Research On The Regulation Of The Securities Credit By Lenders Other Than Brokers Or Dealers

The securities credit by lenders other than brokers or dealers in the securities market is one of the formation of the securities credit transaction,and which is the twin brother of margin trading.The boundary between the them lies in whether it is effectively regulated.The form of the securities credit by lenders other than brokers or dealers is growing with the development and evolution of the securities market.In recent years,due to the use of HOMS and other sub-warehouse systems,securities credit by lenders other than brokers or dealers could get access to trust,funds and other asset management products,and its scope and influence have been expanding.After the"stock market crash" in 2015,it was cleaned up by the CSRC but the securities credit by lenders other than brokers or dealers has not been extinct.It is necessary to study and establish a normalized system to regulate the securities credit by lenders other than brokers or dealers,because the regulation of it would influence the stability and development of the securities market.The article includes three parts:introduction,text and conclusion.The text is divided into four chapters as follows:The first chapter elaborates the concept,nature and legal relationship of the securities credit by lenders other than brokers or dealers.The securities credit by lenders other than brokers or dealers refers to the act that the lenders other than security brokers or dealers lending money to the clients for their purpose of purchasing securities and collecting collateral.The securities credit by lenders other than brokers or dealers is not illegal in nature,and it actually is informal finance.So,we need to analysis the inside legal relationship and legal risk,and then take it into long-term regulatory mechanism.The second chapter introduces the regulatory system of the securities credit by lenders other than brokers or dealers in foreign countries or regions,and explores how foreign countries and regions solve the historical problem of the securities credit by lenders other than brokers or dealers in the development of their securities markets.The United States,Japan and Taiwan in China have three different modes of credit granting,which are centralized credit granting,decentralized credit granting and dual-track credit granting system,which provided reference for our country in terms of risk control,information disclosure and flexible adjustment.The third chapter reviews the regulatory process of the securities credit by lenders other than brokers or dealers in our country and holds that there are still some problems in the current regulation,such as the imperfect regulatory system and credit granting model,the lack of a clear regulatory framework and the imperfect supporting system.To solve the existing problems,the fourth chapter puts forward the solution.First,our country should set up an umbrella regulation system guided by functional supervision and the dual-track credit granting model.Then,we need to improve the regulatory framework for the securities credit by lenders other than brokers or dealers,from the perspectives of the lenders other than brokers and dealers,technical supporters and security self-regulation.Finally,the regulation system should be supplemented by a clear legal responsibility system and increasingly comprehensive margin financing institution.Through the above measures,we try to take the securities credit by lenders other than brokers or dealers into the formal regulatory system and establish a hierarchical and differentiated margin securities trading system.