On The Basic Legal System For Securities Registration And Settlement

The normal operation of modern securities market needs the securities transaction, registration, clearance and depository agencies. The securities transaction agency offers location and facility for the market dealings, and makes the business done promptly; after bargain, the securities clearance agency checks and calculates the receivable and payable securities of both parties as well as the capital, and carries on the settlement; the seller then hands over the relevant securities, and the purchaser pays the relevant capital, and the delivery can be duly completed, which is settlement. The settlement process completion means that the transaction procedure ultimately completes.The securities registration and settlement involve the securities registration and settlement agency, securities exchange, securities operation agency, securities investor and clearing bank, and the right and obligation relationship and of these participants and the relevant legal system in the registration and settlement business is the fundamental legal problem in the securities registration and settlement business, but this fundamental legal problem still lacks distinct and authoritative definition up to the present.This article is divided into five parts to discuss the legal system of securities registration and settlement. The first part primarily introduces the civil legal status and auxiliary study of the securities registration and settlement agency. The second part presents the legal system in the securities registration process. The third part mostly introduces the legal system in the securities depository process. The fourth part primarily presents the legal system in the securities clearance and settlement process. The fifth part summarizes the legal systems in each process of securities registration and settlement process, and raises the constructive suggestions.