Legal, regulatory and accounting aspect of credit derivatives

首先，对信用衍生品合同的有效性和可执行性进行了审查，特别是在公共秩序和良好道德（赌博和赌博）以及当事人（法人）能力方面，基于对大陆和盎格鲁-撒克逊国家处理方法的比较调查。衍生品交易的有效性和可执行性在盎格鲁-撒克逊和欧洲大陆国家都得到普遍认可。其次，通过对欧洲大陆和盎格鲁-撒克逊国家信用衍生品合同中净额条款处理方式的比较研究，考察了信用衍生品合同中净额条款的有效性和可执行性。净额合同的有效性和可执行性在盎格鲁-撒克逊国家得到普遍认可，而大陆国家除受德国法律影响的国家外，对交易当事人为金融机构的情况规定了净额条款的有效性和可执行性。第三，对西欧国家和其他盎格鲁-撒克逊国家对信用衍生品和金融担保的会计处理进行了比较调查。还审查了《国际会计准则/国际财务报告准则》中的处理方法。随着信用衍生品在资产负债表上的广泛确认，一些会计准则要求对财务担保合同进行确认。在这方面，日本会计准则需要进步。第四，对一些发达国家信用衍生品税收待遇的调查结果表明，信用衍生品税收待遇仍存在不可预测和不确定因素。信用衍生品的税收待遇因国而异，大多数被调查的国家在这方面没有全面的规定。然而，英国对信用衍生品的税收处理有相对明确的规定。最后，由于巴塞尔协议II，信用衍生品在信贷机构资本充足率要求方面的处理趋同。少

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