无纸化背景中的证券登记法律问题

发布时间：2018-02-16 07:18

本文关键词： 证券市场无纸化证券登记证券权利　出处：《西南政法大学》2013年硕士论文　论文类型：学位论文

【摘要】：20世纪90年代,我国证券市场实现了无纸化操作，迎来了证券无纸化时代。但是，并未建立起适应无纸化发展需要的证券登记制度。我国证券登记制度并未定义证券账户法律性质，也未理清证券登记机构与相关主体的法律关系。在无纸化背景下，证券权益人丧失了对权利载体的直接控制，更加依赖中介机构实现权利表彰、权利转移。投资者与证券公司、证券登记机构等中介机构之间有关证券权利确认、错误登记的纠纷层出不穷。现有制度框架仍然是基于纸质背景而设计的，并未对投资者权利实现有效确认，没有为质权实现提供便利的登记办法，也没有为保障证券权利的行使而设计完整的救济体系。为此，本文围绕这三方面问题开展研究。第一部分证券登记确权功能失效的主要表现及原因。权利表彰不完整以及权利表彰不真实,是证券登记确权功能失效的主要表现。证券存管、登记、结算一体化操作方式，加上人们固有观念的影响，导致账户登记与持有人名册登记混同。因而，人们在实务操作与理论研究中混淆了证券登记载体，使得证券登记确权功能失效。对此，应分设证券登记系统与持有人名册登记系统，赋予持有人名册登记系统公示力；摒弃封闭股东名册的做法，根据交易结果确立权利主体；明确证券登记机构在集中交易中谨慎审查的义务。第二部分质押登记规则受质疑的主要表现及原因。多个质权共存时权利表彰困难,孳息强制登记的合法性受质疑，是质押登记规则存质疑的主要表现。原因在于，质押标的失去直观表现形式，并且与证券权利标的共存于证券账户内。而实务界没能认识到无纸化证券质押标的的特征，采取了无效的方式登记质押标的。这样，，造成了质权表彰困境，使得孳息强制登记的做法受质疑。对此，应通过区分标的代码及数量来划分质押标的；采用一对一的登记方式，区分不同质权；将质权孳息登记的选择权交还给质押当事人，由双方自由决定是否一并质押登记。第三部分证券权益人在权利救济上面临困境的主要表现及原因。证券权利救济出现障碍的主要表现在于，在错误登记时，证券权利人无法向相关主体直接寻求救济；在存在无权处分时，证券登记制度无法保障善意受让人的权利。主要原因在于，我国现有法律关系框架构建起登记机构与投资者间接法律关系，使得投资者直接向登记机构主张权利受阻；由于名义人登记权利义务体系缺失以及证券责任体系不完善，证券登记过程中证券权利救济容易出现障碍。针对这些问题，笔者进一步提出对策：明确名义人登记中权益人对证券账户内的证券权利享有共同权，建立新的法律框架以赋予变更登记中投资者直接向登记机构主张相关的权利；在错误登记情形下，针对系统错误登记现象，建立多方参与的系统风险预防机制；明确界定善意取得的适用范围及构成要件。
[Abstract]:In 1990s, China's securities market to achieve a paperless operation, ushered in the era of paperless securities. But did not set up to adapt to the need of paperless securities registration system development. Securities registration system in China does not define the legal nature of the legal relationship of securities account, nor clarify the securities registration organization and in related subjects. Under the background of the paper, the rights and interests of securities have lost the direct control of the rights of the carrier, more dependent on intermediaries to achieve the right to recognition, transfer of rights. Investors and securities companies, securities registration agencies and other intermediaries between the relevant securities rights confirmation, wrong registration disputes. The framework of the existing system still emerge in an endless stream is designed based on the background of the paper, did not to achieve effective investor rights confirmation, did not provide a convenient way for the realization of pledge registration, there is no guarantee for the exercise of stock rights and complete design To this end, this paper focuses on the three aspects of the research.
The first part is the securities registration failure causes and expression recognition. Right incomplete and right recognition is not true, is the main performance of the failure of securities registration and ownership function. The securities depository and clearing, registration, integration operation, coupled with the impact of people's minds, leading to the account registration and registration of the register of the holders of confusion. Therefore, people the confusion of the securities registration carrier in practice and theoretical research, makes the securities registration failure. This should be divided into securities registration system and the register of the holders of the registration system to hold the roster registration publicity system; abandon the closure of the register of shareholders, according to the trading results clearly establish the subject of rights; the securities registration agency review cautious in focus in the transaction of obligations.
The second part of the main manifestations and causes of pledge registration rules questioned. The coexistence of a pledge rights for legal difficulties, fruits of compulsory registration by the question, is the main manifestation of pledge registration rules questioned. The reason is that the pledge of the loss of visual expression, coexist and target of rights and securities in the securities account. But the practice failed to recognize the characteristics of non paper securities pledge, take the invalid registration pledge. This caused a pledge for trouble, make compulsory registration practices questioned the fruits. In this regard, the code and the number should be subject to division by distinguishing the pledge; using one to one the registration form, distinguish different pledge; will choose the right pledge registration to pledge fruits by both parties, together with the freedom to decide whether the registration of the pledge.
The third part of equity securities in performance and the reasons for the right to relief the difficulties faced by the main obstacles. The relief right is in the wrong registration of securities, securities, rights to seek relief directly related to the subject; in the presence of unauthorized disposition, securities registration system can not guarantee the rights of bona fide assignee. The main reason is that China's existing legal framework to build the registration agencies and investors in indirect legal relationship, making investors directly to the registration authorities blocked claims; because the name registration system of rights and obligations and the lack of securities liability system is not perfect, the stock rights registration process in securities relief prone to disorder. To solve these problems, the author further puts forward the Countermeasures: to clear the name of the rights and interests of people in the registration of securities in the securities account of the rights of common rights, establishing a new legal framework to give In changing registration, investors directly claim relevant rights to the registration institutions. In the case of erroneous registration, we should establish a systematic risk prevention mechanism involved in the system error registration phenomenon, and clearly define the applicable scope and constitutive requirements of bona fide acquisition.

【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287

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