资产证券化中风险自留及其豁免的法律规制
发布时间：2018-12-17 15:04
【摘要】：2008年后欧盟和美国在资产证券化方面改革的一项重要措施是建立风险共担机制,欧洲议会的修订版的资本要求指令(CRD)及其122a条款和美国的《多德一弗兰克法案》第94l章都对风险自留做出了新的规定,并在规则中又设定了复杂的风险自留的豁免条款。本文通过对比研究欧盟、美国和日本的资产证券化风险自留规则及其豁免条款的设定,探讨对我国资产证券化风险自留及其豁免的制度设计。文章提出我国在资产证券化中要增加发起自留的灵活性,对一些基础资产质量较高的证券化产品可以部分或全部豁免风险自留,同时强化信息披露。
[Abstract]:An important measure of EU and US reforms in asset securitization since 2008 has been the establishment of risk-sharing mechanisms. The revised European Parliament capital requirements directive (CRD) and its 122a clause, as well as the U.S. Dode Frank Act Chapter 941, provide for new regulations on risk retention, as well as complex risk retention exemptions in the rules. This paper discusses the institutional design of risk retention and exemption of asset securitization in China through a comparative study of the risk retention rules and the exemption clauses of asset securitization in Europe, the United States and Japan. This paper puts forward that China should increase the flexibility of initiating self-retention in asset securitization, and some securitization products with high quality of basic assets can be exempted from risk in part or in whole, and information disclosure should be strengthened at the same time.
【作者单位】： 上海财经大学法学院;
【分类号】：D912.28
，
本文编号：2384361
[Abstract]:An important measure of EU and US reforms in asset securitization since 2008 has been the establishment of risk-sharing mechanisms. The revised European Parliament capital requirements directive (CRD) and its 122a clause, as well as the U.S. Dode Frank Act Chapter 941, provide for new regulations on risk retention, as well as complex risk retention exemptions in the rules. This paper discusses the institutional design of risk retention and exemption of asset securitization in China through a comparative study of the risk retention rules and the exemption clauses of asset securitization in Europe, the United States and Japan. This paper puts forward that China should increase the flexibility of initiating self-retention in asset securitization, and some securitization products with high quality of basic assets can be exempted from risk in part or in whole, and information disclosure should be strengthened at the same time.
【作者单位】： 上海财经大学法学院;
【分类号】：D912.28
，
本文编号：2384361
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