（圖1，從左至右分別為：SFIG執行董事Richard Johns，SFIG主席Reginald Imamura，論壇秘書長劉柏榮，SFIG副主席Christopher Haas，SFIG執委會成員Howard Kaplan)
和訊網消息 中國資產證券化論壇（下稱「論壇」） 秘書處近日表示，為適應中國資產證券化行業的強勁增長態勢，論壇已完成了重組工作，並於近日完成了首屆執委會的選舉，劉柏榮當選首屆執委會主席，黃永剛（中信證券(600030,股吧)投行債務資本市場部董事總經理）當選執委會副主席，執委會委員包括陶堅（德勤華永會計師事務所合伙人）、馬力（北京穆迪投資者服務有限責任公司董事總經理）、陳春鋒（渣打銀行中國資本市場部總監）。
劉柏榮，中國資產證券化論壇創始人之一，也是論壇本次重組的推動者。他是中國資產證券化領域的著名專家、中國銀行(601988,股吧)間市場交易商協會註冊專家、中國資本市場學院首批特聘教授。曾擔任國家開發銀行、中國工商銀行(601398,股吧)、中國銀行、中國建設銀行(601939,股吧)、交通銀行(601328,股吧)、中國郵儲銀行、上海浦東發展銀行、興業銀行(601166,股吧)、平安銀行(000001,股吧)、招商銀行(600036,股吧)、中信銀行(601998,股吧)、渤海銀行、河北銀行、江蘇銀行、南京銀行(601009,股吧)、徽商銀行、九臺農商行、福特汽車金融有限公司、上汽通用汽車金融有限責任公司、豐田汽車金融（中國）有限公司、廣汽匯理汽車金融有限公司、中國東方資產管理公司、中國長城資產管理公司、工銀金融租賃有限公司、民生金融租賃股份有限公司、國銀金融租賃有限公司、招銀金融租賃有限公司等超過40家金融機構的首單資產證券化項目的負責人，提供法律、交易結構設計、產品設計服務，填補了很多中國金融領域的空白。劉柏榮在諸如海外資產證券化、資產支持票據、房地產信託投資基金以及結構性融資私募創新項目等相關領域也取得了傑出的成就。
據論壇秘書處介紹，中國資產證券化論壇創立於2006年，創始會員為標準普爾信息服務（北京）有限公司、德勤華永會計師事務所（特殊普通合夥）、國家開發銀行、金杜律師事務所、穆迪亞太有限公司、摩根斯坦利亞洲有限公司、蘇格蘭皇家銀行、香港上海滙豐銀行有限公司、渣打銀行(香港)有限公司、中誠信國際信用評級有限責任公司、中國國際金融有限公司、中信信託有限責任公司、中國銀行、中國建設銀行、中倫律師事務所（按拼音字母順序排列），共15家從事證券化業務的國內外知名機構。論壇成立後，曾多次獨立或與其他專業機構（如歐洲資產證券化論壇、美國IMN公司）合作舉辦年會、研討會、峰會等；也曾受有關監管部門委託，召集國內外證券化專家，起草以國務院名義發布的《中國資產證券化條例》立法技術草案文本。
近年來，隨著資產證券化試點規模的進一步擴大，中國資產證券化市場繼續保持了強勁的增長態勢，相關監管法規逐漸完善，從業機構的管理水平不斷提高。美中不足的是，由於中國仍處於證券化發展的初步階段，多個監管部門分別制定監管規則，難以形成統一的行業規則，導致了規則的碎片化；業內機構「八仙過海」，各自獨立發展，缺乏密切合作，難以形成行業共識和發展合力。論壇重組的目的即在於，滿足中國金融領域的發展過程中，對充分發掘資產證券化技術潛力的需求。作為唯一活躍於證券化領域的行業交流、溝通平臺，中國資產證券化論壇將在中國資產證券化行業的發展過程中扮演關鍵性的角色。進入新的發展階段，重組後的論壇希望抓住中國證券化行業迅猛發展的契機，通過重組引入海外資產證券化領域的專家，增強論壇的技術實力，為中國資產證券化市場的進一步規範發展貢獻力量。
論壇重組向美國「取經」
學習美國經驗：在重組的過程中，論壇「取經」了國際上證券化行業發展最為成熟的美國，引進了美國證券化行業組織的先進管理理念和經驗，並結合中國資產證券化行業的發展現狀和中國法律規定，對論壇的管理和運行制度的設計進行了本土化嘗試，建立了適應中外各方共同參與的、民主高效的行業交流平臺。
為學習國外同類行業組織的先進理念和經驗，2014年1月底至2月初，論壇秘書長、創始人之一劉柏榮先生受邀代表論壇訪問了美國結構性融資行業組織(Structured Finance Industry Group，下稱「SFIG」，是美國致力於加強結構性融資和資產證券化行業發展的權威行業組織)。 在訪問交流期間，劉柏榮與SFIG的董事會主席Reginald Imamura先生、執行董事（CEO）Richard Johns先生、美國證券交易委員會前主席Chris Cox先生、美國財政部住房金融政策顧問Michael A. Stegman先生，以及SFIG和美國金融行業的其他代表就論壇的重組和未來發展進行了深入探討。隨後，劉柏榮前往紐約，就SFIG與論壇建立戰略夥伴關係再次進行了詳細磋商，與SFIG主要負責人員就其制度構建和實踐情況進行了交流，並詳細考察了SFIG的實際運作情況。訪問期間，劉柏榮還出席了在美國拉斯維加斯舉辦的，逾五千名活躍在證券化領域的成員參會的SFIG證券化年會。
