美国《统一商法典》投资证券编若干问题研究

发布时间：2018-01-20 10:54

本文关键词： 投资证券受保护购买人间接持有制度证券权益　出处：《广东外语外贸大学》2013年硕士论文　论文类型：学位论文

【摘要】：1952年美国《统一商法典》（Uniform Commercial Code，以下简称UCC）问世，61年来经多次修订。该法典被认为是西方世界最先进的商法，其中关于证券的规定集中在第八编——投资证券编。为了促进证券交易安全，UCC投资证券编通过一系列具体的制度和规定，创立了受保护购买人制度和证券间接持有制度。受保护购买人制度是UCC投资证券编的特色之一。受保护购买人是证券购买人中最重要的一类，只有当证券持有人符合UCC规定的受保护购买人要件时，他们才能够享有优于一般持有人的证券权利。UCC对受保护购买人的重视，有利于促进证券的市场流通。 UCC间接持有制度是相关立法的创新。1994年美国对国内法进行了改革，修订后的UCC第八编直接持有制度和间接持有制度并存。在间接持有制度下，投资者不再直接持有证券实体本身，而是通过在自己托管机构开立证券账户来持有证券。该制度随着世界证券市场的发展应运而生，有利于促进证券交易更加高效和安全，并且可以吸引到更多的国外投资者，提高证券的国际化程度。 UCC创立的间接持有制度创设了一套专门适用于间接持有制度下证券权益人的保护规则。UCC第八编第5章标题为证券权益，围绕间接持有制度下投资人权益保护问题进行了详细的规范，这些规则不但保护了证券交易的安全性，，而且有利于实现社会公平。我国于1999年7月1日实施的《证券法》，确立了证券市场在我国经济发展中的法律地位。并构建了我国证券市场的基本法律框架，但由于诸多因素影响，我国证券立法仍然存在许多不足，笔者认为，虽然我国与美国分别隶属于不同的法系，但是在证券交易立法方面有许多相通之处，我国证券立法可以从UCC投资证券编得到启示，本文旨在通过对UCC投资证券编特色进行论述和评析，揭示UCC证券立法中重视保护投资者权益，保障间接持有制度下证券权人的利益从而更好地实现社会公平。通过与我国相关证券立法比较，笔者认为，我国证券立法应当引入UCC受保护购买人和间接持有制度，我国证券市场发展迅速，对投资者权益的保护相关立法完善显得尤为重要，加之近年来我国证券市场海外证券投资人越来越多间接持有模式也不断在证券交易上出现，但是我国对于国内投资人仍然坚持直接持有模式。该传统的证券持有模式束缚了我国证券市场的发展，应当改革。我们要借鉴UCC投资证券编的合理成分，不断完善我国的证券立法。
[Abstract]:In 1952, the United States unified business code (Uniform Commercial Code, hereinafter referred to as UCC) came out. It has been amended many times in the past 61 years. The code is considered to be the most advanced commercial law in the western world, and the provisions on securities are concentrated in the eighth part -- investment securities compilation.
In order to promote the security of securities trading, UCC investment securities compilation has established a protected buyer system and indirect holding system through a series of specific systems and regulations.
Protected purchase system is one of the UCC investment securities series features. Protected purchase is one of the most important people in the purchase of securities, only when the securities holders comply with the provisions of UCC protected the purchase requirements, they can enjoy better than the general rights holders of securities to buy.UCC protected people's attention, there are to promote the securities market circulation.
UCC indirectly holding system is that the relevant legislation on the innovation of.1994 domestic law was reformed, the revised UCC eighth series of direct holding system and indirect holding system coexist. In the indirect holding system, investors no longer direct security holding entity itself, but through a securities account in their depository institutions to hold securities with the system. As development of the securities market of the world, is conducive to the promotion of securities transactions more efficient and safe, and can attract more foreign investors, improve the degree of internationalization of securities.
UCC founded the indirectly holding system establishes a set specifically applicable to indirect holding securities rights protection rules under the system of.UCC eighth series of fifth chapter is entitled the rights and interests of securities, focuses on the protection of investor interests under indirect holding system carried out a detailed specification, these rules not only protect the security of the securities transaction, but also conducive to the realization of social fair.
China's Securities Law > implementation in July 1, 1999 ", to establish the legal status of securities market in China's economic development. And the construction of the basic legal framework of China's securities market, but due to many factors, China's securities legislation there are still many deficiencies, the author believes that although China and the United States respectively belong to different legal systems, but in the securities trading legislation have many similarities, China's securities legislation from UCC investment securities series of inspiration, this paper aims to UCC investment securities series features discusses and evaluates the importance of protecting the interests of investors, to reveal the UCC securities legislation, guarantee the indirectly holding system under the securities and the interests of the people better achieve social fairness. Through comparing the relevant legislation of our country securities the author believes that China's securities legislation should be introduced into the UCC protected by the purchaser and indirect holding system, China's securities market The field is developing rapidly, improve the protection of the relevant legislation on the rights and interests of investors is particularly important, and in recent years, China's securities market in overseas stock investors more and more indirect holding patterns have emerged in the stock exchange, but China's domestic investors still insist on direct holding mode. The traditional mode of securities holding restraint in the development of China's securities. The market should reform. We should learn from the reasonable composition of UCC investment securities series, and constantly improve our securities legislation.

【学位授予单位】：广东外语外贸大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D971.2

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