Research On The Legal Issues Of Film And Television Copyright Securitization

Film and television industry is very suitable for copyright securitization because of its strong financing demand and relatively stable cash flow.Film copyright securitization as a financial innovation and intellectual property development important tool,is a valuable asset and portfolio of assets pool,and cash flow to the risk of isolation and integration of decomposition,into liquid securities,broaden the way the film and television industry investment,improve the film copyright and configuration efficiency of financial resources.There are mainly the following legal problems in the securitization of film and television copyright: the rights of cooperative film and television works are unknown,the value of film and television copyright is easily reduced,and the transaction information of film and television copyright securitization is not equal;The identification and judgment of "true sales" of film and television copyright securitization lack clear legal regulations,and it is difficult to realize the flawless transfer of film and television copyright and its future creditor’s rights(such as box office revenue).The legal framework of bankruptcy isolation of SPV(Special Purpose Vehicle)in the securitization of film and television copyright is not perfect.As for the impact of the specificity of film and television copyright rights on securitization,it is necessary to strengthen due diligence on the status of film and television copyright rights,examine the integrity and effectiveness of the authorization chain,and apply a reasonable transfer and license registration system to reduce the instability of securitization assets caused by the division of film and television copyright property rights and repeated authorization.Big data can also be used to analyze whether there are similar film and television works in the market,judge the infringement situation and market competitiveness,and provide support for the estimation and improvement of market income.To promote the preservation of securitized assets,a diversified and complementary pool of film and television copyright assets should be constructed,and a proper disclosure mechanism of film and television copyright information should be established in securitization transactions to resolve the negative impact of the specificity of film and television copyright rights on securitization transactions.About the "true sale" the lack of a clear legal regulation,should perfect film copyright securitization through "true sale" of legal norms,establish the film and television works and its derivatives as the legal status of underlying assets,creditor’s rights "true sale" link can also bring in creditor’s rights transfer electronic registration system,efficient to complete the transfer of information to all debtors of the public debt and While protecting the interests of the debtor,the transaction security of "true sales" is guaranteed.As for the sound legal framework of bankruptcy isolation of SPV for film and television copyright,the legal status of SPV should be independent from the sponsors,and legal measures such as administrative supervision,shareholder checks and balances,and review confusion can be taken to prevent SPV from applying for bankruptcy and substantive merger.The asset-backed special plan shall be used as SPV to carry out the securitization of film and television copyright.The securities market regulatory department shall optimize the bankruptcy isolation legal framework of the asset-backed special plan,and formulate and promulgation transaction rules of the asset-backed special plan for the securitization of film and television copyright.