Amendments to the “Regulations Governing Issuance of Beneficiary Securities by Trustee and Asset-Backed Securities by Special Purpose Company” and the “Regulations Governing the Public Offering or Private Placement of REIT and REAT Beneficiary Securities by a Trustee”
In order to allow shelf registration of beneficiary securities or asset-backed securities for financial assets securitization, the FSC introduced the amendments to the aforementioned Regulations on April 8, 2019. According to the amendments, the scheduled issuance period shall not exceed 5 years and the issuers shall submit to the FSC for recordation and the events to terminating of shelf registration.
In order to facilitate the transition from private placement to public offering for securitization, the FSC also introduced amendments to the two Regulations on April 8, 2019. An issuer of beneficiary securities or asset-backed securities with private placement may submit an application for public offering three years after the delivery date under the conditions that the trust property have stable cash flow and appropriate credit enhancement mechanism.
Visitor： 234 Update： 2019-10-31