Research The Legal Regulation Of Warrants Market

As an innovative financial tool and derivative product of securities of a kind of unique function, the warrants has found favor in the eyes of investors.. The initial warrants was introduced into China in October, 1992. And because of excessive congenial, the warrants market was banned in 1996, this warrants withdraws from the historical arena gradually since then. Financial innovation has maintained rapid development in China capital market since the year of 2005, warrants come back to China to meet the need of equity division reform and diversification of stock products.Currently, the domestic research on the warrants mainly concentrated on the economic function, meaning and the measures of regulating the warrants in the foreign countries etc. the discussion on the legal regulation is rare. In light of this, this thesis discussed mainly surrounding the legal regulation, at the aim to put forward some constructive suggestions.This thesis totally divided into five parts:The first part mainly introduces the basic knowledge concerning the warrants, which including the concept of warrants, the functions, the benefit attribute and the legal relationship of warrants.The second part mainly discussed the content, necessity of the legal regulation and the choice of the mode. The legal regulation is a kind of method of the regulation, so, this thesis chose the theory of the legal regulation and emphasize on using legal action. According to the risk characteristic of the market of the warrants, to raise efficiency of the market resources allocation and protect the benefits of investors, the legal regulation is very necessary. The legal regulation mode of the stock market mainly has three kinds, namely punish after the event materiality reviewing before the event, and full disclosure mode.In the third part, the warrants regulation rules in foreign countries will be discussed. Hongkong, Taiwan and German are chosed, besides Singapore and Italy. The discussion mainly focuses on the issuing, information disclosure and trading regulation.The fourth part is the core of this thesis. This part is related to the marketing practice and the legislation situation in Chinese capital market and points out the inadequate of the legal supervision in our country. It mainly discussed the legal regulation of native warrants market and how to perfect and configure the law system of native warrants market in the law system of native stock market. It also introduced the concrete law system of the warrants, including the issuing, listing and procedure of the warrants, disclosure and the risk control etc., and put forward some suggestions of complement and modification around Shanghai and Shenzhen stock exchange' s temporary manage way of the warrants.