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技术进步和市场发展必然导致法律制度的变革。证券无纸化使得证券登记结算制度的制度基础从传统的实物券转换成电子化的证券,这种深刻的变革必然要求证券登记结算制度进行相应的改革和完善。无纸化给实物券时代证券登记结算模式带来颠覆性影响,无纸化时代证券登记结算关系中各类主体之间的权利义务关系也需要进行重估。在我国证券登记结算制度的法律文本与制度实践脱节的背景下,需要改革和完善我国证券登记结算制度,以更好地适应无纸化时代证券市场的发展。
Technological progress and market development inevitably lead to changes in the legal system. The paperless paper makes the system foundation of the securities registration and settlement system transformed from the traditional physical bonds into electronic securities. This profound change will inevitably require the securities registration and settlement system to reform and improve accordingly. Paperless to subprime real estate securities registration and settlement model has brought disruptive effects, paperless era of securities registration and settlement of the relationship between the various types of subjects also need to re-evaluate the rights and obligations. Under the background that the legal text of China’s securities registration and settlement system is out of line with the system practice, we need to reform and perfect the securities registration and settlement system in our country so as to better adapt to the development of securities market in the era of paperlessness.