资产证券化风险自留与豁免——来自美国的经验

Risk Retention and the Exemption Rule in Securitization——the US Experience and Implications for China's Securitization Policies

2008年后美国在资产证券化方面的一项重要改革是建立风险共担机制。六个联邦机构在2014年10月联合公布了《多德-弗兰克法案》第941章,也就是信用风险留存的最后规则。但规则中又设定了复杂的风险留存的豁免条款。本文通过研究美国的资产证券化风险留存的规则的设定和豁免条款,探讨对我国资产证券化风险留存制度设定的借鉴。

One of the most important financial regulatory reforms on asset-backed securitization is the rule of risk retention. In October 2014, Six U.S. federal agencies released the final rules for implementing the Dodd-Frank credit risk retention requirements for asset-backed securities. However, the final rules also contain complicated exceptions and exclusions for certain assets. In 2013, the Chinese government released its ruling on risk retention related to asset-backed securities. This article compares the two approaches and argues there are some benefits for China's economic development from some exemptions to risk retention.