A Research Of The Legal System Of Asset Securitization Information Disclosure In Our Country

Assets securitization is a financing innovation. Compared with the traditionalsecurities trading, its information disclosure have some special aspect such as thecontent, risk distribution and the subject. Thus, the information disclosure legalsystem of assets securitization is particular to it of traditional securities.At present, the information disclosure legal system of assets securitization in ourcountry exist some problems. Firstly, the information disclosure regulation is notsound. Secondly, there is conflict between the information disclosure andconfidentiality obligation. Thirdly, the principal responsibility is not clear. Fourth, theway of information disclosure is limit. Fifth, there is lack of misrepresentation civilliability system.In view of thesesituation, we should draw lessons from the subprime crisis andlearn the international advanced experience to set up information disclosure legalsystem in our country. Firstly, we perfect the mechanism of supervision coordinationand information sharing. Secondly, eliminate the conflict between informationdisclosure and confidentiality obligations. We can set up the minimum standers ofinformation disclosure and make a contract.Thirdly, establish the specializedinformation disclosure, including formulate unified the asset securitizationinformation disclosure regulations, make clear information disclosure subject andtheir legal liability, and make clear the standards and scope of informationdisclosure.