Alt-A positions 我找了好久也找不到，只找到個英文版的
/blog/2008/03/05/11373/those-ubs-asset-sale-rumours/
參考
第壹章 總則
Chapter I General Principles
第壹條 為了規範套期保值的確認和計量，根據《企業會計準則--基本準則》，制定本準則。
Article 1 These Standards are formulated in accordance with the Accounting Standards for Enterprises - Basic Standards for the purpose of regulating the recognition and measurement of the hedging.
第二條 套期保值（以下簡稱套期），是指企業為規避外匯風險、利率風險、商品價格風險、股票價格風險、信用風險等，指定壹項或壹項以上套期工具，使套期工具的公允價值或現金流量變動，預期抵銷被套期項目全部或部分公允價值或現金流量變動。
Article 2 The term " hedging" refers to one or more hedging instruments which are designated by an enterprise for avoiding the risks of foreign exchange, interest rate, commodity price, stock price, credit and etc., and which is expected to make the changes in fair value or cash flow of hedging instrument(s) to offset all or part of the changes in the fair value or cash flow of the hedged item.
第三條 套期分為公允價值套期、現金流量套期和境外經營凈投資套期。
Article 3 The hedging are classified into fair value hedging, cash flow hedging, and net investment hedging in an overseas operation.
（壹）公允價值套期，是指對已確認資產或負債、尚未確認的確定承諾，或該資產或負債、尚未確認的確定承諾中可辨認部分的公允價值變動風險進行的套期。
(1)A fair value hedging refers to a hedging of the risk to changes in the fair value of a recognized asset or liability or a previously unrecognized firm commitment, or to changes in the identifiable portion of the fair value of a recognized asset or liability or a previously unrecognized firm commitment.
該類價值變動源於某類特定風險，且將影響企業的損益。
Such changes in value are attributable to a particular risk and could affect enterprise' profit or loss.
（二）現金流量套期，是指對現金流量變動風險進行的套期。該類現金流量變動源於與已確認資產或負債、很可能發生的預期交易有關的某類特定風險，且將影響企業的損益。
(2)A cash flow hedging refers to a hedging of the risk to changes in cash flow. Such changes in cash flow are attributable to a particular risk related to a recognized asset or liability or a highly probable forecast transaction and could affect enterprise' profit or loss.
（三）境外經營凈投資套期，是指對境外經營凈投資外匯風險進行的套期。境外經營凈投資，是指企業在境外經營凈資產中的權益份額。
(3)A net investment hedging in an overseas operation refers to hedging of the foreign exchange risk arising from net investment in an overseas operation. The "net investment in an overseas operation" refers to an enterprise' equity of rights and interests in the net assets in an overseas operation.
第四條 對於滿足本準則第三章規定條件的套期，企業可運用套期會計方法進行處理。
Article 4 For a hedging which satisfies the conditions as prescribed in Chapter III of these Standards, the enterprise may deal with it through the hedging accounting method.
套期會計方法，是指在相同會計期間將套期工具和被套期項目公允價值變動的抵銷結果計入當期損益的方法。
The " hedging accounting method" shall refer to a method to record the result of offsetting the hedging instrument and the changes of the fair value of the hedged item.
第二章 套期工具和被套期項目
Chapter II Hedging Instruments and Hedged Items
第五條 套期工具，是指企業為進行套期而指定的、其公允價值或現金流量變動預期可抵銷被套期項目的公允價值或現金流量變動的衍生工具，對外匯風險進行套期還可以將非衍生金融資產或非衍生金融負債作為套期工具。
Article 5 The term "hedging instrument" shall refer to a derivative instrument which is designated by an enterprise for hedging and by which it is expected that changes in its fair value or cash flow can offset the changes in fair value or cash flow of the hedged item. For a hedging of foreign exchange risk, a non-derivative financial asset or non-derivative financial liability may be used as a hedging instrument.
