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特定目的信托是资产证券化架构模式之财产制度安排,亦为信托法律关系。当前,我国学界对特定目的信托的性质缺乏正确解读,无人论及特定目的信托的设立原则。特定目的信托的设立,须贯彻区分原则,区分信托合同与信托关系;同时必须以信托合同有效成立且拟证券化的资产发生信托移转为条件。我国“建元2005-1个人住房抵押贷款证券化方案”违背特定目的信托设立之区分原则。特定目的信托设立原则在我国之贯彻,远期目标是单独立法,近期则为加强监管。
The purpose-specific trust is the institutional arrangement of the asset securitization structure and is also the trust legal relationship. At present, the academic circles in our country lacks a correct interpretation of the nature of the trust for a specific purpose and no one discusses the principle of the establishment of a trust for a specific purpose. The establishment of a special purpose trust shall implement the principle of distinction and distinguish the trust contract from the trust relationship. At the same time, it must be conditional on the trust transfer of assets that are to be validly established and that are intended to be securitized. China’s “Jianyuan 2005-1 Personal Housing Mortgage Loan Securitization Program” violates the principle of distinction between the establishment of specific purpose trusts. The principle of establishing specific purpose trusts is implemented in our country. The long-term goal is to legislate separately and to strengthen supervision in the near future.