Analysis on the legal practice of PPP asset securitization business

编者按:今年9月13号,我市召开政府和社会资本合作(PPP)工作推进会,会议指出要全力推进PPP项目建设,让PPP模式成为盘活优质资产、解决发展困境的重要手段。那么到底什么是PPP项目?PPP项目会给我们带来怎样的帮助?现代社会,竞争激烈,只有了解政府政策、紧跟政府脚步,企业才能在百舸争流的社会中脱颖而出。冷水江新闻公众号将正式开设PPP项目知识讲座,助您腾飞.
Editor’s note: in September 13th this year, the city held the government and social capital cooperation (PPP) will promote the work of the meeting, pointed out the need to promote the construction of PPP project, so PPP model has become an important means to revitalize the asset quality, solve the dilemma. So what exactly is the PPP project? PPP project will bring us what kind of help? In modern society, the fierce competition, only to understand government policies, follow the footsteps of government, enterprises can win in the talent shows itself in the society. Lengshuijiang public news will be officially opened PPP project knowledge seminars to help you soar

2016年12月26日,发改委与证监会联合印发了《关于推进传统基础设施领域政府和社会资本合作(PPP)项目资产证券化相关工作的通知》(以下简称“《通知》”),可谓一石激起千层浪,不仅在业内引起了极大的反响,近两日多支PPP概念股也应声而涨。虽然业内许多专家从谨慎的角度提出了许多关于实操方面的难题和障碍,但我们认为,从尽快使PPP资产与资本市场形成有效对接,以实现盘活PPP项目投资人存量资产、同时拓宽资本市场投资主体的投资渠道这一大趋势而言,该文件无疑是促进PPP发展的重大利好政策。
In December 26, 2016, the NDRC and the Commission jointly issued on the traditional infrastructure of government and social capital cooperation (PPP) project asset securitization related work notice (hereinafter referred to as the notice ), described as a ripple, not only caused great repercussions in the industry, nearly two days more PPP stocks also rallied. Although many industry experts put forward a lot of practical difficulties and obstacles from the prudent perspective, but we believe that the PPP from the assets and capital market formation as soon as possible to achieve effective docking, revitalize the stock of assets, PPP project investors and broaden investment channels for capital market investment main body of this trend, the file is a major favorable policies to promote the development of PPP.
我们非常赞同龙元颜立群总在通知发布当晚的电话会议中对《通知》的基本定性解读,《通知》表明了政策层的基本态度“PPP的资产可以做资产证券化,并且政策支持做”,那么,接下去各方需要面对的主要问题就是:“该怎么做?”。在纷纷扰扰的各种声音中,作为在资产证券化及PPP实操领域均具有丰富经验的律师团队,我们希望以一篇操作实务解析对PPP资产证券化法律操作进行简要和系统梳理,并对目前存在的热点争论问题提出我们的观点,供各方参考和探讨:
We very much agree with Long Yuan Yan Liqun total release basic qualitative understanding to notice the night of the conference call in the notification, the notice that the basic attitude of policy layer PPP assets can do asset securitization, and policy support to do so, then, the parties need to main problems to face is: how to do?. The voices in the confused, as has the rich experience in asset securitization and PPP practice in the area’s legal team, we wish to briefly and systematically combing the PPP asset securitization operation to a practice analysis, and put forward our views on the topic of hot debate currently exists for reference and discussion of the parties asked:
注:根据资产证券化的定义以及国内资产证券化业务的开展现状,国内广义上的资产证券化业务模式包括信贷资产证券化、企业资产证券化、资产支持票据、保险资产支持计划等四种主要形式。鉴于该《通知》是由国家发改委和证监会联合发布,所提出的PPP资产证券化是证监会《证券公司及基金子公司资产证券化业务管理规定》所规定的企业资产证券化业务,因此本文介绍的资产证券化指企业资产证券化,即资产支持专项计划。
Note: according to the definition of asset securitization and domestic asset securitization business development present situation, the domestic general asset securitization business model including credit asset securitization, asset securitization, asset backed notes, insurance asset backed plan four major forms. In view of the notice issued jointly by the State Development and Reform Commission and the Commission, the proposed PPP asset securitization is the SFC subsidiary securities companies and fund asset securitization business management regulations provisions of the enterprise asset securitization business, this paper introduces the asset securitization refers to the enterprise asset securitization, asset backed special plan.
