returns and the due investment plans property designated into beneficiaries specified account; (Five) timely will by trustee over authorized lines of funds allocated instruction, notification related party, made independent supervision people recognized Hou implementation; (six) ensure project party paid investment returns and liquidation property distribution into investment plans specifically account; (seven) is responsible for client investment of accounting, review, and review trustee people calculation of investment plans property value; (eight) understand and gets investment plans management operation of about information, requirements trustee people, and project party made description; (nine) supervision investment plans funds using and the recycling, and Project progress, and investment plans returns calculation and the distribution situation, found trustee people violations operation of, should timely to other party and the China CIRC and about regulatory sector report; (10) regularly prepared managed report; (11) hired accountants firm audit investment plans managed property; (12) timely disclosure investment plans information, truthfully provides related material, report investment plans implementation situation, accept delegate people, and beneficiaries and the independent supervision people of query; (13) save investment plans funds allocated instruction, and returns calculation
Distribution, payment and accounting records, reports, and so on (14) initiative to accept clients, beneficiaries, as well as the China insurance regulatory Commission and related regulatory oversight, and to submit the relevant documents and information, (15) investment plan agreement or the law and administrative regulations, as well as other duties stipulated by the Circ.
54th custodian in accordance with the investment plan to obtain remuneration as agreed.
Trustee investment property loss caused by the failure to perform hosting duties, shall be liable to the beneficiary or the trustee's liability.
55th article has following case one of of, delegate people or beneficiaries Assembly according to investment plans of agreed dismissed managed people: (a) managed people violation managed contract agreed or failed to perform managed contract provides and commitment of duties; (ii) managed people using investment plans property seek agreed paid yiwai interests, or for others seek not due interests; (three) managed people to investment plans about party provides false file information, or has other cheat behavior;
(D) the Trustees of mismanagement or failed to carry out supervision duties of a trustee; (v) Trustees dissolved, being withdrawn, is declared bankrupt or is lawfully taken over; (vi) client there is evidence that replacement custodian in accordance with interests of the beneficiary; (VII) investment plan agreement or the law and administrative regulations, as well as other circumstances as stipulated by the Circ.
Trustees referred to in the preceding paragraph, the China insurance regulatory Commission and the relevant regulatory bodies can suggest clients or beneficiaries of the General Assembly to remove the Trustees.
56th custodian was dismissed, trustor or beneficiary of the General Assembly should appoint new trustees in the 30th. Custodian is dismissed, the new trustee before the succession, the former trustee shall continue to perform the duties related to, keep the hosting management information, timely transfer of custody procedures.
New trustee shall inherit the original duties of the trustee investment scheme.
Upon termination of the investment plan, the trustee shall continue to perform the duties, until the end of the liquidation.
57th of the responsibilities of the trustee end, should hire accounting firms to audit its managed investment property, the audit results with other investment plans parties and submitted to the China insurance regulatory Commission, and the relevant regulatory authorities.
58th article managed people shall not has following behavior: (a) misappropriated its managed of investment plans property; (ii) will its managed of investment plans property and its inherent property mixed management; (three) will its managed of different investment plans property mixed management; (four) will its managed of investment plans property referred to the others managed; (five) and trustee people, and project party, and independent supervision people conspiracy, damage beneficiaries interests; (six) without independent supervision people recognized, according to trustee people instruction allocated over trustee contract agreed of authorized lines of funds;
(VII) investment plan prescribed or prohibited by laws and administrative rules and regulations and Circ.
Seventh chapter supervisor 59th independence independent supervisors in these measures refers to according to the agreed investment plan, hired by the beneficiary, in order to safeguard the interests of the beneficiary, trustee management investment planning and project specific monitoring the operations of the professional regulatory body. Select an investment plan of an independent supervisor, project construction and operation period you can engage an independent monitor who, except as otherwise stipulated in the investment plan.
Independent monitoring and trustee, project may not be the same person, must not have a relationship.
60th independent oversight by the following institutions: (a) the beneficiaries of the investment scheme, (ii) domestic ratings of AA or above the last year financial institutions; (c) the State authorities have issued related business licenses of professional institutions and (iv) other institutions approved by the Circ.
