Research On The Equal Protection And Implementation Path Of Depository Receipts And Basic Securities Investors' Rights

Depositary Receipts(DRs),is a kind of Securitized beneficiary certificates which is conducive to financing of overseas companies and overseas investment of domestic investors.As DRs and the basic securities belong to different countries or regions in terms of issuance regulation language,trading time,market openness and legal system,the greater the difference,the more difficult on protecting investors.Under these differences,improper custody of basic securities,illegal operation of custodian institutions,lack of operational information disclosure coordination mechanism,or improper supervision of persons responsible for the protection of rights will cause sudden losses and impacts to many CDR investors.In view of the fact that shareholders' rights are due to subscribe the shares of the same company,the new concept that equal protection of the rights of CDR investors and the rights of foreign investors in basic securities,will firm the confidence of CDR investors,and improve the ability of our country capital market supervision,and promote the benign operation and the internationalization of capital market in China that has actively promote significance.This paper mainly analyzes the differences in the exercise of rights between CDR investors and investors in basic securities,so as to put forward relevant suggestions on equal protection between the voting right,the right to know and the right of distribution of CDR investors and investors in basic securities.The main content of each chapter is as follows:The author mainly researches the background,significance,domestic and foreign research summary and research method introduction of the equal protection between the interests of CDR investors and the interests of investors in basic securities in the first chapter.The author mainly discusses the necessity of equal protection between the rights of CDR investors and basic securities investors,starting from the concept and the legal relationship of DRs,researches the differences of the exercise between the rights of CDR investors and investors in basic securities,the cause and significance of equal protection,and analyses and generalizes the meaning of equal protection principle of the interests of CDR investors in the second chapter.Chapter Three,Chapter Four and Chapter Five respectively discusses the content on equal protection of the rights of DRs and investors in basic securities on voting right,right to know and right to distribute,including the obstacles in the equal exercise of rights,the obligation of equal protection of participants of the DR market,and the measures of equal protection.