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Law in Context

Abstract from Volume 25 No 2 (2007) Law and Finance

Structured Finance in China: Legal and Institutional Perspectives on the Challenges and Opportunities

Sandra L Caruba, BS (Illinois), JD (Chicago), LLM (Auckland), was for­merly a Lecturer in the Commercial Law Department at the Univer­sity of Auckland, New Zealand with research interests in inter­national finance and securities law. She currently resides in Cali­fornia. During 1987-2003, she was a practising lawyer in the USA where she specialised in banking, securities and securitisation trans­actions.

To reach the next level of economic development, China must develop the kinds of institutions, both formal and informal, that support impersonal exchange. The recent introduction of domestic structured finance – currently available on two separate legal tracks – provides an opportunity to further the development of these institutions. This article provides a detailed analysis of the separate legal frameworks for structured finance established by China’s banking and securities authorities, including a look at how they accommodate important con­cepts like ‘true sale’ and bankruptcy-remoteness. This is followed by a look at the implications of China’s legal environment for structured finance and, by extension, for continued economic reform.

(2007) 25 No 2 Law in Context 35

   
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