| Asset securitization,which started in the U.S.,has the function of transforming illiquid assets into highly liquid securities,improving financing efficiency and reducing financing costs,and thus it has gained rapid development in the United States.As an innovative financing tool,asset securitization also contains a unique risk logic,including the risk of basic assets,the liquidity risk and term risk caused by its structured financing and the risk of default of all parties involved.Because of its unique structure and risk transmission mechanism,ABS are different from traditional securities,and their information distribution form,information disclosure focus and information disclosure entities are different from traditional securities.The securities market has natural information asymmetry.In order to ensure the fairness and justice of the securities market,the information disclosure system emerges,as the times require.Asset securitization in the U.S.has experienced from nothing to an all-round development and innovative products emerged in endlessly.From the initial pass-through securities to mortgage-backed securities,from asset-backed securities to re-securitization derivatives,Asset-backed securitization has achieved a rapid development in the U.S.However,because of the credit risk of the subprime loan itself,coupled with the credit expansion,the credit risk spreads as the securitization derives continuously.In this way,under the impact of multiple factors,the subprime mortgage crisis broke out and swept the world.After the crisis,U.S.government carried out the financial market reform and strengthened the information disclosure system of Asset-backed securities.Information disclosure rules in the U.S.gradually assembled into a mature system,including: information disclosure requirements for all securities and regulatory rules specifically for the Asset-backed securities.The details of information disclosure that need improvement mainly include the following aspects: firstly,information disclose on asset pool,including general requirements and special disclosure requirements for six types of products such as CMBS,RMBS,car loan ABS,car rental ABS,debt ABS and re-securitization.Secondly,information disclosure on transaction structure,including disclosure of important participants in transaction structure and transaction structure;thirdly,in the issuing period,matching different disclosure obligations according to different issuing institutions and issuing methods;Fourthly,different forms for annual report,regular report and temporary report.Lastly,in order to ensure the binding force of the information disclosure system,procedural verification steps and legal liability for false information disclosure have been set up.Through the thorough study on the U.S.ABS information disclosure system,the main enlightenment for perfecting the asset-backed securitization information disclosure system in our country is chiefly as follows: from the macro level,a unified asset securitization information disclosure legal system shall be formulated together and there shall be a unified asset securitization supervision system.From the micro-scale,the first is to improve the detail of information disclosure.The second is to improve the protection of investors. |
