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Research on the Legal Problems in Asset Securitization after the Financial Crisis

Author: TianJing
Tutor: LiuBaoYu
School: Shandong University
Course: Civil and Commercial Law
Keywords: Asset Securitization Financial crisis Transaction Security Investors ' priority The supervision of the credit rating agencies
CLC: F832.51
Type: Master's thesis
Year: 2010
Downloads: 159
Quote: 1
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Abstract


Asset securitization is an innovative way of financing. Now just 30 years from its creation to the securitization of assets abroad by various types of enterprises, financial institutions, widely used as a means of financing, favored by investors is also popular on the market, has achieved great success in the marketplace. However, after the outbreak of the U.S. subprime mortgage crisis in 2007, and then spread to the global financial crisis, the proliferation of asset securitization financing as one of the factors that led to the financial crisis, the moment the situation into a highly controversial. The practice started late in China, asset securitization, low starting point, so far only a limited several asset securitization financing transactions. Of regulators in the development of asset securitization has been cautious attitude, coupled with our existing financial system and the laws and regulations there are many practical barriers to asset securitization transactions, asset securitization is not yet in a rapid development of the situation in China. This was precisely of the financial crisis is not the abuse of securitization, excessive amplification leverage ratio and suffered an alarming loss. However, to the historical perspective, despite the ups and downs of the financial markets since time immemorial, the products of financial innovation has been constantly introduce new forward. From the original intent of the design of the asset securitization, it remains a high-efficiency low-cost means of financing a low-risk return investment approach. Thus, asset securitization in reality there are still development needs. So-called \learn advanced foreign experience and painful lessons into our own asset securitization into the system design, which detours to appreciate both the asset securitization financing facilities, but also to avoid the abuse of asset securitization triggered risk. In this article it is around above was initiated. Of course, asset securitization involves all aspects of legal issues, after the financial crisis, countries in the reform is numerous and complex content, this article may only select aspects. This article select practice and legal regulatory cf analysis objects, owed much to the United States is both the birthplace of the securitization of assets and the largest market, is the instigator of the financial crisis and the loss of the bear, after the financial crisis of the advocates of reform and regulatory measures and practitioner of significance in China is quite important. In this paper, after the financial crisis in perspective, analyze the problem of asset securitization of asset securitization law, and thus to make some recommendations. In addition to the introduction and conclusion, is divided into five chapters. The first chapter is an overview of asset securitization transactions. The first describes the meaning of the asset securitization as a means of financing, then proceeded to describe the various participants in the asset securitization transactions, and its status and role in the entire transaction, and then describes the whole process of asset securitization. Based on meaning, to participate in the main, the introduction of the whole process, the final analysis of legal relations and legal nature of asset securitization. The second chapter analyzes the effect of the double-edged sword of asset securitization of financial markets. First, asset securitization have brought the main parties involved in the transaction of interest, and therefore become very popular in the financial markets. However, the financial crisis, flooded the leverage ratio is too large asset securitization in the financial markets has accelerated the collapse of the financial markets. Finally, the article pointed out that the re-positioning, the use of asset securitization in the financial crisis should return to its value based response to asset securitization. Third, four two chapters analyze two specific issues. Chapter starting from the point of view of the maintenance transaction security analysis of asset-backed securities investors look forward to enjoy and should enjoy priority, as well as investors in the financial crisis showed the loss of priority. The third chapter is the analysis of the U.S. market and U.S. law, including the introduction of the secret principle of priority, and IX of the Uniform Commercial Code, this principle applies to part XI. Through analysis, the reality of asset securitization operation, based on the current registration system design, information disclosure is limited, trapped in the secret principle of priority \Yu. Chapter IV is still starting from the point of view of the transaction security, the credit rating of asset securitization. This should be the credit rating agencies as a trading security misconduct, is also one of the causes of the financial crisis. The credit rating of the error resulting in the investor's investment is extremely dangerous, unable to protect the security of transactions. The chapter concludes with a U.S. credit rating agencies in the financial crisis, regulatory reform measures. The fifth chapter is the introduction of asset securitization. First, the time of asset securitization in the current asset securitization practice, as well as related legal obstacles. Finally, we propose a system construction is proposed registration system for improving our assignment of claims based on the third and fourth two chapters analyze the regulatory system of credit rating recommendations.

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