Research On The Protection Of Investors' Rights And Interests In Depositary Receipt

Depositary receipt are commonly financing methods in the investment field,and they are favored by issuers and investors for their particularity.The introduction of depositary receipt in China can increase the investment variety of China's securities market,solve the problem that investors in the mainland do not have the opportunity to invest in overseas enterprises,and enable Chinese investors to invest in overseas securities markets through this channel.However,at present,China has not tried the depositary receipt in practice,and there are still some controversies about some of the legal issues involved.In addition,ordinary investors are lacking knowledge of the legal relationship and legal risks about the depositary receipt.Depositary receipts are commonly used financing methods in the investment field,and they are favored by issuers and investors for their particularity.The introduction of depositary receipts in China can not only increase the investment variety of China's securities market,but also realize the desire of mainland investors to invest in overseas enterprises.However,at present,China has not tried the depositary receipt in practice,and the depositary receipts have strong liquidity and transnationality,involving different participants in the territory and abroad.In the depositary receipt,investors often Little is known about the legal relationships and legal risks in depositary receipts due to the limitations of their own knowledge or profession.In order to protect the rights and interests of investors and promote the "implementation" and healthy development of future depositary receipts in China,the research on the protection of investor rights in depositary receipts is carried out.There are three parts in this paper.The first part is mainly about the rise of the depositary receipt as well as its concept,type,the operating mechanism and the role of the depositary receipt.The first section is an overview of the history of depositary receipt.Under this section,it introduces what is the origin of depositary receipt and depositary receipt and the reasons for the market's popularity.On this basis,this section also outlines two common types of depositary receipts and how the depositary receipts operate in practice.Specifically,they can be divided into the issuance of depositary receipt,transactions,and the territory involved in depository receipt.Overseas participants.The second section of this section focuses on clarifying the role of depositary receipts.For the company,the depositary receipts can break through the regulation of the current law of a country because of its transaction and the mutual conversion between the depositary receipt and the underlying securities.A choice for cross-border financing;in addition,for investors,the convenience and liquidity of depositary receipts can broaden investors' investment channels.The second part of this article is an introduction to American depositary receipt,divided into three subsections.The first section mainly introduces the development of American depositary receipt and the laws and rules adopted by the United States in managing depositary receipt.On the basis of the first section,the second subsection of this section mainly introduces the legal risks faced in the operation of depositary receipt,for example,investors may face the risk of being unable to pay.The third section is based on the analysis of the legal risks faced by depositary receipts.It introduces the measures taken by the United States to deal with the risks in this aspect,that is,the United States protects investment interests through information disclosure in the issuance of depositary receipt.In addition,this section also introduces the shortcomings of the United States in protecting the rights and interests of investors,and then provides further inspiration for the path selection of protecting investment interests.The third part of this paper returns to China,and the path choice for protectingthe rights and interests of investors in issuing depositary receipt is divided into three sections.The first section is the meaning of the Chinese depositary receipt and the background of the rise.The second section is about the legal nature of Chinese depositary receipt.In this section,the legal nature of Chinese depositary receipt mainly discussed.The third section focuses on the US leveled supervision model and information disclosure system for depositary receipt,which protect the rights and interests of investors.In addition,it is also recommended to use the principle of property independence in the trust system to ensure the independence of depositary receipts.The vouchers and the depositary's own property are "managed separately" to protect the rights and interests of investors.