商业保理资产证券化应收账款转让之法律问题与完善建议

Legal Problems and Suggestions on Transfer of Accounts Receivable in Commercial Factoring Asset Securitization

资产证券化为商业保理公司的融资困境开辟了新出路。近年来,商业保理资产证券化业务发展迅猛,但目前尚处于法律真空地带,其核心环节——应收账款转让面临诸多法律问题:未来应收账款的可转让性、应收账款禁止转让特约的效力以及应收账款转让通知的主体和期限等。基于"提高商事交易效率、保护投资者利益、促进商业保理资产证券化业务健康发展"的考量,我国法律宜对商业保理资产证券化应收账款转让作如下规定:认可有基础法律关系的未来应收账款的可转让性;明确禁止转让特约对外部第三人(商业保理公司和SPV)无效;增加应收账款转让通知主体——商业保理公司和SPV,并有条件地承认暗保理"延迟通知"和未来应收账款"预先通知"的效力。

Asset securitization opens up a new way for the financing difficulties of commercial factoring companies.In recent years,the business of commercial factoring asset securitization has developed rapidly,but it is still in a legal vacuum.Its core link,the transfer of accounts receivable,is facing many legal problems:the transferability of future accounts receivable,the effectiveness of the special agreement prohibiting the transfer of accounts receivable,and the subject and duration of the notification of the transfer of accounts receivable.Based on the consideration of'improving the efficiency of commercial transactions,protecting the interests of investors and promoting the healthy development of commercial factoring asset securitization business',the following provisions should be made in our law:recognizing the transferability of future receivables with basic legal relationship;explicitly prohibiting the transfer of special agreements to external third parties(commercial factoring companies and SPV)Effectiveness;Increase the subject of receivables transfer notification-Commercial factoring company and SPV,and conditionally recognize the effect of covert factoring'delay notification'and future receivables'advance notification'.