中介化证券担保交易法律制度研究

中介化证券担保交易制度,是跨国证券交易制度的重要组成部分。《中介化证券实体规则公约》为协调各国的证券担保制度,制定了一套特别的中介化证券担保交易规则。它规定了质押担保和所有权让与担保两种担保方式及担保权的实现途径;担保权人对中介化证券的使用权和要求担保人补充担保以维持担保物价值的权利;担保人替换担保物的权利。《公约》的相关规定与我国现行证券担保制度存有差异,不能直接适用,但为我国相关立法提供了指导和借鉴。

The System to Collateral Transactions of Intermediated Securities

The system to collateral transactions of intermediated securities is one important component in the system to cross-border security transactions.Considering the harmonization of substantive law relevant to different collateral transactions of securities,convention on substantive rules for intermediated securities established a set of special provisions with respect to collateral transactions.Security collateral agreement and title collateral agreement were provided as two methods by which a collateral taker may realize or otherwise enforce its interest in collateral securities;collateral taker has a "right of use" of collateral and may demand collateral provider delivery of "top-up" or "substitution collateral" for maintaining the same value substantially.There are many differences between provisions of convention and china’s collateral transaction system,the convention can not apply directly in China,however,it provides guidance and sets a example for our relevant legislation.