知的財産權의 證券化에 대한 小考
A Legal Study on the Securitisation of Intellectual Property Assets
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The securitisation of intellectual property assets as "a new trend". It has now been more than seven years since the introduction of the so-called Bowie bonds - regarded as the first ever music royalties future receivable securitisation - which gave rise to IP securitisation as a financing vehicle. In the days before the Bowie bonds, typically the assets being securitized related to tangible receivables such as real estate leases, supply contracts and the like. Such tangible receivables have predictable revenue streams and credit rating agencies are well familiar with the associated risks. In the case of intellectual property rights, the receivables may be licence royalties or other predictable cash flows from the intellectual property. In the years since the introduction of the Bowie bonds, a great deal has been written in the business and legal press and in academic journals about securitizing various IP portfolios from copyrights (particularly those associated with music and film) and patents (particularly those associated with pharmaceuticals and high technology) to trademarks and even trade secrets and domain names. In South Korea, there are four major issues for the ip -based securitisation such as the lack of credit rating company, and some restriction on in the securities and corporation regulations. The authors point out such problems and suggest solutions.
Abstract
The securitisation of intellectual property assets as "a new trend". It has now been more than seven years since the introduction of the so-called Bowie bonds - regarded as the first ever music royalties future receivable securitisation - which gave rise to IP securitisation as a financing vehicle. In the days before the Bowie bonds, typically the assets being securitized related to tangible receivables such as real estate leases, supply contracts and the like. Such tangible receivables have predictable revenue streams and credit rating agencies are well familiar with the associated risks. In the case of intellectual property rights, the receivables may be licence royalties or other predictable cash flows from the intellectual property. In the years since the introduction of the Bowie bonds, a great deal has been written in the business and legal press and in academic journals about securitizing various IP portfolios from copyrights (particularly those associated with music and film) and patents (particularly those associated with pharmaceuticals and high technology) to trademarks and even trade secrets and domain names. In South Korea, there are four major issues for the ip -based securitisation such as the lack of credit rating company, and some restriction on in the securities and corporation regulations. The authors point out such problems and suggest solutions.
참고문헌 (18)
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