第六條 企業在確立套期關系時，應當將套期工具整體或其壹定比例（不含套期工具剩余期限內的某壹時段）進行指定，但下列情況除外：
Article 6 To establish the hedging relationship, an enterprise shall designate all or certain proportion of the hedging instruments (excluding a certain time period within the residual time limit of the hedging instrument), but with the exception of the following circumstances:
（壹）對於期權，企業可以將期權的內在價值和時間價值分開，只就內在價值變動將期權指定為套期工具；
(1)For an option, the enterprise may separate the intrinsic value from the time value of the option and merely designate the option as a hedging instrument based on the changes of its intrinsic value; and
（二）對於遠期合同，企業可以將遠期合同的利息和即期價格分開，只就即期價格變動將遠期合同指定為套期工具。
(2)For a forward contract, the enterprise may separate the interest from the spot price of a forward contract and merely designate the forward contract as a hedging instrument based on the changes of spot price.
第七條 企業通常可將單項衍生工具指定為對壹種風險進行套期，但同時滿足下列條件的，可以指定單項衍生工具對壹種以上的風險進行套期：
Article 7 Generally an enterprise may designate a single derivative instrument as a hedging for one kind of risk, but if the following conditions are met at the same time, it may designate a single derivative instrument as a hedging for one or more kinds of risks:
（壹）各項被套期風險可以清晰辨認；
(1)All risks to be hedged are clear and identifiable;
（二）套期有效性可以證明；
(2)The effectiveness of hedging may be proved; and
（三）可以確保該衍生工具與不 同風險頭寸之間存在具體指定關系。
(3)It can insure that there is a specific specifying relationship between the derivative instrument and different risk positions.
套期有效性，是指套期工具的公允價值或現金流量變動能夠抵銷被套期風險引起的被套期項目公允價值或現金流量變動的程度。
The "effectiveness of hedging" shall refer to the extent that the changes in the fair value or cash flow of a hedging instrument may offset the changes resulted from the hedging risks in the fair value or cash flow of a hedged item.
第八條 企業可以將兩項或兩項以上衍生工具的組合或該組合的壹定比例指定為套期工具。
Article 8 An enterprise may designate a combination of two or more derivative instruments or a certain proportion of such a combination as a hedging instrument.
對於外匯風險套期，企業可以將兩項或兩項以上非衍生工具的組合或該組合的壹定比例，或將衍生工具和非衍生工具的組合或該組合的壹定比例指定為套期工具。
For a foreign exchange hedging, the enterprise may designate a combination of two or more non-derivative instruments or a certain proportion of such a combination, or a combination of derivative instrument(s) and non-derivative instrument(s) or a certain proportion of such a combination as a hedging instrument.
對於利率上下限期權或由壹項發行的期權和壹項購入的期權組成的期權，其實質相當於企業發行的壹項期權的（即企業收取了凈期權費），不能將其指定為套期工具。
For a collar option, or for an option composed of an issued option and a purchased option, if its essential is equivalent to an option issued by the enterprise (that is to say, the enterprise charges for the net option), the enterprise cannot designate it as a hedging instrument.
第九條 被套期項目，是指使企業面臨公允價值或現金流量變動風險，且被指定為被套期對象的下列項目：
Article 9 The "hedged item" shall refer to the following items which make an enterprise faced to changes in fair value or cash flow and are designated as the hedged objectives:
（壹）單項已確認資產、負債、確定承諾、很可能發生的預期交易，或境外經營凈投資；
(1)A single recognized asset, liability, firm commitment, highly probable forecast transaction, or a net investment in an overseas operation;
（二）壹組具有類似風險特征的已確認資產、負債、確定承諾、很可能發生的預期交易，或境外經營凈投資；
(2)A group of recognized assets, liabilities, firm commitments, highly probable forecast transactions, or net investments in overseas operations with similar risk characteristics; and
（三）分擔同壹被套期利率風險的金融資產或金融負債組合的壹部分（僅適用於利率風險公允價值組合套期）。
(3)A portion of the portfolio of financial assets or financial liabilities that share the risk of interest rate of the same hedged (only applicable to a portfolio of hedging in the fair value of interest rate risk).
