Study On Legal Regulation Of Information Disclosure Of Asset Securitization

The information disclosure of assets-backed securitization is the guarantee of the market security and impartiality, is the breakthrough point of the asset-backed securitization, is the guarantee of protecting the legitimate interest of investors. Because of lack of sufficient experience, asset-backed securitization of our country begins its projects by pilot, and in practice, exposes many problems. So in this paper, based on the subprime mortgage crisis, it is a new trend for people to find the problems of information disclosure of asset-backed securitization and summarize some experience. According to the shortage of legal regulation in information disclosure of asset-backed securitization in our country, the legal suggestions are put forward to improve information disclosure of asset-backed securitization. Due to the complexity of asset-backed securitization, it will not only discuss its information disclosure, but also research and investigate its relevant legal regulation, meanwhile, according to the status quo of asset-backed securitization, make a suggestion.It divides into four parts:The first part is"pose a problem". It analyzes significance of information disclosure of asset-backed securitization in the subprime mortgage crisis, starting from the eruption of the subprime mortgage crisis, and finds problems on information disclosure the subprime mortgage crisis.The second part is"the characteristics and its theoretic foundation of information disclosure legal regulation of asset-backed securitization". First of all, it analyzes the difference between information disclosure of asset-backed securitization and traditional stock information disclosure, and sum up the characteristics; then cards the theories of information disclosure in order to pave the way of the following parts.The third part is"the status quo and existing problems of information disclosure legal regulation of asset-backed securitization". Through the analysis of law systems of information disclosure legal regulation of asset-backed securitization; it summarizes some problems on information disclosure, which concludes: there is the conflict between financial privacy and information disclosure; civil liability system is not perfected; the way of information disclosure falls behind; securities regulatory are dependent; and the system of protecting financial consumers is not perfected. The fourth part is"the legal suggestions of improving information disclosure legal regulation of asset-backed securitization". At the background of specific national conditions, it put forward some legal suggestions: perfect balance system between information disclosure and confidentiality obligation; build a solid effective risk information disclosure mechanism; perfect credit evaluation mechanism; perfect the supervision of the information disclosure of assets-backed securitization; and perfect the interest protection system of financial consumers.