REGULATION ON SUPERVISION OF ASSET SECURITIZATION BUSINESS

Transcription

1 The English translation of the financial supervisory regulations is not official and is intended for reference only. Neither the FSC nor the FSS is responsible for the correctness of the English translation, and the reader is advised to refer to the most up to date regulations in Korean. REGULATION ON SUPERVISION OF ASSET SECURITIZATION BUSINESS Amended on May 21, 1999 Amended on August 6, 1999 Amended on April 28, 2000 Amended on June 23, 2000 Amended on December 19, 2000, FSC Amended on January 3, 2003, FSC Amended on December 31, 2003, FSC Amended on March 5, 2004, FSC Amended on October 10, 2006, FSC Amended on March 28, 2008, FSC Amended on February 4, 2009, FSC 2009 Amended on August 26, 2009, FSC CHAPTER I. GENERAL PROVISIONS Article 1. (Purpose) The purpose of this Regulation is to prescribe matters to be decided by the Financial Services Commission (hereinafter, the FSC ) and any necessary matters related to the enforcement thereof with respect to the asset securitization by financial institutions, etc., under the Asset Backed Securitization Act (hereinafter, the Act ) and its 1

2 enforcement decree (hereinafter, the Enforcement Decree ), the Mortgage Securitization Company Act and its enforcement decree and the Korea Housing Finance Corporation Act and its enforcement decree. <Amended on August 6, 1999, April 28, 2000, March 5, 2004> Article 2. (Originator Recognition Standards) (1) Corporations with high credit rating and whose assets are recognized by the FSC as in need of securitization in accordance with the standards predetermined by the FSC as prescribed under Article 2, Item 2, Subitem (p) of the Act shall correspond to any of the following corporations. However, in the event a foreign corporation meets the standards under Item 2, a domestic corporation (referring to a Korean subsidiary) established by such foreign corporation shall be deemed to have met the standards of Item 2: <Amended on May 21, 1999, April 28, 2000, June 23, 2000, January 3, 2003> 1. A corporation rated as investment grade (referring to the ratings given to the non guaranteed bonds issued thereby if there is no corporate credit rating) by a credit rating agency within one (1) year from the filing date of the application for registration of the securitization plan; or <Amended on February 4, 2009> 2. A stock listed corporation pursuant to Article 9, Paragraph (15), Item 3 of the Financial Investment Services and Capital Markets Act (excluding those whose stocks are designated as administrative issues by the Korea Exchange): provided, that in case of a foreign corporation, the corporation shall be a legal entity satisfying the corresponding requirements in its home country. <Amended on February 4, 2009> 3. <Deleted on February 4, 2009> (2) A credit rating agency under Paragraph (1), Item 1 means a credit rating agency stipulated under Article 2 11, Paragraph (2), Item 1, Subitem (e) of the Regulation on Securities Issuance and Disclosure. <Amended on May 21, 1999, April 28, 2000, December 22, 2000, January 3, 2003, February 4, 2

3 2009> CHAPTER II. REGISTRATION OF ASSET SECURITIZATION PLAN, ETC Article 3. (Submission of Application for Registration of Asset Securitization Plan, etc.) In the event a special purpose company, etc. (hereinafter, the SPC ) intends to register its asset securitization plan (hereinafter, the Securitization Plan ) with the FSC pursuant to Article 3 of the Act, it shall submit the following documents to the Governor of the Financial Supervisory Service (hereinafter, the Governor ): 1. In case of registering the Securitization Plan, an application for registration of the Securitization Plan (hereinafter, the Application for Registration of ABS Plan ); and 2. In case of amending the registered Securitization Plan, an application for amendment of registered securitization plan (hereinafter, the Application for Amendment of Registered ABS Plan ). Article 4 etc.) (Information Required in Application for Registration of ABS Plan, (1) The following information shall be included in the Application for Registration of ABS Plan: 1. Information on the registrant a. Outlines of the registrant; b. Officers; c. Matters concerning the business delegation; and d. Accounting method. 3

4 2. Information on the originator a. Outlines of the originator; b. Description of business; c. Financials; and d. Officers and employees. 3. Information on the securitization assets a. Details of securitization assets by type of assets; b. Results of appraisal of securitization assets; and c. Method and detailed plan for the transfer of securitization assets. 4. Information on the Securitization Plan, etc a. Detailed structure of the Securitization Plan; b. Plans on issuance and redemption of asset backed securities (hereinafter, the ABS ); c. Servicer and servicing methods; and d. Plans on borrowing and use of funds. 5. Other matters required for protecting investors. (2) Information on the securitization assets to be included in the Application for Registration of ABS Plan shall be based on the following manner: 1. The securitization assets shall be classified by whether Article 8 of the Act is applied and shall be described separately by type of assets; and 2. The securitization assets shall be described so as to identify and classify each asset individually in accordance with its proprietary characteristics or contents. (3) The format of the Application for Registration of ABS Plan and instructions 4

