国际证券投资者法律保护机制问题研究

发布时间：2018-06-22 14:23

本文选题：国际证券投资 + 法律保护机制　；参考：《安徽大学》2011年硕士论文

【摘要】：国际证券投资是国际投资的一种重要方式,并且在国际投资的总量中所占比例不断上升；国际证券投资在整个证券投资领域也占据了重要地位,一些发达市场中国际证券投资的规模已经超过了国内证券投资。自中国有限度地开放证券市场以来,我国证券资本的流入和流出规模都不断扩大,发展势头强劲。在这种形势下,加强对国际证券投资者的保护显得尤为重要：首先,有利于维护国际证券市场秩序的稳定；其次,有利于优化投资环境,吸引国外证券投资者投资；最后,还有利于保障我国赴境外投资的证券投资者利益。投资者母国对国际证券投资者权益的保护主要是采取两种措施：一是扩大对证券民事纠纷的管辖范围,以司法途径保护投资者；二是建立投资者保护制度,一般表现为投资者保护基金。对证券民事纠纷案件,各国规定的司法管辖范围各不相同,但以美国规定的范围最为广泛。美国的“效果准则”和“行为准则”已被广泛用作判断该国法院对某一证券纠纷是否具有管辖权的标准。而我国则没有类似的判断标准,这对我国保护对外证券投资者产生了不利影响。投资者保护基金制度是各国广泛采取的一种重要制度,该制度的主要目标是在证券公司等服务提供者出现违法行为或破产而无法对受侵害投资者履行赔偿责任时,由保护基金提供补偿,从而保护投资者的权益。我国已经初步建立了保护基金制度,但仍有许多不足的地方需要改进。投资东道国基于吸引外国证券投资的目的,也采取了多种措施以保护国际证券投资者权益。wTO框架下的有关规则对一国如何保护境外证券投资者作了一些原则性规定,这些规定主要体现在确保公平、透明的国内法律环境方面。这些规定在一定程度上保障了境外证券投资者在东道国的法律地位,但是规定过于原则,重点也不在于保护国际证券投资者。目前,包括中国在内的很多国家吸引境外证券资本的主要途径是通过合格境外机构投资者(QFII)制度来实现的。该制度中有关投资者保护的规定也是东道国保护境外证券投资者制度的重要组成部分。然而,我国的该项制度有一些不足：首先,对QFII的接受委托关注不足,易造成国内外法律保护制度的脱节；其次,未对QFII的信息披露作出特别的规定,容易使其损害实际投资者权益。各国也在保护国际证券投资者方面加强了双边合作,主要表现为证券监管当局的相互合作及司法领域的相互合作。在证券监管当局相互合作方面,主要方式是双方签订合作备忘录的形式。各国问在双边合作备忘录中规定的内容主要有：有关信息的请求与提供及相关程序、申请协助调查等。而在司法领域的相互合作方面,有关民事诉讼的相互合作主要表现在有关司法文书的送达、代为调查取证、承认和执行有关司法文书等方面。有关刑事诉讼的相互合作主要表现为双方签署司法互助协议,就有关司法文书送达、代为调查取证、代为采取查封、扣押等事项达成一致。在多边领域,各国为合作保护国际证券投资者也采取了一些行动。国际证监会组织(IOSCO)作为全球性的非政府组织,在这方面作出了重要贡献。以欧盟为代表的区域性组织也采取了一些措施在本组织内加强对国际证券投资者保护。无论是证监会组织还是欧盟,他们的措施都主要集中在两个方面,即合作打击证券违法行为和试图建立统一的信息披露标准。IOSCO通过了一系列的报告和决议,试图在上述两个方面开展工作以保护投资者权益。而其通过的多边合作谅解备忘录则使原先各国间的双边合作机制得到升级,大大提高了合作的效率。欧盟则直接通过行使其立法权,使欧盟在上述两个领域内的合作达到了非常高的程度。
[Abstract]:International securities investment is an important way of international investment, and its proportion in the total amount of international investment is increasing; international securities investment also occupies an important position in the whole field of securities investment. The scale of international securities investment in some developed markets has exceeded the investment in securities in China. Since the voucher market, the scale of the inflow and outflow of China's securities capital has been expanding and the development momentum is strong. In this situation, it is particularly important to strengthen the protection of international securities investors. First, it is beneficial to maintain the stability of the international securities market order; secondly, it is advantageous to optimize the investment environment and attract foreign securities investors to invest. In the end, it is also conducive to protecting the interests of our stock investors.
The investor's country's protection of the rights and interests of international securities investors mainly adopts two measures: one is to expand the jurisdiction of the civil disputes of securities, protect the investors in judicial way, and the two is to establish an investor protection system, which is generally represented by the investor protection fund. It is different, but it is the most widely used in the United States. The "guidelines" and "code of conduct" of the United States have been widely used as a criterion to judge whether the court has jurisdiction over a securities dispute. However, there is no similar criterion in our country, which has a negative impact on the protection of foreign investors in our country. The protection fund system is an important system widely adopted by various countries. The main goal of the system is to provide compensation by the protection fund to protect the rights and interests of the investors when the service providers such as securities companies, such as the securities companies, are unable to compensate the infringed investors, so as to protect the rights and interests of the investors. System, but there are still a lot of insufficiencies that need to be improved.