一、 资产证券化的法律定义和本质
The legal definition and essence of Asset Securitization
我国《证券公司及基金子公司资产证券化业务管理规定》(以下简称“《资产证券化业务管理规定》”)中规定:“本规定所称资产证券化业务,是指以基础资产所产生的现金流为偿付支持,通过结构化等方式进行信用增级,在此基础上发行资产支持证券的业务活动。”根据上述资产证券化的定义及其它各国对资产证券化的定义,资产证券化的法律本质是将基础资产以结构化方式转让给资本市场投资者以进行融资的融资方式,该融资模式的根本目的是确保投资者所承担的风险仅来源于该特定资产自身所带来的风险,投资者不应受到其他一般商业或经济风险的影响, 特别是不受发起人运营过程中产生的各种风险(特别是破产清算)的影响。
资产证券化的基础资产只能是财产权中的债权,这是由于债权的相对权、对人权的性质决定了债权人只能向特定的债务人请求履行债务并独自承担债务人不履行债务的风险,也只有债权的真实转让,才能从本质上实现对发起人其他风险的隔离。同时,根据债权在证券化开始时是否已经存在为标准,证券化基础资产的债权分为现时债权和未来债权两大类,现时债权是指基础资产在证券化交易开始时就已经存在的债权(如信贷资产证券化、融资租赁资产证券化、BT应收账款资产证券化等用于证券化的资产),而未来债权是指证券化的基础资产在证券化交易开始时还是一项尚未产生的债权(如PPP项目中的收费权收益权)。
二、 PPP项目未来现金流的产生
Two, PPP project future cash flow generation
PPP(Private Public Partnership)的基本定义为政府与私人资本在基础设施和公共服务领域形成的各种合作关系,其基本功能包括融资功能和提升公共产品和服务供给效率,在我国,PPP的发展历经了2014年之前的传统特许经营阶段和2014年之后的PPP2.0版阶段。PPP项目的基本交易结构如下:
PPP (Private Public Partnership) the basic definition for the cooperation between the government and private capital formation in the field of infrastructure and public services, the basic functions including the financing function and enhance the supply efficiency of public goods and services, in China, after the development of PPP after 2014 before the traditional franchise stage and the 2014 version of PPP2.0 stage. The basic transaction structure of the PPP project is as follows:
PPP基本交易结构图(图1)
PPP basic transaction structure (Figure 1)
PPP项目的未来现金流根据项目本身经营性、准经营性、公益性的属性分为三种类型:1、使用者付费;2、使用者付费+政府可行性缺口补助;3、政府付费。在上述三种类型中,项目公司均以提供符合要求的公共服务为基础方能获得相应付费,因此PPP项目公司未来现金流是在证券化交易开始时尚未产生的债权,属于未来债权。
The PPP project future cash flow according to the project itself business, quasi business, public welfare property is divided into three types: 1, users pay; 2, users pay government subsidies 3, feasibility of government pay gap. In the above three types, item company to provide to meet the requirements of the public service as the basis in order to obtain the corresponding payment, so PPP item company in the future cash flow is in securitization transactions are not started from the creditor’s rights, creditor’s rights belongs to the future.
另外,《资产证券化基础资产负面清单》虽然将“以地方政府为直接或间接债务人的基础资产”列入了负面清单,但同时明确将“地方政府按照事先公开的收益约定规则,在政府与社会资本合作模式(PPP)下应当支付或承担的财政补贴”排除在负面清单之外,这也为未来现金流全部或部分来自政府付费的PPP项目对接资产证券化业务提供了政策可能。
In addition, asset securitization asset base negative list although the basic assets by the local governments directly or indirectly, the debtor included in the negative list, but also explicitly local government in accordance with the prior public benefits agreement rules, cooperation in the government and social capital (PPP) under the mode of financial subsidies shall be paid or borne out of the negative list, this is the future cash flow of all or part of the PPP project from the government to pay the joint asset securitization provides policy may.
三、 PPP资产证券化基本交易结构
Three, PPP asset securitization basic transaction structure
PPP资产证券化交易结构图(图2)
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1、认购人通过与管理人签订《认购协议》,将认购资金以专项资产管理方式委托管理人管理,管理人设立并管理专项计划,认购人取得资产支持证券,成为资产支持证券持有人。
1, the subscription signed by people and people management subscription agreement, the subscription funds by way of special asset management trustee, manager of the establishment and management of special programs, subscription made of asset-backed securities, as the holders of asset-backed securities.
