Improvement On The Legal System Of Electronic Negotiable Instrument In China

With the electronic development tendency of modern financial industry, new transactionmethods make the traditional payment field facing a big test. Traditional paper negotiableinstruments are not able to adapt to the payment requirement in the e-commerce age due tomultiple limitations, while other electronic payment methods can not replace the function ofthem in the area of payment, then electronic negotiable instrument (ENI) arose in this case.Recent years witnessed the rapid development of electronic information technology, theapplication of Internet has entered every aspects of our life, creating favorable conditions tothe popularization of ENI. However, it not only need technical improvement, but also requirethe law offering more space to play a role.The current＂Negotiable Instruments Law＂was formulated on the basis of the paper,confirming legal effect of paper negotiable instruments and its signature, never referring toENI. Although＂Instruction of Electronic Payment＂and＂Management Methods of theElectronic Commercial Draft＂can be used in ENI, the legal effects of them are average, theyare still tend to settle related disputes according to＂Negotiable Instruments Law＂in practice,so the development of ENI and establishments of of are in a situation of imbalance.Theoretical circles pay much attention to the hysteresis quality of traditional negotiableinstrument rules, while the practice area has an inclination to solve problems from the view ofe-commerce, and puts forward much scattered suggestions, not integrated. This dissertationstarted from a more comprehensive point, reviewing from the system level, using thesummarized, historical as well as the reference method to analyze the ENI’s literature,focusing on the improvement of the legal system of electronic negotiable instrument.Exceptfor the part of foreword and epilogue, the total paper is divided into four parts:The first part is the basic theory of ENI, making comparison of electronic instrumentsand the traditional paper negotiable instruments, illustrating the similarities and differencesbetween the two things, and further introduced comparative advantages and operatingstructure of the ENI. The second part reviewed problems on legal system of ENI in China, which are reflectedthrough the current legislation conflict with the right exercising and relief ways of ENI, ENIlack complete quotation system, the legal liabilities of the parties are not clear, supervisionson negotiable instruments market are not sound.The third part is the emphasis of this thesis, which is establishing the legal status of ENIin China, the author did comparative study of ENI legislation from the world’s majorcountries and international organizations, putting forward modified and coordination adviceto＂Negotiable Instruments Law＂and other relevant laws and regulations, confirming thelegal effect of electronic signature, in order to make the electronic negotiable instrumentconforms to the written form and the original document requirements from law.The fourth part combined with the practice of electronic negotiable instrumentcirculation, providing some suggestions towards promoting our country’s electronicnegotiable instrument circulation system, via constructing unified electronic instrumenttrading center, formulating the ENI interest rate pricing mechanism, improving the creditrating system of ENI, strengthening the supervision level of electronic instruments market.In a word, the author hope contribute to the ENI circulation and financing function,standardizing the behavior of negotiable instrument market’s players, then accelerating thefinancial market’s overall connection and development by improving the electronic instrumentlegal system.