特殊目的机构

在实践中，进行离岸资产证券化会遭遇一些法律问题，如特殊目的机构（SPV）的问题，资产如何转让问题及其监管问题等。

In practice , there are several legal issues we may encounter such as how to the SPV assets transfer and the legal supervision of off shore assets securitization .

拟议中的特殊目的机构将有至多20年的存在期限。

The proposed SPV will have a shelf life of up to 20 years .

第二种做法是安排一个特殊目的机构（SPV），帮助私营部门购买债券。

The second objective would be to arrange a special purpose vehicle to help the private sector buy bonds .

特殊目的机构（SPV）是资产证券化运作的中心载体，特殊目的机构的合理设立是资产证券化成功运作的重要保障，在资产证券化运作过程中具有重要地位。

Special purpose vehicle ( SPV ) is a significant instrument and important safeguard in the operation of asset securitization .

第一节对SPV的法律性质做了论述，重点说明了特殊目的机构为适应资产证券化交易中的角色所必须具备的法律特征。

The first section dissertates the legal character of SPV simply and emphasizes the legal characteristic of SPV which the SPV must be possessed of .

普华永道（PwC）表示，重庆、新疆和江西税务局近期分别作出的三项裁定，对外国投资者所用的海外特殊目的机构（SPV）具有重大意义。

PwC said a trio of recent rulings by provincial tax bureaus in Chongqing , Xinjiang and Jiangxi had implications for overseas special purpose vehicles used by foreign investors .

坏账银行实际上不是一家银行，而是一家特殊目的机构（SPV），类似于那些本来就引发了此次危机的表外工具。

A bad bank is not really a bank at all . It is a special purpose vehicle , similar to those off-balance sheet vehicles that triggered this crisis in the first place .

巨灾债券的发行，首先是债券发起人（巨灾补偿基金）为了分散其面临的巨灾风险，设立一个特殊目的机构（SPV）并与其签订再保险合约。

At the beginning , in order to disperse catastrophe risk , the promoter ( catastrophe compensation fund ) sets a special purpose vehicle ( SPV ), and then signs a reinsurance contract with it .

对于特殊目的机构SPV的构建，要从他的行为形式、组织形式、运营模式进行建构，使其成为破产风险的隔离体，具有相对独立性。

SPV for the construction of special purpose , from his behavior in the form , organization , operation mode of construction , making it the risk of bankruptcy isolation body , with relative independence .

第一，欧元区国家政府共同为一个特殊目的机构（SPV）提供担保，让该机构在市场上募集4400亿欧元资金，用于流动性贷款&就像刚刚向希腊提供的贷款那样。

The first is a joint guarantee by eurozone governments for a special purpose vehicle to raise market funds of € 440bn for liquidity loans such as the one that has just been offered to Greece .

随后探讨的税收和信用评级问题也是围绕特殊目的机构展开。

The tax credit rating and problems revolve about special purpose institutions .

名不正则言不顺，首先要确立特殊目的机构在我国的法律地位问题。

We must first establish the legal status of special-purpose institutions in China .

首当其冲的就是特殊目的机构在我国的法律地位问题。

Firstly it comes the special purpose vehicle SPV in the legal status of our country .

特殊目的机构甚至向政府支付提供担保的费用。

The SPV even pays a fee to the government to cover the expense of issuing the guarantee .

特殊目的机构的风险隔离机制包括特殊目的机构自身的破产风险隔离以及与外部机构的破产风险隔离。

Such Risk Mechanism includes the risk of bankruptcy remote of an SPV itself and other external organizations .

浅析住房抵押贷款证券化过程中特殊目的机构的法律问题

Analysis on the Legal Problems of SPV ( Special Purpose Vehicle ) in the Course of Mortgage-backed Securitization

作为回报，特殊目的机构将向银行发行由政府担保的新债务证券。

In return , the SPV issues new debt securities to the bank , guaranteed by the government .

第二章分析了受托机构作为特殊目的机构在特殊目的信托机制中的运作。

The second chapter discusses the operation of the trustee as SPV in the mechanism of special purpose trust .

目前在我国资产证券化操作过程中，特殊目的机构采用的是特殊目的信托形式。

At present assets securitization operating process in our country , the most used fonn of special purpose vehicle is the trust form .

因此，在理论上对特殊目的机构的法律责任以及启他相关问题进行研究是有着十分重要的意义的。

So , in theory of special purpose institutions as well as other relevant legal responsibility to research is is very important meaning .

这家特殊目的机构将被允许在交易结束9个月后，开始出售部分大都会保险的股票。

The special purpose vehicle will be allowed to begin selling some of the MetLife shares nine months after the Alico sale is completed .

按照公允价值会计原则，该计划不可能奏效，因为银行将不得不为特殊目的机构未来的亏损提取坏账准备。

Under fair-value accounting , it could not possibly work because the bank would have to make a provision for future losses of the SPV .

第二章，首先分析了与特殊目的机构相关的法律问题，其次，分析了与风险隔离机制相关的法律问题。

First it analyzes the special purpose vehicle related legal issues . Second , it analyzes the isolating mechanisms of risk related to legal issues .

只有特殊目的机构破产即使破产，也不会很快发生政府才会有成本。

There is only a cost to the government if the SPV goes bankrupt , which is not going to happen soon , if at all .

实践当中，风险隔离机制的设计包括构建风险隔离的特殊目的机构和实现资产的真实出售。

In the real practice , the design for the risk-remote mechanism includes the structure of a risk-remote SPV and the achievement of " real sales " .

第二节对特殊目的机构的产权组织形式及三种法律形式进行了论述，并对三种法律形式的优缺点作了相应的评述。

The dissertation of the second section introduces property right form and legal form of the SPV organization and the corresponding comments made according to theirs advantages and disadvantages .

采用公司形式设立特殊目的机构，可以向投资者发行不同档次或不同支付来源的资产支持证券；

Special Purpose Company ( SPC ) can issue different grades or other sources of payment of ABS . Diversified companies can also provide a variety of choices for originators .

特殊目的机构在资产证券化的运作中是一个核心甚至是灵魂，它的设立与运行是资产证券化进行成功与否的关键性因素。

Special purpose organization in the running process of asset securitization is a core even soul , its establishment and operation of asset securitization is the key factor to success .

全文分为四章：第一章研究了特殊目的机构的一些基本理论问题。首先从资产证券化的一般原理出发，引出资产证券化中所特有和核心的概念&特殊目的机构。

The first chapter researches some basic theory problem of SPV . It introduces common principles of securitization , and so educes an special and core conception ─ Special purpose vehicle .

本文共分三章，主要内容包括以下几个方面：本文首先对资产证券化和特殊目的机构的基本理论进行了简单梳理。

The content mainly includes following aspects : Firstly , the issue gathers up the meaning of the asset securitization , especially discuss the basic theory of SPV and its functions .