Research On Information Disclosure Of Consumer Credit Securitization

In recent years,with the rapid development of consumer credit,participants from banks,consumer finance companies to major Internet e-commerce platforms have launched various types of consumer loans.At the same time,banks choose to securitize the consumer loans in order to remove these loans out of balance sheet and other institutions choose to securitize for financing purpose.The asset-backed securities of consumer loans can be built with consumption scenarios,and the general interest rate is low.For institutions that need financing,the credit rating of these asset-backed securities is generally high,most of which are AAA,so the financing cost is low However,in practice,the approval of consumer credit is loose,the post loan management is not strict,the borrower borrows from multiple places and uses the loan to buy houses,invest in the stock market and other illegal phenomena,which make the risk of consumer credit far higher than the market expected.In particular,the credit system of our country is not secured enough,which may lead to wrong credit and excessive credit,and even increase the default risk of consumer credit.Due to the immaturity of credit rating agencies,the risk of consumer credit asset-backed securities can not be accurately displayed through the securities grade.The current disclosure guidelines of consumer loan asset-backed securities are not timely related to the risk of consumer loan asset-backed securities and the information investors need to judge.This paper will discuss the inconsistency between the information disclosure guidelines and the consumer loan asset-backed securities,and put forward some opinions on the perfection of the information disclosure system of consumer credit asset securitizationIn the first chapter,it mainly discusses the source of information disclosure of consumer loan asset-backed securities.In asset-backed securities,the issuer is the trustee,and its fiduciary obligation to the beneficiary,that is,the investor,is the source of information disclosure obligation.At the same time,in asset-backed securities,different information disclosure requirements based on different basic assets are the concrete embodiment of differentiated information disclosure theory.Therefore,it is necessary to establish information disclosure requirements based on the differences between consumer loan asset-backed securities and other asset-backed securitiesIn the second chapter,the main problems of information disclosure system of consumer credit asset securitization are analyzed.On the whole,the information disclosure rules of consumer loan asset-backed securities focus on the needs of regulators;on the content of the standard,the risk correlation is not strong,and there are problems of insufficient disclosure of the borrower's credit situation and solvency The rules do not provide feedback on the incomplete credit system,the credit enhancement measures in asset securitization and the impact of credit rating on information disclosure requirements.Generally speaking,there are some problems,such as violating the principle of substantial information disclosure,deviating from the needs of investors' judgmentIn the third chapter,the first section introduces the consumer credit code of European and American countries,from personal credit investigation,consumer credit advertising,consumer credit contract,to consumer credit information disclosure,there are more detailed laws and regulations.A sound legal system of consumer loans not only provides sufficient protection for borrowers,but also improves the quality of consumer loans.The SEC's rules on information disclosure of asset-backed securities,regulation AB II,include differentiated information disclosure,investor centered information disclosure and standardized information disclosure form of asset layer,which provide enlightenment for the information disclosure of consumer loan ABS in China.In the second section,the author puts forward some improvements for the information disclosure of consumer loan ABS in China.The third section points out that it is necessary to establish a personal credit information sharing system and strengthen the use of investor payment model credit rating system,so as to promote the operation of information disclosure systemIn the fourth chapter,it discusses other systems related to information disclosure system.In the face of the conflict between information disclosure,confidentiality obligation and trade secret protection,we should coordinate the relationship between them.The improvement of information disclosure requirements may promote the collection and acquisition of information.At this time,the borrower's personal information right and right to know need to be properly protected.In the last section of the fourth chapter,in the face of foreign scholars' doubts about the effectiveness of the information disclosure system,the author believes that,in combination with the actual situation in China,the information disclosure of consumer credit asset-backed securities in China is still insufficient,and there is no such situation as too high information disclosure requirements and little effect in the United States,so it is still necessary to strengthen the information disclosure.