证券概念边界的中美比较：《证券法》改革进路评析 (A Comparative Study of the Definition of Securities in China and the U.S.: Evaluating the 2019 Reform of China's Securities Law)

Abstract

Chinese Abstract: 在证券法修订过程中，一个重要问题是我国是否应引进美国联邦证券法规定并被联邦最高法院多次界定的“投资合同”等兜底条款。通过系统梳理我国《证券法》中证券概念的发展轨迹，深入考察美国经验，并结合我国国情，包括立法和司法机关能力、分业监管体制和金融体系特征等，建议我国现阶段证券立法应沿袭列举模式，循序渐进增加新型证券类型，不宜照搬美国经验，急切引入“投资合同”等条款和大一统证券定义。但作为过渡性措施，其他未列举证券的二级市场监管可以逐步交由证监会统一负责，以解决监管套利等问题，并为将来金融监管体制的深化改革奠定基础。

English Abstract: During the recent reform of China’s Securities Law, an important issue is whether China should introduce the catch-all notion of investment contract which is stipulated in the securities law and has been discussed in many court cases in the U.S.. This paper provides a systematic account of the development of the concept of securities in China, conducts an in-depth discussion of the U.S. experiences, and considers China’s local conditions, including the capacity of the legislature and the judiciary, its sectors-based financial regulatory regime, and the characteristics of the current stage of development of the Chinese financial markets. The paper suggests that at the moment, China should continue to enumerate the types of securities to gradually expand the scope of the concept of securities, rather than simply adopt the U.S. experience to introduce a catch-all provision of investment contract. However, as a transition measure, the various types of securities not enumerated under the securities law could be gradually transferred to the jurisdiction of the securities regulator to address the problem of regulatory arbitrage and pave the way for a structural reform of the financial regulation in the future.

Note: Downloadable document is in Chinese.

Keywords: 证券定义 投资合同 兜底条款 金融监管体制 监管套利; Securities Definition, investment contract, catch-all provision, financial regulatory framework, regulatory arbitrage

JEL Classification: K22, G15