On Legal Problems Of Assets Transfer In Asset Securitization

Asset securitization which started in US in 1970s is one of the most important and vital innovations of financial markets since 1930s.In 2008,the subprime mortgage crisis appeared in US and asset securitization has not get affirmation. Meanwhile, China's regulators also requested to suspend the credit asset securitization which was still in the implementation stage. Although the subprime crisis has had a huge impact to the world financial markets, the value of the asset securitization as a financial innovation tool can not be denied. Especially, the domestic financial markets are underdeveloped, asset securitization not only can broaden enterprise financing channels, reduce enterprise financing costs, but can reduce and disperse bank risks. Its value has been affirmed in the second part of the forty-eighth chapter of the twelfth second-five-year plan, that is, promoting the innovation and diversification of bond products, and promoting asset securitization steadily.Asset securitization is that transforms held-to-maturity credit assets into the securities which have investment value. That can cash in advance, improve liquidity, and provide more investment opportunities for investors. This transformation has also completed the reformation of credit system from enterprise overall credit basis to asset credit basis. So the core value of asset securitization is to ensure the independence of assets and isolate it from risk from the transformer of assets.Asset securitization is not only an economic process, but also a legal process designed fine, especially in key sectors of asset securitization transfer is even more so. At present, the asset securitization in our country is still in the implementation stage, and related legal system still needs to be established and perfected. This paper attempts to offer some legislative proposals on the legal problems involved in asset transferred link from these aspects of related international law treaties, international norms, foreign law, and domestic practice.This paper is divided into five parts.In the first part, the subprime meltdown began in America is analyzed, and the structure financing tools about asset securitization is gave rise to. The importance of the law problems on asset transformation is put forward on the basis of the analysis of the asset securitization, business process and legal issues.The second part outlines the legal problems on asset transfer. The asset transfer is simple introduced, and its legal relationship and transfer mode is described respectively.The third part is about the body of the asset transfer.The fourth part introduces the object of asset transfer in asset securitization.The fifth part is about the contents of asset transfer in asset securitization.The last part in this paper is conclusions, which offer legislative proposals adapt for the law of development of international financial law.