중국의 외국인증권투자 시장접근 제도에 관한 연구

A Study on Legal framework of Market access of Foreign Securities Investment in China

&nbsp;&nbsp;In China， legal regulation for foreign securities investment is comparatively strict. Approval of market access is a part of legal framework of foreign securities investment.<BR>&nbsp;&nbsp;The legal framework of market access of foreign securities investment can be divided into three types:<BR>&nbsp;&nbsp;Firstly, Establishment of Foreign-shared Securities Companies or Foreign-shared Fund Management, which is open for foreign investors belongs to the category of market access in Trade in Service. The Specific Commitments on Service list and concrete representation of legal regulation are the study basis of its system; It belongs to the legal category of direct foreign investment in the classification of branch law as well as the Commercial Presence, one of the four forms of service trading legal regulations, since foreign investors take participation in establishment of Foreign-shared Securities Companies or Foreign-shared Fund Management Companies in our territories.<BR>&nbsp;&nbsp;Secondly, Qualified Foreign Institutional Investors system. The access system of Chinese securities market that open for offshore investors, i.e. confirms securities investors offshore getting main body qualification to invest securities market directly which including entity document, procedure document and auditing system through enacting legal regulations. Law comparatively leads to a clear orientation of investment behavior in that of these main bodies, i.e. according to controls over proportion of possessing shares, that requires conduct of securities transaction for the purpose of profitable investment only, not realizing the purchase of listed company for the purpose of holding masterdom from the legal sense, it typically belongs to the area of foreign indirect investment of traditional foreign investment law.<BR>&nbsp;&nbsp;Thirdly, Strategic Investment upon Listed Companies. The Measures apply to such acts as foreign investors acquired A-shares of the listed company having finished reform of non-tradable shares and of the new listed companies by means of long-and-mid-term strategic investment of merger and acquisition with certain scale.