2、管理人根据与原始权益人签订的《资产买卖协议》的约定,将专项计划资金用于向原始权益人购买基础资产。
2, according to the agreement signed with the original owner of the asset purchase and sale agreement, the use of special funds for the purchase of the underlying assets of the original equity.
3、资产服务机构根据《服务协议》的约定,负责基础资产对应收入的回收和催收。资产服务机构在回收款转付日将基础资产产生的现金流划入专项计划账户,由托管人根据《托管协议》对专项计划资产进行托管。
3, asset services according to the service agreement agreement, is responsible for the asset base of the corresponding revenue collection and recycling. The asset service institutions in the recovery of money will pay basic assets to generate cash flows into account by the special plan, according to the escrow agreement on the custodian of the special plan assets managed.
4、在分配日,管理人根据《计划说明书》及相关文件的约定,向托管人发出分配指令,托管人根据分配指令,进行专项计划费用的提取和资金划付,并将相应资金划拨至登记托管机构的指定账户用于支付资产支持证券本金和预期收益。
In 4, the distribution date, according to the plan management manual and the relevant documents of the agreement, issued instructions to the assigned custodian custodian allocated according to the instructions, extraction and funds for special plan expenses designated to pay, and the corresponding funds transfer to registered custodian designated account for the payment of the principal and the expected return of asset backed securities.
四、PPP资产证券化的基本操作流程
Four, PPP asset securitization basic operation flow
PPP资产证券化交易结构图(图2)
PPP asset securitization transaction structure (Figure 2)
1、开展尽职调查
1, to carry out due diligence
尽职调查是整个PPP资产证券化项目中的首要基础性工作,也是律师在资产证券化操作实务中不可缺少的部分。对基础资产合法性的尽职调查应当包括:基础资产的法律权属、转让的合法性、基础资产的运营情况或现金流历史记录,同时应当对基础资产未来的现金流情况进行合理预测和分析。
Due diligence is the primary and basic work of the whole PPP asset securitization project, and is also an indispensable part of the practice of asset securitization. Due diligence assets on the basis of legitimacy should include: operations or cash based assets, transfer of legal ownership of the legitimacy, the underlying assets flow history, should also be on the cash basis future asset flow reasonable prediction and analysis.
具体到PPP项目中,根据《通知》的规定,传统基础设施领域PPP项目能够进行资产证券化的项目需符合以下要求:(1)完整履行项目审批程序,签订规范PPP合同,各方合作顺畅;(2)项目质量达标,能够持续安全运营;(3)已建成并正常运营2年以上,已产生稳定持续的现金流;(4)原始权益人信用稳健,最近3年无不良信用记录。在PPP项目资产证券化的尽职调查中,为了对基础资产合规性以及基础资产可否作为资产证券化目的进行判断,进而对基础资产未来现金流做出合理预测和分析,律师除需完成一般资产证券化业务中的基础尽职调查工作契合,还应基于PPP项目的特点,关注于调查投资项目审批、PPP项目实施审批、采购流程、参与主体等PPP项目形式合规性要求,并需对PPP项目是否存在“严禁通过保底承诺、回购安排、明股实债等方式进行变相融资”的情况及其核心边界条件、风险分配、收费机制等商业模式是否符合PPP项目实质合规性要求及其合理性等进行全面的审查和分析。
Specific to the PPP project, according to the notice provisions of the traditional infrastructure PPP project can carry out asset securitization projects should meet the following requirements: (1) to complete the project approval procedures, norms signed PPP contract, the parties to cooperate smoothly; (2) the project quality standards, to continue the safe operation; (3) have been completed and normal operation for more than 2 years, has continued to produce stable cash flow; (4) the originator of credit is steady, no bad credit records in recent 3 years. In the due diligence PPP project asset securitization, in order to assets on the basis of compliance and the underlying assets can be used as asset securitization to determine which assets on the basis of the future forecast and analysis of cash flow, in addition to the completion of the general law of asset securitization in the basis of due diligence work should also fit the characteristics of PPP based on the investigation on the investment project approval, approval, implementation of PPP project procurement process, in the main PPP project in the form of compliance requirements, and the need for PPP project if there is no guaranteed commitment, through repurchase arrangements, Ming shares of real debt etc. disguised financing of the core and boundary conditions, risk the charge distribution, mechanism of the business model is consistent with the PPP project substantive compliance requirements and the rationality of a comprehensive review and analysis.
