Overview
Under the Custody of Specific Asset Scheme (SAS) Managed by Securities Company, the securities company sets particular investment targets and provides specific asset management services based on specific requirements and particulars of the assets of customers, while ABC acts as the custodian to keep the specific assets safe and protects the interest of customers in accordance with the contract.
Features
By introducing the third-party custodian (usually a bank) into the SAS, this service enables the division between investment management and asset safekeeping, facilitates the protection of assets under management and the supervision over investment activities of the securities company, and therefore safeguards the interest of customers. The custodian is responsible for safekeeping of assets, accounting, funds clearing, investment supervision and information disclosure.
This service is offered to corporate customers for the securitization of corporate assets. ABC has proven expertise in and a talented team for SAS custodian services. Cases from the past include the SAS of the Lancang River Hydropower Station Revenue of China Huaneng Group.
Procedures
1. The securities company signs the SAS Custody Agreement with ABC.
2. The securities company sells the SAS, once approved by relevant authorities, and the investors participate in the SAS.
3. The placement of the SAS is closed, and the proceeds are credited to the separate custodian account for SAS.
4. ABC performs the safekeeping of assets, funds clearing, accounting, investment supervision and information disclosure during the term of the SAS.
Application Channels
The Custody Department of ABC
Tips
As a custodian of the SAS managed by the securities company, ABC performs the custodian obligations under the custody contract but does not warrant or guarantee the safety of or any prospective returns on the principal.
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