The Perfection Recommendations Of China's "Securities Investor Protection Fund Management Measures"

Securities Investor Protection Fund system is the fundamental part of the Investor Protection system,its basic function is to compensate the investors' property damage which caused by the bankruptcy of securities companies,so as to maintain the investors' confidence and the securities market's stabilization.Internationally,the Securities Investor Protection Fund mechanism has been operated for more than 40 years,its specific operation and regulatory models may be different in different countries where has the same basic legal regulation of content convergence about the Securities Investor Protection Fund.China's securities market is an emerging market,in those years of downturn,it was not surprised to see the phenomenon that a large number of securities companies collapsed and lots of investors withdraw from the stock market.In order to protect the interests of investors,Chinese government issued the “Securities Investor Protection Fund Management Measures” in 2005,and officially registered the Securities Investor Protection Fund Company in August at the same year,which means that China's Securities Investor Protection Fund System has taking into effect.It has great significance to establish the Securities Investor Protection Fund that it not only can eliminate the government unlimited liability for the failure of the securities companies in fact,but also to provide a stable safeguard mechanism for the stock market.For now,the “Securities Investor Protection Fund Management Measures” has been implementing for ten years,it increasingly shows that this system is short of practicability which makes it is not consistent with the development of the securities market.To solve this problem,we need to learn from the world's successful experiences and practices,making certain changes to the current law system to perfect the Securities Investor Protection System in China.This master's thesis begins with the Securities Investor Protection Fund's brief overview around the world,it narrates an account of the world's major developing countries' legislative development and current legal situation.Next,turn to the domestic part to introduces the background and importation of China's Securities Investor Protection Fund,it focus on the Securities Investor Protection Fund's legal framework,organizational models,sources of funds and compensation mechanisms to show the status of operation,which also has brief comparison within those countries and regions' Securities Investor Protection Fund system.After making a sound analysis andexposition of Securities Investor Protection Fund in detail,this master's thesis carrying out the main discuss to the key point of taking measures to solve the problem which has exist in stock market for a long time.As for the author's limited capacity for research,this master's thesis is mainly concentrated in three aspects of the fund management,fund procurement and compensation mechanism.As to clear crux remedy,We should made some specific recommendations which combining with mature practices and successful experiences of Western countries to improve the the level of legal system.