Research On The Legal Matters Of Risk-Remote Under The China's Securitization Of Credit Assets

It has been almost forty years since the expression of "assert securitization" first used by American investment banker Levis Rainier in mid-1970 s until this expression has been widely used now.As a form of asset securitization business,Securitization of Credit Assets is a financing tool which is sponsored by financial institutions(mainly commercial banks)selling consolidated basic assets in the financial market.Before 2005,the Securitization of Credit Asset business was just learning the ropes around here in China.Until April 2005,with the issuance of “Measures for the Administration of Pilot Management of Securitization of Credit Assets”,which means the Securitization of Credit Assets pilot has been officially opened in China.There are many problems exist,though,with the development of Securitization of Credit Assets in China for more than ten years.Firstly,the legal subject status of special purpose trust is not clear.In practice,people are more concerned with the function of special purpose trust of the bankruptcy isolation,the function of being transaction subjects have been ignored.Secondly,in the past practice,the trust system of special purpose vehicle may due to for the purpose of litigation or debt collection was identified as void trust risk,because of the damage the interests of creditors and the risk on the court for canceling the trust.Thirdly,in the process of real sale,the way of assets transfer,the content of assets transfer,the procedure of assets transfer and credit enhancement measures will have impact on real sale.In addition to the introduction and conclusion,this paper is divided into four parts:The first part is "the definition and evolution of Securitization of credit assets ".This part first defines the Securitization of assets and the concept of Securitization of credit assets on the basis of defining the concept of Securitization of asset.Then,illustrating the roles of Securitization of Credit Assets in the economic development in promoting commercial Banks and financial markets,solving the problem of small and medium-sized enterprise financing difficulties.Finally,this passage present the development process of Securitization of Credit Assets business and the development of the status quo.The second part is "the securing process and risk-remote of Securitization of Credit Assets ".This part firstly introduces the operation process of Securitization of Credit Assets and the main participant,then analyze the Risk-remote isolation in the Process of Realization-The Bankruptcy and Separation of Special Purpose Vehicle and the Real Sale of Assets.The third part is "the legal deficiencies and causes of the risk isolation of credit asset securitization".This paper mainly analyzes the current legal deficiencies of the Securitization of Credit Assets.It Mainly analyzes Securitization of Credit Asset business of China in the bankruptcy isolation and real sale of two shortcomings,from the already released 2006 Tuan Yuan reorganization of asset securitization project,2008 Tuan Yuan reorganization of asset securitization project,Kaiyuan railway special credit asset securitization project,In 2005 to build a personal housing mortgage securitization process to explore China's issued credit asset securitization business in the bankruptcy isolation and real sale of two shortcomings;and to find out the causes.The fourth part is "to improve China's Securitization of Credit Assets risk isolation legal deficiencies of the measures." First,provide relevant recommendations from the legal level of "trust law","contract law","enterprise bankruptcy law".Then,establish the special purpose trust as the main body of the subject and the status of the transaction;Finally,explore the establishment of special purpose companies in China from three aspects including the establishment of principles and the establishment of value and prevention Special purpose company bankruptcy.