Research On Risk And Regulation Of Copyright Securitization

Copyright securitization refers to the process in which the sponsors separate and restructure the risks and benefits of intellectual property rights through certain structural arrangements,transfer the copyright or derivative claims(such as the authorized royalties)to the special carrier(SPV),and then issue the right certificates that can be sold and circulated based on the cash flow generated by the basic assets by SPV,so as to finance.Compared with other financing means,copyright securitization has its special advantages.For sponsors,securitization can meet their needs of rapid financing,avoiding dilution of equity,ownership of copyright and risk transfer.For investors,copyright securitization is also their investment choice after comprehensive consideration of risk and return,and through copyright securities investment,investors can also be given a quick exit mechanism.After summing up the process of copyright securitization,the author finds that the transfer of rights,pledge of rights and third-party evaluation are the core links in the process of securitization,as well as the most involved risks and disputes.The value evaluation of copyright is the precondition of the securitization of copyright.The subjective evaluation of copyright value,the multiple factors affecting the value of copyright,and the risk of loss of copyright value pose challenges to the evaluation of copyright securitization.The author believes that the above risks should be evaluated from multiple dimensions,the copyright asset pool should be constructed and the third-party insurance or guarantee should be introduced.In the process of securitization,there are special requirements of "real sale" for transfer.The transfer of rights in the securitization of copyright can be divided into the transfer of existing copyright,the transfer of future copyright,the transfer of future claims based on existing copyright and the transfer of future claims based on future copyright.There are the following risks in the process of copyright securitization transfer: there are still great disputes on the transfer effect of creditor's rights in the future;the risk of uncertain ownership of copyright will add uncertainty to the process of securitization transfer;the divisibility and reusability of copyright will bring the priority of creditor's rights to solve the problem;the foundation of derivative creditor's rights is to be fulfilled,which makes it possible Because the issuer violates a specific obligation,the creditor's rights will not be realized;the future creditor's rights based on the future copyright will not only be able to generate predictable and stable cash flow,but also may be recognized by the judicial judgment,resulting in the problem of creditor's rights transfer.According to the above risks,the author also puts forward a series of regulatory measures,such as improving the risk control of future creditor's rights transfer,due diligence on the status of copyright rights,improving the copyright information disclosure system in securitization,building the copyright transfer and licensing registration system,and improving the future copyright derivative creditor's rights transfer mechanism.In the process of copyright securitization,the pledge of rights can ensure the investors' right to claim profits,and play the role of credit enhancement.The pledge of copyright securitization rights can be divided into the pledge of copyright rights and the pledge of future creditor's rights based on copyright.The following risks exist in the pledge of copyright Securitization: the divisibility of copyright makes it possible to form a game relationship of interests between the pledgor and the pledgee;it is doubtful whether the future copyright is the appropriate standard of pledge.The author believes that in order to prevent the above risks,we should establish a unified registration and publicity system for copyright transactions,a notice registration system for future copyright pledge and a floating guarantee system for copyright.To make clear the risks in the trade of copyright securitization,and to adjust these risks with legal framework is the most important thing to maintain the stability of the trade of copyright securitization and promote the development of industry.The author advocates to solve the conflicts and doubts in the transaction in a special way.Using the special law to adjust the risk of copyright securitization can give full play to the flexibility of the special law regulation,and avoid the extensive impact of the basic system adjustment under the condition of effectively controlling the risk.