Legal Problems Research On Special Purpose Vehicle Of Assert Securitization

Because of assert securitization has a very delicate trade structure, it became theimportant financial tools for issuers and investors. In the chain of transaction, Special PurposeVehicle (short for SPV) is not only the real publisher of asset securitization, but also theintermediary between SPV and investors and the carrier that segregate bankrupt risk. So, SPVis the core of asset securitization.The organization, mechanism of segregating bankruptcy risk and legal supervision ofSPV are the specific aim when researching the SPV. In practice, SPV have a company, trustand partnership three types. In different countries, the institutions what about tax、accounting、company、bond and so on, that directly related to the organizations of SPV. But,no matter choose which kind of organization form, SPV must take through the "real sales"way to complete the transfer assets. Only in this way, it can finally complete the purpose ofsegregating bankrupt risk. We can say that the system of segregate bankruptcy risk is thequintessence of asset securitization. It can greatly reduce the risk of investment points.Although asset securitization has many advantages, as a kind of financial tools, it still has thecharacteristics of financial industry-high risk. How to supervise the SPV is the necessarycondition for using the innovation system well which about assert securitization.It is limited by the constitutions of asset securitization, our country’s SPV organizationonly can choose trust model. Trust model can cause of double taxation and increase theissuer’s burden. Also, the single organization form will limit the development of assetsecuritization. Due to the imperfect legislation, in practice, it is difficult to define the “truesales” whether be realized during segregating bankrupt risk.This series of legal issues shouldbe completed through effective supervision.So, during the gradually process of perfect legislation in our country, we shouldcoordinate the conflicts that between the old and new legal system by combine with theexisting legal system, and base on disclosuring informations establish the legal system of supervision to provided protection for assert securitization.