找有关论文"我国证券公司客户资产管理业务研究"的英文资料
Legal Issues on Risk Management of Securities Company and Protection of Clients' Interests
Securities companies are faced with huge risks in their operations, such as market risks, management risks, institutional risks, financial risks and legal risks。 To control the risks of a securities compan...全部
Legal Issues on Risk Management of Securities Company and Protection of Clients' Interests
Securities companies are faced with huge risks in their operations, such as market risks, management risks, institutional risks, financial risks and legal risks。
To control the risks of a securities company is critical to avoiding potential financial and social risks。
As a result of the increasing severity of operational risks for securities companies, the China Securities Regulatory Commission ("CSRC") has tightened its investigation and control of securities companies that have violated the relevant regulations。
Those securities companies that are deemed to be in serious violation of the regulations and that face the threat of bankruptcy are subject to dissolution, termination and custodianship, so as to prevent the dissemination of financial risks。
During the time between August 2002, and January 2005, the regulatory authority has dissolved, terminated and placed into custody over ten securities companies including Anshan Securities Company, Dalian Securities Company, Nanfang Securities Company, and Dapeng Securities Company。
This article will briefly analyze and discuss the legal issues on the protection of clients' interest in the risk management of securities companies。
I。 Current Situation
a) Protection of clients' interests
China's Securities Law, Administration of Clients' Transaction Settlement Funds Procedures, and The Interim Procedures for Client Asset Management Business of Securities Companies expressly prohibit the embezzlement of clients' assets, but fail to delineate the basic concepts and the legal nature of clients interests in various contexts。
For this reason, securities companies are unable to protect clients' interests to the fullest extent possible within the current legal framework regarding the risk management。
The author believes that the clients' interests include, at the very least, transaction settlement funds, securities and property entrusted by the client。
In practice, the enormous shortage of clients' transaction settlement funds is usually subsidized by a new special loan provided by the State or through acquisition by the State, such as in the case of Xinhua Securities Companies and Delong-family Securities Companies。
If the securities entrusted by the client are lost, these will fall within the debts of the securities company。
If they are not lost, they should be recovered based on the ownership theory。 If the property entrusted by the client is in the form of capital, usually the new loan will not be provided for purpose of restitution nor shall a State acquisition be initiated。
Instead, the respective client may report the liability to the securities company。 If the title of the securities property is clear, the client will be entitled to recover them。
On the other hand if the title is subject to dispute, the property will be included as a liability of the securities company。
b) Protection of individuals' debts
For the purpose of maintaining social stability, the State grants special protection to individuals' debts associated with the risk management of securities companies, i。
e。, individuals' debts will have priority upon the liquidating distribution of assets or they will be assumed by the State through acquisition。
However, unlike the clients' transaction settlement funds, individuals' excessive income and interests will not be protected。
Moreover, the debt over a certain sum (RMB100,000) will be assumed by the State at a discount。 In practice, it is difficult to distinguish between the debts of natural persons and those of institutions。
And there is still a legal encumbrance to prioritizing and securing repayment for individual persons from the liquidated assets。
c) Moral risks in risk management of securities company
In handling risks of securities companies, moral risks are prevalent and exacerbated due to policy heavily stressing financial order and social stability and the feeble protection measures which, being of an administrative nature, lack the severity necessary to effectively deter the misconduct of the responsible parties。
。 Consequently, individual investors will try to claim their debts arising from a financing agreement as a deposit, so that the debt be acquired in its entirety。
Institutional investors try to camouflage their debts as individuals' debts or even deposits so that their debts can be purchased。
Some securities companies take advantage of relevant policies to willfully embezzle deposits during operation to conduct their own business or invest in other businesses。
When sensing the impending termination, they embezzle the guaranty bond to repay debts, especially the principal of funds entrusted by institutional investors and those with excessive fixed returns。
