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Research on regulatory issues of asset securitization in China

Author: WangHui
Tutor: ZhouYouSu
School: Sichuan Academy of Social Sciences
Course: Legal
Keywords: Credit asset securitization Enterprise asset securitization Regulatory bodies
CLC: D922.287
Type: Master's thesis
Year: 2013
Downloads: 43
Quote: 0
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Abstract


Since the United States started to carry out mortgage securitization in the late1970s, asset securitization developed worldwide rapidly and its products have becomeone of the most dynamic financial products in financial markets. The reason why theasset securitization developed rapidly dues to its unique advantages in decentralizingenterprise risk and reducing financing costs.The research on asset securitization in China began in the1990s when ProfessorZhu Jing published the article "On the new trends of the U.S financial industry” inInternational Financial Magazine, in which article, he introduced the assetsecuritization business in the United States. But the Asset securitization pilot in Chinadid not begin until2005.It is relatively difficult to regulate asset securitization because of its complexityand its broad range of involvement. The lack of regulation of this kind of financing isone of the reasons for the outbreak of the U.S. subprime mortgage crisis. Therefore, itis particularly necessary to strengthen the supervision of asset securitization andcontrol asset securitization risk. However, our existing asset securitization regulatoryregime and the specific regulatory system are seriously lagging behind the regulatoryrequirements of the asset securitization, which brings many urgent problems to dealwith in the light of the regulation of the asset securitization.Regulatory issues of asset securitization in China are mainly reflected in thefollowing aspects: First of all, due to the separate operation and the separatesupervision of the financial system, our securitization of credit assets and corporateassets securitization are regulated by different regulatory bodies, which makes assetssecuritization in China lacking of overall vision from the very beginning. On the onehand, there is no basic regulations are established to unify the designation of the assetsecuritization system, On the other hand, because the securitization of credit assetsand corporate assets securitization is implemented under the auspices of the ChinaBanking Regulatory Commission and the Securities and Futures Commission, theasset securitization regulatory lacks of a unified regulatory body, so it can’t coordinateoverall asset securitization supervision or control the overall risk of assetsecuritization. Second, there are still many loopholes in the specific regulatory systemof asset securitization in China, especially in the area of risk control and protection of investors’ interests. On the basis of summing up the practical experience, we need tocontinually improve and perfect the regulatory system of the asset securitization.Finally, asset securitization in China exist the problems of over-regulation besides theabsence of regulation. Regulators supervise too strict will seriously hindered thedevelopment of asset securitization and innovation.Based on the above understanding, we need to improve the supervision of assetsecuritization to enable them to adapt to asset securitization development. First of all,we should make the basic regulations of asset securitization to design a unified systemfor the securitization of credit assets, enterprise asset securitization and other possiblesupervision of asset securitization. Meanwhile, we need to establish a singleregulatory body to coordinate the supervision of asset securitization and preventcontradictions and problems caused by the existing asset securitization separateregulator. Secondly, we should optimize the specific design and arrangement systemof asset securitization to control asset securitization risk and protect the interests ofinvestors. Finally, we should limit the right of regulators to prevent the abuse of thepower and asset securitization over-regulation.

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CLC: > Political, legal > Legal > Chinese law > Financial Law > Securities and Management Act
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