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5, CSD : CSD CSD, CSD, CSD, CSD,, DTC Cede & Co. 83% 91%, 6 72%,,, ;,, CSD,,, CSD, ; CSD ( ),,,,,,,,, :,, ;,,,,,, 1., 1995 7, :,,, 8,,, ( ) 5 SEC, Final Report on the Practice of Recording the Ownership of Securities in the Records of the Issuer in Other than the Name of the Beneficial Owner of Such Securities, December 3, 1976, n. 27. 6 ALT & NCCUSL, Uniform Commercial Code, Official Text (2000), Revised Article 8 (1994 Revision), PrefatoryNote, at 655. 7,, 1937 2 4, 1995 1 11, 1995 8 2 386
2006 6 ; ( ), 9, ;,, :, : ( ),,, :,,,,, 10 2. 11, 1967 62 1995,,,,,,, 1971 2 17 12,,,,,, ( lex situs),( ),,, ( ), 62,, 13, 14 ( ) :, 1994 9 6 7 10 Joanna Benjamin, The Law of Global Custody, 2nd. ed. Butterworths, at 31-33 (2002).,,, 11 ( Euroclear) (Cedel, 2000 Clearstream International) ( ICSD) 12 Luxembourg Grand2Ducal Decree of 17 February 1971. 1994 1996 13 Hal S. Scott & Philip A. Wellons, International Finance, 8th ed. Foundation Press, at 923 (2001). 14 Conventionon the Law Applicable to Certain Rights in respect of Securities Held with an Intermediary, Article 4-5. also 486 Christophe Bernasconi, The Law Applicable todispositions of Securities Held Through Indirect Holding Systems (2000) (Report of the First Secretary of the Permanent Bureau, Hague Conference on Private InternationalLaw, to theworking Group of January 2001), Part Three.
, 1. 15 8-503 8-508 : ( a),, ; ( b) ; ( c) ; (4) ; ( 5) ; (6),,, 16, 2. 8-503 ( a),,,,, 8-503,, 8-503 ( c),, 8-503 8-508,,,,, ( adverse claim ),,,, 3., 1994 17,, :, ;,, ;,, 8-503 ( a) : (1) ; (2) ; (3) 15 102 ( ), : (1) ; ( 2), U. C. C. 8-102 ( a) (14) (1994) 16 : (1) ; (2), ; (3),,,, U. C. C. 8-102 ( a) (9) (1994) 17 U. C. C. 8-106 ( d) (1994) 586
2006 6 8-504 ; (4) ( e) 18, ;, 4.,,,,,, ;,,, :,, ;,, 19 8-511 ( b),, ;,,, 8-503 ( e) ( ),,,, 1994 Rogers :,, ;,,, 20 ( ),,,, ; ;,, 21,,,,,,,,,,,, ; 18 8-503 ( e),, 19 U. C. C. 8-106 ( d) (1994). 20 James Rogers, Policy Perspectives on Revised U. C. C. Article 8, 43 UCLA L. Rev. 1431, 1456-1457. 21 Bernasconi Report, at 31. 686
,,,,,,,,,,,, :,,?,, 22, ( ) PR IMA,,,,,, PR I2 MA,,,,, PR IMA : (1) PR IMA ; ( 2) PR IMA, ; (3) PR I2 MA ( ), ( ) ; (4) PR IMA ; (5) PR IMA PR IMA, 20 80, 1983 83-1 29 PR IMA,, 23, PR IMA, PR IMA 8-110 ( b), : (1) ; (2) ; (3) ; (4),, (Collateral D irective) 24 9, : (1) ; (2) ; (3) 22,, CSD Bernasconi Report, at 29. 23 See DE VAUPLANE / MOUY,La R forme du Nantissement des Titres D mat rialis s, Banque & Droit, n 48, 1996, p. 3, frombernasconi Report, at 50. 24 (Directive of the European Parliament and of the Council on Financial Collater2 al Arrangements, 2002 /47 /EC) 786
2006 6, ; (4) 1998 (D irective on Settlem ent Finality) 25, 2002 6 6, 2005 7, 23 4, 26 PR IMA ( ) PR IMA 2002 12 13,, (Convention on the L aw A pplicable to Certain R ights in R espect of Securities Held w ith an Inter2 m edia ry, ), PR IMA 27 1.,,,,, 2001 12,, 2002 12,,,,, PR IMA,, PR IMA, 28,,, 29,,,,,,,,,,, 1 1 ( h),,,,, 30 2. 2 1, : (1) 25 (Directive of the European Parliament and of the Coun2 cil on Settlement Finality in Payment and Securities Settlement Systems, 1998 /26 /EC), 9 2 PRI2 MA 26 http: / /www. isda. org/c_and_a /eurocoldir. html, 2005 8 19 27 : ( ), 28 Prel. Doc. No. 6 of November 2001, Brief Explanation, at http: / /hcch. e - vision. nl / index _ en. phpact = conventions. publications&dtid = 35&cid = 72, last visited 2005-8 - 21. 29 Prel. Doc. No. 13, at 14, 30 ( ), ; ; ; ;, /, ; Convention on the Law Applicable to Certain Rights in respect of Securities Held with an Intermediary, Article 1 (1) ( a) - ( e), ( g) 886
; ( 2) ; (3) ; ( 4) ; (5), ; (6) ; (7),,,, 1 2,,, 2, 1 3 : (1) ; (2) ; (3),,, ; ( ), 3., PR IMA 31 (1), 2 1,, (office), (2),,, (3), ( ) ; (4), ( ) PR IMA,,,, 32 ( ),, 20 90,, 1999,, 33 31 Convention on the Law Applicable to Certain Rights in respect of Securities Held with an Intermediary, Article 4-6. 32 Convention on the Law Applicable to Certain Rights in respect of Securities Held with an Intermediary, status table, at http: / / hcch. e - vision. nl / index_en. phpact = conventions. status&cid = 72, last visited 2005-8 - 22. 33 146 149 986
2006 6 ( ),,, 34, (, ) B QF II B B B B, A ; B,, 1995 22 :,, 2002 B 7 :,,, ( ) ( ) B,,,, (QF II) A, A, 35,,, 36,,,,,, ( ) ( 2005 4 20 ) 158 1-3 : (1) ; (2),, ; (3),, QF II A,,,, ;, CSD, 2005 10 34, (2002 ) 3. 5 35 138 2 :,,,, :, 1999, 219,B, 213, B 36 (2002 ) 6 :,, ; 096
158,,,,,,, 2001,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, PR IMA,,, PR IMA,,, PR IMA,, ( ), PR IMA, [ Abstract] Indirect holding is the mainstream method of holding securities in the international securi2 ties market. There are two app roaches to the determ ination of the legal nature of interests in indirectly held se2 curities: one is to include it into an expanded p rop rietary concep t; the other is to create a brand new type of right tailored for such securities. A s to the conflict of law, the p rincip le of relevant interm ediary app roach ( PR IMA ) is gaining wider accep tance. W ith the opening up of China s securities m arket, indirect holding, especially cross2border indirect holding, will become increasingly popular. A s a result, China s legal p rovi2 sions on key issues such as the legal nature of interests in indirectly held securities and app licable law s urgent2 ly need to be imp roved. ( : ) 196