Asset Securitization Trust Legal Research

Asset securitization is a financing technique as the sale of non-liquidity asset or pool of assets with prediction of stable income producing to a Special Purpose Vehicle, in a transaction structured to reduce or reallocate certain risks and enhancing the credits into more readily marketable and liquid security to third-party investors. Asset securitization trust refers a special trust model which applies trust theory into the operation of asset securitization and makes it standardized and supervised. It includes three principle parties-originator, trustee and investors, and two kinds of legal relationship of trust. According to the characteristic of asset securitization, in this dissertation, it puts forward to the viewpoint of two kinds of legal relationship of trust at the first time. Established in analysis of Trust Law theory, it demonstrates that Three Affirmative Natures of trust does not conflict with its principle of by securitization, but flexibly applies it into securitization and enriches the research field of Trust Law.In order to adequately expound and demonstrate that trust system is a best way to operate asset securitization, this dissertation starts from the crucial trust principle to illustrate the transference of property right during securitization is formal transference-the trustee manages trust property on behalf of itself to realize capital financing purpose of settler, and sets forth the "bankruptcy remote" function of trust property is the institutional guarantee of asset securitization trust. At the same time Trust Law and other relevant regulations provide good legal environment for it, the disadvantages also appear, especially on the issue of circulation system of asset securitization trust product and publication of securitized assets.By way of making securitization bring the better economic effect, it reviews the perfect legal system environment in some developed countries, especially in USA and Japan, to put forward some beneficial suggestion for the underway legal system of secuntization in China, and discuss how to improve the construction of legal system on asset securitization.