Forfaiting – 考试.net

11.5.9 Forfaiting II

规则：URF 800
福费廷交易主要纳入了福费廷国际商会第800号出版物（URF）的统一规则，其中规定了审查文件的有限追索权制度和标准。使用URF的旨在实现真正销售的会计处理。
Forfaiting transactions in the main incorporate the Uniform Rules for Forfaiting ICC Publication 800 (URF), which sets out, among other things, a limited recourse regime and standards for examining documents. Sales using the URF are designed to achieve true‑sale accounting treatment.

基于事务的解决方案 Transactional‑based solution
金融工具的使用以及所融资的付款义务与基础商业合同之间的明确区别，使这在适当的情况下成为有效的解决方案。与基于流量的金融相比，福费廷更适合交易金融，可以说是一种非常传统的贸易融资产品。它证明了纳入供应链金融技术家族是合理的，因为它通常被视为未平账应收账款融资解决方案的更强大的替代方案，也是信用证的可交易替代方案。
The use of financial instruments and the clear distinction between the payment obligation being financed and the underlying commercial contract make this an effective solution in the right circumstances. Better suited to transactional finance than flow‑based finance, forfaiting is arguably a very traditional trade finance product. It justifies inclusion within the family of supply chain finance techniques because it is often seen as a more robust alternative to an open‑account receivables finance solution and a tradable alternative to a letter of credit.

客户适用特征：
Forfaiting is an effective solution for clients whose businesses exhibit the following characteristics:
1.商品或服务以180天至几年的延期付款条件出售
goods or services are sold on deferred payment terms between 180 days and several years;
2.单次交易价值很高（例如超过100，000美元）
individual transactions are of high value (eg in excess of USD100,000); and
3.每笔交易都需要单独融资
each transaction needs to be financed on an individual basis.

典型客户-Typical clients
In addition, clients seeking to use forfaiting to finance receivables are likely to be:
1. 涉及指定阶段付款的合同
involved in contracts that specify stage payments;
2.在新兴市场或困难市场中与客户进行交易
trading with customers in emerging or difficult markets; and/or
3.在中端市场和主要企业部门，而不是中小企业部门。
in the mid‑market and major corporate segments rather than the SME segment.

福费特人可能准备将资产保留在他们的账簿上直到到期，但如果这对他们没有吸引力，他们可以在二级市场上出售付款义务。在真实销售的基础上分配资产（即出售）的能力是福费廷的内在特征。
The forfaiter may well be prepared to hold the asset on their books until maturity but, if this is not attractive to them, they can sell the payment obligation in the secondary market. The ability to distribute the asset (ie sell it) on a true‑sale basis is an intrinsic feature of forfaiting.

Benefits to sellers
卖方能够加速收取基于延期付款条件出售给客户的货物或服务的应收账款。卖方在出售金融时获得贴现收益将付款义务转让给forfaiters或转移给forfaiters，而不必等到现金到期日。
Sellers are able to accelerate their receivables in respect of goods or services sold to customers on deferred payment terms. The seller receives discounted proceeds when they sell the financial instrument or transfer the payment obligation to forfaiters, rather than having to wait until the due date for their cash.

资产负债表外和无追索权 Off balance sheet and non‑recourse
这是一种资产负债表外解决方案，在无追索权的基础上提供融资。买方的付款义务融资的基础，这一义务独立于商业合同下的权利和义务。这意味着，一旦他们发出了付款义务，即使他们有合法理由由于卖方所称的合同违约而扣留商业合同下的付款，买方也有义务付款。
This is an off‑balance‑sheet solution with finance provided on a non‑recourse basis. The buyer’s payment obligation is the vehicle for the provision of finance and this obligation is independent of the rights and obligations under the commercial contract. This means that, once they have issued the payment obligation, the buyer is obliged to pay even if they have legitimate grounds to withhold payment under the commercial contract due to alleged contractual default by the seller.

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11.5.9 Forfaiting I

定义：
This technique is described in the standard definitions as follows:
福费廷是应收款购买的一种形式，包括无追索权购买以金融票据或付款义务（通常为可转让或可转让形式）所代表的未来付款义务，以折扣价或面值换取融资费用。
“Forfaiting is a form of receivables purchase, consisting of the without recourse purchase of future payment obligations represented by financial instruments or payment obligations (normally in negotiable or transferable form), at a discount or at face value in return for a financing charge.”
(GSCFF, 2016, p34)
福费廷历来被用来为主要资本货物的出口提供资金，期限为五到七年。通常，付款条件将规定在最初的宽限期之后开始，每半年一次分期付款。这些定期付款义务将由一系列期票(本票)证明，其到期日与付款时间表相匹配。最近，福费廷已被用于解决短期营运资金需求，期限短至六个月。
Forfaiting was historically used to finance the export of primarily capital goods with tenors of five to seven years. Often, the payment terms would specify stage payments on, perhaps, a semi‑annual basis starting after an initial grace period. These regular payment obligations would be evidenced by a ‘bundle’ of promissory notes bearing maturity dates that matched the payment schedule. More recently, forfaiting has been used to address short‑term working capital requirements with tenors as short as six months.

福费廷交易不同于其他形式的应收款购买，因为融资提供人是根据可接受的工具和付款义务提供资金的，其中可能包括
Forfaiting transactions differ from other forms of receivables purchase as the finance provider is providing funding against an acceptable instrument and payment obligation, which may include a:
1.汇票bill of exchange;
2.期票promissory note;
3.信用证项下的延期付款承诺
deferred payment undertaking under a letter of credit;
4.应收账款（前提是有可接受的票据和付款义务证明）。
receivable (provided it is evidenced by an acceptable instrument and payment obligation).

金融工具或付款义务可能由第三方担保，也可能不由第三方担保。对于汇票或本票，银行可以通过在票据本身中增加其担保（保函）来分别担保接受人或发行人的承诺。或者，银行可签发单独的担保或备用信用证，承诺在票据到期时被拒付时向票据持有人付款。
The financial instrument or payment obligation may or may not be guaranteed by a third party. With a bill of exchange or promissory note, a bank may guarantee the undertaking of the acceptor or issuer respectively by adding its aval (guarantee) to the instrument itself. Alternatively, the bank may issue a separate guarantee or standby letter of credit by which it commits to pay the holder of the instrument should it be dishonoured at maturity.

标签：Forfaiting

CITF-学习笔记（11.5.9 Forfaiting II）

11.5.9 Forfaiting II

CITF-学习笔记（11.5.9 Forfaiting I）

11.5.9 Forfaiting I