The Perfection For China's Real-name System Of Securities Account

In 2015,some institutions and individuals opened virtual securities accounts,borrowed other people's securities accounts to carry out over-the-counter financing and trading of securities,resulting in the abnormal fluctuations of the stock market.Legal issues about the real-namesystem of securities accounts re-emerged as a result.The real-name system for securities accounts means that any institution or individual must use the real-name when opening a securities account,and financial institutions must examine the identity documents of the account holder and confirm his/her real identity before opening an account;all securities transactions must use real-names and be put on record.This contains two meanings:first of all,the securities account opened conforms to the requirements of the real-name system,i.e.the account opening information is true,accurate and complete,the identity of investors is true,the ownership of assets is clear,the securities account corresponds to the real-name of the capital account,and the account conforms to the relevant provisions;secondly,the transaction meets the requirements of real-name system of securities.In brief,the real-name system for securities accounts should be the real-name system for opening accounts + the real-name system for trading.Based on the legal practice of China and in combination with the issues that leveraged funds enter the stock market via virtual securities accounts,etc.,this paper,by tracing the origin of the real-name system for securities accounts,analyzes the problems existing in China's current real-name system for securities accounts by means of explaining laws with cases,such as imperfect legal system,incomplete regulation subjects,insufficient penalties,difficult enforcement of penalties,and incomplete monitoring system,and puts forward relevant suggestions for improvement in respect of the above problems.