Research On The Legal Problems Of Regulation Of Quasi Asset-backed Securitization Products On Internet Finance Platforms

In recent years,there are numerous quasi asset-backed securitization products appearing on internet finance platforms,which are not legitimate kinds of asset-backed securitization products in China.This kind of products were banned on peer-to-peer platforms while by far there are no specific regulation measures regarding products on other kinds of platforms,and there are other issues including the nature of these products,their legitimacy and possible financial security problems such as the authenticity of the programs,and the non-compliance with the transaction subject standard in legitimate asset-backed securitization,which have attracted attention.This thesis will conduct an empirical analysis of the typical products on internet finance platforms and relevant practice of regulation,and compare the aforementioned products with legitimate asset-backed securitization regarding enterprises,so as to manifest the existing problems of aforementioned products including the limited information disclosure,and the ambiguation of regulators resulted from the inadaptability of institutional regulation approach as well as the conflict between central and local authorities.Then,based on these research,this thesis will illustrate that the nature of this kind of products is still a security.And combined with the characters of internet finance as well as this kind of products including low cost,quickness,convenience,and the appropriateness for originators with lower credit and individual investors,this thesis will propose to put the financial efficiency as the priority value in regulation,so as to allow the existence and innovation of such products and to take the financial safety into account by means of the market and competitive mechanisms as well as moderate regulatory guidance including focus on the information disclosure.