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Study On The Legal Issues Of Trust Beneficiary Right Securitization

Posted on:2015-11-26Degree:MasterType:Thesis
Country:ChinaCandidate:J XuFull Text:PDF
GTID:2296330461960252Subject:Law
Abstract/Summary:PDF Full Text Request
The trust system originated in the United Kingdom USE system. As an ancient system of property management, it is not only popular in common law countries, but also carry forward in the modern civil law countries, more because of its flexible and efficient property management means. Trust property right system is the core of trust system, while the core of the system of trust property right is the trust beneficiary right. Study on the legal issues of trust beneficiary right securitization is mainly around the establishment and trust beneficiary right acquisition, the beneficial right of the trust securitization asset pool, Special purpose vehicle, the formation of the beneficial right of the trust of true sale,credit enhancement, credit rating, sale and payment, key management with the expansion of settlement.Because of the beneficial right of the trust can not be traded in the open market circulation, the development of trust with trust as its main business of trust product scale is extremely limited.this become a bottleneck restricting the development of "trust business of trust companies".The trust beneficiary beneficiary certificate right securitization sells the beneficiary certificate which represents the beneficial right of trust,so as to ensure that the beneficial right of the trust become more market-oriented, and The trust beneficiary beneficiary certificate right securitization have more liquidity than which only have right to benefit.Although a part of financial exchange can achieve the beneficial right of the trust transactions,for the industry as a whole, circulation way of the beneficial right of the trust is still relatively simple, trust company trust product scale and field development are limited.But this will be changed after the "asset securitization management regulations" being implemented.Because of the beneficial right of the trust was incorporated into the foundation of asset securitization, the beneficiary can transferred beneficial right of the trust to the special asset management plan of the securities company to obtain funds.In the realization of its exit at the same time, it also can increase the trust product premium, improve the liquidity of trust products, better utilizing the whole pool.While the securities company may expand the business space,strengthen cooperation and trust company,achieve mutual benefit and win-win by the beneficial right of the trust securitization.This paper is divided into four chapters to study the legal issues of trust beneficiary right securitization:The first part is composed of Huarong Asset Management Co Handling Bad Assets Trust project leads to problems.By elaborating and analysing of the project content, I can reveal the existence of the practice case of problems.And development and current status of the asset securitization of our country can be understood concretely.The second part is overview of securitization trust beneficiary right.This part mainly studies the concept of asset securitization and characteristics, beneficial concept and characteristic of right securitization. Since the establishment of the trust legal relationship is a prerequisite to obtain the beneficial right of the trust, this part illustrates the trust establishment and trust beneficiary right.The third part is the trust beneficiary right securitization transaction structure and the main parties rights and obligations.This part mainly studies the trust beneficiary right securitization transaction structure and basic flow.And he rights and obligations of the main parties are illustrated in this part.This part of research content will provide guidance for operation process of the trust beneficiary right securitization.The fourth part is legal analysis of key link of trust benefit right securitization.This part analyses the beneficial right of the trust securitization process involving the construction of the assets pool,special asset management plan establishment,the beneficial right of the trust of the "true sale",credit enhancement,credit rating,sale and payment,payment management and legal issues in detail.
Keywords/Search Tags:trust, the beneficial right of the trust, asset securitization, trust beneficiary right securitization
PDF Full Text Request
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