On Legal Issues Of Asset Securitization

Asset securitization is a structured financing ways that comes out from U.S.A in 1970s. It has developed very fast and been adopted by many countries.Since 1996, several successful operations have been carried out oversea by mainland enterprise, Almost meanwhile, other operations in mainland cannot succeed in China. Why can mainland enterprise carried successfully out the operations oversea but cannot in mainland? The article think the main reason is that legal system gives assets securitization much obstruction in China.The article investigated three key taches : the structuring of SPV, the legal standards of "true sale" and the issuance of (ABS)(the former tache's purposes is risk-remote) of Asset Securitization from law point of view. On the basis the analyzing the mature theories and successful experiences of Asset Securitization overseas(mainly U.S.A, England and Japan), the article pointed out the law obstructions in implementing in China: There are many difficulties utilizing company, trust and limited-partnership to construct the SPV and no provisions about the "true sale"; the ABS cannot accord to the "securities" of Securities Law and so on.Aiming at the law obstructions, the article think government should help and even take part in the exchange, the legislature should amend and supplement the relevant law, constitute the special securitization code which stipulate clearly the law position of SPV and ABS, the criteria of "true sale", regulate the investment limit of organ investment, the establishing of credit appraise system and so on.