SFIG的大力支持：據悉，劉柏榮先生在美國之行中，得到了美方相關人士的積極回應。通過此次訪問，SFIG專門設立了「中國市場委員會」，統一協調美國方面的證券化市場的相關資源，全力支持中國資產證券化市場的發展。在論壇的重組過程中，通過與SFIG在工作中的積極溝通與合作，論壇與SFIG建立了長期的戰略合作夥伴關係，並在此次重組方案中借鑑了SFIG機構文件的基本理念和基本原則。
劉柏榮認為，美國資產證券化市場發展已經進入了成熟階段，通過學習美國證券化行業組織的先進管理經驗，引進海外資產證券化的專家顧問，並在證券化的相關法律、規定上結合中國的具體實踐，將有利於論壇在新階段更好地進行國際化和本土化發展。在結束美國訪問後，劉柏榮與論壇理事會進行了交流，並向海內外相關人士和機構多次徵詢重組建議和反饋意見，最終完成了論壇的重組工作。
論壇的總體介紹
據論壇創始人之一的劉柏榮介紹，重組後論壇的核心宗旨為教育、建立共識和倡導。即論壇為會員、立法部門、監管部門等提供證券化、結構性融資及相關資本市場的專業培訓；就影響或可能影響中國證券化和結構性融資行業的法律法規和政策等，在會員間達成儘可能廣泛的共識，並代表證券化和結構性融資行業，進行相關倡導。
論壇的性質為非官方、非營利性的永久存續項目。論壇及其各委員會不進行任何經營性活動，僅在論壇宗旨範圍內進行專業性、學術性的交流活動。
論壇的發展模式將以會員驅動和監管驅動為導向。會員驅動是指各委員會在論壇的統一協調和支持下，以自律的方式開展與論壇宗旨相關的活動。監管驅動是指論壇開展活動將在相關監管機關的建議和指導下進行。
在內部管理架構方面，論壇方面介紹：會員大會是論壇的最高權力機構，會員大會下設三級執行機構，依次為理事會、執委會和秘書處、各委員會。
論壇理事會直接對會員大會負責，理事會的設立將解決論壇會員在執行機構（如執委會和各委員會）中的代表性，同時提高會員參與論壇活動的積極性。
論壇理事會選舉產生執委會成員，執委會在理事會閉會期間承擔論壇事務的主管責任，對理事會負責。作為常設執行機構，執委會起到全面管理論壇活動、及時處理問題的作用。論壇秘書處將為論壇的日常運行和管理提供行政支持。秘書處對論壇理事會負責，並在理事會閉會期間接受執委會的監督和領導。秘書處由秘書長和其他成員組成，秘書長由理事會審議並決定人選。
論壇執委會和秘書處下設各委員會，各委員會分為兩類：常設委員會和專業委員會。常設委員會負責管理論壇事務，包括提名委員會、會員委員會、年會委員會、教育委員會、編輯審查委員會、衝突解決委員會、倡導委員會、專家顧問委員會等；專業委員會負責開展論壇的專業性活動，分為資產類別委員會和專題委員會兩個類別。目前，論壇共設15個資產類別委員會和17個專題委員會。各委員會相當於論壇這個項目的子項目。
在會員類型和管理方面，據介紹，論壇將設機構會員和個人會員兩類會員，論壇向從事資產證券化行業、結構性融資行業及相關資本市場的海內外機構、組織、實體及個人，以及有志於未來從事上述業務的所有海內外機構和個人開放申請。論壇歡迎會員申請加入其感興趣的各專業委員會，除此之外，會員還可以參與論壇舉辦的各種會議和活動，獲得論壇提供的市場信息和交流成果等。機構會員享有表決權、選舉權和被選舉權，個人會員無上述權利。論壇不向會員收取會費。
論壇的理念介紹
據悉，論壇重組後，將致力於為會員搭建專業性、學術性的交流平臺，論壇形成了如下的核心發展和管理理念：
（一）國際化的發展理念：論壇定位於成為具有國際化視野的專業化交流平臺。論壇將同時面向海內外專業機構和個人開放會員申請，與海外資產證券化行業組織建立合作夥伴關係，引進海外專家，為國內證券化行業的發展提供海外的成熟經驗和創新理念。論壇與SFIG建立的戰略性合作夥伴關係是論壇國際化發展理念的重要實踐，是論壇國際化視野的過程中的重要裡程碑。
（二）民主化的管理理念：在論壇管理方面，論壇充分尊重會員意願，發揮會員在論壇管理上的主動性，保障會員享有公平的代表權利。民主化的管理理念體現在任職人員的產生、提名委員會的組成、論壇執行機構決策的機制等各個方面。論壇尊重會員申請加入論壇委員會、參與論壇活動的自由，機構會員可以行使表決權，通過民主選舉產生能夠代表機構會員意見的執行機構任職人員，各執行機構以民主化表決的方式作出決議。民主化的管理理念是論壇的會員驅動發展模式的制度化體現。民主化的管理理念具體體現在：
