Research On The First Payment System Of China's Securities Market

With the increasing role of the securities market in China's economic development,the protection of small and medium investors by medium and small investors as the main force of China's securities market is particularly important.The return of the concept of "preemptive payment" indicates that in the institutional reforms following the restart of the IPO,the market regulators had zero tolerance for false statements,fraudulent issuances,and other illegal activities.For the sponsor only “no recommendation,” and the illegal behavior of the issuer,increase the penalties for the relevant entities,strengthen the protection of the legitimate rights and interests of the relatively weak position of small and medium investors,and further promote the responsibility of the subject The establishment and development of the protection fund forms the structure of antecedent payment system that combines punishment and compensation.The first payment system of the securities market as a new measure to solve the problem of civil compensation in the securities market,not only can effectively protect the interests of the investors in the securities market,but also can effectively improve the operating capacity and credibility of the securities industry in China,and has obtained regulatory authorities.And the widespread acceptance of public opinion.However,the first payment system in the securities market is only a preliminary exploration stage in China's securities law.There is no legal support,and the academic community lacks mature theoretical research.Therefore,regardless of theoretical reasons or practical needs,the first payment system needs to be improved.The main content of this paper is divided into four parts: The first part is mainly to understand the theoretical basis of the advance payment system.Through the relevant provisions of the current laws and regulations and the academic community's interpretation of the advance payment system in the securities market,it summarizes the applicable to China's securities market.The concept of antecedent payment,in-depth analysis of the legal relationship arising from the operation of the antecedent payment system,and the application of the antecedent payment system in other related fields,so as to obtain the significance of the application of the antecedent payment in the securities field.The second part mainly deals with the case of prior payment application in our country's practice.Through the comparisonand summary of cases,the most typical case of Xintai Electric's withdrawal from the market is taken as an example to analyze the existence of the subject of the prior payment system in the securities field.Problems with programs,etc.The third part mainly explains in detail the development of the U.S.investor protection system,including the sources of funds,the coverage of the fund's claims,and the payment procedures,and then links the investor protection fund system with the prior payment system to protect the interests of investors.Commonality,inspired from the useful experience of the United States,should inspire the protection of China ' s securities investor protection fund in the construction of the first-line payment system.The fourth part is mainly based on the contents of the first three chapters.In the absence of legal prescriptive rules for the first payment system,combined with the imperfections in the scope and procedures of the prior claims system in the current case and related regulations,the first payment system The effectiveness of the procedures and agreements to make legislative proposals,in order to enable the smooth implementation of the first payment,so in the recovery and the connection with litigation have put forward the corresponding recommendations,the ultimate goal is to make the advance payment system in the securities market can be applied.