Research On Legal Regulation Of Information Disclosure Of Asset Securitization

Asset securitization is different from the traditional securities such as stock and bonds,it has its own characteristics,risks,and so the regulation of the information disclosure of asset securitization has its particularity.This paper argues that the information disclosure regulation of asset securitization should be set up according to the nature of asset securitization to meet the characteristics,risk,supervision purpose and investor demand of asset securitization.The first chapter of this paper puts forward the starting point of asset securitization information disclosure regulation should meet the characteristics,the purpose of supervision and investor demand of asset securitization.This paper analyzes the characteristics,the purpose of supervision,the demand of investors of asset securitization and requirements of the information disclosure regulation which meet the three elements above.The fourth section concludes that we should focus on information disclosure of asset level,disclosure of transaction structure and the requirement of ongoing disclosure.The second chapter of this paper analyzes and summarizes the experience of regulation of the United States and the EU on the asset securitization information disclosure,especially in the field of regulation framework,disclosure of asset level,disclosure of transaction structure and requirements of ongoing disclosure,to providing experience for China’s regulation.The third chapter describes the current information disclosure regulation of asset securitization in China,and analyzes four aspects of information disclosure regulation as follow:information disclosure regulation framework,disclosure of asset level,disclosure of transaction structure and requirements of ongoing disclosure.To respond the problems raised in the third chapter,the fourth chapter analyzes and learn from the experience illustrated in chapter two,and makes suggestions of improving the information disclosure regulation of asset securitization in our country,including establishing a complete information disclosure regulation framework,improving the asset level disclosure requirements,improving information disclosure requirements of transaction structure,and improving the requirements of ongoing disclosure.