II。 Suggestions on improving protection of clients' interests in risk management
a) To clarify clients' interests and scope
Currently the policies on the protection of clients' interests are those provisional regulations formulated prior to the establishment of the securities investor protection system。
The shortcomings and insufficiencies should be shored up and improved when establishing a securities investors protection system, the core of which is to create securities investors protection funds。
And to create securities investors protection funds, the first task is to clarify what is to be protected, the contents of the interests, and the scope of protection。
The author believes that what the clients' interest protection aims to protect should be investors, including individual and institutional investors, who open capital accounts and securities accounts with those securities companies under investigation, or those who invest capital and engage the securities companies to conduct normal brokerage business or those who entrust capital to the securities companies to buy and sell securities legally and lawfully, except for those affiliated parties that have a close relationship with the securities companies。
The rights and obligations relationships protected include those arising from the securities transaction engagement agreements and the lawful relationships arising from the provision of financing services。
The subject of protection includes capital fund and securities。
b) To establish bankruptcy insulation mechanism
Bankruptcy insulation mechanism refers to the separation of clients' assets and securities companies' bankruptcy risks, i。
e。, when a securities company is bankrupt, clients' asset are independent from the assets of the securities company and immune from the bankruptcy procedures。
Moreover, the securities transaction settlement shall be performed with priority。 In accordance with bankruptcy law, the property owned by someone other than the bankrupt enterprise shall be recovered by its owner from the liquidation committee。
Hence, if a client owns the property, that client may recover the property in accordance with the above provisions of bankruptcy law when the securities company files for bankruptcy。
In order to protect the clients' interests, the Securities Law should expressly provide for the legal ownership of clients' property, especially the ownership of clients transaction settlement funds, and set forth the distribution priority of securities transaction settlement performance, which are fundamental to the establishment of the bankruptcy insulation mechanism。
To sufficiently protect the clients' interests, it is necessary to refine relevant laws and regulations, including the revision of the Securities Law, formulating the Regulations on Risk Management of Securities Companies, authorizing the CSRC legal power to dissolve and terminate securities companies, gradually reducing the administrative measures, and strengthening the coordination between various legal liabilities。
Source: China Bulletin, Issue April, 2005
证券公司风险处置中客户权益保护法律问题研究
证券公司在经营中面临巨大的风险,如市场风险、管理风险、制度风险、财务风险和法律风险等。
证券公司的风险控制迫在眉睫,否则,将酿成金融风险,进而引发社会风险。对于证券公司经营风险的日益扩大,中国证券监督管理委员会(以下简称“证监会”)加大了对违规证券公司的查处和清理力度,对于出现严重违规和支付危机的证券公司开始对其使用撤销、关闭和托管等处置方式来化解金融风险,防止风险扩散。
从2002年8月到2005年1月,仅仅两年时间,监管部门就先后撤销、关闭和行政接管了鞍山证券、大连证券、南方证券、大鹏证券等十多家证券公司。本文将针对证券公司风险处置中客户权益保护的法律问题予以简要地分析论述。
一、证券公司风险处置中客户权益保护的现状
1、客户权益的保护
我国《证券法》、《客户交易结算资金管理办法》以及《证券公司客户资产管理业务试行办法》等均明文规定严禁挪用客户资产,但并没有对各类客户权益的基本概念及法律性质进行明确的认定,导致证券公司出现风险及处置中,无法在现有法律框架内对客户的权益进行最大限度的保护。
笔者认为客户权益至少应包括客户委托存管的交易结算资金、证券及委托理财的资产。
在证券公司具体的处置实践中,如新华证券、德隆系证券公司等,客户交易结算资金的巨额缺口通常由国家提供专项再贷款或国家收购的方式予以弥补;客户托管的证券如果发生灭失则纳入证券公司的债权范畴,未发生灭失根据所有权的原理当然有权取回;客户委托证券公司管理的资产如为资金状态,通常不列入再贷款的弥补范围或国家收购的范围,而向证券公司申报债权,证券资产权属清楚的,客户有权取回,权属不清晰的,纳入证券公司的债权范围。
2、个人债权的保护
出于维护社会稳定的需要,在证券公司的风险处置中,国家对于个人债权予以了特殊的保护,即以清算资产优先清偿,或者统一纳入国家的收购范围。与客户交易结算资金不同的是,不保护个人债权的高额收益及利息部分,而且对于一定金额(10万元)以上的债权予以打折收购。
在实践中,仍面临着自然人债权与机构债权的区分界定困难、以清算资产优先偿付个人债务存在法律障碍等问题。
3、证券公司风险处置中的道德风险问题
在证券公司风险处置中,由于有关政策过度强调金融秩序和社会稳定,客户权益保护手段行政化及对相关责任人员处罚力度不够等原因,导致实践中存在大量的道德风险。
如个人投资者努力将自己因委托理财等合同关系形成的个人债权按照保证金申报,以求被全额收购;机构投资者则努力将自己的债权粉饰成个人债权甚至是保证金,以求被纳入收购范围;证券公司会利用相关政策,在正常经营期间任意挪用保证金,进行自营业务或对外投资实业;在预感被关闭的情况下,大肆挪用保证金用来偿还债务,尤其是机构委托理财的本金和高额固定收益等。
二、完善证券公司风险处置中客户权益保护的有关建议
1、明确客户权益及其范围
目前,保护客户权益所依据的政策仅是在证券投资者保护制度建立前,用于保护证券投资者的过渡性文件,其中存在的缺陷和不足,应该在建立证券投资者保护制度中加以弥补和改进。
建立证券投资者保护制度的核心,是设立证券投资者保护基金,而设立证券投资者保护基金,首先就要明确其所保护的对象、权益内容及保护的范围。
笔者认为,客户权益保护的主体应该是在被处置证券公司开立资金账户和证券账户,投入资金委托证券公司从事正常经纪业务,或合法、合规地将资金委托给证券公司从事证券买卖的投资者,包括自然人和机构,但与证券公司有密切关联关系的关联方除外;保护的权利义务关系包括因证券交易委托代理协议所产生的权利义务关系以及因合法、合规的委托理财所产生的权利义务关系;保护的标的含资金和证券。
2、建立破产隔离机制
本文所提的破产隔离指的是客户的资产与证券公司的破产风险相隔离,即当证券公司破产时,客户的资产相对于证券公司的资产具有独立性,不受破产程序的影响,且证券交易清算履约优先。
根据破产法的规定,破产企业内属于他人的财产,由该财产的权利人通过清算组取回。因此,如客户的资产属客户所有,则在证券公司破产时,客户可以依据破产法的上述规定径行取回,不受破产程序的约束。为了保护客户的权益,建议我国在《证券法》等法律、法规中明确规定客户对其资产的所有权,特别是对客户交易结算资金的所有权,明确证券交易清算履约优先制度,这也是建立客户资产破产隔离制度的基础。
3、完善有关法律法规
为充分保护客户权益,还需要健全法律法规。修改证券法,制定专门的证券公司风险处置条例;赋予证监会撤销、关闭证券公司的法定权力;逐步减少行政手段;加强各种法律责任的衔接等等。
资料来源: 中国法律期刊2005年第4期
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