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把握结构金融的法律问题、拓展法律服务的创新领域

(Legal Aspects of Structured Finance)

2019年CFLP国际金融法律暑期项目

暨跨国商事法律硕士项目招生简章 

EnrollmentSchemefor2019 CFLPSummerPrograminFinancialLaw&

Shanghai Summer Session of LLM in Transnational Commercial Practice

by theCFLPatShanghai Lixin University of Accounting and Finance,

taught byProfMark S. Anderson and Prof Mary C. Fontaine from Chicago Illinois

项目主办（Organizer）：上海立信会计金融学院法学院、金融法律与政策研究中心（The Center for Financial Law and Policy at Shanghai Lixin University of Accounting and Finance, CFLP）

学术支持（Supporter）：The Center for International Legal Studies, Austria (CILS), and the U.S.-China Legal Exchange Foundation of Princeton, United States (UCLEF)

协办合作（Sponsors）：上海汉盛律师事务所、上海捷铭律师事务所、上海市浦东新区翻译协会

时间：2019年7月8日—7月19日

地点：上海市浦东新区上川路995号（上海立信会计金融学院浦东校区）国际交流中心

课程背景 随着经济全球化的发展和“一带一路”倡议的推进，中国企业对外投融资、海外上市、跨国并购等国际化经营行为越来越多，急需一大批能够把握国际国内市场、熟悉国外金融法律的高级专门人才。在此趋势下，上海立信金融会计学院金融法律与政策研究中心在国际知名机构的支持下，在去年成功举办美国SEC前总法律顾问John Walsh博士主讲“美国证券法律与实务”的2018年CFLP暑期项目基础上，将于2019年7月8日至7月19日继续举办“2019年国际金融法律暑期项目暨跨国商事法律硕士项目”，面向全国及海外高校教师、研究生（包括硕士生和博士生）、优秀本科生以及各类金融机构、中介服务企业等实务部门的律师、法务、合规等专业人员招收学员。

上海立信会计金融学院金融法律与政策研究中心（CFLP）是致力于金融法律与政策研究、专业人才培养和社会服务的学术机构，在欧洲CILS和美国UCLEF等学术合作单位的支持下，每年暑期聘请欧美等地金融与法律方面的高端实务专家，籍此国际金融法律暑期项目，为我校金融法专业的师生开设专业性、系列化的学术讲座；同时，吸收部分兄弟院校金融法专业的师生、实务部门的专业人员参加，以期加强理论与实践的结合、促进专业与学术的交流，为“一带一路”倡议的推进、上海国际金融中心的建设，培养一批熟悉国外金融市场法律实务的高级专业人才。

本暑期项目同时是欧洲跨国商事法律硕士项目（LL.M in Transnational Commercial Practice）的一个组成部分，该跨国商事法律硕士项目学员参加本暑期项目学习，考试合格，获得3个学分。本硕士项目仅对律师、企业法务等开放，有意申请者，请另行咨询。The CFLP Program is the Shanghai Session of the LL.M. in Transnational Commercial Practice, and the participants from the LL.M program will earn three credits after completing this summer program.

本项目向上海立信会计金融学院青年博士教师、在校学生和欧洲跨国商事法律硕士项目学员，免费开放，优先录取。The Programis free and open to young teachers and students from Shanghai Lixin University, and students from the program of LL.M in Transnational Commercial Practice .

1. 开课时间和授课语言

      开课时间：2019年7月8日至7月19日，周一至周五（考试时间为7月19日周五下午）。

授课语言：上午进行课堂教学，英语授课；下午举办专题研讨、学术交流活动，中文为主。

 Duration ofthe Program，and language of instruction

Period: Monday8July– Friday19July2019(exam inthe afternoonofFriday,19July).

Language of instruction: The morning lectures are in English, andafternoonactivitiesin Chinese.

2.教 师 

每天上午由长期从事金融法律教学研究和律师服务的美国芝加哥法学院教授、律所合伙人Mark S. Anderson和Mary C. Fontaine博士联袂举办系列化的课堂讲授。

下午专题活动，由上海立信会计金融学院金融法律与政策研究中心的学术顾问、客座教授、专家成员，分别举办专题讲座、开展研讨交流、组织参观访问等活动。

本次暑期课程项目，将根据最后的考试成绩，提供3个部分奖学金名额报读欧洲跨国商事法律硕士项目。对于有兴趣获得奖励机会的学员，建议同时参加下午的研讨交流活动。

Instructors

The course isjointlytaught in the morning hours by Professor Mark AndersonandProfessor Mary Fontaine.Prof Mark Andersonis a Lecturer at Chicago-Kent School of Law,a graduate of Vanderbilt University School of Law,anda member of the Georgia and Illinois state bars. His practice areas include financial transactions, business organizations, workouts and bankruptcy.Prof Mary Fontaine is Senior Counsel to the Mayer Brown law offices in Chicago, Illinois. She has served for more than 20 years as a partner in the firm’s finance practice. She is a graduate of Syracuse University and holds a Juris Doctor degree from University of Chicago.  She is a member of the New York and Illinois state bars.

