Reflecting The Risk Regulation System Of Asset Securitization Under The Sub-prime Mortgage Crisis

Asset securitization is one of the 20th century's most important financial innovation, it is not just for financial markets appear to increase investments in securities of a new species, but to integrate all sectors of the financial markets, complementary resources through the markets to form combined effect, enhancing the overall efficiency of the financial markets. Asset securitization of credit assets, an alternative to corporate credit, easing the credit corporate finance, risk limits and constraints, an increase of corporate financing, asset securitization has also enriched the variety of stock market transactions, an increase investor choice. It is because of asset securitization advantage of this feature, so that rapid development in various countries. According to related statistics, in the sub-prime crisis, the U.S. Securities of scale more than 8 trillion U.S. dollars, in many developed market economies and emerging market economies, asset securitization has also been rapid development, such as the European asset securitization market is also more than 4O00 billion pounds, as of the end of 2008, various types of asset securitization in China has reached 57.8 billion yuan. However, the asset securitization as a financial innovation, often returns and risks, if one-sided pursuit of gain while ignoring the existence of risk, will bring serious consequences. It is because of asset securitization advantage of this feature, so that rapid development in various countries. However, in the asset securitization process of development, gradually revealed a number of regulatory issues, as the U.S. sub-prime crisis broke out, people started to re-examine the asset securitization, in particular the risk of regulatory issues become the focus of attention, is writing this article starting point.Asset Securitization in China after the introduction, due to China's financial market environment, financial regulation philosophy, forms of regulation and related legal system is imperfect, and other factors, make our country on the regulatory asset securitization conservative and unreasonable. Although after several years of development, has made very large scales, but compared with Europe and the United States equity securities of mature countries, the development is still not full, and it does not play its due role. As the subprime mortgage crisis erupted, the asset securitization in China is more hesitant, some of the risk regulatory problems are beginning to emerge.Based on the risk of asset securitization structure interpretation, using the basic theory of financial regulation, combined with the U.S. assets securitization experiences and lessons learned, and the subprime mortgage crisis has given us inspiration, to put forward a sound risk control of asset securitization legal advice . Full-text is divided into four parts.The first part is "an overview of asset securitization-related problems", First of all, the definition of asset securitization were explained. Since the definition of asset securitization controversial, since academics do not have a uniform definition, scholars tend to explore different perspectives from the definition of asset securitization, resulting in its definition of diversity, this article lists the most representative of the definition of several and comparative analysis, made their views; Then ,the legal structure of securitization were analyzed, the process of securitization of assets involved in the main large, also determines the structure of the extremely complex structure of asset securitization for a detailed analysis that can help us better understand the asset securitization flow process, also contribute to regulatory risk in all aspects of supervision., and finally, focus on asset securitization process detailed analysis of various risks, pave the way for the subsequent discussion.The second part is "sub-prime crisis and the U.S. asset securitization risk regulation law", Asset securitization from the United States, the United States against the background of asset securitization and course description of the assets will help us better understanding of securitization, while this is also the risk of asset securitization on the U.S. legal system related to monitoring carried out a detailed so that we risk to U.S. regulatory asset securitization law has a more comprehensive understanding; finally, analyzed the reasons for the sub-prime crisis. Risk Regulation at the time the U.S. financial system, the development of the subprime crisis is a necessity? What reasons did make the explosion of the sub-prime crisis? With such questions, this article from the structural design of U.S. asset securitization, mortgage arrangement legal structure, regulatory philosophy, regulatory models and the absence of regulatory supervision of such perspectives to analyze the causes of the crisis in search of the real cause of the subprime crisis, as improve the asset securitization provide the basis for risk regulation. The third part is "from the subprime mortgage crisis to see the risk of asset securitization and perfecting the construction supervision of the legal system," Asset Securitization Risk control is part of the financial regulation, supervision on asset securitization of risk can not be separated naturally the basic theory of financial regulation, financial regulation this article first elaborates the basic theory, and on this basis, the financial supervision concepts and principles of the statement of financial regulation, including changes in financial supervision concept of securitization of assets plays a role in the birth, can be generated by the asset securitization Ideological Origins. Subsequently this paper, asset securitization its own characteristics, the risk of asset securitization is derived regulation should follow the basic concepts and fundamental principles, namely, asset securitization regulation should follow the "safety, competition, efficiency, balanced against the" concept, and supervision according to law, proper regulation , focus on efficiency and the basic principles of industry self-regulation; Finally, based on the sub-prime crisis has exposed regulatory issues, this article from the innovative control concept, the establishment of coordination over mode, improve the information disclosure system and the rating agencies, and supervision are brought a perfect asset securitization legal concept of risk regulation.The fourth part is "sub-prime crisis on China's asset securitization risk supervision of the Enlightenment", Through analysis of the existing financial regulatory philosophy and asset securitization legal status of risk regulation, combined with the development of Asset Securitization lessons learned, and the subprime mortgage crisis has given us inspiration, innovation and regulation put forward ideas, establish a coordinated regulatory approach perfect information disclosure system and the strengthening of industry self-regulation of the legal advice.