Research On The Protection Of The Rights And Interests Of Chinese Depository Receipts Investors

Through the establishment of Depository Receipts system actively engaged in the national capital market.As the China Securities Regulatory Commission has issued the "notice on the pilot opinions on the development of stocks or Depository Receipts in the territory of innovative enterprises",and the regulations and normative documents such as the measures for the issuance and transaction management of Depository Receipts(For Trial Implementation),China has formed a basic design and arrangement of the Chinese depository Receipts system through the transplanting and localization of the depository Receipts system.The introduction of Depository Receipts system,on the one hand,paves the way of domestic financing of overseas enterprises,on the one hand,it is helpful for China to actively study and learn from the securities legal system of foreign countries and regions through this system,which is of great significance to the gradual and orderly opening of China's capital market.At the same time,however,it should be noted that the risks of capital markets are always the same,and the introduction of a new rule is bound to have its doublesided nature,as is the case with the China Depository Receipts system.Looking at the development of China's capital market,every reform of the system is carried out in the repeated game of good and negative.As a new system,the Depository Receipts system,on the one hand,has the problem of lack of experience and shortage of rules without the domestic practice test,on the other hand,the complexity of the system itself and the many obstacles brought about by the cross-border process make it difficult to guarantee the reasonable protection of the rights and interests of its investors in the formal operation.Therefore,in the capital market carnival caused by the landing of the depository voucher system,it is more necessary to pay attention to the protection of investors ' rights and interests,as long as the interests of investors can be well protected,so as to promote the lasting and benign development of the Depository Receipts system,and then promote the process of capital internationalization.At present,the legislation of China Depositary Receipts defines the Depositary Receipts investor as a securities investor,and follows the path of the private law of the securities law and the public law system to construct a system for protecting the rights and interests of investors.It is embodied in three aspects: the provisions of depository and custody arrangements,the regulations on supervision and the provisions on legal liability.However,due to lack of experience and the particularity of China's capital market,there are issues such as unclear investor status,vague nature of depository agreements and expansion of depositor rights.There are issuer access,information disclosure and investment in supervision.In terms of appropriateness and deficiencies in administrative regulatory jurisdiction,legal liability also faces the problem of insufficient civil liability provisions.The above problems not only have the general defects of depositary receipts,but also the special defects of China's capital market characteristics,and restrict the realization of investor rights to a considerable extent.In view of this,from the perspective of protecting investor confidence and ensuring the successful completion of the depositary receipt system,it is first necessary to straighten out relevant laws and regulations,and through the introduction of the path of trust law,the legal relationship between the parties involved in the depositary receipts is characterized as a trust.The relationship,at the same time,solves the specific problems of investor rights and interests in the three aspects of depository arrangement,supervision system and legal liability system,and realizes the safety,efficiency and efficiency of depository certificate investors' investment in securities under the joint action of various factors.The economic value pursues and fully exerts the role of the depositary receipt system to promote the development of the capital market.