资产证券化破产隔离法律制度探析

Study on the Legal System of Bankruptcy Isolation of Asset Securitization

破产隔离在资产证券化过程中处于核心地位,具有转移、分散风险,增加金融安全性的作用。目前破产隔离程序在我国资产证券化过程中并不明晰。本文就其法律适用难、参与主体SPV法律地位不明确、风险评估不到位、监督环节缺失和监管标准不统一等问题进行探讨,强调完善我国的破产隔离程序相关立法、明晰法律脉络的重要性。同时确立统一的适用标准以增强法律的适用性,明确参与主体地位,确保SPV运行流畅;构建多层联动监管模式来保障破产隔离的实现以及资产证券化的顺利运行。

Bankruptcy isolation is the core of Asset Securitization, which has the function of transferring or disper-sing risks and increasing financial security. At present, the procedure of bankruptcy separation is unclear in the as-set securitization in China. This article probes into the difficulty in the application of the law, the unclear legal sta-tus of the participants in the SPV, the lack of risk assessment, the lack of supervision links and the different moni-toring standards. It emphasizes the importance of perfecting the relevant legislation of bankruptcy isolation proce-dure and clarifying the importance of the legal context. At the same time, establishing a unified applicable stand-ards to enhance the applicability of the law, clear participation in the main position, to ensure that SPV running smoothly; constructing a muhi-layer linkage supervision mode to ensure the realization of bankruptcy and the smooth operation of asset securitization.