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金融危机后,美国针对资产证券化业务的发展与监管作出了相应的反思,他们认识到由于市场主体对资产证券化的不当利用以及监管的缺位,证券化过程放大了金融风险,这些反思主要体现在政府部门出台的相关法案、法规和监管新措施中。本文主要讨论美国证券交易委员会对于资产证券化专项法规——Regulation AB的修订内容,新版的Reg AB II旨在通过全面规范资产证券化产品注册发行及存续期间信息披露及报告要求,对储架标准作出了最新规定,通过减少不确定性与风险来增强投资者信心和强化投资者保护,同时激励投资者不过度依赖评级。文章还尝试性地总结了美国新规给予中国发展资产证券化市场的几点启示,希望能够有助于我国市场的长远发展。
After the financial crisis, the United States made corresponding rethinkings on the development and regulation of asset securitization businesses. They realized that due to improper use of asset securitization by market players and the absence of regulation, the securitization process magnified financial risks. Reflected in the relevant government departments issued bills, regulations and new regulatory measures. This article mainly discusses the amendment of Regulation AB of the Securities and Exchange Commission of the United States on the special regulation of asset securitization. The new version of Reg AB II aims to standardize the requirements for information disclosure and reporting during the issuance and the existence of the asset securitized products, Has made the most up-to-date regulations to enhance investor confidence and investor protection by reducing uncertainty and risk while encouraging investors not to rely too much on ratings. The article also tentatively summarizes some enlightenments given by the new US regulations to the development of an asset-backed securitization market in China, hoping to help the long-term development of China’s market.