March 25, 1991
RULES ON THE REGISTRATION AND SALE OF ASSET-BACKED SECURITIES
Pursuant to Presidential Decree No. 902-A, the Revised Securities Act and other existing applicable laws, the Securities and Exchange Commission hereby promulgates the following rules governing the registration and sale of Asset-Backed Securities in the interest of full disclosure and protection of investors.
SECTION 1. Scope. —
These Rules shall apply to the issuance and sale of Asset-Backed Securities. prcd
SECTION 2. Definition of Terms. —
For purposes of these Rules, the following definitions shall apply:
a) "Assets" shall mean loans and receivables originated in the ordinary course of business of a corporation, including but not limited to mortgage loans, personal loans, lease receivables, trade receivables, and other similar financial assets.
b) "Asset-Backed Securities" shall mean trust certificates issued by a trust created pursuant to the Rules representing undivided ownership interests in the Assets forming the Asset Pool.
(c) "Asset Pool" shall mean a group of physically segregated or otherwise particularly identified Assets originally owned by the Originator, conveyed to, held, and owned by the Issuer.
(d) "Custodian Bank" shall mean a duly...
