The Analysis On Asset Securitization Of Fiduciary Pattern In Country

Along with the massive economic,asset securities,as a new financing technology,sprang into as bamboo after spring rain.Recently,fiduciary,a pattern for asset securities,has been developing as well.There are a hundred of troubles to catch up with the developed from 2001 to 2005,during which fiduciary has dynamic innovation.However,the asset securities has many institutional deficiencies because of the undeveloped legal system in china.Only in this way can the asset securities develop rapidly.So,it is high time for China to optimize the current legislation to promote its development.Combined with practical experience for the years,this paper discusses the advantages and disadvantages of fiduciary,and points out that the problem of it.Then,some suggestions are shared to improve our system.In financial markets,asset based securities is currently considered the most reliable way of financing.While it not only reduces the financing cost,but reduce the time of financing.And to some extent it revitalize the securities markets.Take small loan securities of Alibaba for an example,the legal issues were summed up: the scope of the underlying asset;the definition of trust registration;supervision effectiveness of publicity and trust in the asset securities process.The three problems exist in the trust asset securities.As the asset based securities China in the continuous development,the trust asset securities products are more and more,but what sort of asset can be applied for it.Although China's provisions of the opposition of the trust property,keeping away from inherent property of the originator and issuer,and protecting the interests of investors,in practice how to identify which is a difficult thing.On this issue,China can learn from American law from four aspects of the identification of course;the independence of the trust registration publicity system is also strongly in the trust property,but at present our country is taking the trust registration system;because the trust is not immediately after the establishment of asset securities,don't forget the registration or registration does not deny the existence of trust,so in our current system trust,this is not conducive to effectiveness.With the development of trust asset securities,it is suggested to modify the validity of trust registration in a single wayIn the financial market,financial supervision always happen.Because the trust asset securities is the transplantation of the system of foreign countries,then a unique regulatory system has been formed in our country.So in the course of the pilot later,there will be separate supervision,long regulatory phenomenon,which increase the development of trust property securities in this regard;it is suggested that what can we do is to strengthen the supervision,if we longer to change the existing situation of supervision.