第一，論壇任職人員產生的民主化。提名委員會致力於根據機構會員的初始志願，提名論壇執行機構任職人員的候選人。候選人最終由相應的選舉會議，經過民主表決程序產生。以論壇理事的產生為例：1）機構會員將在提交入會申請時（或有變更人選的意願時）告知論壇其推薦的理事候選人；2）提名委員會將從機構會員推薦的理事候選人中提名理事會主席、理事會聯席主席、輪值理事的候選人；3）理事會主席和理事會聯席主席將由出席或以電子郵件的方式參與理事會會議的二分之一（不含）的理事選舉產生，輪值理事將由各輪值理事選舉組按照獲得機構會員投票由多至少順序產生。
第二，論壇管理的民主化。包括提名委員會組成機制的民主化和各執行機構決策機制的民主化。
提名委員會組成機制的民主化：提名委員會享有執行機構任職人員的提名權，為保證提名的公正民主，提名委員會由執委會主席（兼任提名委員會主席）、一名執委會副主席（提名委員會副主席）、三名非理事的機構會員代表（提名委員會成員）組成。執委會主席和執委會副主席由理事會選舉產生；對於由非理事的機構會員代表擔任提名委員會成員：首屆三名非理事的機構會員代表由發起機構會員大會（論壇的15家創始會員組成）指定產生，其後任職的非理事的機構會員代表均由執委會建議候選人，由理事會任命產生。理事會的上述任命權來自會員大會的授權，會員大會同時授權理事會監督提名委員會的工作。理事會有權任命經執委會提議的非理事機構會員代表為提名委員會成員，替換被更換的、辭任的及任期屆滿的非理事的機構會員代表。為保證提名委員會成員的獨立性和超脫性，上述這些代表在任職期間，其所在機構會員的任何代表均不得被提名為論壇理事候選人。
各執行機構決策機制的民主化：在滿足法定人數出席或參與的前提條件下，各執行機構決議須由出席或參與會議的二分之一或三分之二以上的有表決權主體表決同意通過，方能形成有效決議。
（三）落地化的組織理念。在組織專業培訓和交流活動方面，論壇以「培訓常規化」和「年會項目化」為基本理念，實現了教育培訓和年會項目的「落地化」，保證每年舉辦專業活動的數量和質量，建立中國資產證券化行業內活躍的交流平臺。除組織培訓和年會活動外，論壇將充分尊重會員的專業興趣，各委員會以自律方式獨立、自主地開展活動。
第一，培訓常規化：論壇已與中國資本市場學院（網址：www.ccmi.edu.cn，是中國證監會直接管理的非營利性事業單位）建立了長期的合作關係。雙方在培訓教育方面的合作模式為：論壇以各委員會為主為培訓提供課程和講師，學院負責組織國內外的相關人員參加培訓課程，為論壇提供定期的培訓活動。論壇願意與其他機構合作，進行各種形式的證券化培訓合作。
第二，年會項目化：參照其他國家資產證券化行業組織的經驗，論壇致力於建立年會項目化的服務平臺。具體實施方式是，在論壇年會期間，除年會的一般議程外，鼓勵會員利用各方會員均在場的時機進行具體項目實施的討論。
（四）會員參與論壇的便利理念。在論壇的管理運行方面，論壇堅持會員參與論壇的便利理念。論壇不增加會員負擔，除自願參與論壇舉辦的培訓活動以及自願出席論壇年會兩種情況外，會員無需出席任何現場會議，一般的會議討論、論壇管理、活動、表決、選舉投票等均可以通過電子郵件等電子化方式進行。
（五）以會員為核心的服務理念。論壇堅持以會員為核心的服務理念，為會員提供專業的交流平臺，幫助會員提升自身的專業水平。加入論壇後，會員可以選擇加入的專業委員會，參加論壇舉辦的會議和其他活動，獲得論壇提供的市場信息和交流成果，對論壇年會和其他活動議題提出建議，建議論壇就其所關心的資產證券化和結構性融資領域的相關問題舉辦專題研討會，建議論壇就其商業拓展計劃進行市場分析並提供業務諮詢，建議論壇推薦或培訓人才。
論壇的主要制度
據論壇的執委會主席劉柏榮介紹，為實現論壇宗旨，以上述理念制度為基礎，論壇的主要管理和運行制度如下：
（一）中外聯席主席制度：論壇理事會、各相關委員會和工作組將設主席和聯席主席。聯席主席可由海外機構會員代表擔任。引入海外聯席主席，將為論壇提供國外資產證券化和結構性融資行業的先進經驗和創新理念。
（二）理事會的輪值理事制度：論壇設置輪值理事的主要目的是，在保持理事任期不變的情況下，提高理事的更新頻率，使理事會每年均同時存在新任輪值理事和已有任職經驗的輪值理事，將在兼顧論壇理事會穩定性的同時，提高論壇的活力。輪值理事將由以專業委員會為基礎組成的各輪值理事選舉會議組分別選舉產生。原則上，輪值理事選舉會議組由某個專業委員會或若干個專業委員會的會員共同組成。為提高論壇機構選舉的效率，除各自選舉產生輪值理事外，各輪值理事選舉會議組將同時在選舉會議上選舉組成各會議組的專業委員會的主席和聯席主席。