5 for preparing such application shall be determined by the Governor. Article 5. (Documents Attached to Application for Registration of ABS Plan) (1) The following documents (in an unavoidable case, their copies) shall be attached to the Application for Registration of ABS Plan: 1. The company registry and the articles of incorporation of the SPC, etc. or other documents equivalent thereto (in the case of a trust company, including the trust deed concerned); <Amended on February 4, 2009> 2. Servicing agreement; 3. Business delegation agreement; 4. A valuation report prepared by an outside appraisal organization (referring to the outside appraisal organization prescribed under Article 176 5, Paragraph (4) of the Enforcement Decree of the Financial Investment Services and Capital Markets Act; hereinafter the same); and <Amended on February 4, 2009> 5. Auditor's report on the originator for the latest business year (referring to the auditor report pursuant to the Act on External Audit of Stock Companies; in the case of an originator to which such act is not applicable, the report equivalent to such auditor s report, as prepared under a law prescribing the matters related to accounting method and account settlement of such originator). (2) The valuation report under Paragraph (1), Item 4 shall be required only when an SPC, etc. issues the ABS by public offering (referring to the public offering prescribed under Article 9, Paragraph (7) of the Financial Investment Services and Capital Markets Act; hereinafter the same). <Amended on February 4, 2009> 5

6 Article 6. (Information Required in Application for Amendment of Registered ABS Plan) (1) The following information shall be included in the application for amendment of registered ABS plan: 1. Matters on the Application for Registration of ABS Plan to be amended; 2. Reason for applying for amendment in registration; 3. Contents before and after amendment; 4. Outside appraisal organization's opinion on such amendments (excluded when such amendments are unrelated to the results of valuation prepared by such outside appraisal organization); and 5. Other matters required for protecting investors. (2) The documents evidencing the relevant facts (in an unavoidable case, their copies) shall be attached to the Application for Amendment of Registered ABS Plan. (3) The form of the Application for Amendment of Registered ABS Plan and preparation method thereof shall be determined by the Governor. Article 7. (Notice of Registration or Refusal of Registration, etc.) (1) In the event the FSC decides not to accept an Application for Registration of ABS Plan or an Application for Amendment of Registered ABS Plan, or to demand the change of its details in accordance with Article 5 of the Act, it shall notify such decision to the applicant in writing, along with the detailed reasons therefor within ten (10) business days (excluding Saturday) from the filing date of such Application for Registration of ABS Plan or Application for Amendment of Registered of ABS Plan. However, for the omission of unimportant items or minor errors, the Governor may require the applicant to 6

7 supplement such application. <Amended on December 31, 2003> (2) Unless any notice is given pursuant to Paragraph (1), such Application for Registration of ABS Plan or Application for Amendment of Registered ABS Plan shall be deemed to have been registered as of its filing date. (3) When a notice of refusal or demand for change of contents is given pursuant to Paragraph (1), the corresponding Application for Registration of ABS Plan or Application for Amendment of Registered ABS Plan shall be deemed not to have been filed as of the day of such notice. However, when the applicant files with the Governor the corrected documents reflecting the demand for change of contents, such Application for Registration of ABS Plan or Application for Amendment of Registered ABS Plan shall be deemed to have been filed as of the filing date of such corrected documents. Article 8. (Information Required in Valuation Report, etc.) (1) The following information shall be included in the valuation report to be prepared by an outside appraisal organization under Article 5, Paragraph (1), Item 4: 1. Outlines and standards of valuation; 2. Valuation results and the value of securitization assets; and 3. Other matters required for protecting investors. (2) An outside appraisal organization shall, when conducting the valuation pursuant to Paragraph (1), consider the matters concerning securitization plan, securitization assets, ABSs, etc. (3) An outside appraisal organization shall, when it cites the opinion or valuation results made by other experts such as a certified public accountant, a lawyer, or an appraiser with respect to the valuation under Paragraph (1), describe such opinion or valuation results and attach a letter of confirmation issued by such expert. 7

