Legal Perfection Of Asset Securitization Trust Structure

As a kind of financial products that are in the ascendant,asset securitization plays an important role in China's financial market.It has many functions such as improving corporate debt structure,digesting bad assets of banks,financing market funds,and broadening the channels for residents to invest in wealth management.With the introduction of the new regulations on capital management in 2018,the financial supervision has been continuously improved,and the asset industry is facing a major reshuffle;while the stock market has long been lacking in favorable factors to boost;the credit bonds in the bond market and the review of interest rate bonds tend to be strict,so On the occasion of Wanma Qiqi,ABS has sprung up in the financial market with its huge financial and financial potential.It is foreseeable that asset securitization will occupy a more important position in China's financial market in the future.However,China's current financial laws and regulations clearly require that trust is the only alternative way to carry out asset securitization,so this also closely links the fate of asset securitization and trust.However,in the current practice of asset securitization,the trust structure still has defects,failing to play its role,and all kinds of defects even have the paradox of the trust system itself.By taking the "Jianyuan 2018" MBS as the cut-in and examining the operation process of asset securitization,it can be found that the current asset securitization trust structure has different basic assets in the various dimensions of promoters,trustees and beneficiaries.There are three major problems in the existence of loopholes in the behavior of the trustee group.The reason for inducing these problems is diversified.The core lies in the failure of the basic principles of trust to be implemented and the supervision of the trust industry.The failure of the trust principle is in place.The performance of the trust was misunderstood in China,not only Because China's property legal system lacks the "dual ownership" system as the soil for trust growth,and for a long time,the fuzzy positioning and functional division of business trusts and civil trusts have made thetrust's participation in commercial transactions difficult.The frequent market environment for fraud cases has made investors more skeptical about trusts.The lack of clarity in the ownership of trust property and the long-term lack of attention to the fiduciary duty further further delineate the trust system;The lack of supervision in the trust industry is highlighted by the existing separate supervision system.Under the background of mixed business operations in which different financial industries cross each other and risks are intertwined,the overall understanding of the financial situation is becoming increasingly inadequate,and even stretched.It even caused a blank law enforcement.Therefore,to improve the asset securitization trust structure from the legal level,it is necessary to combine the specific problems and reasons to solve the problem.Specifically,it is necessary to refine the procedures for the change of trust property ownership,standardize the details of asset securitization operations,open up new mechanisms for the protection of trustee rights,and promote the integration and supervision of the trust industry,not only in the institutional structure,but also in financial practice.Solve the above problem.To promote the healthy development of asset securitization.