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与传统信用债券相比,资产支持证券可谓是各项复杂法律制度的集大成者。资产证券化产品不仅涉及证券法、公司法、破产法、物权法与合同法等国家基本法律制度,还涉及金融机构监管、金融行为监管、衍生交易监管和税收等非常复杂多变的规制性法律规则。为了促进我国资产证券化市场长足发展,应以国家立法机关统一立法的形式系统全面地解决资产证券化的特殊目的载体、破产隔离方式、债权转让与担保变更登记等主要制度性问题。
Compared with the traditional credit bonds, asset-backed securities can be described as a collection of complex legal systems. Asset securitization products not only involve the basic legal systems of the state such as securities law, company law, bankruptcy law, property law and contract law, but also involve the complicated laws and regulations such as supervision of financial institutions, supervision of financial behaviors, regulation of derivative transactions and tax laws . In order to promote the rapid development of China’s asset securitization market, we should systematically and comprehensively solve the major institutional problems of special purpose vehicle, bankruptcy isolation, transfer of creditor’s rights and registration of change of guarantee in the form of unified legislation of national legislature.