8 CHAPTER III. REGISTRATION OF ASSET TRANSFER, ETC Article 9. (Submission of Application of Asset Transfer, etc. and Information Required Therein) (1) In case the originator or the SPC wishes to register with the FSC the transfer, trust or return of securitization assets, or the establishment of a pledge or mortgage thereon pursuant to Article 6 of the Act (hereinafter, the Transfer, etc. ), such originator or SPC shall submit to the Governor the application to register for the transfer of assets (hereinafter, the Application for Registration of Asset Transfer ). (2) The following information shall be included in the Application for Registration of Asset Transfer: 1. Outlines of the Transfer, etc.; 2. Details of assets eligible for the Transfer, etc. by type of assets; 3. Method of the Transfer, etc.: a. Method, schedule and details of the Transfer, etc.; and b. Payment method, etc. 4. Special terms and conditions in the contract on the Transfer, etc.: a. Conditions for cancellation of the Transfer, transferor's right of first refusal, etc.; and b. Risk taking, warranty liabilities and others. 8

9 5. Whether the conditions for perfecting its transfer against debtors have been satisfied; 6. In case there is any asset subject to the application of special exceptions in regard to the Transfer, etc. pursuant to Article 7 or 8 of the Act, details of the legal effects of such special exceptions; 7. Matters concerning disclosure of documentary evidence (referring to the documentary evidence under Article 11, Paragraph (1)); and 8. Other matters required for protecting investors. (3) The assets eligible for the Transfer, etc. to be included in the Application for Registration of Asset Transfer shall be described in the same manner as under Article 4, Paragraph (2). (4) The form of the Application for Registration of Asset Transfer and instructions for preparing such application shall be determined by the Governor. Article 10. (Documents Attached to Application for Registration of Asset Transfer) The following documents (in an unavoidable case, their copies) shall be attached to the Application for Registration of Asset Transfer: 1. An asset transfer agreement; and 2. An electronic file of documentary evidence (referring to documentary evidence under Article 11, Paragraph (1)) for the assets eligible for the transfer, etc. to which Article 8 of the Act applies. Article 11. (Confirmation of Documentary Evidence, etc.) (1) An originator or an SPC shall, when applying for registration of asset transfer, 9

10 etc., present the original copies of loan agreements, pledge or mortgage agreements with registered deed or registration certificate, deeds of title of the real estate and other documentary evidence (hereinafter, the documentary evidence ) related to the securitization assets concerned, in order to obtain confirmation from the Governor. (2) The Governor shall, after comparing the documentary evidence submitted pursuant to Paragraph (1) with the detailed description of the assets eligible for the transfer, etc. by type of assets, return them to the applicant together with the confirmation of registration, if there is no discrepancy between them. (3) An SPC, etc. shall designate a person responsible for administering documentary evidence, confirmed by the Governor, and a place for keeping such evidence and when there is a request for perusal from the Governor or investors in the ABSs, it shall comply with such request. Article 12. (Special Exceptions to Confirmation of Documentary Evidence) (1) When an originator or an SPC submits the Application for Registration of Asset Transfer, together with a due diligence report made by an outside appraisal organization (hereinafter, Due Diligence Report ) after its assets eligible for the Transfer, etc. were inspected by such organization, the Governor may waive the confirmation procedures for the documentary evidence pursuant to Article 11, Paragraphs (1) and (2). However, these special exceptions shall not apply to the assets to which the special provisions prescribed under Article 8, Paragraph (2) of the Act apply. (2) The due diligence pursuant to the provisions under Paragraph (1) by an outside appraisal organization shall be conducted in accordance with the following manner: 1. The presence of all assets eligible for the Transfer, etc. shall be directly confirmed by reviewing the relevant documentary evidence thereof; however, if the following Items are satisfied, such manner may be replaced by sampling and verification from all assets eligible for the Transfer, etc.: <Amended on October 10, 2006> 10

11 a. The number of assets eligible for the Transfer, etc. is large and such assets belong to the same type; b. The originator is equipped with the computer system necessary for the smooth management of all assets eligible for the Transfer, etc. and is properly managing and operating such system; and c. There shall be a reasonable ground to deem such sampling more efficient. 2. The presence of measures to secure the claims, including establishment of mortgage or guarantee on all assets eligible for the Transfer, etc. shall be confirmed; and 3. The fact that the due diligence and the Transfer, etc. had taken place shall be marked on the confirmed documentary evidence. (3) The following information shall be included in the Due Diligence Report: 1. Outlines of the due diligence: a. Participants in the due diligence and covering period thereof; b. Method of the due diligence and criteria thereon; and c. Other matters required in connection with the due diligence. 2. Summary of the due diligence results and comprehensive opinion: a. Contents and characteristics of the assets eligible for the due diligence by type of assets; b. Summary of the due diligence results; and c. Comprehensive opinion. 11

