The Protection Of The Rights And Interests Of Investors In The Securitization Of Credit Assets

The securitization of credit assets originally produced in the late1960s of the United States, as a kind of direct financing tool, the credit assets securitization have the incomparable advantages compared to the indirect investments:For financiers, financing ways are increased and financing costs are reduced by securitizing credit assets. Financial structure was improved at the same time. For investors, issuing Credit asset backed securities enriches the channels of investors. Credit assets backed securities, as a kind of structured financial derivatives also provides a variety of different securities for different preference of risk to investors. At the same time, the securitization of credit assets plays an important role in enhancing Liquidity assets of financial institutions and improving the capital market structure. After the pilot undertaking of china from2005, credit asset securitization business had a certain development. The asset securitization in our country almost suspended affected by the subprime mortgage crisis in2007. But the imperfect legal system and the lack of investor protection system also hindered the process of asset securitization in our country in a sense. After the subprime crisis, countries all over the world recognize the importance of the investors interests protection in asset securitization market. In this background, protection mechanism of the investors interests in our country was explored based on analysis and reference on these countries whose asset securitization system is relatively mature. I hope it can offer some humble effort to China’s asset securitization development. The paper is divided into five parts:The first part is the full text of the introduction. This part firstly introduces the background and significance of the topic and describes the research status at home and abroad. The innovation and shortage are also introduced in this part.The second part mainly discusses the status and problems of credit asset securitization in our country, which is divided into three sections. The first section explains the status of credit assets securitization in china before and after the financial crisis in2009. The second section introduces the operation process of credit asset securitization in our country. The last section introduces the legislation status and the existing legal problems of credit asset securitization in our country. The obstruction of creditor’s rights assignment, fraudulent conveyance and assignment of trust procedures for asset securitization are expoundedThe third part focuses on investor protection system of credit asset securitization in our country. On the basis of the existing legal norms, the investor protection system is described from the underlying asset transfer, information disclosure obligation and the function realized of the of credit rating warning aspects.as well as the analysis of the current lack of legislation on the protection of the rights and interests of investors is analyzed also and appeal. The corresponding improvement measures such as rights security mechanism, etc. are put forward.In the fourth part, in the view of the information supervision of credit assets securitization,<Dodd-Frank Wall Street Reform and Consumer Protection Act>related content after the financial crisis is introduced. After a brief evaluation for the act, together with the present situation of the asset securitization of our country, the significance of information supervision of credit asset securitization development in our country is analyzed. The countermeasures are put forward to perfect the information supervision of credit asset securitization in our country.The last part is the conclusion. The significance of the development of asset securitization of our country for strengthen the protection of the rights and interests of investors.