An Inquiry Into The Legal Status Of SIPF In Stock Market

Securities investor protection is the fundamental principle of securities law, our country follow the examples of which have established a sound system of securities investor protection fund like Canada, the United States, issued the "Administrative Measures for Securities Investor Protection Fund" (hereinafter referred to as "Management Measures") in 2005, and established the China Securities Investor Protection Fund Company (hereinafter referred to as the SIPF). About the legal status of SIPF in the stock market,and the relationship between SIPF and other market players, the legal experts have some consensus and also arguments. In this paper, analysis in a integrated approach is used, combining the securities law, contract law, administrative law and other laws to the comparative study, from analysis of the company's property, operation and relations with other market players, studied the company's characteristics,to discuss the following questions:First, whether the nature and organizational structure of the SIPF can ensure it complete the tasks entrusted to which by the stock market. This paper has the describtion of the history of the Securities Investor Compensation system and the status quo and the analysis of the company's profit, capital structure and organizational structure, starting from the company's internal properties, analyzed the company law and stock market performance.Second, wether the nature and role of the SIPF can ensure it achieve its rightful place in the stock market.The nature and status of the SIPF determines its position in the stock market, this paper discusses the status of the SIPF, and maked a great deal of elaboration.in the subsequent chapters.Third, the effection of SIPF's balance of payments channel to it's status and the other stock market subject. SIPF raise funds through the national, securities companies, exchanges, and possible future transfer of fines and other channels, while it disburse money to the qualified security investors who has been loss. This work will sure to effect the original stock market order. The third chapter analyzed the impact of the size and the way to correct bad impact,and discussed the way for the SIPF towards a reasonable direction.Fourth, wether the non-capital relationship between the SIPF and other stock market subjects can protect SIPF's proper legal status. Capital is one of the main link between the SIPF and other stock market subjects, other relationship is also exist because of the special nature of SIPF. Some of these relationships also exist between the other subjects, some not seen before, which makes the question rise up that wether the subjects of existing securities companies can adapt to the new subject. Chapter IV analyzes the non-capital relationship between the SIPF and other market players, demonstrates the possibility of maintaining harmony, and point out the realistic way to achieve the possibility.