Research On The Legal Protection Of International Securities Investors

International securities investment is an important way for international investment. And it also occupies an important position in the total securities investment. Since china has opened the securities market,our portfolio capital inflows and outflows are expanding rapidly. In this situation,strengthening the protection of international securities investors seemed to be particular important: Fistly,help maintain the stability of the international securities market order;Secondly,help to optimize the investment environment and attract investment from foreign securities investors;Finally,help to protect the interests of securities investors who went to invest overseas.Home country mainly adopt two measures to protect international securities investors:one is to expand the jurisdiction of securities civil disputes;the other is to establish investor protection system,which is generally showed as the investor Protection Fund. The jurisdiction of securities civil dispute cases is vary in states,but the scope of the United States is the most widely prescibed. But China has no such criterion,which had negative impact to the protection of external securities investors. Investor Protection Fund system is widely adopted by countries as an important system. China has initially established a Protection Fund system,but there are still many deficiencies to be improved.Host countries have also taken various measures to protect the interests of the international securities investors,for the purpose of attracting foreign securities investment. The WTO rules on how to protect foreign securities investors provide some principles. And these are embodied in ensuring fair and transparent legal environment of domestic. At present,the Qualified Foreign Institutional Investor(QFII) system is the main way to attract foreign securities capital in many countries including China. This system relating to the protection of foreign securities investors is an important component of the host country's protection system. In order to protect international securities investors,countries have strengthened bilateral corporation,mainly in the field of corporation between securities regulatory authorities and judicial cooperation. The cooperation between securities regulatory authorities is always in the form of memorandum of cooperation signed by both parties.The cooperation of civil litigation is mainly in the service of judicial documents,on behalf of investigation and evidence collection,recognition and enforcement of judicial documents and so on.And the cooperation in criminal proceedings is mainly in two states signing agreements on mutual legal assistance.In the multilateral sphere countries have also taken some actions. The IOSCO as a global non-governmental organization,made an important contribution in this regard. And the European Union as the representative of the regional organizations has also taken some measures to strengthen protecting international securities investors. Both of them are focused on two aspects,namely cooperation to combat securities violations and attempts to establish some unified information disclosure standards.