12 3. Management method of documentary evidence; and 4. In cases where necessary measures to prove that the Transfer, etc. has been taken place, the contents thereof. (4) The form of the Due Diligence Report and instructions for preparing such report shall be determined by the Governor. CHAPTER IV. ISSUANCE OF ASSET BACKED SECURITIES Article 13. <Deleted on April 28, 2000> Article 14. <Deleted December 22, 2000> Article 15. (Mutatis Mutandis Provisions) When an SPC issues the ABS through public offering, the Regulation on Securities Issuance and Disclosure shall apply mutatis mutandis thereto, unless otherwise specified herein. <Amended on December 22, 2000, February 4, 2009> CHAPTER V. MANAGEMENT OF SECURITIZATION ASSETS, ETC Article 16. (Delegation of Asset Management, etc.) When delegating the management of securitization assets pursuant to Article 10 of the Act or the other business affairs pursuant to Article 23 of the Act, an SPC, etc. shall 12

13 clearly specify the following matters in detail in the business delegation agreement: 1. Contents, scope, and method of entrusted business; 2. Related expenses such as entrustment fees and their payment method; 3. Other matters required for protecting investors. Article (Qualifications for Asset Management Professionals) [Newly established on April 28, 2000] A person who has a career in the business categorized by the FSC, such as loans management, securities issuance, etc. prescribed under Article 5, Item 2, Subitem (b) of the Enforcement Decree means a person who has at least three (3) years of experience in any of the following: 1. Management of securitization assets for an originator or a credit information dealer; 2. Credit management, such as credit review or non performing loan management pursuant to Article 2, Item 1 of the Act on the Structural Improvement of the Financial Industry; 3. Disposition of, and exercise of rights over, securitization assets for law firms, etc.; 4. Underwriting securities of investment traders; <Amended on February 4, 2009> 5. Credit rating for the ABS by a credit rating agency; <Amended on February 4, 2009> 6. Due diligence and valuation of securitization assets by outside appraisal organizations; or 7. Entrustment of asset management by a person who is delegated from 13

14 the SPC under a business delegation agreement, pursuant to Article 23 of the Act. Article 17. (Management of Securitization Assets, etc.) (1) The separate management of securitization assets, as prescribed under Article 11, Paragraph (1) of the Act, refers to the management method to physically separate the securitization assets from its proprietary assets and to keep the documentary evidence separately; while the separate management of money refers to the management method to establish a separate account. (2) The separate preparation and keeping of books, as prescribed under Article 11, Paragraph (2) of the Act, refer to the keeping of a separate management log book (books and records) for securitization assets. In such cases, where the related business is processed by a computer system, they refer to making it possible to separate the trust assets from its proprietary assets. (3) The provisions of Paragraph (1) shall apply mutatis mutandis to the cases where a business trustee (referring to the person to whom business matters are entrusted by a SPC pursuant to Article 23 of the Act; hereinafter the same) performs the entrusted duties. Article 18. (Description of Funds Transaction, etc.) An SPC shall, when it intends to conduct transactions, such as investment, lending of money (including deposit or depositary trust), borrowing, payment guarantee or provision of collateral with an originator, servicer or business trustee, describe the details thereof in the Application for Registration of ABS Plan in advance. CHAPTER VI. SUPPLEMENTARY PROVISIONS 14

15 Article 19. (Matters to be Declared) An SPC, etc. shall, in any of the following cases, immediately declare such fact to the Governor: <Amended on December 22, 2000> 1. When there occurs a cause for dissolution of the SPC; 2. When the originator, servicer or business trustee becomes unable to conduct normal operation due to bankruptcy or dishonor; 3. When there is any change in, or termination of, servicing agreement, business delegation agreement or other important contracts, or the compliance of conditions of such contracts becomes impossible; 4. When the fulfillment of contracts, with regard to the transfer of securitization assets, etc., becomes impossible or there occurs any critical problem which might cause difficulty in exercising the rights, such as litigation; and 5. When there occurs any serious problem relating to the issuance, redemption, or distribution of the ABS. Article 20. (Number of Copies of Application for Registration of ABS Plan to be Filed and Method Thereof) (1) An SPC or an originator shall, when it files the Application for Registration of ABS Plan, the Application for Amendment of Registered ABS Plan, the Application for Registration of Asset Transfer or other documents for declaration, prepare two (2) copies of each application and file them in writing to the Governor. These provisions shall also apply to the documents attached thereto. However, it may file only one (1) copy in the case of the electronic file pursuant to Article 10, Item 2. <Amended on December 22, 2000> (2) Notwithstanding the provisions of Paragraph (1), any application and other filing documents may be filed through electronic filing by use of electronic disclosure 15

