On Investor Protection In The Legal System Of China's Securities Companies Go Bankrupt

China's securities market, though started late, but growing rapidly. China has been able to establish a socialist legal system, securities market more regulated, but at this stage, it should be noted, the laws and regulations on the securities industry is still not perfect, the regulatory mechanisms still can not play an effective role. Bankruptcy process in a securities company, so far still lack relevant legal norms. Introduced in 2006 the "PRC Bankruptcy Law"(hereinafter referred to as the new "bankruptcy law"), although securities firms and other financial institutions required by bankruptcy, but the lack of provision is too operational principles, and the corresponding implementing regulations had not yet issued.The most important of the main investors in the securities market, the stock market is a source of confidence, but also the world's financial legislation protection the object. At present, China Securities Investor Protection in the bankruptcy proceedings the legal system is not perfect, "the securities company's risk Disposal Ordinance, "The introduction marks the beginning of the process in the administrative disposition of investor protection have a legal basis. However, supporting systems, and also caused investors to protect the base is still relatively weak. Foreign securities market of the older, more perfect the relevant systems, therefore, to improve the protection of investors, need to actively learn from foreign experience. And fully consider the legal basis of the present, which make practical recommendations.This article includes five parts.The first part describes the related securities companies the concept of insolvency proceedings, with focus on analysis of actual cases for the Securities Bankruptcy Law deficiencies.The second part of the rights based on business type and nature of the investor's account in the classification of securities companies, in-depth analysis of the insolvency proceedings the rights of investors.The third part mainly the United States introduced the typical foreign investor protection model, by comparing the similarities and differences in between points, combined with China's status quo, to achieve the purpose of reference.The fourth part of the combination of our new "Bankruptcy Law" stipulates that securities companies in China in the bankruptcy proceedings detailed analysis of several issues, focused on factors that affect investors. Including bankruptcy started the exercise of withdrawal rights, settlement claims, administrative proceedings and bankruptcy proceedings, and several other issues of convergence.The fifth part combines the first four parts of the argument, to make recommendations for the problems. Mainly to give investors the process of disposal of claims administration recognized right to dissent, provides a reasonable starting point for the exercise of such right of revocation.