Intermediary Securities Entities Convention On The Law Of Study

Cross-border securities transactions in today's international financial sector is the most prominent activities. Conflict of laws caused by the difference about relevant provisions of national laws has brought legal risk and system risk to Cross-border securities transactions and therefore hindered revlevant development. Convention On The Law Applicable To Certain Rights In Respect Of Securities Held With An Intermediary has a positive effect on release the conflict of laws by the formulating of conflict rules, still hasn't elimilated the legal risk fundamentally. In this context, Convention On Substantive Rules Regarding Intermediated Securities which formulated by UNIDROIT attempts to solve the problem of conflict of laws by way of substantive rules, in order to increase legal certainty and improve economic efficiency.The full text including three parts of introduction, body and conclusion respectively. The introduction describes the motivation and purpose of this article.The body of the first chapter illustrates the background by arguing the transition from direct holding system to indirect holding system, analysing the legal risk in the cross-border securities transactions and classifing the nature of the rights of account holders innovatively.The second chapter introduces "restrictive approach" and "functional approach" which applied in formulating the convention. On one hand, the two approach developed a way to neutralise the convention, on the other hand, considering the difficulty on formulating the convention, the draft working group started the project at a high threshold. In this way, can make the convention be harmonious and integrated in practice.The third chapter presents the conception of "transparent system" which introduced into the convention and make direct holding system and indirect holding system all into the scope of convention, thus, avoiding narrow scope of application of the Convention.The fourth chapter analyses the content of the convention. Including definitions, scope of application and interpretation; rights of the account holder; transfer of intermediated securities; integrity of the intermediated holding system; relationship between account holder and issuers of securities; special provisions with respect to collateral transactions and final clauses. The writer not only interpretates the articles in general, but also analyse and illustrate the significant articles deeply from a historical and purpose point view. Meanwhile, the writer tries to translate the convention accurately, endeavour himself for benefiting Chinese's scholars' further reseach.The fifth chapter devotes to evaluate the content of the convention, analyses the applicability in China, and makes a preliminary thinking of Chinese's holding pattern. Believing that China can maintain the current holding pattern and need to improving relevant laws and regulations, then, acheving the stable development and efficient operation both in national and cross-border securities transactions.In this paper, the research methods including the reseach of documents, comparative study, meaning analysis, historical analysis, objective analysis, chart analysis and so on.