信贷资产证券化投资者保护机制探讨

On Credit ABS Investor Protection System

投资者的保护水平决定了信贷资产证券化的发展程度。作为一种金融创新,信贷资产证券化的投资者保护有其特殊性并开始成为证券化推广阶段的核心问题,试点时期的证券化制度已难以适应此时的投资者保护需要。应重新厘定监管者、金融中介和投资者的角色和功能,并在他们之间进行有效的证券化制度配置,以建立一个具有内在逻辑联系和价值传承的投资者保护机制,形成可持续自我发展的信贷资产证券化市场。

The development of credit ABS depends on the level of investor protection. In terms of a financial innovation, investor protection is becoming the focus of ABS in the course of promotion, while the system implemented in the test period is no longer a valid protection to investors. The role and function of regulator, financial intermediaries and investors should be readjusted by putting in place a valid system for ABS business as well as a coherent and consistent investor protection system. This is to ensure that a sustainable credit ABS market be set up.