Research On The Scope Of Securities

The legal scope of securities is a fundamental question, it is not only astarting point but also a rotating core in Securities Law. There is a narrowlegal scope of securities in our Securities Law which only including stocks,bonds and the securities identified by the State Department. With the furtherdevelopment of our capital market and the emergence of a variety of financialinstruments, the legal scope of securities can not meet the needs of thesecurities market，therefore, it’s necessary to broaden the range of securities inour Securities Law. The U.S. Securities Act of1933, the Securities ExchangeAct of1934which define the term "security" in sufficiently broad, and theinvestment contract may provide a possible blueprint to broaden the scope ofsecurities in our Securities Law.Firstly, this paper systematically introduces the meaning of securitiesfrom semantics academic view, and analyzes the value of the range ofsecurities in Securities Law. By reviewing the argument about the scope ofsecurities in legislation of Securities Law of1998and the amendment ofSecurities Law of2005, this paper has a deeper look at the dilemma caused bythe narrow legal scope of securities. This paper also introduces the definitionof securities from the U.S. statute law and the case law and discusses thevalue underlying the U.S. Securities Act and the judicial precedent. Then thepaper compares the different range of securities between American and ourcountry from the securities market, the legislative tradition and the legislativeconcept. Considering the development of securities market and thetransformation of legislative concept in our country, it is necessary to broadenthe scope of securities. At last, in order to solve the problem caused by thenarrow legal scope of securities, we should take the variety of financialinstruments into account, learn from the legislative concept in the U.S.Securities Act and the case law system, introduce invest contract and thesubstantive standard to define the categories of securities, and try to define a general definition about securities.