A Research On System Of Paperless Securities Guarantee

This article is in the context of paperless securities, through on the base of analysis of paperless securities and its impact on traditional securities, introduce the foreign legislative experience about paperless securities guarantee, in the end of this article the author analyzed the guarantee system of paperless securities and proposed relevant defects in legislation in our country, then give some advices to improve it. This article is divided into four chapters, the key elements are:The first chapter introduces paperless securities and its impacts on guarantees of the securities. When security is created, it is in the form of paper, but the process of paperless securities spread to the world in the latter half of the 19th century. After the elimination of physical certificates, if you want to set the security guarantee, you can only do it in the way of taking notes in the securities account instead of delivery of the securities and endorsement. If secured want to realize his rights, he need the intermediary's help.The second chapter of the article introduced the system of security guarantee in Unidroit Convention on Substantive Rule for Intermediated Securities and American Uniform Commercial Code. In this chapter, the author analyzed relinquished security, usage of guarantee securities and close-out netting in Unidroit Convention on Substantive Rule for Intermediated Securities. And then, the author analyzed the standards for establishment of securities guarantee right---'control'in American Uniform Commercial Code.The third chapter describes the legal system of paperless securities guarantee of China. The legal system of securities guarantee of China is stipulated in property law, guarantee law, company law and some separate regulations with no legal force.Chapter four analyzes the defects of legislation in our country, and then gives some advices to improve it. The defects are: Legislation seriously lagging behind the practice; negative attitude about usage of guarantee securities; the standards for establishment of securities guarantee right are unscientific; Contractual nature of the security position is unreasonable; the ways of realizing securities guarantee rights are monotonous. The author's suggestions include adding the way of relinquished security, encouraging usage of the guarantee securities; fixing the standards for establishment of securities guarantee right to control. Clearing the nature of the guarantee contract as consensual sexual. Adding close-out netting as a way of realizing securities guarantee rights.