61st article independent supervision people should meet following conditions: (a) has related field within national about sector finds of highest level qualification; (ii) has good of integrity and market image; (three) has perfect of internal management, and project monitoring and operation system, and implementation specification; (four) has bear independent supervision duties of expertise and the skills; (five) engaged in related business 3 years above and has related experience; (six) near 3 years not was competent sector or regulatory sector punishment;
(VII) other conditions stipulated by the Circ.
62nd article independent supervision people should to China Circ submitted following file material: (a) related business business license and corresponding qualification proved file of effective copies; (ii) company basic material, at least should including company name, and organization schema, and registered capital, and business range, and accountants firm audit of recently one years company financial report; (three) internal management system, at least should including implementation supervision of dynamic monitoring system, and information disclosure system, and monitoring operation process, and supervision report system,;
(D) the supervisory experience of infrastructure projects and monitoring the main project description; (e) to supervise the construction and operation of infrastructure projects professional resume (vi) supervise the basic method of construction and operation of infrastructure projects and measures (VII) in fulfilling its oversight responsibilities by law an undertaking; (VIII) other materials stipulated by the Circ.
Except as provided in paragraph before submitting materials, independent oversight should also be submitted in accordance with the conditions specified in article 61st of proof.
Circ from the supervisory experience in infrastructure projects, corporate governance, credit standing, credit rating, management, internal control systems, monitoring mechanisms and other aspects, for independent oversight and submission of application materials form the integrity of audits and issue audit opinions.
63rd independent oversight official before entering into a contract with the beneficiaries, should provide an audit opinion issued by the China insurance regulatory Commission. 64th article independent supervision people should perform following duties: (a) and beneficiaries signed supervision contract, comply with career guidelines, faithful perform supervision duties; (ii) necessary Shi hired corporate, and natural and the other organization, assist completed independent supervision duties; (three) supervision trustee people management investment plans and perform statutory, and investment plans agreed duties of situation; (four) track monitoring project party management of based facilities project situation, including but not limited to investment plans funds into, project term, and quality, and cost, and Operation and performance of the contract. Found project party financial status serious deterioration, and guarantees party cannot continues to provides effective guarantees, major situation, should timely to about party and China CIRC and about regulatory sector report; (five) analysis project construction and the operation risk, timely proposed prevention and resolve recommends; (six) audit trustee people over trustee contract authorized lines of funds allocated instruction, issued written views, and timely report beneficiaries; (seven) understand, and gets investment plans management and the project operation of about information, and requirements trustee people, and
Project description; (h) attend meetings of the Assembly of the beneficiary; (IX) monitoring reports to the settler, the beneficiary and the China insurance regulatory Commission, voluntarily accepts trustee, the beneficiary and the China insurance regulatory Commission and the supervision and inspection of relevant regulatory authorities, shall submit the relevant documents and material, (10) investment plan agreement or the law and administrative regulations, as well as other duties stipulated by the Circ.
65th independent supervision in accordance with the investment plan to obtain remuneration as agreed.
Independent supervision because of lax supervision caused property losses of the investment plan shall be made to the beneficiary or the trustee liable. 66th under any of the following circumstances, investment planning, the General Assembly agreed to remove independent oversight of the beneficiary: (a) independent monitoring violations and the beneficiary contract or fails to perform the duties and commitments under the contract;
(Ii) independent supervision people using investment plans property seek agreed paid yiwai interests, or for others seek not due interests; (three) independent supervision people supervision trustee people, and project party poor, cannot effective supervision investment plans property management and project operation situation; (four) independent supervision people to investment plans about party provides false file information, or has other cheat behavior; (five) independent supervision people law dissolved, and was law undo, and was law declared bankruptcy or was law took over;
(Vi) there is evidence that replaced independent of the General Assembly of the beneficiary beneficiary upon supervision; (VII) investment plan agreement or the laws, administrative regulations and other circumstances as stipulated by the Circ.
Independent supervision referred to in the preceding paragraph, the China insurance regulatory Commission and the relevant regulatory bodies could suggest someone to remove independent oversight by the General Assembly of the beneficiary.
