| Project/Area Number |
09837003
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
国際取引
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| Research Institution | Osaka University |
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Principal Investigator |
NOMURA Yoshiaki Osaka School of International Public Policy, Professor, 大学院・国際公共政策研究科, 教授 (20144420)
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| Co-Investigator(Kenkyū-buntansha) |
野村 美明 大阪大学, 大学院・国際公共政策研究科, 教授 (20144420)
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| Project Period (FY) |
1997 – 1999
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| Project Status |
Completed (Fiscal Year 1999)
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| Budget Amount *help |
¥1,900,000 (Direct Cost: ¥1,900,000)
Fiscal Year 1999: ¥500,000 (Direct Cost: ¥500,000)
Fiscal Year 1998: ¥600,000 (Direct Cost: ¥600,000)
Fiscal Year 1997: ¥800,000 (Direct Cost: ¥800,000)
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| Keywords | Securitization / International Finance / Conflict Of Laws / Receivables Finance / Special Purpose Company / Trustee for Bond Holders / SPC / 社債の管理会社 / 対抗要件 / 国際取引 / 金融 / 法律 |
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| Research Abstract |
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.
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