Research On The Legal System Of Pay First In Stock Market In China

At present,there is a lack of legislation in our country's first-line payment system.The level prescribed by law is relatively lowed.It is only covered in the departmental rules and regulations,lacking operable rules,deficiencies in the procedure of payment.Post-employment of subrogation system is not perfect,bankruptcy claims.There is a lack of priority with the priority of payment of claims.In practical experience,there are many typical cases such as Wanfook SZF Case,Hailian News Case and XinTai Electric Case,such as the validity of the settlement agreement,the lack of initiative in the functions of the regulatory agencies The indeterminacy of the nature of the compensation plan requires the securities regulatory authorities.The legislature improves the system of prior claims to the basis of practice.Therefore,this paper analyzes the necessity and feasibility of establishing the advanced payment system in China's securities market,draws on the advanced experience of the investor compensation system in the United States,Hong Kong and Taiwan,.Based its own national conditions on the general applicable rules and procedures of the advanced payment system.The scope of compensation for the first payment system,the object of compensation,compensation and other compensation mechanisms should also make detailed provisions of the content,make full and specific provisions of the first payment system to build a set of long-term and effective investor protection mechanism.In the formulation of the system,it can put forward some solutions to the outstanding problems in practice,such as the negotiation ofthe settlement process,the effectiveness of the settlement agreement,the functions of the regulatory agencies,the formulation and review of compensation plans,and so on.