Study On Short Selling And Margin Trading Risk Control Laws In China

Margin trading as a high-risk investment and speculative, concurrently with high yield of securities transactions on legal system, it means the completeness and scientific put forward higher request. Margin trading as China capital market is a fundamental system innovation, will bring the legal system. Currently, China's relevant margin trading pending regulatory system perfect, rules and index system, lack of corresponding specific enough of the system and the relevant judicial explanation. How to improve the margin trading risk control law system, has become a current margin trading system construction.From the margin purchase and short sale transaction risks, the paper analyzes the margin trading risk characteristics, types and incentives. Describes securities market failure, financial risk theory, contractual justice theory and economic theory, the appropriate intervention point above for margin trading risk control provides theory basis. However, at present our country margin trading risk control law system has many defects: margin trading relationship with the current laws, the trust existing conflict, Guarantee the legitimacy of the questions, Margin account of the dislocation of the subject, the guarantee margin trading guarantee system of legal trouble containing legal risk, The compulsory provisions to initiate the dispute is too vague, Lack of stock shareholder vote, derivative action conflict rules and regulations, the protection of customer voting rights of property rights; customer For margin trading legal responsibility too narrow and general provisions, feasibility, lack of civil liability and criminal liability regulations. Therefore, the trust or declaration of choice for the trustee trust companies can dissolve margin trading relationship with the trust law of conflict, the establishment of the legal status guarantee its legal trouble, can eliminate margin account as soon as possible to make the judicial interpretation. Mandatory rights and obligations as liquidated, compulsive unwind positions, notice the sequence and legal consequences. Under the condition of the conflict in the equity securities shall exercise their right to vote by customers, Not because of securities companies in the name of the stock is the holder of the customer and deprived derived litigation rights, Not because of the securities firm and customer's voting rights deprived withdrawal. Establish margin trading of criminal responsibility, illegal margin sin can effectively prevent and combat margin illegal crime.