The Investment Securities Research Some Issues Of American Uniform Commercial Code

In1952the United States "Uniform Commercial Code"(Uniform CommercialCode, hereinafter referred to as UCC) was revised many times, for61years. The codeis considered the world’s most advanced western commercial law, the provisions onsecurities centralized--investment securities in the eighth series.In order to promote the safety of securities trading, UCC investment securitiescode through a series of detailed rules and regulations, founded the protected purchasesystem and securities indirectly holding system.Protected purchase system is the most important class of securities to buy people,only when the holders of the securities in accordance with the protected purchaserequirements UCC, protected by buying talent can enjoy better than general holders ofsecurities rights. UCC protected against purchase to the attention of the people, isconducive to the promotion of securities market circulation.UCC indirectly holds legislative technique innovation on1994, the United Statesof America on the domestic law of the reform, the revised UCC eighth for directholding system and the indirect holding system. In indirect holding system, investorsno longer hold securities entity itself directly, but through the open securities accountsin their own depository institutions to hold securities. This system is with the emergeas the times require development of the securities market of the world, to promote thestock trading more efficient and safe, and can be used to attract more foreign investors,improve the degree of internationalization of securities.UCC created the indirect holding system is a great innovation of legislativetechnology, and establishes a set of specially suitable for indirect holding system ofsecurities regulations on the protection of human rights. UCC eighth part fifthchapters--stock rights, protection of the rights and interests of investors areexpounded on the indirect holding system, these rules not only protect the security ofthe securities transaction, but also conducive to the realization of social fairness.China in July1,1999the implementation of the "Securities Law" established thesecurities market in the economic development of our country’s legal status. Andconstruct the basic legal framework of China’s securities market, but because of theinfluence of many factors, China’s securities legislation there are still manydeficiencies, the author thinks that although China and the United States of Americabelong to different legal systems, but in the trading of securities legislation has many similarities, and these similarities obtained the enlightenment for our legislation ofsecurities from UCC investment securities, this paper focuses on UCC investmentsecurities for characteristic carries on the elaboration and the analysis, revealed thatthe UCC securities legislation to protect the rights and interests of investors. Securityunder indirect holding system of securities rights interests so as to better achievesocial fairness. And related to China’s securities legislation to make comparisons,therefore, the author thinks, China’s securities legislation should introduce UCCprotected by the purchaser and the indirect holding system, the development ofChina’s securities market quickly, improve the protection of the rights and interests ofinvestors in the relevant legislation is particularly important, especially in recent yearsoverseas securities investors in China’s securities market more and more indirectholding patterns are constantly on the stock exchange, but in our country, domesticinvestors still insist on the direct holding pattern, the author suggests that thetraditional mode of securities held bound of our stock market to develop well andquickly, this paper will detail the indirect holding system to carry on the analysis, byreference the reasonable composition of UCC investment securities made constant toimprove China’s securities legislation.