欧盟证券市场发展论文提纲

论文题目：欧盟法视域下间接持有证券的法律问题研究

摘要：资本市场的发展促使经济腾飞,于是在2007至2008年发生全球金融危机之后,资本市场的全球化与跨境证券交易等问题就成为广泛争论的议题。本文以欧盟法为研究视角,通过实体法和国际私法层面对间接持有证券及间接持有制度展开分析论证。从投资者和中介的相关性来看,“中介系统”之概念非常重要。这种关系在证券发行人与投资者之间建立了直接联系,然而,在间接系统中,这种联系被一系列中介机构所阻隔。间接证券系统中的中介链是中间系统的核心,其主要对公司证券的交易产生实质性的影响。中介系统中的跨境因素会产生诸多法律问题（譬如:破产、所有权、法律冲突）,其中主要涉及投资者权利的保障。本文试图就当前间接持有证券在欧盟金融法规中存在的问题展开分析论证,并据此对《金融工具市场指令II》、《金融担保指令》、《最终结算指令》和《清盘指令》等相关法规进行具体阐述。这些法规为间接持有证券规则提供了主要的实体法依据,其主要关注的是破产问题。关于法律冲突规则的分析则主要集中于《金融担保指令》和《清盘指令》两项法规。2018年,欧盟委员会提交了一项关于证券交易专有效力之准据法的提案。本文揭示了欧盟法关于间接持有证券的规制如何影响其成员国的法律体系,并通过法规或指令剖析与统一法相关的诸多复杂联结,并就欧盟法对间接持有证券所采用的功能性方法进行论证。除此,本文还诠释了欧盟法律如何直接或间接地影响金融中介机构的义务与投资者的权利之背景。本文旨在探寻欧洲投资者在证券中介及间接持有证券中被赋予正当权利的重要性,这主要体现在金融中介机构破产、法律冲突裁决等情形中。本文还试图证实欧盟立法关于间接持有证券的解决方案是充分的。

