存托凭证持有人保护机制比较研究

A Comparative Study on the Protection Mechanism of Depositary Receipts Holders

存托凭证持有人保护涉及存托凭证法律属性、持有人身份、证券法的域外管辖等诸多问题。在法律性质上,存托凭证持有人不被视为上市公司的股东,持有人享有的权利依存托协议具体而定。为了解决异地发行管辖权问题,境外市场主要从通过立法扩充监管机构和司法机关的域外管辖权、明确发行人的法律责任以及强制要求设立诉讼代理人加以实现。此外,设置专门的投资者保护组织以及明确存托机构的义务和职责也有助于发挥各自在存托凭证持有人保护中的作用。

The protection of depository receipt holders involves many problems such as the legal attribute of depositary receipts, the identity of the holder and the extraterritorial jurisdiction of the securities law. In terms of legal nature, depositary receipt holders are not considered shareholders of the listed company, and holders＇ rights are subject to the depository agreement. Overseas markets carry out various measures in order to solve the problem caused by extraterritorial jurisdiction, including expanding the extraterritorial jurisdiction of regulators and judicial organs through legislation, clarifying the legal liability of the issuer and obligating the establishment of litigation representatives. In addition, setting up a special investor protection organization and clarifying the obligations and responsibilities of the depository institution also contribute to their respective roles in the protection of depositary receipts holders.