Legal Studies On Bankruptcy Remote In Asset Securitization

Asset securitization, as an important financial innovation in financial sector, first arose in the United States. With the promulgation of China’s financial system and the gradual improvement of relevant laws and regulations, asset securitizations have attracted more and more attention of investors. Although our country has promulgated series of laws and policies on asset securitization, due to the overall imperfect financial system, there are still many problems exist in asset securitization especially the bankruptcy isolation system. This article is based on these issues, particularly the bankruptcy remote system, and obtain more in-depth understanding and improvement of our asset securitization system.This dissertation is divided into three parts:introduction, body and conclusion. The introduction mainly describes the background and significance of this dissertation. Body part is divided into five chapters.The first chapter is the leading of this dissertation. The author selected a securitization case of Haiyin Corporation in 2014. Although the evaluation of this case is high, after reading relevant documents with deep thinking, the author find out some unsolved problem and will analyze in the chapter after.The second chapter is a brief introduction of asset securitization, the first part of this introduced the origination of asset securitization. The development of asset securitization experience from traditional securitization to synthetic securitization, while gradually differentiate into sheet mode "American model" and table mode "European model". This dissertation will focus on the "American Model" only. The second part of this chapter mainly introduce the definition of asset securitization and enumerate opinions of Gardener, the Securities and Exchange Commission, the Organization for Economic Co-operation and Development etc. Finally shows the transaction process of traditional type of asset securitization.The author uses the generalized concept of bankruptcy isolation and divided this chapter in two parts. The first part is mainly about the real sale, in other words the bankruptcy of the originator. The second part is the bankruptcy of SPV. In the first part, the author first introduces the American judicial practice and the accounting standards of the real sale. And then introduces the standard of real sale in china combined with the laws and regulations of China. The second part is bankruptcy of SPV. The author mainly analyze the laws and regulations on the isolation of bankruptcy in our country. The main form of special purpose vehicle in China is trust and specific asset management plan at present. The author combined "Trust Law" with "China CBRC provisions on the Transfer of Credit Assets and Credit Asset Management Business Related Matters Notice", "Measures for the Administration of Trust Companies", "Contract Law", "Property Law", "Bankruptcy Law" and other regulations, analyze and explore the present problem in asset securitization, especially the conflicts between different departments of laws. As for specific asset management plan, the author analyze the provisions of "securities companies and fund management subsidiary asset securitization business management provisions" published in late 2014, and overthink the effect of this document.In the fourth chapter the author bring some thoughts about the building of our country’s bankruptcy system. Our bankruptcy isolation is mainly into two parts, one is isolation from the client, the other is the construction of SPV. The author would combined with some cases including Haiyin and Suning asset securitization and give some suggestions.The fifth chapter is the conclusion, with the analysis under the macro perspective, the development of Chinese asset securitizations relevant closely to the improvement of financial system and credit level.