Rethinking On The "Asset Securitization" System And Its Supervision In The Internet Lending Market

With the rapid development and expansion of the online lending market,in order to seek more growth space and business coverage,the online lending platform gradually changed the pure P2 P or creditor's rights trading mode and began a new strategy of "securitization" at the asset level.However,with the continuous renewal and development of business model,a large number of online lending platforms suddenly reflect difficulties,run-off,shutdown and other issues,among which there are also many legal,institutional,credit and other risks.Regulators subsequently promulgated a "ban" which explicitly prohibits online lending platforms from engaging in or accepting entrustment to engage in asset-like securitization business or to realize the transfer of creditor's rights in the form of packaged assets,securitized assets,trust assets and fund shares.This "one-size-fits-all" mode of supervision is obviously biased.Regulators,as policy makers,should be flexible and adaptable.They should not neglect the necessity and possibility of securitization of online loan assets simply because they emphasize risk control.The technical means of supervision should be constantly improved and the mode of supervision should be adjusted timely according to market trends.At the same time,although compared with traditional asset securitization,network lending asset securitization lacks some compliance factors such as SPV,internal hierarchical credit enhancement,external credit rating and adequate information disclosure,regulators should not ignore the beneficial attempts and market demand of credit asset securitization on the Internet,but should comply with market demand as soon as possible.The law confirms the legitimate status of issuing securities through the Internet,and completes the standardization of the system and effective supervision mechanism under the guidance of marketization.Therefore,we should base on the logical starting point of financial risk prevention and control and economic growth to develop financial supervision technology dynamically,learn from the supervision mode and experience of P2 P asset securitization in the United States and Britain,and seek the ultimate way out of China's online loan asset securitization.At the level of system design,we should first set up the registration and approval system for the securitization business and products of online loan assets,select the appropriate SPV,and then make institutional improvement for the two important aspects of securitization,i.e.the protection of investors and the selection of basic assets,in order to better control risks;and at the level of supervision,we should reshape the concept and mode of supervision that attaches equal importance to prudent supervision and behavioral supervision.The position and independence of high-level behavior supervision should be established,and an independent information supervision system combining special supervision and industry self-discipline should be established.Supported by the hierarchical supervision of platforms and products,the healthy and sustainable development of online loan asset securitization can be guided and promoted.