（三）提名委員會的提名制度：提名委員會提名的核心原則是：尊重機構會員的意願，以機構會員提出的相關意願和候選人為第一依據，綜合考慮專業水平、對論壇工作的投入程度等其他因素。除《論壇章程》另有規定外，論壇各執行機構任職人員的候選人將從機構會員推薦的理事候選人或委派代表中產生。
（四）提名委員會的海外顧問制度：提名委員會負責對論壇各組織機構的候選人進行提名，提名委員會採取海外顧問制度，就海外資產證券化和結構性融資領域專家擔任論壇的理事會聯席主席、名譽理事、輪值理事、各相應委員會和工作組的聯席主席的提名事宜，進行諮詢。海外顧問可以推薦其所在行業組織的會員代表或其他合適人選作為候選人，提名委員會也可以主動向其諮詢候選人提名的相關事宜。
（五）電子化表決機制制度：為適應中外各方共同參與論壇活動的要求，減輕相關方參與論壇活動的負擔，論壇採取了電子化的表決機制。理事會會議（除執委會主席另有決定外）和輪值理事/專業委員會主席和聯席主席的選舉會議均採用電子化表決機制。為保證電子化表決的透明公正，監票人（根據相關規定產生）和論壇執委會將承擔相應的監票職責。
（六）專家顧問制度：論壇設專家顧問委員會，將聘請監管機關公職人員、專家學者等作為顧問，以個人名義為論壇提供專業諮詢意見。
結語
作為中國資產證券化二十多年來當之無愧的開拓者和優秀的金融專家，劉柏榮相信，中國資產證券化行業才剛剛起步，近期來看將有非常大的發展空間。論壇將致力於促進海外的中性證券化技術與中國證券化實踐的深度融合，為中國實體經濟的發展提供必不可少的資金來源。他有信心在國內外相關機構、人員的支持下，將論壇建設為中國具有行業影響力的資產證券化行業的統一而富有影響力的交流平臺。
會員報名截止時間及理事會、各委員會的組建開始時間
劉柏榮先生表示，歡迎從事或有志於未來從事資產證券化行業、結構性融資行業及相關資本市場的海內外機構、組織、實體及個人積極申請加入論壇。有興趣加入論壇的業內機構和個人可以通過官方網站(www.chinasecuritization.org)的「論壇會員」中的「入會申請」欄目了解關於入會的程序性事宜。論壇將在年底之前完成會員報名手續，並於明年開始組建論壇理事會及論壇各委員會。
以下為英文版全文：
The Secretariat of the China Securitization Forum (the 「Forum」)[1]recently announced that, in order to embrace the robust growth of China’s asset securitization market, the restructuring of the Forum has been completed and the first Executive Committee has been elected. Members of the Executive Committee are:Chairman Mr. LiuBorong, Vice-Chairman Mr. HuangYonggang, and regular members Mr. Jeff Tao, Mr. Ma Li and Mr.ChenChunfeng. Mr. Liu is a senior partner at Zhong Lun law firm, Mr. Huang ismanaging directorof CITIC Securities Investment Bank and a member of that bank's executive committee, and also the executive officer in charge of its debt capital markets department.Mr. Tao is apartner in the Global Financial Service Industry Group of Deloitte Touche Tohmatsu CPA LLP.Mr. Mais the managing director of Moody’s Investors Service (Beijing) Co. Ltd.Mr. Chenis director of Capital Market Solutions, Standard Chartered Bank, China.
