Study Of Credit Asset Securitization Legal Issues

Asset-backed securitization originated in the 20th century 70 years at the United States, it is a major financial innovation. Asset-backed securitization as a new financial tools and a mode of financing,those asset with lack of liquidity, but with the future cash flows can make a combination of the asset pool, then pool the assets generated cash flow as a support issue in the capital markets securities in circulation, so as to achieve improved asset liquidity, risk transfer purposes.Commercial bank loan asset-backed securitization refers to the asset lack of liquidity, but with future cash flow of income as an asset pool, and as a basis for issuance of securities. Asset-backed securitization will help commercial bank to transfer credit risk and improve liquidity of assets, and other functions, therefore, it is a modern asset management, liquidity management and risk management technologies in commercial bank.Asset-backed securitization as a financial innovation is bound to promote the relevant financial system and legal innovation. The development of asset securitization in China experienced roughly two stages. First stage before 2005, the domestic from theory to practice asset-backed securitization sector have carried out an active exploration, issued a number of offshore asset securitization products. The second stage is from after 2005, as China's Banking Regulatory Commission, the Central Bank, Ministry of Finance, Ministry of Construction and other agencies, issued a series of asset securitization pilot management laws and regulations, China began a real sense of the asset-backed securitizationChina's asset-backed securitization process of development, but also of its legal system related to the creation process, as well as their interaction process. The legal system in the process of asset securitization plays an important norms and protection. The legal system pervades every aspect of asset securitization is playing an important role. For this reason, in order to promote the development of our asset-backed securitization development and improvement of the legal system, this paper carried out the following studies: First, to introduce the basic concept of asset securitization and theory to clarify topics of this article the background and research significance. Secondly, by reviewing the development of China's asset securitization process and the status quo, analysis of China's asset securitization facing the development of the major legal obstacles. Then, through the China's first MBS and ABS analysis, further analysis of China's development of the legal basis for asset-backed securitization and its problems. Finally, the status quo of China's asset securitization, move at the level of the relevant policy recommendations.Studies have shown that, based on risk control and the promotion of equity securities of the development needs of our country should further improve the process of asset securitization SPV legislation, and involves intermediary institutions (such as credit rating agencies) and tax aspects of the legal system .