The Legalization Of The Financial Asset Securitization Research

Asset Securitization, as a new financing technique, practiced maturely in western developed countries, enhances the efficiency of the entire economic system. It has also obtained rapid development in many Asian countries and areas. In developed countries, products of the securitization of financial assets have developed into a mature stage. Thus the design of the products is diversified and varies with the changing financial market.SPV is a Special Purpose Vehicle that is established for achievement of Asset-backed securitization. It is specialized, and it is the important manifestation of creative feature of Asset-backed securitization. About the knowledge and using on SPV, Solution of a series of important law issues is necessary, such as the selection of law formation on SPV, determination of law applicable rule in transfer of the foundation property, distribution and transaction of securities based on property, coordination between securities based on property and market on the present securities, problem about treasurer and tax on SPV.The Financial Assets Securitization Act, which has been in effect since in July 2002, is one of the specialized financial laws enacted to reform the domestic financial markets with the hope of keeping with the global environments.However, in China, although the economical and the legal scholars have launched the positive exploration and research on Asset Securitization in recent years, Asset Securitization in true sense in China only just started. Nowadays, Asset Securitization is still a financial innovation. It is urgent for us to impel the further development of financial market and Asset Securitization legislation system in our country. After inspecting various countries' practices, many successful cases in the world indicated that Special Purpose Trust is a practical and feasible way to operate Asset Securitization. And the legal barriers meeting by SPT are relatively fewer than that by SPC.Therefore, it is necessary to enhance SPT's legal feasibility and eradicate the barriers, as to get further improvement. In view of the fact that our mainland has great similarity to Taiwan in the area of the financial environment and the legal environment, Taiwan's legislation experience has the big reference value to the current advancement of our mainland. Meanwhile, we should not forget to profit from other national and local advanced legislation.