Mr. LiuBorong is generally recognized asone of the Forum's "founding fathers" and the driving force behind the Forum's recent restructuring. He is highly regarded as a leading expert in the field of asset securitization in China. He is registered as an expert by China's NationalAssociation of Financial Market Institutional Investors, andis a memberof the first cohortof distinguished professors of the China Capital Market Institute (CCMI). He has also served as the leading expert for the first asset securitization transactions of their kind, asengaged in by over 40 financial institutions including China Development Bank, Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Bank of Communications, Postal Savings Bank of China, Shanghai Pudong Development Bank,Industrial Bank Co., Ltd., Ping An Bank, China Merchants Bank, China CITIC Bank,China Bohai Bank, Bank of Hebei, Bank of Jiangsu, Bank of Nanjing, Huishang Bank, Jilin Jiutai Rural Commercial Bank, Ford Automotive Finance (China) Ltd., GMAC-SAIC Automotive Finance Co., Ltd., Toyota Motor Finance (China) Co., Ltd.,GAC-Sofinco Auto Finance Co., Ltd., China Orient Asset Management Corporation, China Great Wall Asset Management Corporation, ICBC Financial Leasing Co., Ltd., Minsheng Financial Leasing Co., Ltd., CDB Financial Leasing Co., Ltd. and CMB Financial Leasing Co., Ltd.. He has provided legal services and designed transaction and product structuresthat have been instrumental in filling criticalgaps in China's financial landscape.Mr. Liu has also made outstanding achievementsin such related fields as offshore asset securitization, asset backed notes, real estate investment trusts and innovative private placement projects in the structured finance space.
According to information provided by the secretariat, the Forum was established in2006 with 15 leading institutions in the domestic and overseas securitization markets as founding members. These founding members are (in alphabetical order) Bank of China, China Chengxin International Credit Rating Co., Ltd., China Construction Bank, China Development Bank, China International Capital Cooperation Limited, CITIC Trust Co., Ltd., Deloitte Touche Tohmatsu CPA LLP, HSBC in Hong Kong, King & Wood Mallesons, Moody's Asia Pacific Ltd., Morgan Stanley Asia, Standard & Poor’s Information Services (Beijing) Co., Ltd., Standard Chartered Bank (Hong Kong) Limited, The Royal Bank of Scotland plc, and ZhongLun Law Firm. Since its foundation, the Forum has independently or jointly (with the European Securitization Forum, Information Management Network Co., Ltd. and other institutions or entities) held several annual conferences, seminars and summit conferences. It has also, at the request of relevant regulatory agencies, and under the auspices of the State Council, prepared and released a technical legislative draft of a national asset securitization statute.
In recent years, in pace with steady expansion of pilot asset securitization programs in China, China’s asset securitization market has experienced robust growth. Applicable regulations are gradually being updated and the level of sophistication and competence of business management practicesof organizations active in the market is improving. However, because the development of the asset securitization industry in China is still in its nascence, each governmental regulatory agency tends toformulate its own rules and regulations in response to discrete issues on an ad hoc basis, resulting in a fragmentedregulatory landscape. Moreover, the various businesses and institutionsactive in thesecuritization space tend toeach proceed without close coordination with other similarly situated businesses and institutions,with the consequence that consensus and joint effort has proven difficult to achieve in the industry. To this end, the restructuring of the Forum is calculated to respond to the rising need to effectively tap the full potential of asset securitization techniques in the context of China's developing financial sector. Astheonly dedicated communication and networking platform active in the asset securitization space in China, the Forum is cast to play a key role in the ongoing development of China's securitization industry.The restructuring of the Forum embracesthe robust growth of China’s asset securitization market, enhances the technical skills available to the Forum by introducing experts from overseas asset securitization markets, and generally contributes to further standardization and development of asset securitizationpractice in China.
Embracing US Experience
US Experience:Throughout the course of its restructuring process, the Forum has consistently embraced the more advanced management principles and the more extensive experience of securitization industry advocacy groups in the United States, while at the same time has sought to create a management and operational structure for the Forum that is in full accord with the domestic law and policy of China generally and the development and practice of China’s asset securitization industry in particular. The Forum has sought to design an efficient working platform infused with the spirit of democracy, which will enable both Chinese and overseas members to benefit from participation in the Forum over the long term.
Early in 2014,Mr. LiuBorong,in his capacity as the secretary-general to the Forum's Secretariat, represented the Forum during a trip to the United States, during which Mr. Liu paid a visit to the Structured Finance Industry Group (「SFIG」). SFIG isa trade industrygroup focused on improving and strengthening the broader structured finance and securitization market in the USA.[2]During hisvisit, Mr. Liumet with Chairman of the SFIG Board Mr. Reginald Imamura,SFIG CEO Mr. Richard Johns, former Chairman of SECMr. Chris Cox and housing finance policy consultant tothe US Department of the TreasuryMr. Michael A. Stegman, and other representativesof SFIG and the broader US finance industry, and engaged in in-depth discussions regard the restructuringand future development of the Forum,as well as ideas for establishing a strategiccooperative relationship between SFIG and the Forum.Mr. Liualsotook the opportunity to observethe actual operations of SFIGand discuss SFIG policies and practices with otherleadershipfigures and management personnel from SFIG. Mr. Liu also attended the SFIG annual securitization conference in Las Vegas, which was attended by over 5,000 individuals active in the securitization space.
