Research On Legal Issues In Regulation Of Credit Asset Securitization Information Disclosure

Securitization of credit assets originated in the United States in the late 1960 s.As a financial innovation,the securitization of credit assets will directly indirect financing and build a bridge between bank credit and market credit.In 2008,the US subprime mortgage crisis evolved into a global financial crisis.Various drawbacks in the operation of credit asset securitization emerged.The amplification of systemic risks poses a challenge to the functional regulatory model.The complexity of structural design successfully conceals the originalities.The hidden risks of assets and the incomplete information disclosure system make investors relax their vigilance and cause huge losses.The root cause of rethinking the subprime mortgage crisis lies in the absence of financial supervision.Its most direct manifestation is the inaccuracy,inadequacy,and timeliness of information disclosure.Based on this,countries with higher levels of asset securitization have issued a series of laws to improve the supervision of financial innovations such as asset securitization by improving the information disclosure system,so as to achieve the goal of protecting financial investors.The information disclosure system is the foundation of credit asset securitization and even the entire securities market.A complete information disclosure system is an integral part of the prevention process.Financial innovation has always been accompanied by financial supervision.In the absence of supervision,the existence of problems such as information asymmetry will lead to distortions,making it impossible for investors to accurately estimate the true value of the underlying assets through accurate signals,thus causing the legitimate rights and interests of investors to suffer.damage.Therefore,it is necessary to base on China's current legal system concerning the disclosure of information on the securitization of credit assets,absorb and learn from the existing practices and experiences of developed countries,and establish a sound information disclosure supervision system for credit asset securitization,in order to prevent the repetition of the subprime mortgage crisis.Last night.This article is divided into four parts.The first part starts with a sensational American subprime mortgage crisis,and from four aspects of the credit assets: the meaning of securitization of credit assets,the meaning and particularity of information disclosure,the theoretical basis for the supervision of information disclosure,and necessity.The relevant theory of securitization is introduced.The second part reviews the legislation and practice of information disclosure supervision of credit assets securitization in the United States,the Basel Committee and other countries,with a view to providing reference for the construction of relevant systems in China.The third part,based on China's practice,clarified the current laws and practices of China's credit asset securitization information disclosure supervision and pointed out that the supervision of information disclosure of credit asset securitization in China has the problems of imperfect information disclosure rules,chaotic regulatory functions,and inadequate accountability systems..In the fourth part,the above issues should be put forward to improve the information disclosure system of credit assets securitization,to implement the dual supervision model of administrative supervision and self-regulation,and to improve the information disclosure supervision system that clarifies the legal responsibility for untrue information disclosure.In order to strengthen the protection of financial consumers,in order to make the development of credit asset securitization in our country to make a contribution.