67th separate supervisor was dismissed, beneficiaries of the General Assembly should be appointed a new independent watchdog in the 30th. Independent supervisor was dismissed, the new independent oversight before the succession, the original independent oversight should continue to perform the duties to keep monitoring information, supervision and operational procedures for the transfer in time.
New independent oversight shall inherit the original independent oversight will handle investment Affairs responsibilities.
Upon termination of the investment plan, independent oversight should continue to perform the duties, until the end of the liquidation.
68th separate oversight duties is terminated, shall inform the other parties, and reporting to the Circ.
69th independent supervision shall not be any of the following acts: (a) collusion with the trustee, custodian and project, and damage the interests of beneficiaries, (ii) investment plan prescribed or prohibited by laws and administrative rules and regulations and Circ.
70th eighth chapter information disclosure to the Parties shall, in accordance with the investment plan conventions or laws, administrative rules and regulations, as well as the provisions of the relevant Department of the CIRC, complete your investment plan related information to fulfil disclosure obligations, and ensure that parties may inspect or copy.
In accordance with the investment plan should be agreed by the parties the time and manner, accurate, timely, and regulatory submissions relating to the investment management operations, monitoring documents, and take responsibility for its authenticity and integrity.
71st article trustee people should according to investment plans agreed to client and beneficiaries disclosure following information: (a) company governance situation; (ii) by accountants firm audit of recently 3 years company financial report and accountants firm issued of recently 3 years company internal control management proposal; (three) investment plans established situation, including project party and project basic situation, and client and beneficiaries range and number, and funds total,; (four) due diligence survey report; (five) investment plans property assessment program and method;
(Six) investment plans management latest situation, including project risk, returns changes factors, follow-up management situation,; (seven) investment plans potential risk and may caused of loss, including project party appeared financial status serious deterioration, project appeared major accident led to loss occurred, guarantees party cannot continues to provides effective guarantees, Parties Party on contract agreed of responsibility produced major dispute,, and intends take of strategy, and implementation programme and the select reason;
(Eight) management investment plans property and other different type property of risk isolation measures; (nine) investment project guarantees party financial status and provides guarantees of reason; (10) investment plans terminated and property of belonging and distribution situation; (11) investment plans quarter, and half, and annual management report, which financial accounting report should by accountants firm audit; (12) involved investment plans and parties party of major litigation; (13) investment plans major matters of special report;
(14) the relationship of the parties, (15) the emergency situation and the measures to be taken and the plan; (16) significant ownership changes (17) important changes in senior management and relevant departments (18) investment plan agreement or the laws or administrative regulations and CIRC and the relevant regulatory authorities require the disclosure of information.
Trustees are required to disclose to the Trustees, independent oversight the preceding paragraph (c), (e) to (11) of the information.
Trustees should be reporting to the CIRC and the relevant regulatory authorities of the first paragraph (j) to (18) of the situation.
The Trustees disclosed to the trustee and the beneficiary information, reporting to the CIRC and the relevant regulatory authorities, shall provide custodian, issued by the independent watchdog to review submissions.
72nd trustee, the beneficiary should be reporting to the CIRC article 71st related content.
Beneficiaries beneficiaries convened the General Assembly shall be promptly disclosed to beneficiaries beneficiaries and relevant resolutions of the General Assembly.
Transfer of investment plans to benefit from the rights of the beneficiary shall, after the transfer agreement is signed within the 10th time transfer protocol submitted to the China insurance regulatory Commission, and the relevant regulatory authorities, should also be disclosed to the parties concerned benefit from transfer prices, counterparties and share information.
73rd article managed people, and independent supervision people should to other party and China CIRC and about regulatory sector disclosure, and report this approach 71st article subsection (16) items to subsection (18) items provides of about information, also should to client, and beneficiaries and China CIRC and about regulatory sector disclosure, and report following information and matters: (a) trustee people perform duties situation; (ii) by trustee implementation trustee contract status; (three) investment plans returns and the property status; (four) managed report and the supervision report;
(E) other matters requiring disclosure and reporting.
