The Realistic Dilemma And Solution Of Trust Legal System In China 's Asset Securitization

Asset securitization is an origin of financing tools in the United States in the1970s, and the rapid development of30years, currently has a considerable size of the market. The world’s major economies, almost without exception, use the asset securitization as one of the important initiatives of widening the financing channels. Asset Securitization in China started in the1990s, the theory and practice of community continued exploration of China’s legal system under the asset securitization mode. Since2005, the People’s Bank of China, China Banking Regulatory Commission implemented the pilot securitization of credit assets of the bank, and to trust the legal relationship as the basis of the legal structure of the securitization of credit assets. However, due to the inherent defects of the trust law, and other obstacles to the convergence of the legal department, the trust supporting the legal system is not perfect, and the concept of trust is not universal and other reasons, lead to trust law in the application of the law, there are many disputes and confusion, trust The advantage of the system just stay at the level of the system, ineffective judicial practice. It also makes the MBS based on trust law in the standards in the legal definition of a "true sale ", legal obstacles of bankruptcy remoteness, the assignment of the legal status of the originators, the legal nature of the beneficiary securities and to judge the MBS belonging to a self-benefit trust or an other interest oriented trust etc. exist unavoidable realistic obstacles.Firstly, through a review of asset securitization in the development experience of the developed countries in Europe and America, the trajectory of the development of asset securitization summary, do a brief introduction and commentary, and asset securitization in the development of our country. Secondly, the Trust Law will be summarized, the deeper reason is that trust law legal issues encountered in the pilot securitization of credit assets.In the third, the fourth chapter will be based on the level of legal practice, citing prominent problems encountered in the pilot securitization of credit assets, judicial practice and legal barriers, for example, the "true sale","bankruptcy remote" in China’s Trust Law under what legal issues in the background, the performance of these issues in our country and foreign asset securitization is not exactly the same. In this paper, by analyzing the reasons of jurisprudence, and trust law in our MBS proposed some preliminary solution path. These paths have begun to innovation or the parties actively brewing In this paper, such as Pfandbriefe bond application mode and other innovative structure, the development of China’s future asset securitization and trust law provide some preliminary recommendations.