Support from SFIG:Mr. Liureports receiving much positive feedback from the people he met during his U.S. tour. As a direct result of his visit, SFIG has set up a Chinese Market Committeefocusing on aggregating relevant resourcesfrom the US securitization market and leveraging them for application to the Chinese market. The groundwork for a long-term strategiccooperative relationship between the Forum and SFIG has already been laid, based on the close working relationship that grew out of the Forum's regular consultations with SFIG throughout the course of the Forum's restructuring process. The Forum whole-heartedly embraced and adopted many of SFIG's guiding principles and policiesduringits own restructuring process.
Mr. Liunotes that the U.S. securitization market has already reached a mature state of development.By embracing the advanced managerial experiences of U.S.securitization industry organizations andinviting overseas securitization expertsas consultants,while at the same time seekingtofully accord with the practice of China’s domestic law and policy as they relate to the asset securitization industry, the Forum will both expand internationally and focus locallyduring the next phase of itsdevelopment.Afterreturning from his visit tothe U.S., Mr. Liu reported his newly garnered insights tothe Board of Directors of the Forum, consulted further with domestic and overseas specialists and interested institutions and has since proceeded to complete the restructuring of the Forum on such basis.
Overview of the Forum
As explainedby Mr. Liu, the core purposes of the Forum after its restructuringare education, consensus building and advocacy. Specifically, these missions involve providing educational opportunities to members, law-making bodies, regulatory bodies, and other interested parties regarding securitization, structured finance and related capital markets; building the broadest consensuspossible among members regarding legal, regulatory, policy, and other matters affecting or potentially affecting the securitization, structured finance and related capital markets; and advocating for the securitization and structured finance industries with respect to matters affecting or potentially affecting securitization, structured finance and related capital markets.
TheForum is organized as a non-governmental, non-profitpermanent project.As provided in its Articles of Association, the Forum may only engage in professional and academic exchange activities in furtherance of the stated purposes and objectives of the Forum.
The Forum's developmentisboth membership-driven and regulator-driven. With the coordination and support of the Forum, each Committee has considerable discretion to organize its own agenda and activities in accordance withthe purposes of the Forum. The Forum’s activities arealso directed andguided by relevant regulatory agencies.
Regarding the Forum's internal management structure, the Meeting of Members is the highest authoritative body of the Forum, under which there is a three-tier hierarchy of executive bodies, consisting ofthe Board of Directors (the "Board"), the Executive Committee, and variousCommittees.
The Boardisdirectly accountable to the Meeting of Members. It is intended that the Board's representation of the interests of members, includingwith respect to the executive bodies such as the Executive Committee and the various Committees, will encourage and incentivize members to participate in the activities of the Forum.
The Board electsthe members of the Executive Committee. The Executive Committeemanages the affairs of the Forum when the Board is not in session and reports to the Board. As a standing executive body, the Executive Committeeplaysa crucial role in managing the affairs of the Forum in a comprehensive way and solving problems efficiently.The Forum also has aSecretariat, whichprovides support for the day-to-day operations and management of the Forum's affairs. The Secretariatanswers directly to the Board to implement directives of the Board, and is also subject to the supervision and direction of the Executive Committee when the Board is not in session. The Secretariat consists of the secretary-general and other members. The secretary-general is appointed by theBoard.
There are also two categories of Committeesunder the Executive Committee and the Secretariat: the Standing Committees and the Member Committees.The Standing Committeesare established to support the operational affairs of the Forum, and arecomprised of the Nominating Committee, the Membership Committee, the Annual Conference Committee, the Education Committee, the Editorial Committee, the Conflict Resolution Committee, the Advocacy Committee and the Expert Consultant Committee. The Member Committees are established toimplement subject-matter activities of the Forum. Theyare further categorized as Asset Class Committees and the Subject Matter Committees. Currently, there are15 Asset Class Committees and 17 Subject Matter Committees. Each Member Committee is operated as a sub-project of the Forum.
Membership:Membership in the Forum is open to domestic and overseas institutions, organizations and entities (each, an "institutional member") and individuals (each an "individual member") participating or interested in securitization, structured finance and related capital markets.All members are encouraged to join the member committees of the Forum in which they are interested and to attend conferences, meetings and other activities organized by the Forum. In addition, members may obtain access to market information and benefit from the professional network developed by the Forum.Institutional members have voting rights and the right to be elected, while individual members do not have these rights.The Forum currently doesnot charge anymembership fees.
