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现代证券市场中,证券持有模式体现为投资者在证券公司、托管银行或中央存管机构等金融中介开立账户,由后者代为保管(记录)证券并通过簿记来完成当事人指令的证券转让、借贷、出质等交易中的证券交收行为。由此引发财产法上的一系列新问题需要回应,核心是对“证券”的重新界定。《中介化证券实体法公约》创设了“中介化证券”的概念,这是在扬弃了账户权利、间接持有证券、通过中介持有的证券、无纸化证券等概念的基础上提出的,一方面反映了现代证券持有方式的技术特征,另一方面也力图包容各国法律对于证券财产权的不同定性。当前有必要消除对“中介化证券”概念的误解,借助《证券法》修改的契机而推动我国中介化证券立法,以完善我国证券市场的财产法律基础,促进多层次资本市场健康稳定地发展。
In the modern securities market, the mode of securities holding is embodied as that an investor opens an account with a financial intermediary such as a securities company, a custodian bank or a central depository institution, and the latter takes the custody (recording) of securities and completes the transfer of securities ordered by the parties through bookkeeping , Loans, pledges and other securities transactions in the settlement. As a result, a series of new issues triggered by the property law need to be answered, with the core being the redefinition of “securities”. The “Intermediary Securities Substantive Law Convention” has created the concept of “intermediary securities”, which is based on the concept of sublinging account rights, indirectly holding securities, securities held through intermediaries, and paperless securities On the one hand, it reflects the technical characteristics of the way the modern securities are held and on the other, it seeks to encompass different qualitative aspects of securities property rights in various countries. At present, it is necessary to eliminate the misunderstanding of the concept of “intermediary securities” and promote the legislation of our country’s intermediary securities with the help of the revision of the “Securities Law” in order to perfect the legal foundation of property in China’s securities market and promote the healthy and stable development of the multi-layered capital market development of.