证券无纸化与中国证券登记存管制度检视

Securities dematerialization and Review of China's Securities Registration and Depository

中国证券登记存管法律制度并没有伴随证券无纸化而发展,在证券持有模式、证券登记的独立性、证券存管体制等方面都体现出不适应性。应当在法律层面确认证券间接持有的合法性,建立相对独立的证券登记体系,并修改完善证券二级存管体制,提供适应证券无纸化发展的登记存管法律制度。

The legal system of securities registration and depository in China doesn't develop with the securities dematerialization, and shows their inadaptation in many aspects, such as securities' holding pattern, the independence of securities registration and securities depository. The article argues that the legitimacy of securities indirectly holding system should be ensured at law level, relatively independent registration system, should be built, the perfect registration and depository system with double hierarchy be completed, and the legal system suitable to the development of paperless securities be provided.