The Paperless Securities Registration Legal Issues In The Background

In the1990s, China’s securities market has realized the paperless operation, and usheredin the paperless era.But, our country did not set up to adapt to the development of thepaperless securities registration system. securities registration system in our country has notdefined legal nature of the securities account, also has not clarified relevant legal relation ofsecurities depository institutions and the subject.under the background of the paperless,securities of rights and interests of people lost the right carrier direct control, more relying onintermediaries to realizing and transferring rights.Investors and securities companies,securities registration agencies such as intermediary between the stock right confirmation,error registration dispute emerge in endlessly.Existing system framework,which designedbased on the background of paper, did not achieve effective confirmation.Existing systemframework did not provide convenience for pledge implementation measures for theregistration of nor designed to protect the rights of securities to exercise complete reliefsystem.Therefore, this paper revolves around three aspects to carry out the research.The first part is about the main performance and the reasons of the failure in thesecurities registration approval function.Recognition is incomplete and rights recognition isnot real, which is the main performance of the securities registration approval functionfailure.Integration mode of operation of Securities depository, registration, settlement, andthe influence of ideas, lead to account registration with the register of holders of confusion.As a result, people confuse securities registration carrier in the practical operation andtheoretical research, which make the securities registration approval function failure.Theregister of holders of securities registration system should be set up；The holder and registersystem should be given the public force; according to the results of the trading main body，slam the door closed of shareholders, establish right; Clear careful scrutiny in the centralizedtrading of securities depository institutions.The second part is about the pledge registration rules by the main performance and thereasons of the questions.Rights recognition difficult when multiple pledge coexist,thelegitimacy of the fruits mandatory registration in question, is major performance of pledgeregistration rules,which puts in question.Loss of visual of pledge target and rights ofsecurities mark coexist in the securities account forms the reason.The practice has failed torealize the paperless securities pledged mark characteristics, adopted the pledge registration mark is invalid.So,this caused plight of pledge， made the fruits mandatory registrationchallenged.This, should be divided by number to distinguish the underlying code and pledgetargets; adopting the way of register and distinguishing pledge; the registration the pledge tothe option back to pledge the parties, by the two parties free to decide whether or not thepledge registration.The third part is about stock rights and interests of people on the right remedy the mainperformance of the plight and reason.The main performance of the stock right remedyproblems lies in the fact that, at the wrong registration, the holder of the securities are unableto seek relief directly related subject; When there has no right to dispose, securitiesregistration system to protect the rights of bona fide assignee.The main reason is that China’sexisting legal relationship framework built up registration organ indirect legal relation withinvestors, frustrating investors direct claim to the registration organ.Due to the missing personwhich registered in the name of rights and obligations system and securities liability system isimperfect, the right remedy for securities registration process prone to obstacles.To solvethese problems, the author further puts forward countermeasures. The clear person registeredunder the name of securities within the rights and interests of the securities account shallenjoy the right of common rights.A new legal framework should be established,which givesinvestors in the registration of change directly to the registration agency, the relevant rights.Inthe error registration situation, in view of the phenomenon of system error registration, amultiparty system risk prevention mechanism should be established. Requirements of theapplicable scope of goodwill should be clearly defined.