Research On Securities Guarantee System Under Intermediary Holding System

With the development of China's national economy,the demand for funds is further increased,and the degree of openness of China's securities market has gradually deepened.Under the current mixed securities holding system in China,the intermediary holding system of securities has gradually developed.However,there are still legal gaps in securities guarantee under the intermediary holding system,which is obviously not conducive to the effective circulation of securities and further development of the China's securities market.This paper will analyze the impact of such changes on securities guarantees from the changes of the securities holding system,and then analyze the current difficulties in securities guarantee under the intermediary holding system,and analyze the relevant regional and international legal practice.And then,pointing out some problems in the current legal regulation of securities guarantees,and put forward corresponding suggestions for improvement.The first chapter mainly introduces the process of the change of the securities holding system,and outlines the impact of this change on the securities guarantee.The content of the first chapter is a general exposition of the research object of this paper.Firstly,it introduces the process of the securities holding system from direct holding to intermediary holding system,and secondly,The impact of the change of the securities guarantee system in the holding system was analyzed and explained.The second chapter analyzes and explains the problems existing in the current intermediary holding system for securities guarantee.Although many countries2 implement the system of intermediary securities holding in their domestic securities markets,countries have also made corresponding legal provisions for securities guarantees.However,in the process of rapid economic globalization and frequent cross-border transactions,there are still some institutional obstacles to cross-border securities guarantees between countries.The discussion is mainly divided into the following three parts: There are certain differences in the nature of securities rights in various countries.Such circumstances may result in impairment of the securities interest exercised by the security right holder.The second is that the regulations on securities guarantee systems vary from country to country.This issue is well understood.Due to the different national conditions and legal traditions of different countries,it is bound to cause differences in legislation.The difference in such legal provisions may lead to specific institutional obstacles for the security rights holders to exercise their security interests.The third is that the legal application of securities guarantees under intermediary ownership is difficult to determine.In the case of transnational securities transactions,it is inevitable that there will be disputes over securities guarantees.At this time,according to the applicable law,it is necessary to determine which country's laws should be applied in a timely manner.The third chapter introduces and explains the contents of the current regional and international conventions on the securities guarantee system under the intermediary holding system.The first part introduces the contents of the EU Financial Guarantee Directive and the Convention on the Substantive Law of Intermediary Securities(the Geneva Securities Convention),which focuses on the introduction of the former specific rules,since the majority of the Geneva Conventions of Securities have been inherited.In the "EU Financial Guarantee Directive",the relevant provisions on securities guarantees,this article only describes the latter's special provisions on securities guarantees.The second part introduces the Hague Securities Convention and the “PRIMA” principle,focusing on the positive role of the “PRIMA” principle in addressing the application of cross-border securities guarantee conflicts.The fourth chapter analyzes the existing deficiencies in China's current holding system and securities guarantees and puts forward specific targeted opinions.The firstpart introduces the current situation of China's securities holding system,which is mainly based on direct holding system and supplemented by intermediary holding system.It also analyzes the problems faced by securities guarantee in practice,including securities guarantee.The form is relatively solid,the realization of securities security rights is relatively simple,the restrictions on the replacement of guarantee securities are still restricted,and the law of securities guarantee conflicts is difficult to define.The second part proposes corresponding system improvement measures for the above four types of problems,including improving the specific provisions for the establishment of securities security rights,further developing the way to achieve the realization of the security right,encouraging the replacement of the secured securities and introducing the “PRIMA” principle in the Convention.