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CSRC hosts UNIDROIT meeting on securities holding
01-04-2017

 

 

CSRC, jointly with China Securities Depository and Clearing Corporation Limited (CSDC), hosted the 4th meeting of the UNIDROIT Geneva Securities Convention Committee on Emerging Markets Issues, Follow-up and Implementation (CEM) & the Financial Markets Law Colloquium themed on "Enhancing and Ensuring Legal Certainty in Both Current and Future Holding Systems" in Beijing from March 29 to March 30. Among the attendees were CSRC Chairman Liu Shiyu, Vice Chairman Fang Xinghai, Member of the UNIDROIT Council and Dean of Law School at the University of International Business & Economics (UIBE) Ms. Shi Jingxia, UNIDROIT Secretary-General José Angelo Estrella Faria, Co-Chair of the CEM and Deputy General Manager of CSDC Beijing Branch Ms. Niu Wenjie, Co-Chair of the CEM and Chief Operating Officer of Securities and Exchange Commission of Brazil Mr. Alexandre Pinheiro Dos Santos. 

In his welcome address, Chairman Liu Shiyu spoke on China’s direct holding system and how such a transparent holding system represents a unique hallmark of China’s capital markets and lays out the foundation for the implementation of the “see-through” market supervision and effective protection of investors' rights. It also amounts to unique institutional advantages in safeguarding market openness and transparency, in addition to delivering on the principles of transparency, fairness, and equitability. The UNIDROIT Convention on Substantive Rules for Intermediated Securities has fundamental importance in the international legal system. While it took a markedly different approach compared to the practices in China, it deems the CSRC and the broader securities industry to take heed. In order to coordinate and align the institutional differences across borders in China’s opening-up endeavor, more thorough follow-up, studying, digesting and transplanting of overseas market legal systems is much needed. China’s progress in the rule-of-law will benefit in tandem as well. 

Chairman LIU Shiyu highlighted the fact that a robust legal basis is the most fundamental guarantee for the sound and steady development of capital markets. Against the backdrop of increasing financial globalization, effective solutions to legal issues in international financial markets, especially when applied in cross-border, cross-sector and cross-market activities, carry a meaningful layer of relevance and significance in adequate protection of the legitimate rights of domestic and international investors and in effective cross-border regulatory cooperation. The ongoing revision of China’s Securities Law and formulation of Futures Law offer a very good opportunity to improve the legal systems for cross-border transactions and regulatory coordination mechanism. Serious efforts should be devoted to maintaining China’s institutional hallmarks and advantages on the one hand and the understanding of and drawing on international practices and experiences on the other hand, so that issues and challenges confronted during the opening-up process can be resolved in a forward-looking manner and with a global mindset. 

The colloquium held fruitful discussions on a variety of issues related to the latest developments and relevant legal concerns of securities holding systems. Other topics focused on how to promptly address FinTech’s rapid development to enhance the legal certainty of securities holding systems for the purpose of protecting investors' rights. Around 50 delegates representing CEM members, overseas regulatory agencies, financial institutions, securities settlement institutions, international organizations and the academia were in attendance. Other invited guests came from the Legislative Affairs Commission of the Standing Committee of the National People's Congress, the Legislative Affairs Office of the State Council, the Supreme People's Court, the Ministry of Commerce, the People’s Bank of China, China Central Depository & Clearing Co., Ltd, Shanghai Clearing House, etc. Experts from Peking University, Renmin University of China, University of International Business & Economics, Wuhan University attended the colloquium. Also present were representatives from CSRC’s internal departments and affiliated institutions, including Shanghai Stock Exchange, Shenzhen Stock Exchange, China Securities Depository and Clearing Corporation Co., Ltd, National Equities Exchange and Quotations Co., Ltd and China Institute of Financial and Capital Markets.



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