Research On The Legal Problems Of The Securitization Mechanism Of Asset Securitization

Asset securitization is an important financial field of structured finance innovation,originally developed in the United States. As China's financial system gradually perfected and related regulations, asset securitization is also more and more financiers and investors.Although our country has promulgated a series of regulations and policies, because of the whole financial system is not perfect,there are still a lot of operational problems in theory and practice of the asset securitization that produces in the foreign system, especially the bankruptcy isolation system.The Bankruptcy Remoteness mechanism is the core of asset securitization, which includes two aspects: one is the separation of the basic assets from the bankruptcy risk of the initiator (original owner), and the other is the isolation of the special purpose vehicle (SPV) itself.This requires the transfer of basic assets to achieve a "real sale",the assignment of the underlying assets of the special purpose vehicle (SPV) should be away from the legal risk of bankruptcy. However, there is no legal standard of "real sale" in our country at present. In the transfer of basic assets, the sponsors (original owners) Carrier (SPV)special asset management plan does not have the legal subject qualification, it is difficult to achieve the requirements of bankruptcy isolation mechanism.. China should establish the standard of "real sale" of basic assets,change the effective way of creditor 's right assignment in asset securitization, establish legal subject qualification of SPT, and establish special purpose company (SPC) system. Therefore, this article use the foreign real sale and special purpose carrier of legislation experience to complete the in-depth study, in order to seek solutions to solve existing problems in China.