From March 29th to 30th, CSRC and China Securities Depository and Clearing Co., Ltd. hosted the fourth meeting of the Emerging Markets Committee of the International Institute for the Unification of Private Law (UNIDROIT) and the seminar on financial law. Liu, chairman of China Securities Regulatory Commission, pointed out that the "direct shareholding" system in China stock market is a major feature of China capital market, an important basis for implementing "transparent" market supervision and effectively protecting investors' rights and interests, and has unique institutional advantages in ensuring the openness and transparency of the market and implementing the "three publics" principle.

The Convention on Substantive Law of Intermediated Securities drafted by Unidroit is an important basic legal system in the world. Although it is quite different from the practice in China, it is worthy of great attention from the China Securities Regulatory Commission and the securities industry. In order to handle the coordination and connection with different overseas systems in the process of opening to the outside world, it is necessary to further strengthen the follow-up study, absorption and transplantation of the international market legal system, which is also conducive to the rule of law construction in China.

Liu stressed that improving and perfecting the basic legal system of the capital market is the fundamental guarantee for the stable development of the capital market. Especially under the background of financial globalization, it is of great practical significance to solve the international legal problems of cross-border, cross-industry and cross-market financial markets for fully protecting the legitimate rights and interests of domestic and foreign investors and effectively implementing cross-border supervision and cooperation. We should seize the opportunity of the revision of the Securities Law and the formulation of the Futures Law, improve the system of cross-border trading activities and cross-border supervision and cooperation in the capital market while maintaining our own institutional characteristics and advantages, earnestly learn from international practices and experiences, and study and solve the problems and challenges encountered in the process of market opening with a forward-looking and international perspective.

The theme of the conference is "strengthening and ensuring the legal certainty of the current and future holding system". The meeting focused on the latest practice of the securities holding system and related legal issues, and discussed how to deal with the rapid development of financial technology in time and enhance the legal certainty of the securities holding system in order to effectively protect the rights and interests of investors.