Research On Transfer Of Securities Rights And Interests Under Indirect Holding System

In the background of securities trading’s electronization and generalization, holding system of intermediated securities is the logical result of the development of securities industry,which is different from traditional holding system of intermadiated securities and affects international and domestic market widely and lastingly.Securities have significant meaning for modern society,but all realization of value depends on transfer. However, different countries regulate intermediated securities variously, which sets barrier for multinational securities trading.In 2009, UNIDORIT passed The UNIDROIT Convention on Substantive Rules for Intermediated Securities, which is the fruit of intermediated securities regulation’s unification, reflects development tendency and achieves the maximum tolerance and minimum unity.The transfer of intermediated securities is the important apartment of the Convention.This article will research Convention’s four aspects including basic regulation, acquisition by an innocent person, priority among competing interests,collateral transactions by analyzing Convention text and comparing different countries’ law. In a word, Convention is in favor of Common law countries a little, but we can not say that the Convention is bad for Civil law countries.The Convention holds a view that regulations about intermediated securities in Common law countries reflect the tendency of securities industry and construct reserved space for more countries’ participation. Direct holding system is primary in China, but China also accepts intermediated securities in some aspects.It is a pity that China dose not have basic regulation for intermadiated securities, which is unfavorable for Chinese financial market.China should learn from the Convention seasonably and construct special and reasonable holding system transfer regulations so that we can participate in international financial market conveniently.