The Research On The Legal Problems About Future Creditor's Rights And Asset Securitization

The asset securitization came into being during the new tide of financial innovation times.It had made great changes in the world financial market since its emergence in 1960 s.As a new types of financial tool,it created various of financial products and possessed incomparable advantages in improving the asset liquidity,increasing financing and investing channels and risk-spreading,etc.The year of 2014 is of great significance for the development of the asset securitization in China.Many innovative products of asset securitization emerged in the financial market which is a breakthrough in the traditional rage of basic assets to a certain extent.This achievement is to be congratulated,however,we need to pay full attention on it while we expanding the range of quasi securitization,choose the suited basic asset so that to avoid the risks from the beginning.In recent years,the academia pays close attention on whether the future creditor's rights can be regard as the basic asset in choosing the basic asset of asset securitization,and disputes emerge on this topic.Thus This dissertation includes 4 parts:The first part begins with 2 different cases on future creditor's rights,by introducing the options on its catalogs of basic asset,the flexibility of securitization operation and the economic effect it causes,etc.And explaining the significance of the 2 plans on promoting the development of economic and financial industry as well.Meanwhile,after introducing the 2 cases,I will present a summary sheet of cases on future creditor's rights in the last 2 years in China which showcases the different types of basic asset and scales of financing of future creditor's rights.The second part mainly presents some legal problems that may occurs in the process of future creditor's rights which mainly include issues like transferability of future creditor's rights,the effective time of future creditor's rights,the priority distribution of repeat transfer and the lack of publication mechanism on traditional bonds transfer system.As a matter of fact,those questions almost answered on why future creditor's rights would become controversial basic asset and why the future creditor's rights would become a securitization practice which has no clear regulation in law but abounds in practice.The third part mainly illustrates the necessity and feasibility of the securitization of the future creditor's rights through legislation.On the one hand,there is no clear provisions on the future creditor's rights transfer in the existing legislation and China still keep a conservative attitude to this both in theory an practice.Thus the legislative status quo lags behind the breakthrough and progress of financial market.On the other hand,the future creditor's rights transfer and the ordinary creditor's rights transfer own the same legal basis theoretically.Some developed countries and regions had made a series of laws and regulations on the future creditor's rights transfer.China hasn't made clarification on this question,but the practice has been showing the tendency of acknowledging the future creditor's rights transfer.The forth part puts forward relevant solutions to the legal problems in the second part.e.g.Clarify the alienability of the future creditor's rights,set the time of the establishment of contract as the effective time,set the publication mechanism on traditional bonds transfer,and solve the problem of multiple transfer in the order of register.Overall,with the normalized development of asset securitization,the prospects of asset securitization development in our country is broad,the future of the future creditor's rights is bright and we have to promote the development of economy while preventing from the risks.