Guiding Principlesof the Forum:
Post-restructuring, the Forum is focused ondevelopinga professional and academic networkingplatform for its members.The Forum has adoptedthe following guiding principles for this purpose:
1. International Outlook:The Forum is designed to become a venue for discussing issues relating to asset securitization finance with a global vision.The Forum isopento both domestic and to overseas professional institutions and individuals, and builds cooperative relationships with other asset securitization industry organizations to encourage the participation of overseas experts and thereby introduce cutting-edge experience and innovations from abroad to the field of asset securitization in China.The strategic cooperativerelationshipestablished between the Forum and SFIG is an important milestone inadvancing the international vision of the Forum.
2. RepresentationalGovernance: The Forum deeply respects the will of its members andstrives to assure fair representation ofmembers'interests in Forum governance. Representational governance is reflected in the democraticway in which the Nominating Committeeis formed and in the democratic style of decision-making followed by the executive bodies.Members' rights to join Forum committees and participate in Forum activities are paramount. Institutional members may vote for the elections of officers of the executive bodies and those executive bodies also make resolutions through democratic voting procedures.Representationalgovernance reflects the Forum's membership-driven development mandate.In this regard:
Selection of OfficersThe Nominating Committeestrives to nominatethe officers of the Forum's executive bodies in close accordance with the wishes and the intentions of institutional members.Nominees are then elected by democratic voting procedures. Taking the election of directors of the Board as an example, when an institutional member submits a membership application (or at any time thereafter), itmay designate a delegate to the Forum.The Nominating Committee then nominates candidates for membership on the Boardfrom among the pool of institutional member delegates.The chairman and co-chairmen of the Board will be determined by a simple majority vote of the directors attending the Board meeting in person or via email,while the rotational directors will be determined by the ranking of the candidates in descending order of votes.
The Nominating Committee and Decision-making by the Executive Bodies:The Nominating Committee:The Nominating Committee is established to nominate candidates for appointment or election to the Forum’s various bodies.In order to assure fair andrepresentative nomination processes,the Nominating Committee is composed of five members, includingachairman,avice chairman. The Chairman and one Vice Chairman of the ExecutiveCommitteeare automatically designated as Chairman and Vice-Chairman, respectively, of the Nominating Committee. The three other members of the Nominating Committee are delegates of three institutional members none of which already have a delegate serving as a Board Director. Such delegatesare nominated by the Executive Committee and appointed by the Board, which is authorized by the Meeting of Members (except for the three inaugural members, who were appointed by the Meeting of Founding Members). The Meeting of Members also authorizes the Board to supervise the Nominating Committee, and to appoint delegates, as nominated by the Executive Committee,of institutional members whose delegates are not already serving as Directors on the Board,to the Nominating Committee, as necessary in order to replace Nominating Committee memberswho have been removed, who have resigned, or whose terms have expired. In order to maintain independenceinternal separation of powers,no institutional member will be permitted to seat its delegate on the Nominating Committee and as a member of the Board (except for the chairman and the vice-chairman) at the same time.
Decision-making by the Executive Bodies:A resolution of any executive body becomes effective only upon adoption by a simple majority vote or by a vote of more than two thirds (as applicable, with respect to the different executive bodies) of memberswith voting rights present or participating in the meetingremotely and constituting a valid quorum.
3. The Project-based Principle: The Forum strives to providefrequent training activitieson a regular basis and toorganize project-oriented annual conferences, in order to fostera robust andactive communication and networking platform for the asset securitization industry. Besides professional training and communication activities, the Forum respects the professional interests of itsmembers, and the committees are encouraged to organize their activities independently of any specific direction from the Forum.
In furtherance of its program ofregular training and education activities,the Forum has established a long-term cooperative partnership with the China Capital Market Institute (the 「CCMI」)a non-profit public institution under the direct supervision of theChina Securities Regulatory Commission(official websiteavailable at http:www.ccmi.edu.cn). Under thiscooperative arrangement,CCMI organizes and schedules a rolling program of training activities for domestic and overseas individuals, whilethe Forum, through its committees, prepares the curriculum and course materials and provides the lecturers for thoseprograms. The Forum is also willing to cooperate with other institutes and organize cooperative securitization training in various other ways.
The Forum organizes a project-oriented service platform for members to engage with each other at annual conferences, modelled after similar platforms provided by comparable overseas asset securitization industry associations.The Forumencourages members to take theopportunity at annual conferences to discuss with other members the implementation of specific projects (inaddition to regular conference agendaitems).
4.Convenient for Members to Participate: The Forum is committed to making participation in Forum activities as convenient as possible for members.Careful consideration is given to not burdening members with unnecessary obligations or time commitments. Except for attending the Forum’s training activities and annual conferences voluntarily, most Forum activities do not require members to attend face-to-face meetings.Many Forum events, discussions, governance, voting and other activities are conducted remotelyvia email or other telecommunications tools.