关键词：间接持有证券;法律冲突;中介机构破产;证券问题解决机制;中介体系

学科专业：Doctoral Thesis

ABSTRACT

内容摘要

ACKNOWLEDGMENT

ABBREVIATIONS

INTRODUCTION

1.The Significance of Topic Selection and Research Problems

2.Purpose of the Research

3.The Scope of the Research

4.Literature Review

5.Methods of Research and Theoretical Framework

6.Structure of the Research

7.Innovation of Thesis and Scientific Contribution

CHAPTER1 INTERMEDIATED SECURITIES:THEORETICAL BACKGROUND AND MODEL LAWS

1.1 Intermediated System and Substantive Approach

1.1.1.Intermediated Securities’Definition Components

1.1.1.1 Intermediated Securities and Non-Intermediated Securities

1.1.1.2 Securities

1.1.1.3 Intermediaries

1.1.1.4 Immobilization and Dematerialization

1.1.2 Securities Holding System

1.1.2.1 Direct Holding System

1.1.2.2.Indirect Holding System

1.1.3 Securities Proprietary Concepts

1.1.3.1 Securities under Civil Law Tradition

1.1.3.2 Securities under Common Law Tradition

1.1.3.3.Securities in International Perspective

1.1.4 Model Law– the Geneva Securities Convention

1.1.4.1 Functional Approach

1.1.4.2 Insolvency and influence on proprietary issues

1.2 Intermediated Securities and Conflict of Laws

1.2.1 Applicable Law

1.2.2 Lex Situs

1.2.3 PRIMA and problem of look-through approach

1.2.4 Party Autonomy approach

1.2.5 Influence of Conflict of Laws Rules on Insolvency

1.2.6 Model Law- the Hague Securities Convention

1.3 Conclusion

CHAPTER2 THE EU INITIATIVES AND REGULATION ON INTERMEDIATED SECURITIES

2.1 The EU Capital Market Objectives and Legislative Process

2.1.1 The EU Capital Market Objectives

2.1.2 Capital Market Legislative Process under EU Law

2.2 Harmonization of the EU Capital Markets and Securities Regulation

2.2.1 Initiatives for Harmonization

2.2.1.1 Financial Services Action Plan(1999)

2.2.1.2 Lamfalussy Report(2000)

2.2.1.3 Giovannini Report

2.2.1.4 CESAME

2.2.1.5 Code of Conduct

2.2.1.6 Target2 System(T2S)

2.2.1.7 Legal Certainty Group(2006-2008)

2.2.1.8 Legislation on Legal Certainty of Securities Holding and Dispositions(2010)

2.2.1.9 ESCB-CESR2004 Report

2.2.1.10 Capital Market Union(CMU)

2.3 The EU Legislation on Intermediated Securities

2.3.1 Shareholder Rights Directive(SRD)

2.3.2 The“twin legal acts”:MiFID II and MiFIR

2.3.2.1 Intermediaries and MiFID II

2.3.2.2 Investors and MiFID II

2.3.2.3 MiFID II/MiFIR and Post-trading

2.3.3 Directive on the Reorganization and Winding-up Credit Institutions(WUD)

2.3.4 Directive on Financial Collateral Arrangements(FCD)

2.3.4.1 Economic rationale for extending eligible collateral to credit claims

2.3.4.1 FCD and securities holding system

2.3.4.2 Substantive Scope of FCD

2.3.4.3 Personal Scope of FCD

2.3.4.4 The use of collateral arrangements in securities transactions

2.3.5 Directive on Settlement Finality in Payment and Securities Settlement Systems(SFD)

2.3.6 Regulation on Improving Securities Settlement in EU and on Central Securities Depositories(CSDR)

2.3.6.1 Central Securities Depositories according to Regulation

2.3.6.2 CSDs and other legislative initiatives

2.3.7 The European Market Infrastructure Regulation(EMIR)

2.3.7.1 'Individual client segregation'and'omnibus client segregation'

