| The current definition of "securities" in "securities law" clearly too narrow, hinder the development of capital market, to protect investors, unable to meet the demand of the market, influence to functional regulation in our country, and many other problems. In 98 with 05 revision, had more discussion on this question, a "pie" wide "narrow" struggle "between", when it is mainly adopted the "narrow" point of view, and revision is given priority to with "between". Today’s academic circles also have extensive discussion on this question, mainly has "securities law", the import "collective investment scheme", the introduction of "investment contract" and so on.Overall support to enlarge the regulation range of securities, any legal system are in certain circumstances to evaluate whether appropriate, the securities market of our country has greatly developed the original securities law adjustment scope has not adapted to the current actual situation of the market. Our country should be in the revision of the function orientation in the protection of investors, deepen the reform of the market, and promote the market innovation, according to the theory of capital theory, and the role of the stock market and the entity industry and economic feedback theory, all reveal the should expand "securities" definition, to give full play to their role as the "securities law”. The United States are listed in the "securities law" of 1934 up to 34 securities, and put forward the "investment contract", "venture capital", "family resemblance" three conceptual criterion with substantial judgment whether to belong to the securities law of the economic regulation object, make investors fully guaranteed. British investments in “contract” is proposed on the basis of the definition of “collective investment scheme”, follow Britain, Japan, Korea, and also into the concept, puts forward the concept of "financial products" implementation of the horizontal regulation of the financial, successful against the financial crisis, as the object of countries all over the world to follow.Distance from the last time the revised "securities law" has been 10 years, China’s capital market development is rapid, financial innovation constantly emerging, should take advantage of the repairing method of extension defined "securities" to promote the sustainable development of the securities market in our country. In the form of list and general definition, more clear also conforms to our country tradition, general definition and eliminate the way is not suitable for our country’s current situation. The nature of the type of securities derivatives with securities without doubt should return to the "securities law" regulation. Compact derivatives, options, futures contracts on the basis of the capital stock, and common securities association, many system has similar, should also be placed in the definition of "securities". Now in our country has not issued the financial commodity act or the financial service act ", studied the futures in the regulation of the futures law is relatively appropriate, both respect the reality and the future development. Known as "the third financial" market-oriented indirect finance, bond is direct finance and indirect finance. Common on the market of financial products, investment linked insurance can contain among them, these financial products are essentially in conformity with the substantive connotation of securities shall be adjusted by securities laws. Introduction of "collective investment scheme" as a general out terms, with the investment of money, common cause, expected profit for the three concreteness judgment conditions. Any legal system are in certain circumstances to evaluate whether appropriate, of the securities market of our country has greatly developed but compared with some developed countries still have many shortcomings, not copying other countries’ system effect is ideal, under the selective reference and combined with its national conditions, or it is the best choice. |
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