| However,due to the complexity of the securities market transactions and the wide range of stakeholders,investors often face the dilemma of time-consuming,high cost,difficult proof and unclear result.Most of the damaged investors are unable to recover their losses and protect their legitimate rights and interests.In 2013,after Wanfushengke was investigated by the CSRC for illegal acts such as false statements,Ping an Securities,as the sponsor and lead underwriter in Wanfushengke's listing process,chose the "first after the compensation" treatment model.Under the background of the reform of the registration system of the securities market,how to overcome the problems highlighted in the practice process of the advance payment system,institutionalize the advance payment in the securities market,and make it a long-term mechanism for the investment protection of the securities market.It is an urgent problem for current legislators.Based on the background,research significance and value,the introduction emphasizes the necessity of constructing the advance payment system in the securities market under the background of the reform of the securities market registration system.At the same time,it also points out that the lack of practical cases,as well as domestic and foreign scholars on the securities market leading system is not mature,lack of certain theoretical support,there are some shortcomings in this paper.The first chapter explains and introduces the relevant theoretical basis of the advanced compensation system in the securities market.The second chapter mainly shows the development status and inherent problems of the advanced compensation system in the securities market,the third chapter introduces the reference of the foreign investor protection system to my advance payment system,mainly introduces the Chinese Hong Kong investor protection system,the British investor protection system and the American fair fund system. |
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