The afternoon workshopsand activitieswillinclude lectures, seminars and a visit of SSE, being organized and chairedbytheCenter for Financial Law and Policy.

Three scholarships are available for the L.LM. in Transnational Commercial Practice program conducted in cooperation with Lazarski University, Warsaw, and E?tv?s Lorand University, Budapest. The scholarships are available to the three students with the best results in the summer course examination. Students wishing to compete for the scholarships are strongly advised to participate in the course’s afternoon workshops. 

3.研讨话题 

2019年CFLP国际金融法律暑期项目以“结构金融的法律问题”（Legal Aspects of Structured Finance）为题，从律师实务角度，解读金融交易的基本组成部分，不同类别资产的独特性与结构创新的推动力，金融交易结构创新中需要解决哪些法律和其他问题等，指导学员面掌握结构融资的法律问题与实操技巧。主要内容如下：

(1) 资产支持证券（abs）的背景和历史。解释结构化金融的历史和基础，包括市场术语和关键各方。

(2) 简单资产支持证券交易的结构。强调各方的动机以及基本交易结构如何实现这些动机。

(3) 住房抵押担保证券。利用抵押担保证券化作为一个平台，引入信贷等操作要素因素，以及解决税务问题的方法。

(4) 信贷和流动性保护。解释解决信贷、流动性、利率、货币和“稀释”风险的技术，包括使用超额利差、过度抵押、现金储备、服务商预付贷款、衍生工具，以及在有限情况下的追索权。

(5) 主信托。引入更复杂的交易结构，解决信用卡应收款等循环信贷资产融资问题。

(6) 汽车金融。概述为汽车贷款、汽车租赁、经销商最低计划贷款和汽车租赁车队提供资金所需的不同结构化金融方法（包括产权信托）。

(7) 破产。解释破产和相关法律如何影响交易结构。此外，还审查一些案例，以评估破产申请对结构性交易的影响。

(8) 二级结构。解释多层证券化交易的特殊问题。

(9) 商业票据渠道。讲解一种在美国为贸易应收款融资的通用工具，解释该结构是如何由担保银行的流动性和信贷额度支持的。

(10)抵押贷款义务（CLOS）。解释商业贷款动态池证券化所伴随的结构和问题，包括套利CLOS中的主动获利交易风险和抵押品管理人的角色。

(11)商业抵押担保证券。研讨商业房地产贷款CLO中出现的问题，包括前端贷款结构、关键方的利弊以及债权人之间的冲突。

(12)税务考虑。解释税务问题如何影响结构决策，包括所得税、预扣税以及证券作为债务或权益的处理。

Course subjects

This course offers a practicing lawyer’s perspective on Structured Finance: what are the fundamental building blocks of any transaction, how do the unique characteristics of different asset classes drive innovations in structure, and what legal and other issues need to be addressed. The course aims to teach students structured finance techniques useful in the context of different legal systems.

Subject to adjustment based on the interests and capabilities of students, the course will cover the following topics:

(1)     Background and History of Asset-Backed Securities (‘ABS’). Explains history and basics of structured finance, including market terminology and key parties.

(2)     Structure of a Simple ABS Transaction.  Highlights motives of the parties and how basic transaction structure addresses those motives.

(3)     Residential Mortgage Backed Securities.  Uses mortgage-backed securitizations as a platform to introduce credit and time tranches, waterfalls, triggers and methods to address tax concerns.

(4)     Credit and Liquidity Protections.  Explains techniques for addressing credit, liquidity, interest rate, currency and ‘dilution’ risk, including use of excess spread, over collateralization, cash reserves, service advance facilities, derivatives and, in limited circumstances, recourse.

(5)     Master Trusts.  More complex transaction structures introduced to address problems of financing revolving credit assets such as credit card receivables.

(6)     Vehicle Finance.  Outlines how different structured finance methods (including titling trusts) are needed to fund auto loans, auto leases, dealer floor plan loans and rental auto fleets.

(7)     Bankruptcy.  Explains how bankruptcy and related laws affect transaction structuring. Also reviews select cases to assess the effects of bankruptcy filings on structured deals.

(8)     Two-Tier Structures.  Explains special issues attendant to multi-layered securitization transactions.

(9)     Commercial Paper Conduits.  Introduces a common vehicle to finance trade receivables in the US. Also explains how the structure is supported by liquidity and credit lines from sponsor banks.

(10) Collateralized Loan Obligations (CLOs).  Explains structures and issues attendant to securitizing dynamic pools of commercial loans, including the risks of active trading for profit in arbitrage CLOs and the role of the collateral manager.

(11) Commercial Mortgage-Backed Securities. Takes a closer look at issues arising in a CLO of commercial real estate loans, including front-end loan structuring, pros and cons for key parties and intercreditor conflicts.

(12) Tax Considerations.  Explains how structuring decisions are influenced by tax issues, including income tax, withholding tax, and treatment of securities as debt or equity.

