Research On The Legislation Of Intellectual Property Securitization

Intellectual property securitization is a financial activity in which an originating institution transfers a portfolio of relevant rights such as licensing rights and intellectual property securitization derivative rights it owns that can be expected to generate a steady flow of funds to a special purpose vehicle,which uses the portfolio of intellectual property securitization rights as the underlying asset,structures it with credit upgrades and risk assessments,and issues negotiable securities on that basis to raise funds.The successful issuance of the Bowie Bonds in the US in 1997 reinforced the determination of the capital markets to develop securitisation of IPRs,and the scope of securitisation was gradually extended to other areas of IPRs.After 10 years,the World Intellectual Property Organization identified intellectual property securitization as a new trend in the future development of intellectual property.Since then,a number of countries and regions,including China,have paid increasing attention to the development and improvement of intellectual property insurance and have begun the corresponding legislative work on securitization.At present,China’s legislation on securitisation is mainly based on the Securities Law,the Company Law,the Civil Code and other laws.The study of securitisation of intellectual property is still at a basic stage,so there is no specific law to regulate it,and there are many legislative gaps.However,in order to truly promote the securitisation of IPRs and to enable enterprises and economic markets to benefit from it,the primary key is to build a systematic legal system.This article focuses on the legal aspects of intellectual property securitisation.Based on basic intellectual property securitisation theory,it first describes in detail the meaning,legal features and operational processes of intellectual property securitisation,highlighting the legal features and operational processes of intellectual property securitisation that differ from asset securitisation.Secondly,an analysis of the state of IP securitisation legislation in foreign countries is presented,covering US and Japanese IP securitisation legislation.Chapter 4 of the thesis focuses on China’s IP securitisation legislation: it summarises and classifies the currently available relevant laws,regulations and policy documents and analyses them in terms of legislative models,legislative content,features and legislative shortcomings.Based on the above,Chapter 5 of the thesis examines ways to improve China’s IP securitisation legislation: the form of legislation suggests that Chinese intellectual property securitisation legislation should follow a centralised and unified legislative model;the content of legislation includes proposals on the scope of underlying assets,SPV model,future requirements,creditworthiness assessment,disclosure system,etc.