74th Trustees, independent oversight should take the necessary measures, prompted the project to detail the full disclosure of the information.
75th provides reporting and disclosure of information by the Parties shall ensure real, effective and complete reports and information provided by, no false statements, defame other parties shall not violate laws, administrative regulations and the commitments as provided herein.
76th among the content as provided herein, and where possible to the settler, the beneficiary decision-making information substantially affect or interest, the parties have an obligation to disclosure duties. Nineth chapter risk management 77th article client should according to insurance funds using risk control guidelines (pilot), established investment plans risk control system, at least including following content: (a) industry, and industry development research system; (ii) project assessment, and selection and reserves system; (three) investment decision system; (four) funds allocated authorized system; (five) risk monitoring system; (six) investment plans party credit assessment system; (seven) management talent training system; (eight) burst matters tight
Emergency handling system.
78th trustee shall take effective measures to prevent investment in planned investment decisions risk, operational risk, credit risk, risk and legal risk. (A) specification investment decision process, established collective decision system, investment decision process each link should has risk responsibility people signed, prevention investment decision risk; (ii) introduced professional assessment institutions, established credit assessment system, full continued track about party of credit status, prevention credit risk; (three) set related business sector, established post separation system, combs reveals investment plans investment of main risk points, developed control measures, prevention investment operation risk; (four) strengthening ethics education, Investment supervision system and key links to important positions, key personnel and supervision and restriction to prevent moral hazard (v) audited elements of the contract provisions, establishment of a compliance review system.
Drafting, revising or concluding contracts, shall be subject to independent review for practising solicitors, legal risk.
79th client senior management personnel shall be strictly in accordance with the investment decision process and risk control system to make decisions, key business personnel should be familiar with the rules relating to investment and risk control methods. 80th trustee, the trustee shall organize relevant experts and professional organizations from the perspective of economic, social, technical, financial, demonstrating the feasibility of investment plans.
Feasibility report at least should including following content: (a) project integrated assessment, main on project of social need, and economic rationality, and technology advanced, and financial feasibility and market forward sex, for assessment; (ii) project budget assessment, main on project investment budget, and project sources and financing way of collection rules sex, and reliability, for assessment; (three) project operation assessment, main on project construction period and management period of policy environment, and management way, and operation status, and supporting facilities, and operation risk for assessment; (Four) project benefits assessment, main on project financial income, and cash flow, and assets liabilities, and investment cost, and investment returns, and project party paid capacity, for assessment; (five) parties party assessment, main on related party of corporate qualification, and governance structure, and assets liabilities capacity, and funding letter status, for assessment; (six) investment credit assessment, main on investment plans guarantor qualification, and guarantees capacity, and arrived (quality) bet real value, and credit increased level measures, for assessment; (seven) investment risk assessment,
Assessment of the main risks and uncertainties facing the investment plan. 81st settler, the beneficiary should be timely with the trustee, custodian, an independent supervisor informed of relevant information, tracking and monitoring implementation of the investment plan and specific management situations.
Tracking client, the beneficiary shall at least include the following: (a) the parties, (ii) adjustment of relevant laws and regulations and policies and (iii) investment plans and projects operations; (iv) guarantee related to the project. 82nd settler, the beneficiary shall each year the Trustees, custodians and independent due diligence assessment supervisor and, if necessary, in accordance with the investment plan agreed to be replaced.
Parties to the 83rd when faced with an emergency, should take active measures to minimize loss of investment property.
84th General Assembly modified the investment plan of the beneficiary, the beneficiary for insurance agencies, shall promptly report to the China insurance regulatory Commission, and to take the necessary measures to prevent investment risks.
Beneficiary Assembly to modify investment schemes led to these measures are not in line with the relevant provisions of the beneficiaries referred to in the preceding paragraph may be required by the CIRC benefit transfer investments held by the right.
85th breach of the investment plan the parties agreed or stipulated by laws and administrative rules and regulations and CIRC, leaking trade secrets associated with the investment plan. 86th investment plan to debt investing in infrastructure projects should be secured.
