A Study On The Legal System Of Uncertificated Securities

Nowadays,China's securities market have made tremendous achievements,basic achieved uncertificated securities,registration,depository and settlement.However,in such a high level of uncertificated securities trading conditions,its characterized failed to arouse sufficient attention.Holders of securities based on the uncertificated securities hold pattern,the transaction process,as well as the protection of the rights of investors and those derived from the legal problem does not exist in China's existing laws and regulations reflected.China's legislative gaps to the stable development of China's securities market impact is increasingly prominent,and the theory out of the practice led to some types of uncertificated securities trading can not be directly applicable to existing laws and regulations.The purpose of this paper is through the legal perspective on the uncertificated securities to improve the existing laws and regulations and improve the views provide more reliable legal protection.In this paper,four aspects of the uncertificated Securities essues involved in the analysis.In the first part,mainly on the legal definition of uncertificated securities.At present, China has no laws and regulations to delifit on this issue,which made the legal status of uncertificated securities is not clear,for uncertificated securities law applicable in certain problems.In the second part,mainly from the uncertificated securities registration to proceed with the study.Focused on analyzing the concept of securities registration,characteristics, effectiveness,securities registered with the distinction between securities registration and securities depository.Analysis the realationship between securities registration and securities rights,pointing out that the securities registration is the promulgated efficient factor of change of the registration rights.Through the study of the securities registered,I hope to contribute to the development of the theory.In the third part,focused on securities hold pattern through expatiating held by investor and intermediary.I mainly compare the realationship of the main comparison from the direct and indirect holding pattern,pointing out that China should maintain the direct holding pattern and to encourage the development of the indirect holding pattern.Furthermore,analysis the owner's securities rights to find out that China's legislation in this area blank.The lack of this legislation will directly lead to that when the securities companies bankrupt,securities rights of investors will not be able to be given priority protection.Thus,according to China's mainland securities market parrern, "Securities Law" should be thedirect pattern in the perfect circumstances,and support the development of indirect pattern.In the fourth part,focused on how to protect the rights of investors on uncertificated securities market.Investors is the cornerstone of the securities market,it takes a important roal in prosperity of the securities market.Therefore the securities legislation of most countries in the core of the system are carried out focusing on investor protection.From the current situation of China's securities market,we can find that because of the special circumstances in securities and exchange scripless,as well as imperfect laws and regulations,causing investors and brokerages,as well as the status of securities depositories in the wrong body and so on,to bear the risks of securities trading at a complete disadvantage.I made clear through the use of the legal status of investors, strengthen market supervision,the development of risk-taking scripless securities trading rules,perfect paperless system for the Securities Investor Protection Fund and other means of improving the scripless securities trading system of protection of the interests of investors and so on,thus maintaining the overall stability of the securities and exchange scripless,fair and healthy development.