5. Accommodative to Members' Needs and Priorities: The Forum serves its members by providing a professional communication and networking platform and plentiful opportunities to enhancethe professional qualifications of its members.After joining the Forum, members are entitled to join the Forum's member committees according to their interests;attend conferences, meetings and other activities organized by the Forum;access market information provided by the Forum;suggest topics for the annual conferences and other activities of the Forum;propose seminars on issues of concern in the field of securitization and structured finance;propose the carrying out of market analysis and provision ofconsulting servicesin support ofsuch members'business development plans, and request thattheForum recommend talent or provide training.
KeyInstitutionsof the Forum
As introduced by Mr. LiuBorong,certain key management and operational institutions that the Forum has adoptedto achieve its objectives in accordance with the principlesdescribed above are:
International Co-Chairmen: The Board and each committee or working group operate under the leadership of its chairman and co-chairmen.The co-chairmen may be delegates of overseas institutional members. The participation of foreign co-chairmen is conducive to channeling cutting-edgeexperience and innovative ideas from other asset securitization and structured finance markets tothe Forum.
Rotational Directors: Staggering the Board by seating directors on a rotating basis provides a means to increase the frequency of replacement of rotational directors without decreasing the term of service of the directors, andalso allows for new directors and experienced directors to serve on the board at the same time. This continuous overlap between new directors and incumbentdirectors, as well as the increased frequency of replacement, is conducive to keeping the Forum vitalized and energetic while maintaining the stability of the Board.The rotational directors are elected by separate panels (each, an 「Election Panel」) formed by reference to the various member committees. In principle, each Election Panel is composed of the members of one or more member committee(s).To improve the efficiency of the election process, in addition to electing the rotational directors, each Election Panel also elects the chairman and the co-chairmen of (each of) the member committee(s) which are represented by each such Election Panel.
Nominating Committee:A core tenet of Nominating Committee decisions is to respect the intentions of institutional members,in particular by considering their recommendations and choices for candidates asfirst-priority.Other factors such as candidates' professional qualificationsand demonstrated commitmentto the Forum’s work are also taken into consideration. Generally, candidates for the offices of the executive institutions are nominated from among the delegatesappointed by institutional members and recommended director candidates, subject to the applicable provisions of the Articles of Association.
Overseas Consultantsto the Nominating Committee：The Nominating Committee nominates candidates forthe executive officesof the Forum. The Nominating Committee has the discretion to consult with overseas consultants with respect to the nomination ofco-chairmen, honorary directors and rotational directors for the Board, and co-chairmen for each Committee or working group.They may recommend representatives of the members of the asset securitization industry organizations or other individuals with relevant qualifications and experience as candidates. The Nominating Committee may take the initiative to consult with its overseas consultants in respect of nominating matters.
Electronic Voting:To reduce the burden on members and establish an efficient working platform for both Chinese and overseas members, the Forum has adopted an electronic voting system. This system is used for voting at Board meetings (unless otherwisedecided by the Chairman of the Executive Committee) and for the election of rotational directors and the chairmen and co-chairmen of Member Committees. To ensure the fairness of the results, voting processes are under the scrutiny of the Executive Committeeand specially designated observers.
Expert Consultants: The Forum has established an Expert Consultant Committee, which invites participation from members of regulatory bodies and other experts and professionals in asset securitization and structured finance areas.Expert consultants provide professional advice to the Forum solely in their individual capacities.
Conclusion
From his perspective as a pioneer in asset securitization in China and as an internationally known expert in the field, Mr. LiuBorongbelieves that, although China’s asset securitization industry is still in its nascence, it has greatgrowth potentialin the near term. The Forum seeks to serve as the catalyst for integrating certain neutral technical practices developed by overseas securitization markets into securitization practice in China, with the ultimate goal of safely and soundly developing a new source of value-added core funding for China’s real economy. Mr. Liu is confident that establishingthe Forumas a unified and influentialplatform for China’s asset securitization market with the support ofinstitutionsand individuals in China as well as from abroad will yield significant progress toward this objective.
Applications for Membership
Membership in the Forum is generally open to domestic and overseas institutions, organizations, entities and individuals participating or interestedin securitization, structured finance or related capital markets.More information about becoming a member of the Forum, including application instructions and a downloadable application form,is available at the 「Membership Application」link under the "Members" tab on the Forumwebsite (www.chinasecuritization.org). Applications for membership should be submitted by the end of 2014,in order for new members to be admitted in time to participate inthe organization of the Board and the Committees, which will begin early in 2015.
[1] The Forum's official website may be accessed at www.chinasecuritization.org
[2] SFIG's official website is accessible at www.sfindustry.org
（責任編輯：宋政 HN002）