Current asset securitization models in China include credit asset securitization overseen by the People’s Bank of China (PBOC) and the China Banking Regulatory Commission (CBRC), corporate asset securitization overseen by the China Securities Regulatory Commission (CSRC), and asset-backed notes overseen by the National Association of Financial Market Institutional Investors. Looked at from the perspectives of regulator, review method, originators, investors, underlying assets, trading exchange, legal relationships, etc., there are certain differences between the three models.
With respect to issue numbers and issue size, credit asset securitization currently occupies first place, while corporate asset securitization has grown rapidly since 2015. Due to professional specialization, the authors have only been involved in the credit asset securitization segment, and accordingly this column will focus on that.
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Charles Qin is a partner with Llinks Law Offices in Shanghai. He can be contacted on +86 21 3135 8668 or by email at charles.qin@llinkslaw.com
Michael Mei is a partner with Llinks Law Offices in Shanghai. He can be contacted on +86 21 3135 8669 or by email at michael.mei@llinkslaw.com