16 system pursuant to the Regulation on Securities Issuance and Disclosure (hereinafter, the Electronic Disclosure System ). [Newly established on December 22, 2000] (The existing Paragraph (2) has been amended in part and transferred to Paragraph (3).) <Amended on February 4, 2009> (3) For one (1) set from the two (2) sets of documents filed in writing pursuant to the provisions under Paragraph (1), the Governor shall take necessary measures to prevent its contents from being replaced or amended, and deliver the set of documents to the applicant together with the confirmation of registration. <Amended on December 22, 2000> (The existing Paragraph (2) has been amended in part and transferred to Paragraph (3) (number of Paragraph changed), and on December 22, 2000, the existing Paragraph (3) has been deleted.) (4) In case any application and other filing documents pursuant to the provisions under Paragraph (1) are filed in writing, they shall also be filed through the Electronic Disclosure System in the form of electronic document for public view. <Amended on December 22, 2000> Article 21. (Incorporation by Reference) (1) In case any information or attachments to be included in applications or filing documents to be filed by the SPC or the originator are the same as those in the previously filed applications and filing documents or attachments with the FSC or the Securities and Futures Commission under the provisions of the Act, this Regulation, the Financial Investment Services and Capital Markets Act or the Act of External Audit of Stock Companies, relevant parts may be omitted by referencing such parts. However, this provision shall not apply to the cases of Article 9, Paragraph (2), Item 2 and Article 10, Item 2. <Amended on October 10, 2006, February 4, 2009> (2) When referencing previously filed applications and filing documents or attachments pursuant to the provisions of Paragraph (1), the following Items shall be clearly stated therein: 1. Parts to be referenced (title of documents or page number); 16

17 2. Title and filing date of the application referenced; 3. Location where the documents of Item 2 are kept and the way how to use, etc. Article 22. (Disclosure of Application for Registration of ABS Plan, etc.) (1) The Governor shall allow the public to view the applications or other filing documents filed by the SPC or the originator pursuant to the Act or this Regulation, during the period from the receipt date to the closing date of the Securitization Plan. (2) The Governor may formulate standard formats, direction for preparation and filing procedure of electronic documents, etc. in order to allow the public to view any applications and other filing documents through the information network (referring to the computer network pursuant to the Act on Popularization of Computer Network and Promotion of Utilization), upon receiving the electronic file thereof prepared by using electronic media. <Amended on December 22, 2000> (3) A trust business entity, servicer, business trustee, etc. shall, when disclosing the documents related to the securitization assets pursuant to Article 9, Paragraph (2) of the Act, keep the following documents: <Amended on February 4, 2009> 1. The Application for Registration of ABS Plan, Application for Amendment of Registered ABS Plan and Application for Registration of Asset Transfer confirmed by the Governor; 2. Details and current status of securitization assets (including the details if there is any change in the securitization assets due to management, operation and disposition of such assets); and 3. Documentary evidence for the securitization assets (limited to the person responsible to maintain related documents prescribed under 17

18 Article 11, Paragraph (3)). (4) The documents to be disclosed pursuant to the provisions under Paragraph (3) shall be kept at the head office and each branch of the trust business entity, the servicer or the business trustee. However, such branches may provide the summary of the assets eligible for the Transfer, etc., while clearly stating the place to use the detailed contents and documentary evidence. <Amended on February 4, 2009> Article 23. (Investigation and Measures) (1) The Governor may, when it is deemed necessary for protecting investors, order his/her staff to investigate an SPC, etc. (2) In case the Governor requests an SPC to submit data or conducts investigation, the Regulation on Investigation of Capital Market shall apply mutatis mutandis to the method of, and procedures for, such investigation. <Amended on February 4, 2009> (3) The Governor shall, when it is deemed necessary to take measures pursuant to Article 35 of the Act following an investigation, prepare a report on the investigation results with proposal for settlement and submit it to the FSC. Article (Mutatis Mutandis Application to Mortgage Backed Securitization Business) [Newly established on August 6, 1999] The provisions of Articles 3 to 12, 15 and 16, 18 to 22 and 24 shall mutatis mutandis apply to the business relating to mortgage backed securitization to be performed by a mortgage securitization company, such as procedures for registration of the mortgage securitization plan and the transfer and acquisition, etc. of mortgage loans, the management of mortgage loans, the issuance of the mortgage backed securities etc. In this case, SPC, shall be construed as the mortgage securitization company and the asset securitization plan shall be construed as the mortgage securitization plan, and the securitization assets shall be construed as the mortgage loans and the originator shall be construed as the financial institution. 18

