论文部分内容阅读
建立证券的集中登记、存管和结算制度是世界各国证券交易服务制度发展的大趋势,伴随证券市场早期发展的分散登记、分散存管和分散结算制度而存在的证券直接持有模式已经无法适应这种趋势的要求,证券的间接持有模式是与证券的集中登记、存管和结算相伴生的。当前,各国的证券交易服务都处于由分散制向集中制的转变过程中,这个过程中证券的直接持有与间接持有模式的并存使证券交易服务法律制度体系处于彷徨两难的境地,集中制的证券交易服务制度的建立并非简单的制度规范的变迁,更本质的在于证券持有模式的最终转变,但是,在转变过程中厘清两种不同的证券持有模式,并分别就两种模式构建相应的登记存管制度,乃是当务之急,我国证券法的相关章节的修改正应以此为指导进行。
The establishment of the system of centralized registration, depository and settlement of securities is the general trend of the development of the securities trading service system in various countries in the world. The direct securities holding model that exists along with the decentralized registration, decentralized deposit and the settlement system along with the early development of the securities market has been unable to adapt This trend requires that the indirect holding of securities is accompanied by the centralized registration, depository and settlement of securities. At present, the securities trading services of all countries are in the process of transformation from decentralization to centralized control. The coexistence of the direct and indirect holding of securities in this process makes the system of securities trading service legal system in a dilemma. Centralized The establishment of securities trading service system is not a simple change of institutional norms. The essence is the final change of the securities holding pattern. However, during the transformation process, we clarify two different securities holding patterns and construct respectively the two patterns The corresponding registration and deposit control system is a top priority. The revision of the relevant chapters of China’s securities law should be guided by this.