4. 时间表

(1)    注册及领取课程资料：2019年7月7日10:00-18:00（即课程开始前一天）

(2)    开班仪式：2019年7月8日（周一）上午8:30

(3)    授课时间：2019年7月8日至7月19日；上午8:30到中午11:30点（课程）

(4)    下午交流研讨活动（如果有的话）：13:30到16:00

(5)    考试时间：2019年7月19日（周五）下午13:00-16:00。 

Time table  

- Arrival registration (and distribution of course materials): Sunday7July2019between 10a.m.to 6 p.m. (i.e., the daybefore the course begins)

- Opening Ceremony: Monday8July2019, 8:30 a.m.

- Classes: Monday8July– Friday12July2019;Monday15July– Friday19July2019

-Timetable: 8:30 a.m. – 11:30a.m. (lecture)  &  13:30 –16:00 p.m. (activities)

- Breaks: Weekend, 13-14July2019

- Exam: Friday,19July 2019,13:00- 16:00.

 5. 报名条件

谁可以申请加入本暑期课程：

A –金融法、经济法或金融保险、财务会计等专业的本科生；金融法、经济法、民商法或金融专业的硕士或者博士研究生

B –金融法、经济法、民商法和金融保险、财务会计等专业的大学教师

C –律师、会计师、投资银行家等专业服务人员

D –政府金融部门专业人员

E –金融企业法律合规部门从业人员

同时需满足以下要求：英文水平较高。通过全国大学英语六级水平测试；或其他证明，如雅思或托福成绩；具备基础金融与法律知识。有金融法律合规从业经验者优先。

本次暑期项目学员总数限额50名。大学教师、政府职员和从业人士无报名限额；在校学生的选拔，主要基于其学术水平，学业优秀者优先录取。

Requirements for enrollment as a participant

Admission to the2019 CFLPSummerProgram in Financial Lawis open to the following categories of persons:A.university students who are pursuing (i) an undergraduate degree with a specialization infinanciallaw (orfinance), economic law or financial accounting or (ii) a master or doctoral degree infinancial law, or in finance; B.university teachers offinanciallaw,economic law,orfinance,accounting; C.lawyers, investment bankers and other professionals in the field of financial services, andgovernment officialsfor financial regulation, andD.lawpractitioners in private practice or working in a corporatelaw or compliancedepartment, who meet the following requirements:(1)proven English proficiency:pass the NationalCollegeEnglishTest level six (CET6); or scoresof IELTS or TOEFL,  and (2) adequatefinance and lawknowledge based on eithercourses taken atcollegesorfinancial lawpractice experience. 

Enrollment in the2019 CFLPSummerProgram in Financial Lawis restricted to50 participants. There is no number restriction for university teachers, government officials and practitioners. Students will be selected on the basis of academic merit. Students with better academic performancehavepriorities. 

6.考核、结业 

出席所有的讲座及研讨活动（出席情况将在每天上午和下午分别进行统计），参加并通过考试的学员，将获得由CFLP、CILS和UCLE联合颁发的结业证书；如成绩达到6.0及以上（以0-10分制），将获得成绩优秀证书。

 Exams, certificates andCredits  

Participants who attend allmorninglectures &afternoon activities(attendance will be checked every morning and afternoon) andpassthe exam will receive aCertificate ofCompletionissued jointly byCFLP, CILSandUCLE. If a participant obtains an exam grade of at least6.0 (on a scale 0-10) s/he will be given aCertificate ofCompletionwithHonors.

 7.课程费用与补贴

(1)    上海立信会计金融学院的在校学生、教师，免费（含授课和课程资料）；对于其他高校教师、政府部门官员和金融与法律从业人员，适当收取费用，用以支付暑期项目的办学费用、资料费用、教室费用等；

(2)    食宿等其他所有费用，由学员自行承担。需要安排住宿者，需提前预约，费用自理，住宿费用标准：标准间180元/间/天。

(3)    授课地点和住宿：上海立信会计金融学院国际会议中心。

Summer Course fee

Participation in the SummerProgram(including course materials) is free forallstudents, and teachers from Linxin University. Other participants (university teachers, government officials andfinance and law practitioners) will beproperlycharged a course fee.  All other expenses are to be borne by the participants themselves.  

8.申 请

申请者需在2019年6月30日前以电子邮件方式向联系人提供以下材料：（1）简历；（2）数码照片（25×35 mm)；（3）英语成绩证明（大学英语水平考试（CET）、雅思或托福成绩）；（4）学术研究（选择性提交）：在金融、法律类刊物（中英文）发表的文章或书籍电子版。

联系人：沈佳林

电话：021-50218592；手机：18021098263；报名邮箱：cflp2018@163.com。  

最终名单将在上海立信会计金融学院网站#及/公布。 

Application 

Applicants must send (a) a resume, (b) a digital photo (25 × 35 mm), (c) proof of English proficiency (CollegeEnglishTest level six [CET6], IELTS or TOEFL score), and, optionally, (d) a digital version of articles (and/or books) they havebeenpublished in a (Chinese or English)finance or lawperiodical, before30June2019to thecontactperson by email.

A list of all personsaccepted toparticipatein the course will be posted athttp://fxy.lixin.edu.cn/and/ before 5 July 2018.

CONTACT INFO 

Contact person:SHEN Jialin

Mobile: (+86)18021098263;Tel: (+86-21)50218592;Email:cflp2018@163.com