Research On The Legal System Of Special Purpose Vehicles For Asset Securitization

Since 2014,the development of asset securitization business in China has been accelerated.Securitised Special Purpose vehicles(SPVS)are prized for their ability to isolate real sales from bankruptcy.Given the importance of SPV in asset securitization,this paper,taking "SPV assets securitization legal system research",in the after introducing the general theories of asset securitization SPV,main investigation legal system relating to the SPV,analysis of different SPV under the legal system in our country the problems and causes,and combining experience put forward the related system of extraterritorial SPV for asset securitization SPV special legislation and to perfect the related system to implement the SPV multi track system development model.The first part is an overview of the general theory of asset securitization SPV.This part first introduces the connotation of asset securitization SPV,including the introduction of asset securitization and SPV's legal definition and the characteristics of SPV derived from it.Then,the classification of SPV organization form in the world is summarized.Finally,the realization of the risk isolation function of SPV(through bankruptcy isolation and real sale)is discussed in detail.The second part is the current situation of SPV system of asset securitization in China.This part includes the SPV existing rules in our inspection(for the SPV from the establishment,issue securities,internal governance,exit,etc)are examined,including SPV type to be introduced by the company and partnership SPV under the legal system in our country faced obstacles,and look for causes from the aspects of market development degree and the legal system.This part is mainly to find problems and provide ideas for improving SPV system.The third part refers to the experience of SPV legal system of foreign countries.This part introduced the United States,Japan,South Korea and other countries of the SPV related laws and regulations,and get some perfect our country the enlightenment of SPV system: the developing mode of SPV multi track system can be put into practice in China,with ZhuanMenFa legislation to advance and perfect combination of form a complete set of rules,from the macro and micro level to improve the provisions relating to the specific.The fourth part is the author's Suggestions combined with the above-mentionedanalysis.In the author's opinion,in order to fully display the advantages of different forms of SPV to promote the development of asset securitization,it is necessary to improve the construction of legal system.Aiming at the existing problems of different SPV in the second part and the reference to the overseas institutional experience of the third part,the author puts forward Suggestions from two aspects.The Suggestions mainly include two aspects: one is to establish special law for asset securitization SPV;Second,we will improve the relevant supporting systems for asset securitization SPV.These include: perfecting the relevant provisions of trust law,perfecting the introduction of corporate SPV in company law,perfecting the partnership SPV in partnership law,perfecting the creditor's right transfer registration system and other supporting rules.