导　　师： 吴兴光

学科专业： 0301

授予学位： 硕士

作　　者： ;

机构地区： 广东外语外贸大学

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。 In1952the United States 'Uniform Commercial Code'/(Uniform CommercialCode, hereinafter referred to as UCC/) was revised many times, for61years. The codeis considered the world's most advanced western commercial law, the provisions onsecurities centralized--investment securities in the eighth series. In order to promote the safety of securities trading, UCC investment securitiescode through a series of detailed rules and regulations, founded the protected purchasesystem and securities indirectly holding system. Protected purchase system is the most important class of securities to buy people,only when the holders of the securities in accordance with the protected purchaserequirements UCC, protected by buying talent can enjoy better than general holders ofsecurities rights. UCC protected against purchase to the attention of the people, isconducive to the promotion of securities market circulation. UCC indirectly holds legislative technique innovation on1994, the United Statesof America on the domestic law of the reform, the revised UCC eighth for directholding system and the indirect holding system. In indirect holding system, investorsno longer hold securities entity itself directly, but through the open securities accountsin their own depository institutions to hold securities. This system is with the emergeas the times require development of the securities market of the world, to promote thestock trading more efficient and safe, and can be used to attract more foreign investors,improve the degree of internationalization of securities. UCC created the indirect holding system is a great innovation of legislativetechnology, and establishes a set of specially suitable for indirect holding system ofsecurities regulations on the protection of human rights. UCC eighth part fifthchapters--stock rights, protection of the rights and interests of investors areexpounded on the indirect holding system, these rules not only protect the security ofthe securities transaction, but also conducive to the realization of social fairness. China in July1,1999the implementation of the 'Securities Law' established thesecurities market in the economic development of our country's legal status. Andconstruct the basic legal framework of China's securities market, but because of theinfluence of many factors, China's securities legislation there are still manydeficiencies, the author thinks that although China and the United States of Americabelong to different legal systems, but in the trading of securities legislation has many similarities, and these similarities obtained the enlightenment for our legislation ofsecurities from UCC investment securities, this paper focuses on UCC investmentsecurities for characteristic carries on the elaboration and the analysis, revealed thatthe UCC securities legislation to protect the rights and interests of investors. Securityunder indirect holding system of securities rights interests so as to better achievesocial fairness. And related to China's securities legislation to make comparisons,therefore, the author thinks, China's securities legislation should introduce UCCprotected by the purchaser and the indirect holding system, the development ofChina's securities market quickly, improve the protection of the rights and interests ofinvestors in the relevant legislation is particularly important, especially in recent yearsoverseas securities investors in China's securities market more and more indirectholding patterns are constantly on the stock exchange, but in our country, domesticinvestors still insist on the direct holding pattern, the author suggests that thetraditional mode of securities held bound of our stock market to develop well andquickly, this paper will detail the indirect holding system to carry on the analysis, byreference the reasonable composition of UCC investment securities made constant toimprove China's securities legislation.

关 键 词： 投资证券 受保护购买人 间接持有制度 证券权益

分 类 号： [D971.2]

领　　域： [政治法律]