2.3.7.2 Clearing obligations and EMIR

2.4 Summary

2.4.1 Intermediated Securities regulation in the EU and main issues

2.4.1.1 Shared functions of account providers

2.4.1.2 Methods for acquisition and disposition

2.4.1.3 Effectiveness in insolvency

2.4.1.4 Attachment by creditors of the account provider

2.4.1.5 Account provider status

2.4.1.6 Cross-border recognition of rights attached to securities

2.4.1.7 Modern Systems of Securities Intermediation

2.4.2 Intermediated Securities’issues of choice of law rules

2.4.3 MiFID II and MiFIR:a new era in Securities Regulation

2.4.3.1 Intermediaries in MiFID II

2.4.3.2 MiFID II and MiFIR and impact on capital markets

2.4.4 Issues in other EU legislative acts

2.4.5 Progress of the EU Transnational Intermediated Securities Regulation

CHAPTER3 RIGHTS AND OBLIGATIONS BETWEEN INTERMEDIARIES,INVESTORS,AND ISSUERS UNDER THE EU LAW

3.1 Introduction– holding chain

3.2 Investor’s perspective:rights and obligations toward issuers and intermediaries

3.2.1 Investor and his rights attached to securities and their enforceability

3.2.1.1 Account holder

3.2.1.2 Ultimate account holder

3.2.1.3 Investor’s rights attached to securities and their enforceability

3.2.1.4 Interposition of participants in holding chain and rights of ultimate account holders

3.2.1.5 Exercise of rights attached to securities against intermediary

3.2.1.6 The SRD and investor’s rights attached to shares held indirectly

3.2.2 Rights of investors in regard to disposition and acquisition of securities

3.2.2.1 Account holder’s right to dispose of securities

3.2.2.2 Partial reversal of book-entry as a right of account holder

3.2.3 Right to held securities differently than through a securities account

3.2.3.1 The impact of national law

3.2.3.2 The SRD and impact on holding system

3.2.4 Rights of account holders in regard to insolvency issues

3.2.4.1 Rights of account holders and their limitations

3.2.4.2 Insolvency of intermediary and investor’s capabilities to enforce rights

3.2.4.3 ‘Good faith acquisition’rule as a right of investor

3.2.4.4 Right to be protected against claims of creditors of insolvent intermediary

3.2.5 Rights of account holders model examples for the UNIDROIT statutory provision of a European civil law State

3.2.5.1 Right of investor to receive a sufficient information from investment firm

3.2.5.2 Investor’s right to receive minimum guarantees from intermediaries who act as custodian

3.3 Issuer’s perspective:rights and obligations toward investors and intermediaries

3.3.1 Issuer

3.3.1.1 Position and legal status of securities held by issuer

3.3.1.2 Relationship between issuer and other chain participants

3.3.2 Obligations of issuers toward investors

3.3.2.1 Obligation to guarantee corporate rights

3.3.2.2 Obligation to recognize downstream flow of rights

3.3.2.3 Market Standards on General Meeting and obligations of issuers towards investors

3.3.2.4 Obligation to provide investor’s voting rights through nominee

3.3.2.5 Obligations regarding general meetings

3.3.2.6 Obligation of appropriate disclosure

3.3.3 Obligations of issuers towards intermediaries

3.3.3.1 Obligations to ensure equal treatment of all securities’holders

3.3.3.2 Obligation of issuer to transmit all necessary information to intermediary

3.3.3.3 Obligation to recognize intermediary’s legal title or interest to securities

3.4 Intermediaries’perspective:rights and obligations toward investors and issuers

3.4.1 Intermediary and other related definitions

3.4.1.1 Intermediary and indirect holding chain

3.4.1.2 Account provider

3.4.2 Obligations and rights of intermediaries towards investors

3.4.2.1 Obligations of intermediaries towards investors specified by MiFID II

3.4.2.2 Obligations and rights of intermediaries according to the Legislation on Legal Certainty of Securities Holding and Dispositions

3.4.2.3 Other obligations applied only to account providers

3.4.2.4 Intermediaries’obligations of enabling account holders to exercise their voting rights

3.4.2.5 Intermediaries’obligations regarding insolvency issues

3.4.3 Obligations of intermediaries towards issuers

3.4.3.1 Obligation of account provider to provide information

3.4.3.2 Obligation to provide investment advice on independent basis

3.4.3.3 Obligations with a close relationship to underwriting and placing

3.5 Conclusion

3.5.1 Issuers and Investors relationship

3.5.2 Rights of Account holder

3.5.3 Duties of Account provider

CHAPTER4 INSOLVENCY OF INTERMEDIARIES IN RELATION TO INTERMEDIATED SECURITIES SYSTEM UNDER EU LAW

4.1 General background and introduction

4.2 Winding-Up Directive(WUD)

4.2.1 Choice of law rules and international insolvency

4.2.2 Intermediated Securities and WUD

4.2.3 Insolvency provisions according to Directive

4.2.3.1 The nature of Directive’s principles

4.2.3.2 Treatment of assets in liquidation

4.3 Financial Collateral Directive and insolvency law problems

4.3.1.The'reorganization measures'vs. 'winding-up proceedings.'

4.3.2 Financial collateral and freeze period

4.4 Settlement Finality Directive and Insolvency Approach

4.4.1 Directive enforceability and treatment of non-EU countries

4.4.2 Securities Settlement System in SFD

4.4.3 Art.3(1)of SFD

4.4.4 Transfer orders and netting protection

4.4.5 Article3(2)SFD

4.4.6 Other Directive provisions

4.4.7 Zero-hour rule issue

4.5 Operation of the financial institution through subsidiaries

4.6 Summary and Comparison

4.6.1 The SFD,FCD and the Geneva Securities Convention

4.6.2 FCD and the comparison with Geneva Securities Convention

CHAPTER5 CONFLICT OF LAWS PROBLEMS IN CASE OF SECURITIES HELD WITH INTERMEDIARIES IN THE EU

5.1 Conflict of Laws under EU Law and Intermediated Securities

5.2 Proposal for a Regulation on the applicable law to the proprietary effects of transactions in securities(2018/0044)

5.3 Proposal for a regulation on the law applicable to the third-party effects of assignments of claims

5.3.1 Scope of the Regulation

5.3.2 Observations:habitual residence vs.Insolvency Regulation

5.3.2.1 Syndication

5.3.2.2 Bank accounts

5.3.2.3 Financial instruments

5.3.2.4 Overriding mandatory provisions

5.4 Winding-Up Directive and the Conflict of Laws

5.5 Financial Collateral Directive-Choice of Law Rule

5.6 Directive98/26/EC on Settlement Finality in Payment and Securities Settlement Systems

5.6.1 Netting agreements

5.6.2 Article9(1)Protection of collateral security in the case of provider’s insolvency

5.6.3 Conflict of Laws SFD problems

5.7 Summary and comparison

5.7.1 Conflict of Law rules–Hague Securities Convention vs.the EU law

5.7.2 Conflict of Law Rules under EU Securities Regulation and future of the Hague Securities Convention

5.7.3 Concluding remarks

CHAPTER6 CONCLUSION

BIBLIOGRAPHY

1-Book References

2-Conference Proceedings

3-Research Articles

4- Thesis

4-Working Papers

5-Regulations,Treaties,Legislative and Weblinks

6-Reports