中国债券市场法律体系改革研究

Reform of the Legal Framework of China’s Bond Market

随着我国债券市场的迅猛发展,债券市场法律体系中的立法空白、立法滞后、法律体系割裂、银行间债券市场地位与证券属性不明、债券市场管理体制不健全、法律责任不明确、投资者保护制度缺失等问题凸显,亟待改革。应当明确银行间债券品种的证券属性,建立多层次债券发行制度,完善债券市场管理体制,增强债券市场责任分配的科学性与合理性,完善债券投资人保护制度。可通过系统修改相关配套法律法规、修改《证券法》的关键性条款或单独制定《债券法》这三种方案予以实现。

With the rapid development of China’s bond market,problems with the market’s legal framework have become increasingly obvious.Lagging legislation,a fragmented legal system,an unclear status of the interbank bond market,a flawed bond market management system,and a lack of investor protections are among the key problems confronting the market.There is a clear need for reform to clarify the securities attributes of bonds on the interbank market,establish a multi-level bond issuance system,improve the market management system,implement a scientific and rational allocation of market responsibilities,and improve the bond investor protection system.This can be achieved through three alternative methods:systematically revising the relevant supporting laws and regulations,amending key provisions of the Securities Law or enacting a separate Bond Law.