Research On Legal Issues Of The Assets In Copyright Securitization

This paper focuses on legal issues of the asset in copyright securitization.The legal relationships of copyright asset rights holders are complex,and the re-licensable and severable nature of copyright assets makes it further difficult to identify the ownership of copyright.The highly executory nature of copyright licensing contracts makes their originators assume more obligations than other originators of securitized assets,which makes it difficult to securitize copyright assets.Based on the different types of assets,copyright securitization is discussed in the paper in two main models: direct securitization and indirect securitization.Indirect securitization of copyright also refers to the securitization of existing or future copyright claims as assets.There are more practical difficulties because of the greater uncertainty of future copyrights and future claims.The foundational requirements of the assets of copyright securitization are further analyzed in the following chapters,it’s essential to have clear ownership of copyright assets,the ability to be transferred,and the need to generate predictable and stable cash flows.Copyright can only become a qualified asset if it satisfies the foundational requirements.However,several issues still need to be addressed to accomplish a great copyright securitization transaction.The state has issued a series of policy documents to support copyright securitization,but the practice of copyright securitization in China has not grown as much as expected.However,once the high cost of securitization,the legal problems with the copyright assets,the complexity of the copyright legal issues themselves,etc.are regulated by laws,copyright assets will be able to become a common securitization asset.As a result,the paper gives some suggestions in Chapter three.Given the complexity of copyright ownership,it is necessary to strengthen the review of copyright to avoid risks;given the significant horse-trading effect in copyright securitization,a permanent special purpose vehicle can be used to centralize the assets and consolidate the copyright assets of multiple originators as the assets of copyright securitization to facilitate financing and dilute costs;given the problem of cash flow instability in copyright securitization due to the frequent occurrence of copyright infringements,it is possible to draw reference from relevant foreign countries.In response to the problem of unstable cash flows in copyright securitization due to frequent copyright infringements,a more comprehensive copyright insurance system can be established by drawing on relevant overseas copyright insurance systems,with government credit intervention as a transitional measure until the insurance is perfect.