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证券法“列举式”的定义已不适应市场发展和金融监管的需要,必须对证券内涵进行规定。证券内涵应是市场本质和法律本质的科学融合,并表现为商业证券和金融证券两个历史阶段。商业证券推动了法律内涵的发展,具体包括持有人制度、证券公示制度、善意持有人制度三个方面的内容;金融证券的市场内涵和法律内涵大大突破了商业证券,且法系差异性较大。中国需要以投资者保护为核心确定证券法律内涵,科学处理投资者权力、监管权力和司法权力的关系。
Securities Law “enumerated” definition has not adapted to the needs of market development and financial regulation, the securities must be provided for. The connotation of securities should be the scientific integration of the nature of the market and the essence of law, and be manifested as two historical stages of commercial securities and financial securities. The commercial securities promoted the development of legal connotation, including three aspects: the holder system, the securities publicity system and the bona fide holder system. The market connotation and legal connotation of financial securities greatly broke through the commercial securities, Larger. China needs to determine the connotation of securities law with the protection of investors as its core, and handle the relationship between investor power, regulatory power and judicial power scientifically.