无纸化条件下的证券法律关系分析

证券无纸化后,证券法律关系发生了很大的变化。无纸化条件下证券的主要法律关系可以概括为＂四方主体＋三大法律关系＂。投资人与发行人间的法律关系因持有模式的不同而相异;发行人、投资人与证券登记机构之间的法律关系分别为证券登记法律关系和证券存管法律关系,随着中央证券登记结算机构的出现,证券登记和证券存管逐渐趋同;投资人与证券经纪商（直接中介商）之间的关系总体上是一种民事代理关系,这些关系的具体内容由当事人之间的约定和有关法律法规等规范性文件的规定共同确定,具有约定性和法定性双重属性。

The legal nexus analysis of dematerialized securities

After the dematerialization of securities,the legal nexus of securities has changed greatly.The legal nexus of dematerialized securities can be summarized as ＂four subjects and three legal nexuses ＂.The legal nexuses between investors and issuers are different because of different holdings.The legal nexus between issuers and registration agencies is a kind of registration nexus,and between investors and registration agencies is deposit nexus.With the emergence of the Central Securities Depository,securities registration and securities depositories are in the gradual convergence.In general the relationship between investors and securities brokers is a kind of civil agency nexus whose contents are decided by legal agreements of the parties and the provisions of relevant laws,regulations and other normative documents.