论证券无纸化条件下证券资产安全的法律维护机制

On The Legal Mechanism of Safeguarding the Securities Assets under the Conditions of Securities Dematerialization

证券无纸化条件下证券资产安全的法律维护机制涉及多方面的法律关系,其核心问题为妥善界定证券持有方式并确认投资者与证券登记结算机构之间的法律关系。对此,我国仍应坚持证券直接持有方式,并确认投资者与证券登记结算机构之间存在直接的登记关系与存管关系,但维持将二者在证券清算阶段的法律关系予以隔离的法律处置机制。

Even though China has achieved securities dematerialization, the Securities Law is still built on the base of the traditional physical securities system, so it may emerge security risk of securities assets. Therefore, it is necessary to study the legal mechanism of safeguarding the securities assets under the conditions of securities dematerialization. The issue concerns many legal relations, and the core issue is how to define the holding system of securities and to confirm the legal relationship between the investors and the intermediaries institutions of securities. The essay argues that the direct holding system of securities should be adhered to, and we should confirm that there are direct legal relations in the registration and depository of securities. However, legal mechanisms which keep them be isolated from each other in the legal relationship of the clearing of securities should be maintained.