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美国历史上第一部资产支持证券法律Regulation AB生效不足两年半,就爆发了次贷危机,美国资产支持证券法律制度的缺陷暴露在世人面前。2014年颁布的Regulation AB II对Regulation AB作了重大修改,此番修改的主要对象是资产支持证券的信息披露制度和储架注册制度。本着维护投资人利益、提高信息披露质量的原则,Regulation AB II要求资产支持证券的发行人(存放人)每次储架注册时只能够注册一类资产的资产支持证券,为资产支持证券量身定做了募集文件格式——SF-1(适用于单一注册)和SF-3(适用于储架注册),设定了储架发行的合格标准,修正了储架发行的时间和募集文件注册程序。这些重大变革不仅会对美国证券市场的发展产生重要影响,相信对完善我国资产支持证券法律制度也是颇具借鉴价值的。
In the history of the United States, the first asset-backed securities law, Regulation AB, took effect less than two and a half years before the subprime mortgage crisis broke out. The flaws in the U.S. asset-backed securities legal system were exposed to the world. Regulation AB II, issued in 2014, has made significant changes to Regulation AB. The main object of this revision is the information disclosure system and shelf registration system for asset-backed securities. In line with the principle of safeguarding the interests of investors and improving the quality of information disclosure, Regulation AB II requires issuers (depositors) of asset-backed securities to register only asset-backed securities of a class of assets each time they register, Rectification of FSS-1 (for Single Registration) and SF-3 (for Storage Registration), set the standard for issuers of storage shelves, revised the time for issuing shelves and registration of the raised documents program. These major changes will not only have a significant impact on the development of the securities market in the United States, but are also of great value to China’s asset-backed securities legal system.