Legal, regulatory and accounting aspect of credit derivatives

首先，在对大陆国家和盎格鲁-撒克逊国家的待遇进行比较调查的基础上，审查了信用衍生合同的有效性和可执行性，特别是与公共秩序和良好道德(博彩和赌博)和当事人(法人)能力有关的问题。衍生品交易的有效性和可执行性在盎格鲁-撒克逊和大陆国家都得到普遍认可。其次，在对大陆国家和盎格鲁-撒克逊国家的处理方式进行比较调查的基础上，考察了信用衍生品合同中净额结算条款的有效性和可执行性。净额结算合同的有效性和可执行性在盎格鲁-撒克逊国家得到普遍承认，而大陆国家，除受德国法律影响的国家外，对于交易一方是金融机构的情况，规定了净额结算条款的有效性和可执行性。第三，对…进行了比较调查西欧国家和其他盎格鲁-撒克逊国家在信用衍生品和金融担保的会计处理方面取得了较大进展。本文还对国际会计准则/国际财务报告准则的处理方法进行了研究。随着信用衍生品在资产负债表中得到广泛认可，一些会计准则要求确认财务担保合同。第四，对一些发达国家信用衍生品税收处理的调查结果表明，信用衍生品的税收处理仍存在不可预见性和不确定性因素。信贷衍生品的税收处理因国家而异，大多数接受调查的国家都没有关于这方面的全面规定。但英国对信用衍生品的税收处理有比较明确的规定。最终，由于巴塞尔协议II的实施，信用衍生品在信贷机构资本充足率要求中的处理方式实现了趋同。

First, the validity and enforceability of credit derivative contracts have been examined, especially in relation to public order and good moral (gaming and wagering) and the capacity of the parties (legal persons), based on the comparative survey of the treatments in Continental and Anglo-Saxon countries. The validity and enforceability of derivative transactions are generally recognized both in Anglo-Saxon and continental countries.Secondly, the validity and enforceability of netting clauses in credit derivative contracts have been examined, based on the comparative survey of the treatments in Continental and Anglo-Saxon countries. The validity and enforceability of netting contracts are generally recognized in Anglo-Saxon countries whilst continental countries, except for the countries influenced by German law, provide the validity and enforceability of netting clause with respect to the cases where a party of the transaction is a financial institution.Thirdly, a comparative survey o … More n the accounting treatment of credit derivatives and financial guarantee in west European countries and other Anglo-Saxon countries has made. The treatment in International Accounting Standards/ International Financial Reporting Standards is also examined. As credit derivatives have become widely recognized in balance sheet, some accounting standards require recognition of financial guarantee contracts. In this respect, Japanese accounting standards needs for progress.Fourthly, the result of the survey of tax treatment of credit derivatives in some developed countries shows that there still leaves unpredictable and uncertain elements with respect to the tax treatment of credit derivatives. The tax treatment of credit derivative varies country to country and most of the countries surveyed have no comprehensive provisions concerning this aspect. United Kingdom, however, has relatively clear rules on the tax treatment of credit derivatives.Finally, the convergence in the treatment of credit derivatives in capital adequacy requirements of credit institution has been achieved due to Basle II. Less