確定承諾，是指在未來某特定日期或期間，以約定價格交換特定數量資源、具有法律約束力的協議。
The "firm commitment" shall refer to an agreement with legal control force regarding the exchange of a particular number of resources at the stipulated price on a specific future date or in a specific future period.
預期交易，是指尚未承諾但預期會發生的交易。
The "forecast transaction" shall refer to a transaction for which no commitment is made, but which is expected to occur.
第十條 被套期風險是信用風險或外匯風險的，持有至到期投資可以指定為被套期項目。
Article 10 If the hedged risk is a credit risk or foreign exchange risk, the held-to-maturity investment may be designated a hedged item.
被套期風險是利率風險或提前還款風險的，持有至到期投資不能指定為被套期項目。
If the hedged risk is an interest rate risk or risk of repayment ahead of the schedule, the held-to-maturity investment shall not be designated as a hedged item.
第十壹條 企業集團內部交易形成的貨幣性項目的匯兌收益或損失，不能在合並財務報表中全額抵銷的，該貨幣性項目的外匯風險可以在合並財務報表中指定為被套期項目。
Article 11 If the exchange gain or loss of any monetary item formed by an intra-group transaction of an enterprise is unable to be fully offset in the consolidated statements, the foreign exchange risk of this monetary item may be designated as a hedged item in the consolidated financial statements.
企業集團內部很可能發生的預期交易，按照進行此項交易的主體的記賬本位幣以外的貨幣標價（即按外幣標價），且相關的外匯風險將影響合並利潤或損失的，該外匯風險可以在合並財務報表中指定為被套期項目。
For a highly probable forecast intra-group transaction of an enterprise, if its price is denominated in a currency other than the functional currency of the subject entering into that transaction (that is to say, its price is denominated in an overseas currency) and if the relevant foreign exchange risk will affect consolidated financial statements, such foreign exchange risk may be designated as a hedged item in the consolidated financial statements.
第十二條 對於與金融資產或金融負債現金流量或公允價值的壹部分相關的風險，其套期有效性可以計量的，企業可以就該風險將金融資產或金融負債指定為被套期項目。
Article 12 For a portion of the risk relating to the cash flow or fair value of a financial liabilities or financial asset, if the effectiveness of hedging may be measured, the enterprise may, based on the risk, designate financial asset or financial liability as a hedged item.
第十三條 在金融資產或金融負債組合的利率風險公允價值套期中，可以將某貨幣金額（如人民幣、美元或歐元金額）的資產或負債指定為被套期項目。
Article 13 In the matter of a hedging in fair value of the interest rate risk of a portfolio of financial assets or financial liabilities, an asset or liability denominated in a certain currency (such as RMB, US dollar or Euro dollar) may be designated as a hedged item.
第十四條 企業可以將金融資產或金融負債現金流量的全部指定為被套期項目。
Article 14 An enterprise may designate all of the cash flows of a financial asset or financial liability as a hedged item.
但金融資產或金融負債現金流量的壹部分被指定為被套期項目的，被指定部分的現金流量應當少於該金融資產或金融負債現金流量總額。
However, if only a portion of the cash flows of a financial asset or financial liability is designated as a hedged item, the designated portion shall be less than the total amount of the cash flows of the financial asset or financial liability.
第十五條 非金融資產或非金融負債指定為被套期項目的，被套期風險應當是該非金融資產或非金融負債相關的全部風險或外匯風險。
Article 15 Where a non-financial asset or non-financial liability is designated as a hedged item, the hedged risk shall be all risks or foreign exchange risks pertinent to this non-financial asset or non-financial liability.
