Corporate asset securitization: policy evolutions and legal obstacles

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Asset-backed securities (ABS) refers to financing through a structured conversion of illiquid assets capable of generating future cash flows into securities in equal shares that are marketable and tradable on financial markets.

Currently, asset securitization in China mainly consists of credit asset securitization, corporate asset securitization and asset-backed notes. This article elaborates on policy evolutions and legal obstacles with corporate ABS, which has seen rapid growth recently.

Policy evolutions

In October 2004, the China Securities Regulatory Commission (CSRC) issued the Circular on Issues Related to the Pilot Programme of the Engagement in Asset Securitization Business by Securities Companies, choosing credit asset securitization as a specific type of asset securitization to be piloted in the mainland.

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Jeffrey Quan is a senior partner at ETR Law Firm. He can be contacted on +86 20 3718 1230 or by email at qzh@etrlawfirm.com
Rose Mo is a trainee lawyer at ETR Law Firm. She can be contacted by email at xymo@etrlawfirm.com

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