“基础资产”界定中的法律问题及其解决

Problems and solutions to legal selection of Basic Assets

在比较法研究的基础上,结合中国相关的法律概念、规则和制度,对2006年中国证监会发布的《关于证券公司开展资产证券化业务试点有关问题的通知》(以下简称《通知》)中基础资产的分类、概念、特征描述部分给予了法律评析。认为《通知》规定了债权和收益权两种完全不同性质的基础资产,却又只规定了资产买卖(转让)这一种风险隔离方式,而这种方式在现行法律体系下无法适用于收益权的资产证券化。通过对比国外立法,认为要真正解决收益权证券化的理论难题,需要进一步完善信托法及相关配套法律法规。

In 2006, China Securities Regulatory Committee issued the Notice on problems related to the Experimental Assets Securitization Business Conducted by Securities Company （hereinafter referred to as the ＂Notice＂）. It is the Notice that firstly defined and classified the Basic Assets under the business of assets securitization. Based on the analysis of such definition and classification, the authors argues that the issue of this notice, included two different kinds of basic assets, i.e. Creditor＇s Rights and Rights of Receiving Proceeds, only provided one risk-remote mechanism--assets transfer. However, this mechanism is not suitable for the Rights of Receiving Proceeds to securitization under current legal system of China. Based on a comparative review, the authors conclude that, to address the theoretical puzzle as how to realize the securitization of Rights of Receiving Proceeds, it is necessary to improve and perfect the entrust law and relevant regulations and rules.