Research on Legal Issues of Credit Enhancement Measures for Asset Management Products from the Perspective of Judicial Judgment
The legal nature and effectiveness of credit enhancement measures have always been controversial in judicial practice.The Supreme People's Court tried to sort out the concept and unify the judgment by issuing the"Nine people's Records"and"Guarantee Interpretation".However,as a professional financial field,the asset management field is different from the general civil and commercial transactions,whether it is the product design structure or the unique"investment"and"risk"characteristics.Therefore,the qualitative measures of credit enhancement of asset management products should not follow the identification ideas of article 36 of the Guarantee Interpretation,but should respect the autonomy of the parties and identify them as independent anonymous contracts.In terms of the validity of credit enhancement measures,it is necessary to clarify that the illegality of rigid payment is a violation of the independence principle of trust property,and the purpose of supervision is to prevent the emergence of systemic financial risks.
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