Research On Legal Issues Of Credit Asset Securitization Information Disclosure System In China

Since 2015,China's credit asset securitization information disclosure system has been built at high speed up,not only introduced the guidelines of detailed information disclosure regulations,but also improved the regulation of supervision and other aspects,which marks the credit asset securitization in our country has already entered the legal road.With the continuous development of China's securities market,the ask of mature and strict information disclosure requirements will be more urgent.Compared to the past,China's credit asset securitization information disclosure system has made a great progress.On the one hand,the government pays great attention to relevant information disclosure legislation,so the total provisions of regulations continue to increase.On the other hand,the quality of legislation and the information disclosure operability are greatly improved.But at this stage,China's credit asset securitization information disclosure system is not perfect.There are still many deficiencies in it.First,though the total number of relevant regulations has increased,the legislation is rather loose.Second,the problem between the informed right and obligation of the bank confidentiality has existed for a long time,and most of the related researches mentioned it.The problem is still not solved and the research on it is stalled.Third is the information disclosure supervision problems.The self-regulation is not mature in our country,and sector regulation and supervision is too strict and not independent.Fourth,the responsibility system of information disclosure obligations is not perfect.How to adapt to the trend of financial consumer protection and improve the liability system of information disclosure are worth studying.This paper consists six chapters.The first chapter gives a brief description of the credit asset securitization information disclosure system,including the concept,the characters,and the great effect of a perfect information disclosure system.The second chapter is about the existing problems in legislation.By studying the existing legal norms,the information disclosure system is lack of legislation,and the legislation level is not high enough.The lack of special regulations refers to that we have no special credit asset securitization laws or administrative regulations.The action of information disclosure is mainly based on the “Securities Law”,“trust law” and other laws and regulations related to credit asset securitization.The third chapter is the discussion of the contradiction between the right to know and the obligation of bank secrecy.Because the information disclosure runs through all aspects of the operation of securitization,the contradiction between the two points is all around.There are two main reasons leading to the contradiction.One is that our country's bank secrecy provisions have no specific explanations,the other is the lack of provisions of the obligation of confidentiality exceptions.The fourth chapter is about the supervision of information disclosure.Our existing supervision of credit asset securitization information disclosure system is very limited,mainly based on the “criminal law” and “Securities Law”.This chapter is written from two aspects,self-discipline and the department supervision.The former one has the problem of not clear enough,and the latter's problem is that the sectors' lack of independence and too many sectors lead to supervision chaos.It also leads to few information communications.The fifth chapter discusses the responsibility system,starting from the existing types of responsibility.With the comparative of frequency and variety of different obligations,we can point out that the existing provisions of administrative responsibility should be changed and few times the criminal liability had been used.The former procedure of civil litigation should be moved.The sixth chapter is about the advice of problem solving.This chapter is based on the discussion of the previous chapters and the reference of foreign experience.First,China should establish special asset securitization laws and regulations.Second,the regulations related to bank secrecy should be more perfect,and the articles including secrecy exceptions should be added.Third,improve the relevant provisions of self-discipline and the independence of the regulatory agencies,to strengthen the supervision of information disclosure.Finally,referring to the problem of the responsibility system,I think removing the pre-procedure of the civil litigation will be a proper choice.