法學期刊.
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論著名稱: 西班牙無實體化證券市場之建制(The Construction of Non - physicalization of Securities Exchange Markets in Spain)
編著譯者: 邱聰智
出版日期: 2001.06
刊登出處: 台灣/輔仁法學第 21 期 /235-272 頁
頁  數: 38 點閱次數: 1101
下載點數: 152 點 銷售明細: 權利金查詢 變更售價
授 權 者: 邱聰智
關 鍵 詞: 無實體化交易結算證券發行臺灣證券集保公司
中文摘要: 證券市場之無實體化,約可分為兩個層面觀察:一為「交易結算之無實體化」,另一則為「證券發行之無實體化」。關於證券市場概念之區隔,一般分之為二:一為證券發行市場,另一為證券交易市場。由於交易行為之發生,係以發行為前提及基礎,前者得視為後者之延伸擴展,故發行市場亦稱初層市場(primary market),交易市場亦稱次層市場(secondary market)。如是,則證券發行市場之無實體化,堪稱證券初層市場之無實體化;證券交易市場之無實體化,堪稱證券次層市場之無實體化。
考諸各國證券市場之無實體化過程,其歷史軌跡,大都由證券交易市場之無實體化,而後再逐步及於證券發行市場之無實體化。在此一角度上,發行市場之無實體化,不僅代表證券市場無實體化之成熟,甚至可以認為,唯證券發行市場之無實體化,始為固有而典型之證券市場無實體化。
因為唯有在無實體證券發行後,證券交易之交割結算真正無實體之證券交付,個人享有、乃至行使證券上權利,亦無實體證券可據,更無庸占有證券之可言也。
有關於此,我國目前尚處倡議階段,未來有待克服難題仍多,比較法制上,即使如英美德日等先進各國,其證券發行市場全面推動之典型,亦不多見。與此相較,西班牙則有如異軍突起之異數,頗有值得吾人借鏡之處。
英文關鍵詞: Non-physicalizationTransaction settlementSecurities issuanceTaiwan Securities Central Depository Co., Ltd
英文摘要: Non-physicalization of securities exchange markets may be analyzed in two respects: “non-physicalization of securities transaction settlement”, and “non-physicalization of securities issuance”.
With respect to the clarification of the concepts of securities exchange markets, generally it may be divided into two types: securities issuance market and securities exchange market. As the occurrence of the securities transaction is conditioned/based on the securities issuance, the former may be deemed as the development of the latter. Therefore, securities issuance market is also named primary market and securities exchange market is named secondary market. Further,non-physicalization of the securities issuance market may be called non-physicalization of the primary market; non-physicalization of the securities exchange market may be called non-physicalization of the secondary market.
In view of the development of non-physicalization experienced by many countries’ securities markets, most of them were historically moved from non-physicalization of the securities exchange market to non-physicalization of the securities issuance market. Based on this viewpoint, non-physicalization of securities issuance markets not only represents the maturity of non-physicalization of securities exchange markets, but may further be deemed that only securities issuance markets have been non-physicalized, then traditional and classical non-physicalization of securities exchange markets will occur.
As only after non-physicalized securities have been issued, no physical delivery of securities is needed in the settlement of securities transactions. With respect to the individual enjoyment or execution of the rights on securities, no physical securities could be used and no chance of occupation of the securities exists.
With respect to the above matters, in Taiwan, we are still in the stage of promotion. In the future, we will face more difficult issues. Compared to the other legal systems, even if in the developed countries such as England, U.S.A., Germany, Japan, they are seldom to be found to promote in all respects of securities issuance markets. As compared with those, Spain maybe acts as the most outstanding one in this regard, and could be deemed as an example for us to mirror ourselves.
目  次: 壹、前言
貳、西班牙證券無實體化建制之概述
一、制度特色
二、實施過程
參、無實體證券發行之登記
一、證券成立相關事項
二、登記相關機關
三、登記之管理
四、登記證明文件
五、登記與權利變動
肆、無實體證券之交易結算
一、交易結算之共通事項
二、擔保結算日交割證券
三、證券交易之現金結算
四、證券交割結算基金
伍、西班牙證券集保結算公司
一、基本資料
二、公司經營事項
三、公司資本事項
四、集保結算之參加人
五、證券集保結算公司
六、對證券集保結算公司之監督
陸、結語
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