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Investors in Asset Securitization: Study on Interest Protection Mechanism

Author: XuKuanBao
Tutor: ZhangYanLing
School: Nanjing University
Course: Civil and Commercial Law
Keywords: Asset Securitization Protection of investors' interests Information Disclosure Risk isolation Regulatory
CLC: F832.51
Type: Master's thesis
Year: 2011
Downloads: 123
Quote: 0
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Abstract


Asset securitization as a direct financing, traditional bank lending, indirect financing does not have the advantage of solving the financing of SMEs and difficult to resolve banks' bad loans has important significance. Asset securitization originated in the United States in the 1970s, the latter has spread rapidly in Western Europe, Japan and other developed countries, as the end of the 20th century one of the most significant financial innovation, asset securitization, and soon became the most important financing one way. After several years of theory to explore China officially began in March 2005, the pilot of asset securitization. Asset securitization in order to develop, inseparable from the investors in their understanding and trust, this market is fraud rampant, and the law of the jungle ultimately is not conducive to the interests of the sponsor of the securitization. This article attempts to explore the mechanism of protection of the interests of investors in the asset securitization, asset securitization market in order to achieve stability and development, and contributes to the legal construction of China's financial markets. From the following aspects of the protection of the interests of investors: information disclosure obligations; promoters sell assets when the legal structure of the SPV; Information disclosure obligations of the SPV; regulatory measures of the financial regulatory authorities; SPV risk isolation mechanisms; investors the right to appeal safeguard mechanism. The first part discusses the importance of information disclosure obligations of the sponsoring agencies for the protection of the interests of investors. The basis of the protection of the interests of investors in the asset securitization the originating institution intends to securitized assets, initiated institutions and investors information asymmetry, information disclosure obligations of the sponsoring agencies is particularly important. The legislative experience of Japan and Taiwan, part of the scope of the sponsoring agencies information disclosure, the way made a certain sense of balance between the interests of the creditors and investors of the information disclosed in the promoters are discussed. Second, the third part of the SPV's information disclosure obligations and risk isolation mechanism made of. Securitization of assets transferred to the SPV, SPV of the assets in the actual control of the state. Information asymmetry between investors and SPV. Combined with the United States, Japan, Taiwan, and China's legislative experience, this article on the scope of the disclosure by the SPV information made certain of. Also trust SPV, SPV of the company in the form of the risk of isolation mechanism made of. As well as the bankruptcy and the risk of isolation and the interests of investors protection mechanisms. Made certain of the legal structure of the fourth part of the SPV. Combined legislative experience of other countries, as well as according to the SPV own development needs in line with our development of asset securitization, combined with our existing legislation, I believe that on the basis of China's \needs SPV. Fifth, Part VI made an analysis and discussion of risk regulators and investors in the process of asset securitization mechanism of protection of the right to appeal. I believe that, early in the development process of asset securitization, financial regulators of the supervision and guidance of the securitization market appear to be more important, and the existing problems of China's financial market supervision and regulatory matters that should be noted as a preliminary analysis. The protection of the investor the right to appeal is not be ignored one aspect, combined with the existing legislative experience, made certain of Prosecute the extent and manner of investors. The last part is the conclusion, that the point of view of the full text of synthesis.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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