Legal Regulation Of The Innovation Of Commercial Bank’s Financial Products

The purpose of commercial bank financial product innovation is to increase commercial profit,credit asset securitization as one of the important ways of commercial bank’s product innovation.The innovation of financial products of commercial banks must strengthen the legal supervision and explore the path of legal regulation which is most suitable for the securitization of credit assets of commercial banks in China,and the financial law should not only pay attention to the stage risk regulation in the innovation of credit asset securitization business.And we should pay more attention to the systemic risk prevention brought about by the phase risk overlay of credit asset securitization.First,by re-examining the impact of credit base asset targets on financial risks in credit asset securitization,credit assets must be "highly homogeneous" and "can produce predictable cash flow income",and the homogeneity of credit assets is summarized as credit assets in the category,Highly non-differentiated nature and functionality,and only the production of predictable cash flow income can ensure that the interests of SPV(Special Purpose Institutions)are ensured,and that debt service is realized to investors at the statutory maturity date of the credit asset securitization product commitment,so as to ensure the smooth completion of the securitization of credit assets At the same time,we should establish the information disclosure of the standard of securitized credit assets for financial supervision by perfecting legislation,and reduce the possibility of financial risk to a minimum at the beginning of the securitization of credit assets.Second,to explore the existing stage of SPV’s legal function and significance,and constantly improve the special purpose of the "real sale" function.Commercial banks’ participation in SPV creation is a non-substantive isolation,and the existence of linkages in the operation and management of SPV does not have the effect of risk isolation,and in order to realize the realization of risk isolation and transaction purposes,the organizational function of SPV must be restricted.The SPV model of securitization of existing creditassets in China adopts the special purpose trust mode,which has some advantages over the special purpose company model.However,according to the current situation of China’s commercial legislation and the particularity of commercial banks,the securitized SPV adopts the special purpose trust model which is more suitable for the current innovation of commercial bank financial products.However,it is necessary to complete the change of real credit asset "ownership" at the legal level under the trust model,exclude the form of mortgage or pledge,and truly realize "risk isolation".Third,to prevent commercial banks in the credit enhancement stage may appear in the credit enhancement risk and legal hidden dangers.Credit enhancement,as the core technology in the process of securitization of credit assets,is an important guarantee to realize asset securitization,first of all,credit enhancement can eliminate the information asymmetry problem of the promoter commercial banks,trust companies and investors to a certain extent.In the process of securitization of credit assets,the implementation of internal increasing and external step-up measures should be related to the cost of risk prevention and control and market efficiency.Finally,we should pay attention to the diversification and stealth of credit enhancement in the practice of credit asset securitization,"risk self-retention" can be recognized as internal enhancement in a certain sense,and the indirect credit guarantee for the government for commercial banks is an invisible way of credit enhancement of credit of commercial banks’ credit assets,and for "risk self-retention".The "degree" between prudential regulation should be moderate.Fourth,explore the risk legal regulation in the stage of securitization of credit assets.In the service stage by the promoter commercial bank as asset manager,although it has the characteristics of convenience,efficiency,low cost,professionalism,it is the model is at the expense of relative financial security,for credit asset securitization risk control and efficiency balance considerations,If the corresponding securities asset service by a third party reduces the occurrence of this risk,and the sponsor commercial bank carries on the service supervision.In any stage of credit asset securitization should not be slack on risk prevention,through the guidance of phased risk,in the stage of credit asset securitization through the legal norms and governance of commercial banks to minimize the risk.At the same time in a more macro perspective to examine the spread and superposition of risk,balance the phase of conflict of interest,better protect the development of commercial bank financial product innovation.Phase risk prevention and control should pay attention to: First,optimize the securitization of basic credit assets,enhance risk resilience.Second,from the law to modify or legislation to protect the real reality of the purpose of the trust model.Increase securitization trading platform,expand the scope of securitization investors,reduce cross-trading between commercial banks,to achieve real sales.Third,improve credit enhancement legislation to achieve moderate prudential supervision.Fourth,adjust the asset service institution system to prevent the occurrence of potential risks.In the system risk prevention and control should pay attention to: First,to strengthen the credit asset securitization of the systematic information disclosure.Second,to clarify the appropriate commercial banks as the core credit securitization participants in the legal responsibility.In the dimension of the time and space of securitization,we should pay attention to the purpose of "real sale" and "risk isolation",protect the rights and interests of investors,stabilize the financial market,and seek to constantly revise the appropriate laws and regulations on credit securitization,so as to play the regulatory role of the law in the product innovation of commercial banks.