2、确定基础资产
2, to determine the underlying asset
根据资产证券化的定义及操作流程,确定基础资产,是进行资产证券化的起点和首要问题。《资产证券化业务管理规定》第三条规定,基础资产是指符合法律法规,权属明确,可以产生独立、可预测的现金流且可特定化的财产权利或者财产, 同时,基础资产还需符合以下要求:
According to the definition and operation process of asset securitization, it is the starting point and the most important issue to determine the underlying assets. The provisions of the third provisions asset securitization business management, basic asset refers to comply with laws and regulations, clear ownership, can produce independent, predictable cash flow and a particular property rights or property, at the same time, the underlying assets need to meet the following requirements:
(1)无权利瑕疵或负担:相关基础资产以及产生该基础资产的相关资产不应附带权利限制,应当为“干净”的资产,没有设立抵押质押。能够通过相关安排,解除基础资产相关担保负担和其他权利限制的仍可以作为基础资产。
(1) the right to defect or burden: the underlying assets and the underlying assets of the underlying assets should not be accompanied by restrictions on rights, should be clean assets, no mortgage pledge. Can be related to the arrangement, the lifting of the underlying assets related to the burden of security and other rights restrictions can still be used as the underlying assets.
(2)依法可以转让:基础财产能够“真实出售”资产给特殊目的主体,从而实现风险隔离,这就要求基础资产必须具有可以转让的特性。
(2) it can be transferred according to law: the basic property can sell the assets to the special purpose entity, so as to realize the risk isolation.
(3)性质上为特定化的独立财产或财产权利:这是基础资产的必要法律要求,要求基础资产是特定化的,并独立而不依附于其他财产或财产权利而存在。
(3) the nature of independence for a particular property or property rights: This is the necessary legal basis of assets, is the basis of specific assets, and independent and does not depend on other property or property rights exist.
3、构建特殊目的载体
3, construction of special purpose vehicle
对于企业资产证券化,原始权益人通过证券公司、基金管理公司子公司或其他证监会认可的有资质的管理人,由其设立专门的资产支持专项计划(简称“专项计划”,即SPV),对基础资产进行风险隔离、评级、增信等结构化处理,在此基础上发行资产支持证券。
For enterprise asset securitization, the originator by securities companies, fund management subsidiary or other authorized by the SFC qualified management, the establishment of specialized asset-backed special plan (hereinafter referred to as special plan, namely SPV), risk isolation, credit rating, etc. on the basis of structured assets on this basis, the issuance of asset-backed securities.

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4、基础资产转让
4, the transfer of basic assets
如上所述,资产证券化的法律本质是基础资产的出售,即发起人将基础资产通过一定方式转让给SPV,以便SPV依据此资产发行证券。基础资产转让是指发起人将资产出售给SPV,发起人应与SPV签订《基础资产资产买卖协议》。
As mentioned above, the legal nature of asset securitization is the sale of underlying assets, that is, the originator will be transferred to the underlying assets in a certain way to the SPV, so that SPV based on this asset issue of securities. The transfer of basic assets refers to the promoters to sell assets to SPV, the promoters shall be signed with the SPV basic asset asset purchase agreement.
《基础资产资产买卖协议》的主要内容包括:SPV的主要权利包括取得基础资产的所有权,并同时取得与基础资产有关的从权利(如应收账款的保证、抵押或质押权);由SPV管理支配基础资产,但非基于自身利益,而是为资产支持证券持有人的利益;当发起人破产时,免于发起人或发起人的债权人对基础资产提出主张等。
Main contents of basic asset sale agreement includes: the main rights of SPV include ownership of underlying assets, and related assets from the basic rights (such as accounts receivable guarantee, mortgage or pledge rights); basic assets controlled by SPV management, but not based on their own interests, but to support assets the interests of the holders of securities; when the bankruptcy of the originator, from the sponsor or sponsors of the creditor’s claim on the underlying assets.

5、信用增级
5, credit enhancement
资产证券化的信用增级方式主要有三种:内部信用增级、外部信用增级和混合信用增级。
There are three main ways of credit enhancement of Asset Securitization: internal credit enhancement, external credit enhancement and mixed credit enhancement.
PPP资产证券化可综合运用多种信用增级方式,包括内部优先/次级结构、差额支付、储备金账户等,还可考虑加入外部增信措施,目前外部增信方式比较多的是第三方担保、银行流动性支持、保险三种。
PPP asset securitization can be integrated using a variety of methods of credit rating, including the internal priority \/ secondary structure, balance of payments, reserve account, but also consider the external measures to increase trust, there are many ways to increase trust of the third party external guarantee, bank liquidity support, insurance three.
