Research On Account Holder Rights Protection From The Perspective Of The Unidroit Legislative Guide On Intermediated Securities

The time of paperless securities is compressing the application range of traditional direct holding system.Intermediated securities holding system began to appear on the stage of the capital markets,and is gradually becoming the mainstream of the securities holding system nowadays.However,due to the differences between the legislation of intermediated securities holding system in different countries,it's very difficult to protect account holders' securities rights and interests in cross-border securities transactions,which negatively affects the development of the cross-border securities transactions.Under this background,the International Institute for the Unification of Private Law(UNIDROIT)drafts and formulates the “Legislative Guide on Intermediated Securities” on the basis of the “Convention on Substantive Rules for Intermediated Securities”,to particularly regulate all aspects of the account holder rights protection under the intermediated securities holding system.This will help to provide effective guidance and reference for domestic legislation in each country,reduce the differences of substantive rules in aspect of intermediated securities holding system as much as possible,and finally protect account holders' securities rights and interests effectively and systematically.This article is from the latest international legislative guide perspective of the UNIDROIT Legislative Guide on Intermediated Securities.First,this article explains the necessity to reference the legislative guide.Then,this article analyzes the legal nature and the content of the account holders' securities rights under the intermediated securities holding system.And finally,combined with the current situations of China's securities holding system,this article compares the UNIDROIT Legislative Guide on Intermediated Securities with our country's securities laws and regulations in aspect of the account holder rights protection,analyzes deficiencies and provides the corresponding suggestions according to the comparative analysis.