The investment host country, based on the purpose of attracting foreign securities investment, has also adopted a variety of measures to protect the rights and interests of international securities investors in the framework of the.WTO framework for the protection of foreign securities investors in a number of principles. These Provisions are mainly embodied in ensuring public and transparent domestic legal environment. To a certain extent, the legal status of foreign securities investors in the host country is guaranteed, but the rules are too principled and the emphasis is not on the protection of international securities investors. At present, the main way for many countries, including China, to attract foreign securities capital is to be realized through the qualified foreign institutional investor (QFII) system. The regulation on investor protection is also an important part of the host country's protection of foreign securities investor system. However, there are some shortcomings in the system in China: first, the lack of attention to the acceptance of QFII is easy to cause the disjunction of the legal protection system at home and abroad; secondly, it is easy to make a special provision on the information disclosure of the QFII, which is easy to make It damages the real investor's rights and interests.
Countries have also strengthened bilateral cooperation in the protection of international securities investors, mainly in the mutual cooperation of the securities regulatory authorities and the mutual cooperation in the judicial field. The main form of mutual cooperation between the securities regulatory authorities is the form of the signing of the memorandum of cooperation between the two parties. In the field of mutual cooperation in the field of justice, mutual cooperation in civil proceedings is mainly manifested in the delivery of the relevant judicial documents, for investigation and evidence, for the recognition and implementation of the relevant judicial documents. The mutual cooperation in criminal proceedings is mainly shown in the case of mutual cooperation in criminal proceedings. The two sides signed an agreement on mutual legal assistance, and they agreed to investigate and collect evidence on behalf of the relevant judicial documents and take the seizure, seizure and other matters on behalf of them.
In the multilateral field, countries have taken some actions to cooperate to protect international securities investors. The International Securities Regulatory Commission (IOSCO), as a global non-governmental organization, has made important contributions to this area. Regional organizations, represented by the European Union, have also taken measures to strengthen the protection of international securities investors in the organization. It is the SFC or the EU, their measures are mainly focused on two aspects, namely, the cooperation against securities violations and the attempt to establish a unified information disclosure standard.IOSCO through a series of reports and resolutions to try to protect the rights and interests of the investors in the above two aspects. The record makes the bilateral cooperation mechanism of the original countries upgrades and greatly improves the efficiency of cooperation. The EU has achieved a very high degree of cooperation in the two areas of the EU directly through the exercise of its legislative power.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D996.4;F831.51

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