| This paper aims at approaching the fundamental theories and mechanism of Assets-Backed Securitization supervision regarding the point of law, so as to probe into the question on how to organize the legal system of Assets-Backed Securitization supervision in China. After China's accession to WTO, it is very beneficial to discuss the originality innovation of Asset-Backed Securitization especially its development in China in the era of financial innovation. However, most the legal studies regarding Asset-Backed Securitization in recent days belongs to the experiences borrowed from the research achievements of economics. In this case, most concepts of it focus on the analysis of legal relationship, few on risk countermeasures, and even no on the researches of supervision. There are both positive aspects and negative effects brought forth by Asset-Backed Securitization, a kind of financial innovation. The legal studies of Asset-Backed Securitization should begin with the following two aspects: on one hand, to get rid of the systemic obstacles so as to improve the effectiveness of Asset-Backed Securitization and to promote the development of Asset-Backed Securitization; on the other hand, to pay more attention to the construction of laws and regulations so as to prevent and settle the risks of Asset-Backed Securitization. With the increasing development of Asset-Backed Securitization, China has to adjust original laws and carry out some legislative measurements regarding Asset-Backed Securitization as well so as to adapt the requirements of the Asset-Backed Securitization development, in which one of the most important aspects is how to supervise the Asset-Backed Securitization. In the process of supervising Asset-Backed Securitization, not only the establishment of supervision organizations but also the acquisition and exercise of supervision powers and authorities should depend on laws, and the participators from all parties should follow the regulations and guidance of laws. Relying on the theories of laws and finance, based on the theories and practices of Asset-Backed Securitization supervision of modern western countries whose finance is better developed, and by using the method of combining theories with reality, this paper discusses the legal supervision of Asset-Backed Securitization and presents some suggestions on how to consummate related legislations in China. One of the innovation points of this paper is to illustrate the necessities of studying legal supervision of Asset-Backed Securitization based on both reality and history, beginning with the historical evolution of finance innovation and supervision relationship. Asset-Backed Securitization broke the crucial ground of finance supervision, experiencing the transition period from "supervised" to "free". The theoretical principles can also be used to explain the legal supervision of Asset-Backed Securitization owing to the fact that there are sometimes market malfunctions in the operation of Asset-Backed Securitization. The legal supervision of Asset-Backed Securitization should follow the developing trend of finance supervision and pay equal attention to "free" and "supervised", "safety" and "efficiency" to carry out the supervision. In microscopic approach, the investor is probably to encounter risks from many aspects in the process of Asset-Backed Securitization, mainly including fraudulent risk, credit risk and securitization risk. Although the participators of all parties can eliminate or reduce the risks by agreement between two or among more parties, it is necessary for the supervision authorities to carry out related laws and regulations to regulate and restrict every party's action. The Asset-Backed Securitization aims at multi-layer levels. Whether to strengthen or slacken the legal supervision of Asset-Backed Securitization supervision can reflect the indeterminacy of selected supervision objects.This paper carries out comparative research on the supervision of Asset-Backed Securitization activities of USA... |
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