存託憑證投資者權益保護制度的特殊性及其完善──兼論我國現行存託憑證制度的完善

Special Features and Its Improvement of Rights Protection System of Depositary Receipts Investors

2019年新修訂的《證券法》將“存託憑證”與股票、債券並列，作為《證券法》規範的證券形式之一，使“存託憑證”在證券基本法中的地位得以確立。存託憑證制度是中國證券市場進一步國際化的一項重要制度。由於存託憑證具有衍生性，它是由股票、債券等基礎證券衍生而來，其發行和交易具有跨境性，並由此受到境內外不同的法律規制。存託憑證投資者遭受風險的特殊性源自於其法律關係構造的特殊性，存託憑證法律關係的本質屬性屬於信託性質，然而，相較於一般的商事信託，存託憑證法律關係又有其自身的特殊性。這種特殊性，導致其信息不對稱加劇、名義股東容易濫用表决權、外匯流動産生障礙、發行與交易機制中發生特殊風險以及證券監管與司法管轄中可能發生風險。在這種前提下，存託憑證投資者權益法律保護機制在跨境保護目標、持續監管措施、信息披露制度和投資者權利救濟等諸多方面又會必然與境內一般投資者保護機制不同。特殊性的揭示是建立和完善存託憑證投資者權益保護制度的前提。因此，本文從五個方面論述了建立和完善存託憑證投資者權益法律保護的特殊性機制：存託憑證投資者權益保護制度的目標；對基礎證券發行人行為的持續監管；存託憑證存託與託管的法律規制；信息披露的法律規制；存託憑證投資者權利救濟制度的建立和完善。在論述過程中，對《存託憑證管理辦法》也提出了較為具體的修改和完善建議。

Article 2 of the Securities Law, which was newly revised in December 2019, puts ''depository receipts'' alongside stocks and bonds as one of the forms of securities regulated by the ''Securities Law'', establishing the status of ''depositary receipts'' in the securities basic law. Depository receipts system is an important system for the further internationalization of Chinas securities market. Due to the derivative nature of depository receipts, they are derived from basic securities such as stocks and bonds, and their issuance and trading are cross-border. Therefore, they are regulated by different at home and abroad. The particularity of risk suffered by depository receipts investors comes from the particularity of construction of the legal relation. The essential nature of the legal relation of depository receipts is of a nature of trust. However, compared with the general commercial trust, the legal relation of depository receipts has its own particularity. Such particularity leads to the intensification of information asymmetry, the abuse of voting rights by nominal shareholders, the obstacles in foreign exchange, the special risks in issuance and trading mechanism, and the risks in securities supervision and judicial jurisdiction. Under this premise, the legal protection mechanism for depositary receipts investors' rights and interests in the cross- border protection objectives, continuous supervision measures, information disclosure system, and investor rights remedies will inevitably have special characteristics that differ from those of domestic ordinary investor protection mechanisms. The disclosure of the above-mentioned particularities is the premise for establishing and improving the protection system for investors' rights and interests of depositary receipts. Therefore, this paper discusses the establishment and improvement of the special mechanism of legal protection of depository receipts investors' rights and interests from five aspects specifically Including: the objectives of the system for protecting the rights and interests of depository receipts investors; the continuous supervision over the behavior of issuers of underlying securities; the legal regulation on depository receipts and custody; the legal regulation of information disclosure; the establishment and improvement of the right relief system for the depository receipts investors. In the course of the discussion, more specific amendments and improvements to the Depository Receipts Regulation have also been proposed.