6、设立与发行
6, the establishment and distribution
(1)资产支持证券的设立
(1) the establishment of asset-backed securities
资产支持证券的成立过程大概为:认购人在阅读并理解了所有相关文件、材料后,基于对计划管理人等中介机构的信任,同意加入专项计划,以其合法拥有的人民币资金认购资产支持证券,并委托计划管理人依据《认购协议》、《计划说明书》等合同文件的内容将认购资金用于购买原始权益人的基础资产。
The establishment process of the asset-backed securities is about: Subscription people read and understand all the relevant documents and materials, the plan management of people and other intermediary agencies based on trust, agreed to join the special plan, with its own legal RMB funds to subscribe for asset-backed securities, and entrusted the management plan for the subscription agreement, the prospectus the contents of the file will contract subscription funds for the purchase of the original rights of basic assets.
(2)基金业协会备案
(2) the Fund Industry Association for the record
《资产证券化业务管理规定》已明确将企业资产证券化改为备案制,“管理人应当自专项计划成立日起 5 个工作日内将设立情况报中国基金业协会备案”。
Asset securitization regulations has been clear about the enterprise asset securitization to the filing system, management should be established since the special plan in the 5 working days will be set up at China Fund Industry Association for the record.
(3)交易场所挂牌
(3) listing of trading places
拟在证券交易场所挂牌、转让资产支持证券的专项计划,管理人应当提交证券交易场所拟同意挂牌转让文件;管理人向基金业协会报送的备案材料,应当与经证券交易场所审核后的挂牌转让申报材料保持一致。
The proposed listing, transfer of asset-backed securities in the securities trading places of special plan, the administrator shall be agreed to submit documents listed on the transfer of securities exchange; filing materials management were submitted to the fund industry association, and the securities exchange shall review the transfer of listing application materials consistent.
根据目前企业资产证券化的业务开展情况,PPP资产支持专项计划产品的主要挂牌场所包括上海证券交易所、深圳证券交易所和机构间报价系统三个场所。
According to the current enterprise asset securitization business, the main place of listing PPP asset-backed special plan for the product including three places in Shanghai stock exchange, Shenzhen stock exchange and the inter agency quotation system.
产品在交易场所挂牌之后,即根据相关规定履行信息披露义务,直到产品清算。
After the listing of the products in the trading place, that is, in accordance with the relevant provisions of the obligation to disclose information until the product liquidation.
五、 PPP资产证券化中的若干操作要点解析
Five, PPP asset securitization in the operation of several key points
1、关于PPP资产证券化的原始权益人/发起人的选择
1, the choice of the original rights and interests of the PPP Asset Securitization
(1)PPP项目的实施主体,即PPP项目公司。这一类主体在项目进入运营期后需结合具体项目的需要,包括是否还有资金缺口,可否降低融资成本等因素判断是否有做资产证券化动力。如项目公司作为原始权益人/发起人,则基础资产为项目公司收益权/收费权,资产证券化募集资金属于项目公司资产,还需设计项目公司如何合理使用募集资金或如何使募集资金回流投资人。
(1) the main body of the implementation of the PPP project, that is, PPP item company. This kind of main body in the project into the operating period after the need to combine the needs of specific projects, including whether there is a funding gap, can reduce financing costs and other factors to determine whether to do asset securitization power. As promoters of item company as the original equity \/ assets for the item company is the basis of income right \/ charging rights, asset securitization financing for item company Huamu metal assets, also need to design how to make rational use of item company to raise funds or raise funds to return investors.
(2)为PPP项目公司提供资金的融资方,包括商业银行、信托公司、融资租赁公司或其他第三方主体。我们认为,这类主体可能会有更大的动力来做原始权益人/发起人,比如,资金方对项目公司提供了一笔信托贷款,其享有信托受益权,在PPP项目公司正式投入运营之后,把信托受益权作为基础资产转让给专项计划,从而实现退出,我们觉得,这是一种不错的退出方式。
(2) the financing side for PPP item company, including commercial banks, trust companies, financial leasing companies or other third party. We believe that this subject may have greater power to make the originator \/ sponsor, for example, provides a trust fund loan to the item company, which enjoys the beneficial right of the trust, in the PPP item company officially put into operation, the beneficial right of the trust as a basis for the transfer of assets to the special plan, in order to achieve exit we think, this is a good way to withdraw from.

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