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Regulation of securitisation in China: Learning from the US experience

机译：中国证券化监管：借鉴美国经验

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摘要

With the issuance of the latest adjustment on the Chinese securitisation regulatory framework, the originating institution only needs to hold 5% capital for each class of the securitised assets. Previously, the originating institution needed to hold a certain percentage of the lowest class of the securitised assets in one single securitisation deal, and the percentage in principal, should not be less than 5% of the entire term of the securitisation deal. This adjustment of the reduction of the minimum risk retention (MRR) requirement has to large extent, addressed the limitation of financing in participating in securitisation for Chinese banks. However, it has increased the risk of securitisation failure or even a crisis in the Chinese banking sector compared with the previous regulatory framework. In the light of the potential risks of this latest adjustment, the study critically examined the effectiveness of the regulatory framework of the current Chinese securitisation market drawing from the US experience during the global financial crisis (GFC). Overall, we evaluated the regulations on the current Chinese securitisation market as relatively effective, whilst we also raised concerns on the future of the regulations and thereby provided suggestions for improvements.
机译：随着对中国证券化监管框架的最新调整的发布，发起机构只需要为每一类证券化资产持有5％的资本。以前，发起机构需要在一项证券化交易中持有一定比例的最低类别的证券化资产，且本金百分比不得少于证券化交易整个期限的5％。降低最低风险保留（MRR）要求的调整在很大程度上解决了中资银行参与证券化的融资限制。但是，与以前的监管框架相比，它增加了中国银行业证券化失败的风险，甚至增加了危机的风险。鉴于这一最新调整的潜在风险，该研究从全球金融危机（GFC）的美国经验中，严格审查了当前中国证券化市场监管框架的有效性。总体而言，我们对当前中国证券化市场的法规进行了评估，认为该法规相对有效，同时我们也对该法规的未来表示了担忧，从而提出了改进建议。

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