| Asset Securitization is a new financing technique which come out from U.S in1970s.In just 30 years, it developed very fast .The mortgage-backed securities markethas become the second market in U.S.. In Europe and Asia, it has been appliedincreasingly broadly. This financing manner is totally differently from the traditionalone, which through skillful planning, transfers the securities of less fluidity to thoseof better fluidity, so as to finance the capital, decentralize the risk, increase the benefitand improve the capital adequacy. Along with China's participation in WTO andglobalization of banking business, the supervision of capital adequacy has become theimportant content of the commercial banks' supervision mechanism. 《CommercialBanking Law》 issued in 1995 indicates the capital adequacy ratio of a commercialbank is not to be allowed less than 8% in its Article 39. It was the first time tostipulate historically the capital adequacy ratio in law. 《Measures Governing CapitalAdequacy Ratio of Commercial Bank》 went into effect on March 1, 2004 and allowedcommercial banks to reach the capital adequacy ratio with a limit of three years.However, it is not optimal of the situation of the commercial banks' low capitaladequacy, which is especially reflected in low capital adequacy ratio and insufficientsource of complementary capital. The writer regards that credit assets securitizationhave function of numerator and denominator bi-adjustment, and can quickly improvethe capital adequacy. Therefore, as to the commercial banks regarded as the sponsor,assets securitization is a worth-advocating financial innovation, which breaks throughthe bottleneck of banks enriching the capital source, and further drives the benignoperation. The innovation of one financial product must be in conformity with lawsystem and adapted legally. In China, Asset Securitization relates to legal conflictionbetween the guarantee law, the companies law, the securities law and the accountinglaw. Via securitization business to release risk capital, realize off-balance financingand advance capital adequacy, real sale , SPV bankruptcy separation and relevantlaws on structure formation of securities shall be composed to guarantee.At the same time, on the motivation of avoiding capital restriction, commercial banks develop the assets securitization business to bring us profits, as well as risks.e.g. the risk of capital arbitrages, the risk of trade structure, the risk of bank operation, the credit risk and the risk of financial system. Basel Committee, the international financial forum and banking supervision administration, paid much attention on the asset securitization and the risks it contained, and carried out series of documents on supervision of securitztaton in decade since from 1992. Basel II promulgated finally in June,2004, clearly indicated the supervisory subject, scope, capital demands of securitization and its measurement, etc. Although the supervision of asset Securitization and the requirement of capital, stipulated in Basel II,is not suitable for China, it shows the trends of risk supervision experience of rationality and efficiency. Basel Committee's supervision framework will be good enlightenment for Chinese asset securitisation progress. In China, assets securitization shall not be divided from the establishment and consummation of legal supervision mechanism. Our supervision office constitute the practical securitization supervision frame, so as to create the advantageous supervision environment for securitization development in China, combining with China's situation, consulting the supervision experience of Basel Committee and developed countries in Europe and America, and basing on the principles of encouraging innovation and controlling risk. As above, the underwriter suggests that a clearly Supervisory subject, right law system, information fair publishing, choose of credit-assets and a team of organizational investors are needed. |
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