无纸化证券登记法律问题研究

证券普遍采取无纸化形式之后,权利人失去了纸质的权利凭证,对证券持有人的判断只能以证券登记机构电子簿记系统内的电子记录为准,登记成为了证券权利的存在形态。因此,在证券无纸化的背景下,不能将传统民法上的登记制度直接套用于无纸化证券,而应建立起以证券持有账户为基础,适应集中交易要求和中国国情的无纸化证券登记结算法律制度。

Research on Some Legal Issues of Registration of Dematerialized Securities

Due to the dematerialization of securities, obligees lose their paper securities credence, and the judgement of securities holders can be only made according to digital records in the electronic bookkeeping system of the securities registration organization, which means that the registration of securities has been the existence form of their rights. So traditional registration legal system in civil law can′t be applied to dematerialized securities directly. A special dematerialized securities registration legal system should be established on the basis of securities holders′ accounts, which will adapt to the requirements of centralized transaction (including Call auction and Continuous auction) and China′s law system of dematerialized securities.