19 Article (Mutatis Mutandis Application to Mortgage Backed Securitization and School Loan Backed Securitization) [Newly established on March 5, 2004] (1) The provisions of Articles 3 to 12, 15 and 16, 18 to 22 and 24 shall mutatis mutandis apply to the business relating to mortgage backed securitization to be performed by the Korea Housing Finance Corporation, such as procedures for registration of the mortgage securitization plan and the transfer and acquisition, etc. of mortgage loans and school loans (hereinafter, the Mortgage Loans, etc. ), the management of Mortgage Loans, etc, the issuance of the mortgage backed securities, etc. In this case, the SPC, shall be construed as the Korea Housing Finance Corporation and the Securitization Plan shall be construed as the mortgage securitization plan, and the securitization assets shall be construed as the Mortgage Loans, etc. and the originator shall be construed as the financial institution, and if the Korea Housing Finance Corporation conducts its due diligence and evaluation of securities, the independent valuation agency shall be construed as the Korea Housing Finance Corporation, and if such registration is refused or its changes are requested under Article 7, the FSC shall be construed as the Governor. (2) Upon the registration of a plan of holding securities, matters concerning the appraisal value of the Mortgage Loans and type, total amount and terms and conditions of the ABS to be issued shall not be included, and if such securities are securitized afterwards, the originator shall be construed as the Korea Housing Finance Corporation (3) If the Korea Housing Finance Corporation requests for issuing the documents evidencing the registration of the Mortgage Backed Securities, etc., the Governor shall issue them without delay. Article 24. (Detailed Matters) Detailed matters required for the implementation of this Regulation shall be stipulated 19

20 by the Governor. Article 25. (Deadline for Reexamination) Pursuant to the Regulations Concerning the Issuance and Management of Directives and Established Rules (Presidential Directive No. 248), a measures such as continuation, repeal, or amendment of this Regulation after an examination of changes in Acts or subordinate statutes, or in current conditions, occurring after the issuance of this Regulation shall be taken by June 30, <Newly Inserted on August 26, 2009> ADDENDA (November 13, 1998) Article 1. (Effective Date) This Regulation shall be effective on November 14, Article 2. (Interim Measures on FSS) Until the establishment of the FSS, the Governor shall be deemed the governor of the Securities Supervisory Board. However, in the event of the performance of the investigation under Article 23, the Governor shall be presumed the governor of the Banking Supervisory Authority, the Securities Supervisory Board, the Insurance Supervisory Board or the Non bank Supervisory Authority, which supervises the relevant originator; otherwise it means the governor of the Securities Supervisory Board. ADDENDUM (May 21, 1999) This Regulation shall be effective on May 24,

21 ADDENDUM (August 6, 1999) This Regulation shall be effective on August 7, ADDENDUM (April 28, 2000) This Regulation shall be effective on April 29, ADDENDUM (June 23, 2000) This Regulation shall be effective on June 24, ADDENDUM (December 29, 2000) This Regulation shall be effective on the date of its promulgation. ADDENDUM (January 3, 2003) This Regulation shall be effective on the date of its promulgation. ADDENDA (December 31, 2003) Article 1. (Effective Date) 21

22 This Regulation shall be effective on the date of its promulgation. Article 2. (Application Examples) The amended provisions of Article 7 shall apply from the Application for Registration of ABS Plan to be filed after the effective date of this Regulation. ADDENDA (March 5, 2004) Article 1. (Effective Date) This Regulation shall be effective on the date of its promulgation. Article 2. (Application Examples) This Regulation shall apply from the application for registration of the Mortgage Backed Securitization Plan to be filed after the effective date of this Regulation. ADDENDUM (October 10, 2006) This Regulation shall be effective on the date of its promulgation. ADDENDUM (March 28, 2008) This Regulation shall be effective on the date of its announcement. 22

23 ADDENDUM (February 4, 2009) This Regulation shall be effective on February 4, ADDENDUM (August 26, 2009) This Regulation shall be effective on the date of its announcement. 23