我國有價證券無實體發行制度之研究

國際證券資本市場經過數十年之發展，有價證券帳簿劃撥制度深為市場運作所依賴，證券移轉與證明皆以電子方式記錄於集保帳戶中。國際證券機構組織如IOSCO、BIS、G-30等，均陸續提出改革結算交割建議，促使各國積極推動有價證券無實體化，由全球證券市值排名前20名的國家已有八成採取無實體化措施之統計觀之，有價證券無實體化已成為全球市場之主流。我國自民國90年奠定下無實體發行之法制基礎以來，歷經10年的發展過程，有價證券集中保管帳簿劃撥功能已趨完善，投資人亦早已習慣證券無實體化交易與不移動化保管型態，我國推動有價證券全面無實體發行與轉換之時機已然成熟，主管機關金管會遂於民國98年12月宣示以三年為期分階段推動，預計於民國101年底完成強制有價證券全面無實體化發行政策。本研究在分析我國無實體發展過程及集中保管帳簿劃撥等規章制度後，發現雖然目前無實體運作環境尚稱成熟，但倘全面改採無實體發行後，仍有未臻完善之處尚待解決強化。配合推動進度民國100年將進入我國無實體發行修法階段，故本論文擬就下列攸關投資人權益之維護、無實體運作機制之健全等命題，蒐集他國制度與實務為個案研究，依據我國國情與法制作業架構，研擬解決方案或配套建議，以期健全我國有價證券無實體發行制度：命題一、無實體登錄後退場機制之研究：短期內以完成全面無實體推動為目標，暫維持現行退場作業模式；長期可朝退場後移出集保體系，轉由發行公司或其他系統繼續以無實體登錄之方向規劃。命題二、無實體發行登錄機構應否集中單一化之研究：無實體登錄作業須與集保帳簿劃撥制度相結合，故集保機構亦為集中或公開市場交易之有價證券無實體登錄機構。我國短期內應先強化證券登錄機構之法律位階，長期可朝向區隔不同市場之標的由不同機構登錄，或集保機構係擔任總登錄機構之角色來發展。命題三、無實體發行後股東權利表彰方式之研究：應修法強化集保帳戶登載之法律推定效力，並在我國有價證券全面無實體發行後，應建立一套證券持有人得隨時主動辦理電子直接過戶的管道機制。命題四、無實體發行後集保帳戶資料與股東名簿關係之研究：補強目前我國僅有單一法定事由，方由集保機構交付發行公司證券所有人名冊所生法制基礎不足之處，並增訂特殊情形下得由集保機構直接交付證券所有人名冊予有權召集股東會之人的救濟管道。

關鍵字

有價證券；無實體登錄；帳簿劃撥制度

並列摘要

After decades of development in international securities and capital markets, the market operations deeply rely on the book entry system. Securities transfer and prove are all electronically recorded in the central securities depository account. International organization of securities institutions (such as IOSCO, BIS, and G-30) continually propose a reform in the clearing and settlement system, prompting all countries to actively promote securities dematerialization. Eighty percent of the top 20 countries by market value have adopted securities dematerialization. From the statistical viewpoint, securities dematerialization has become a significant trend in global capital market. Since 2001 the legal foundations for securities dematerialized issuance system has been laid in Taiwan. After 10-year development, the book entry system has gradually been refined, and investors also have accustomed themselves to trading by book-entry transfer with immobilized securities kept in custody. Time is ripe for Taiwan to carry out total dematerialized issue in securities and the conversion of securities from physical to electronical. The government in December 1998 has announced to promote the final stage of “full” securities dematerialization in a period of three years. It is expected that the project will be completed by the end of 2012. Based on the analysis on the development processes of securities dematerialization and the regulations of central securities depository and book entry system in Taiwan market, we found the operating environment of securities dematerialization is almost mature; however, if we move into the stage of “full” securities dematerialization, there are still some deficits and issues need to be addressed. Following the authority’s dematerialization policy, we will march into the stage for legislative amendment in 2011. As a result, the study focused on topics regarding the protection of investor’s rights after the full securities dematerialization procedure is completed. Case analysis and inductive reasoning were taken to draw possible solutions and procedures to these issues, as well as practical suggestions and regulatory amendments that would help create a system supporting the issuance of securities in dematerialized form. Subject 1: security registration mechanism for delisted company under dematerialization In the short term, we suggest maintaining the current mechanism for delisted company under dematerialization in order to attend the goal of “full” securities dematerialization. In the long term, we suggest that delisted companies should be excluded from the central depository system but could still be registered in dematerialized form by issuing companies or other system. Subject 2: whether all securities registration and depository function should be centralized in one institution The registration operation of dematerialized securities shall tune with the central depository scheme; therefore, the central depository shall become the securities registration entity for transactions on centralized or open market. In Taiwan, the legal status of a securities registration entity should firstly be recognized by higher level laws or regulations. In the long term, we may think about having different registration entities for different financial products, or making the central depository entity the master registration centre. Subject 3: how to evidence shareholders’ rights in the full dematerialized era The procedure for title transfer in dematerialized form should be in place and the legal effect of the record maintained by a depository should be enforced, so that shareholders can transfer the rights whenever he wants. Subject 4:the relation between the information of depository account and shareholder register At present, TDCC (Taiwan Depository and Clearing Corporation) is allowed to provide issuing company with its shareowners’ list under only one circumstance stipulated in the Company Act. To protect shareholder’s rights, we should establish legal approaches and standard procedures so that the persons who have the right to call for a meeting can receive shareowners’ list directly from TDCC under certain circumstances.