Securitization of asset as a legal category: essence, signs and place in the legal system of Ukraine

The article is devoted to the study of the essence and signs of asset securitization, as well as determining its place in the legal system of Ukraine. It is determined that in recent years, when the national economy is at the stage of active search for means to attract large-scale investments, asset securitization is considered not only a financial mechanism, but also a strategic legal category. Making changes to the rights of claim in liquid securities allows business entities to mobilize resources, which plays a critically important role in the restoration of the housing and infrastructure sector. However, the legal significance of this process is still debatable, repeatedly creating legal uncertainty between the usual assignment of the right of claim (cession) and factoring. In general, the need to study asset securitization from the point of view of legal science is associated with comprehensive changes in the financial system of Ukraine, the need to attract investments for the purpose of post-war economic recovery and the dynamic development of digitalization. It is worth noting that the development of the digital economy leads to the emergence of new challenges, in particular the need for a legal definition of securitization of virtual assets and the use of «blockchain technologies». In turn, this requires a reassessment of the features of securitization. Securitization should be considered a complex legal institution, which includes an interdisciplinary complex of legal norms and stock market law. Therefore, a clear understanding of its place will make it possible to unify legal norms and ensure stable development of the capital market. We have determined that asset securitization in Ukraine should be considered the process of transforming future cash flows from assets (in particular, loans) into securities, which allows the originator (creditor) to obtain financing by selling rights to such flows to investors through a specially created institution (SPV). It has been established that securitization should be considered not only as an economic process, but also as a complex legal structure, which involves the assignment of the right of claim to a specially created institution (SPV) and the subsequent issuance of securities. The main features of securitization are identified, in particular, the separation of the originator’s property pool; the presence of a special entity (SPV); the change of rights of claim into financial instruments.