Research On Legal Issues About Cross-Border Securitization

Asset Securitization originating from America is a financing activity which through a series of transaction whose core is the risk remoteness,relies on the assets that can produce a steady flow of cash and bases on the certainty of the assets' future risk.It has been applied in many countries.At the beginning of introduction of this financing technology,most reception countries of Asset Securitization adopt the method of Securitization cross-border operation to overcome legal obstacles in those countries. The adoption of cross-border Securitization can also make full use of the comparative advantages in different jurisdictions and build the best transaction structure to low the financial cost.Gathering with Cross-border Securitization,this article provides suggestions for our legal construction of Cross-border Securitization by researching the property transfer,the structure of SPV,tax and supervising problems at the basis of introducing securitization's concept,causes and basic operation.This article is composed by six parts except the introduction and conclusion.The introduction elaborates the purpose and the significance of this article, analyses the research status about the cross-border securitization at home and aboard.It also introduces the research methods which are used in this article.Chapter1 identifies the conception of Cross-border Securitization,explores the causes of securitization and conducts a detailed study on cross-border operation. Chapter2 analyses the construction of SPV,including how to choose the region for the establishment,the organizational forms of SPV,the bankruptcy remoteness of SPV. Chapter3 provides an introduction about property transfer.It discusses how to understand the True Sale by introducing the forms of property transfer and the judgment standard of true sale.Chapter4 is to discuss legal issues on tax.It elaborates tax legal problems at initiator,SPV and investors' angle.Chapter5 is to elaborate the supervising problems of Cross-border Securitization,including the supervision of bank,the supervision of SPV and foreign exchange management.Chapter6 discusses the legal regulation of Cross-border Securitization.It is mainly analyses the necessity and related legal issues of Chinese Cross-border Securitization,and then provides suggestions for our legal construction.Finally,it is the conclusion of the article:We should improve and perfect the relevant legislation as soon as possible,providing a good system for Cross-border Securitization.