Way of security can guarantee, mortgage, pledge, lien or deposit. (A) provide a guarantee of a guarantor, last year should be domestic credit rating agencies rating at AA level or equivalent AA-level financial institutions, but also of last year reached more than 20 billion yuan of net assets of non-financial institutions. Guarantor surety of all supporting documents must be provided, (ii) provide a guarantor of mortgage, pledge, shall, in accordance with the relevant laws and administrative rules and regulations, provide the collateral, collateral lists and who agreed to provide mortgage and pledge right of disposition of valid documents.
Provide mortgage guaranty, mortgage-backed bonds cannot exceed the 50% value of the mortgaged property; (c) the lien, provided the deposit guarantee by the guarantor shall be in accordance with the relevant laws and regulations, provide the asset retention list, contract and agrees to provide lien, right of disposition of the deposit of a valid document.
87th investment using equity method investment in infrastructure projects, the Trustees at least the following risk control measures: (a) must be achieved for the investment projects of decision rights; (b) must project at least one board seat, and (iii) ensure equity withdrawal mechanism can be implemented.
88th article investment plans to transfer returns right, and right and the other feasible way investment based facilities project, by trustee at least take following risk control measures: (a) ensure and by let right related of based facilities property is full, and no he items right requests; (ii) ensure and by let right related of based facilities property of ownership people commitment, on for the based facilities property raised of debt bear unlimited joint compensation responsibility;
(C) made last year domestic credit rating to AA level or equivalent AA-level financial institutions or net assets of more than 20 billion yuan at the end of the year on guarantees by non-financial businesses.
89th investment plan and other ways to invest in infrastructure projects, should develop a sound risk control measures, applied sciences risk management tools, establish an effective risk management system. The tenth chapter regulatory 90th China insurance regulatory Commission to monitor the investment activities of Parties according to law and, if necessary, may order the parties to employ a qualified accounting firm audit investment plan operations and financial condition.
The Parties shall cooperate, may commit the following acts: (a) refused, obstructed regulatory supervision and inspection personnel, (ii) refuse or delay in providing information relevant to the inspection matters; (c) concealing, forging, altering, destroying accounting vouchers, account books, accounting statements and other relevant information and (iv) other prohibited acts stipulated by the Circ.
Relevant regulatory bodies in accordance with their respective responsibilities, to law, Trustees, custodians and independent supervision, supervise and inspect the operations of the parties concerned. 91st CIRC to establish accountability, responsible for clients, beneficiaries and their senior management personnel and principal business personnel conduct inspections and accountability.
For violations of the relevant laws, administrative regulations and conduct inquiries and regulatory talks as provided herein, and shall be subject to administrative penalties.
Trustor and beneficiary following the departure of senior management personnel and principal business personnel and found it in the Agency's work in violation of the relevant laws, administrative regulations and these regulations, shall be investigated for responsibility. 92nd trustee, custodian, an independent monitor in violation of relevant laws, administrative regulations and these regulations, the CIRC will record their bad behavior.
The circumstances are serious, the CIRC may suspend its business engaged in indirect investment of insurance funds for infrastructure projects, and relevant regulatory bodies shall be subject to administrative punishment. Circ may restrict, prohibit clients, beneficiaries of investment has a poor record of Trustees, custodians and independent people involved in investment plans.
Beneficiary has invested in these plans, the CIRC may require transfers of beneficial interests.
93rd Circ in accordance with changes in the market and investment operations, adjust the rules relating to the qualification criteria, investment investment scope and proportion of investment in infrastructure projects.
11th chapter by-laws article 94th relationship mentioned in these measures refers to the relevant parties in the equity, investment control relationship exists or in shares, funded and controlled by the third party.
95th insurance funds to delegate, such as investment in infrastructure projects, the specific measures shall be formulated separately by the China insurance regulatory Commission.
96th indirect investment of insurance funds by industry Fund to invest in infrastructure projects, the specific measures shall be formulated separately by the China insurance regulatory Commission.
97th article this way by the China insurance regulatory Commission is responsible for the interpretation and amendment.
98th purposes herein from the date of publication.
