Study on the Legal and Regulatory Issues of CDS in Mainland China
1.CDS Overview and Basic Legal Attributes
1.1.What is CDS
Basic concepts of CDS, the alienation of CDS (speculative instruments) and the return to the essence (price discovery and risk mitigation)）
1.2.Legal attributes and institutional composition of CDS
Basic legal attributes of CDS, master agreement system, centralized clearing system, etc.
1.3.Why CDS need legal and regulatory
Credit risk, moral hazard, systemic risk, operational risk
2.The evolution of the regulatory regime for CDS in the European and US markets
2.1. Regulatory requirements for CDS in the US
2.2. EU regulatory requirements for CDS
2.3.Self-regulation requirements for CDS by international organizations
3.A study and analysis of the current legal and regulatory regime for the CDS market in China
3.1.Legal basis and definition of legal issues
Legal basis: Futures and Derivatives Law, Securities Law, Contract Law, Civil Code
Legal issues: Legal enforceability of CDS contracts of a betting nature, disputes on the performance of CDS contracts, disputes on the guarantee mechanism,
3.2. Regulatory regimes and current issues
Regulatory regimes: Interbank Market Regulatory Regime, Exchange Market Regulatory Regime.
Existing issues: regulatory incoherence, access issues, information reporting issues, central clearing issues, etc.
4.Conclusion