第十六條 對具有類似風險特征的資產或負債組合進行套期時，該組合中的各單項資產或單項負債應當同時承擔被套期風險，且該組合內各單項資產或單項負債由被套期風險引起的公允價值變動，應當預期與該組合由被套期風險引起的公允價值整體變動基本成比例。
Article 16 With regard to a hedging by the portfolio of assets or liabilities with similar risk characteristics, each single asset or liability among the portfolio shall undertake the hedged risk simultaneously, and the changes in fair value of each single asset or liability in the portfolio resulted from the hedged risk shall, by and large, be expected in proportion to the holistic changes in the fair value of the portfolio resulted from the hedged risk.
第三章 套期確認和計量
Chapter III Recognition and Measurement of Hedging
第十七條 公允價值套期、現金流量套期或境外經營凈投資套期同時滿足下列條件的，才能運用本準則規定的套期會計方法進行處理：
Article 17 Where a fair value hedging, cash flow hedging or a hedging of net investment in an overseas operation satisfies the following conditions simultaneously, it may be dealt with through the hedging accounting method as prescribed in these Standards:
（壹）在套期開始時，企業對套期關系（即套期工具和被套期項目之間的關系）有正式指定，並準備了關於套期關系、風險管理目標和套期策略的正式書面文件。
(1)At the commencement of the hedging, the enterprise shall specify the hedging relationship formally (namely the relationship between the hedging instrument and the hedged item) and prepare a formal written document on the hedging relationship, risk management objectives and the strategies of hedging.
該文件至少載明了套期工具、被套期項目、被套期風險的性質以及套期有效性評價方法等內容。
This document shall at least specify the contents of hedging instrument, the hedged item, the nature of the hedged risk and the method for the effectiveness assessment of the hedging and etc..
套期必須與具體可辨認並被指定的風險有關，且最終影響企業的損益。
The hedging shall be relevant to the designated specific identifiable risk, and will ultimately affect the profits and losses of the enterprise.
（二）該套期預期高度有效，且符合企業最初為該套期關系所確定的風險管理策略。
(2)The hedging expectation is highly efficient and meets the risk management strategy, which is confirmed for the hedging relationship by enterprise at the very beginning.
（三）對預期交易的現金流量套期，預期交易應當很可能發生，且必須使企業面臨最終將影響損益的現金流量變動風險。
(3)For a cash flow hedging of forecast transaction, the forecast transaction shall be likely to occur and shall make the enterprise faced to the risk of changes in cash flow, which will ultimately affect the profits and losses.
（四）套期有效性能夠可靠地計量。
(4)The effectiveness of hedging can be reliably measured.
（五）企業應當持續地對套期有效性進行評價，並確保該套期在套期關系被指定的會計期間內高度有效。
(5)An enterprise shall continuously evaluate the effectiveness of hedging and ensure that this hedging is highly effective in accounting period in which the hedging relationship is specified.
第十八條 套期同時滿足下列條件的，企業應當認定其為高度有效：
Article 18 If a hedging satisfies the following conditions simultaneously, the enterprise shall recognize it as being highly efficient:
（壹）在套期開始及以後期間，該套期預期會高度有效地抵銷套期指定期間被套期風險引起的公允價值或現金流量變動；
(1)At the beginning and in subsequent periods of a hedging, this hedging expectation shall be highly effective in offsetting the changes in the fair value or cash flows caused by the hedged risk during the specified periods;
（二）該套期的實際抵銷結果在80%至125%的範圍內。
(2)The hedging 's actual offset results are within a range of 80% to 125%.
第十九條 企業至少應當在編制中期或年度財務報告時對套期有效性進行評價。
Article 19 An enterprise shall at least evaluate the hedging effectiveness when formulating medium-term or annual financial statements.
第二十條 對利率風險進行套期的，企業可以通過編制金融資產和金融負債的到期時間表，標明每期的利率凈風險，據此對套期有效性進行評價。
Article 20 For a hedging of interest rate risk, the enterprise shall, by formulating the maturity timetable of financial assets and financial liabilities, mark out the net risk of interest rate for each period and evaluate the hedging effectiveness accordingly.