Principles of Structured Finance in International Business

从1997年至1999年进行的这项研究的结果中得出以下结论：冲突法规则：建议对第三人转让权利的效力应适用债务人住所地的法律。（一）前项权利转让登记的，转让对债务人以外的第三人的效力，适用转让人住所地法律。债券发行的强制性规则：研究表明，SPC法中的委托公司要求具有很强的监管性质，无论适用法律如何，都应适用于具有国际因素的发行人-债券持有人关系。《商法典》中类似的温和条款也是如此。但是，没有明确的指导方针来确定这些强制性规则的国际适用范围。考虑到公司融资发生在国界之外，建议在规则本身或有关条例中规定这些规则的国际适用范围。这种指南尤其重要，因为在计算与证券化交易有关的风险和成本时，要考虑到有关证券发行的强制性规则。

The following conclusions are drawn from the results of this research conducted from 1997 to 1999.1. Conflict-of-Law Rules : It is suggested that the effect of the assignment of a right with respect to a third party shall be governed by the law of the place of the debtor's domicile. If the assignment of a right in the preceding sentence is to be registered, the law of the place of the assignor's domicile shall govern the effect of such assignment on the third party other than the debtor.2. Mandatory Rule on the Issuance of Bonds : The research shows that the Commissioned Company requirement in the SPC Act ha such a strong regulatory nature that it should be applied to the issuer-bondholder relationship with an international factor, regardless of the governing law. The same can be said about a similar and milder provision in the Commercial Code. However, there is no clear guidance to ascertain the scope of the international application of these mandatory rules. Considering that corporate finance takes place beyond national borders, it is proposed that the scope of the international application of these rules be provided for in the rules themselves or in the related regulations. This kind of guide is especially important since the mandatory rules with respect to the issuance of securities are taken into account in the calculation of risks and costs associated with a securitized transaction.