Legal Study On China's Securities Company M & A

From the developed countries of the international development of the securities industry, when the securities industry develops to a certain stage , M & A way to a securities company in a short period of time to complete the lowest-cost way to expand the scale will be the universal mode,at the same time,it also makes the securities industry achieve Internal integration, improve trade structure, improve the industry concentration, maturity and stability to the inevitable direction of development.From the objective conditions of view, China's securities industry entered the era of large-scale mergers and acquisitions has been with the conditions. Began in 2004 in the comprehensive management of the brokerage firms in September 2007 rectification work has basically ended. After entering 2006, a turning point in the development of China's securities market changes, the securities industry overall profitability significantly improve, the scale of rapidly growing industries, development of the industry in a qualitative leap. In the management"assisted good limited bad", to promote large-scale securities firms, the Group develop in the direction of the promotion of the concept to the market as the main force of the M & A activities will be further upgraded, the formation of a new fully into the market M & A trend. Therefore, the Chinese securities companies for merger-related restructuring of the legal issues is a very practical significance of the topic. This paper tries to be addressed on two facets. First of all, from a legal level, the acquisition of the securities company reorganization of the legal framework applicable legal system, and at this stage the main form of legal issues one by one analysis and research; Secondly, the combination of existing case, from a legal practice level, M & A restructuring of the securities companies operates in practice the main focus on legal issues. Centering on this research thinking, the paper is made of the following five components:The introduction of the major papers is on the research background, purpose and significance of the study.The first part of the securities companies on M & A reorganization of the basic theory includes mergers and acquisitions and securities companies to define the concept of restructuring, merger and reorganization of China's brokerages because of the dynamic analysis of the existing laws carding.The second part is on China's securities companies M & A practice and assessment. I turn first to China's securities industry practice for the M & A review and sum up, and then from a legal perspective to the problem.The third part is the acquisition of foreign securities companies compare and learn from the reorganization. In this paper, a full understanding and analysis of foreign acquisitions of securities companies and regulatory development process, grasp the securities industry merger and reorganization of the general rules of the main features of its flexible application of the domestic securities industry mergers and acquisitions, securities companies guiding the reorganization of mergers and acquisitions practice.Construction is the fourth part of China's securities companies M & A market-oriented system. According to China's concrete practice of securities companies, brokerage firms for domestic M & A Construction of the system, in the following aspects of the system to improve the construction of the countermeasures and suggestions: M & A reorganization of the legal system, China's securities companies M & A market access system, the securities industry Third-party assessment system, securities companies to disclose information system.As China's securities industry to continue to move forward, securities companies M & A trend of development can be expected, the acquisition of securities companies related to the reorganization of the in-depth study should continue to carry on, the Chinese securities market as a whole have an important development Significance.