我国的跨境证券持有体制:现状·问题·建言  

Chinese Transnational Securities Holding Systems:Present·Problems·Suggestions

作　　者：张建[1] 

机构地区：[1]中国政法大学国际法学院,北京100088

出　　处：《河南财经政法大学学报》2015年第6期71-77,共7页Journal of Henan University of Economics and Law

基　　金：中国法学会2012年度部级法学研究重大课题"国家豁免问题新发展和中国的选择"的阶段性成果(项目编号:CLS(2012)A10)

摘　　要：国际证券市场的无纸化为资本交易带来深刻变革的同时,也对资本法律体系建构提出挑战。我国证券持有体制以直接持有为主,仅在QFII、境外持有B股、国债回购中涉及间接持有体制,这与国际金融主流背景相逆。通过反思与释义我国现行《证券法》及相关规定,不难发现CSD职能定位、客户资金风险防范、投资者保护基金运作等亟待重估。在2015年《证券法》修订的趋势下,有必要通过引入间接持有体制来弥补法律文本与实践的脱节问题,避免人为割裂CSD与投资者直接的法律联系,明晰证券登记结算环节的法律关系性质并确定CSD责任承担。The paperless capital transaction of the international securities market has brought about profound changes to the capital,and also challenged the construction of the capital law system.. The securities holding system of our country is directly held as the main,only in the QFII,foreign holding B shares,bond repurchase involves the indirect holding system,which is contrary to the background of international finance mainstream.Through reflection and interpretation of the current securities act and related regulations,it is not difficult to find CSD functions,customer funds risk prevention,investor protection fund operations and other urgent revaluation. In 2015,trend of the amendment of the securities law,it is necessary by introducing the indirect holding system to make up the gap of legal texts and practice problems,avoid artificially fragmented CSD directly with investors of legal relation,clear a securities registration and settlement aspects of legal relationship nature and determine what responsibility should the CSD bear.

关 键 词：间接持有制 证券法 中央证券存管机构 中央对手方 投资者保护基金 

分 类 号：D923.9[政治法律—民商法学]