Asset Securitization Legal Issues

It is widely assumed that Securitization is one of the latest institutions for financial guarantee in civil property law.It is based on the basic principles on Trust Law,consisting of the special market entity named SPV as well as functioning as a distinct and mixed mechanism of traditional civil rules,as makes it works differently from many trational civil rules in the financial market.With its popularity at present,it is obvious to see that there are two advantages which are caused by this instition.First,this institution does a great favor to the development of the trational civil property for it makes us explore the goods which are valuable and scarce more easily and more efficiently.So Securitization is very helpful to the free and sophisticated marked economy.Secondly,Securization is of a great favor to a certain market entity for its forwards development,especially helpful to its domestic capital market,which can pave for the wider and deeper development for the market as well as the economy.There are mainly two methods applied in this article:analysis on the basic conceptions and on the comparison of different elements.The article starts with systematic and basic narratives and researches on the legal elements of this legal rule which is mixed with financial elements,then makes comparative researches between Securitization and other institutions in the field of civil property law,at last ending in the researches on practial core-steps when Securitization put into practice.Generally speaking,three parts of all are divided logically as follows:In Chapter I,it deals with the basic researches and outlines on basic theories concerned,including re-state the legal concept and legal elements of Securitization from due perspectives of the civil property law,putting forwards some opinions about the legal traits of the institution from civil property as well as listing and outlining some mainly basic steps and points of the legal courses in daily life in order to prepare for further analyzing in the latter part of the articles.In Chapter II,here comes the main part of the article,saying the legal researches and analysis of the legal relationship of the Securitization institution.This chapter makes great efforts on the systematic researches on same important issues,such as Anspruch,Ius disponendi,offsetting claims and beneficial rights related in the institutions.And there is an issue of great importance and significance namely the legal elements and characteristics of fiction-securitization assets.In Chapter III,the article puts its weight on the researches about the legal regulation towards the practical steps and points of securitization in financial market.From a new perspective which is different from the one applied in the former chapter,it does the researches on main steps according to the order and sequences with the legal logic.There are many steps included:the true sale and its criterion,credit ranking and credit enhancement as well as the system for securitization trading.In the end, there are two outstanding traits summarized throughout the article.First,from the perspective of researches about legal rules,it does the researching centerring the trend appearing in the field of civil law,putting its emphasis on same latest concept such as guarantee from assets-credit and structural financing and so on.Second,logically speaking the article makes its legal foundation on the systematic analysis about basic concept concerned,then gives its further researches from two different perspectives respectively:the former analyzes the legal relationship of Securitization from a static state,as the latter does furterly on the steps and mail points of real securitization from a orderly and practical view.