我國《公司(si)法》規(gui)(gui)定(ding)公司(si)發行的(de)股(gu)(gu)票(piao)可以為記名(ming)(ming)股(gu)(gu)票(piao)或無(wu)記名(ming)(ming)股(gu)(gu)票(piao)。根據《國務院關于股(gu)(gu)份有限公司(si)境外(wai)募集股(gu)(gu)份及(ji)上(shang)市的(de)特別規(gui)(gui)定(ding)》(簡稱《特別規(gui)(gui)定(ding)》),境外(wai)上(shang)市外(wai)資股(gu)(gu)采取記名(ming)(ming)股(gu)(gu)票(piao)形式。D股(gu)(gu)作為一類境外(wai)上(shang)市的(de)記名(ming)(ming)股(gu)(gu)票(piao),其發行人(ren)需對D股(gu)(gu)的(de)登記和(he)上(shang)市期間的(de)存(cun)管作出適當安排(pai)。
D股的登記
根據《特別規定》,發行(xing)(xing)人可將(jiang)境(jing)外(wai)(wai)(wai)上(shang)市(shi)外(wai)(wai)(wai)資(zi)(zi)股(gu)(gu)(gu)股(gu)(gu)(gu)東名(ming)冊(ce)(ce)(ce)正本(ben)存放在(zai)境(jing)外(wai)(wai)(wai),委托境(jing)外(wai)(wai)(wai)代理機構管理,并(bing)將(jiang)境(jing)外(wai)(wai)(wai)上(shang)市(shi)外(wai)(wai)(wai)資(zi)(zi)股(gu)(gu)(gu)股(gu)(gu)(gu)東名(ming)冊(ce)(ce)(ce)副(fu)(fu)本(ben)備(bei)置于(yu)公司住所。與香港上(shang)市(shi)的H股(gu)(gu)(gu)的登(deng)記做(zuo)法(fa)類似,D股(gu)(gu)(gu)發行(xing)(xing)人擬(ni)選擇德國本(ben)地證券登(deng)記機構為D股(gu)(gu)(gu)實施股(gu)(gu)(gu)東名(ming)冊(ce)(ce)(ce)登(deng)記,同時將(jiang)D股(gu)(gu)(gu)股(gu)(gu)(gu)東名(ming)冊(ce)(ce)(ce)副(fu)(fu)本(ben)存放于(yu)境(jing)內(nei)。
與我國(guo)(guo)境內法(fa)律規(gui)(gui)定(ding)有所(suo)不(bu)(bu)同,在德(de)(de)國(guo)(guo)設立證券(quan)登(deng)(deng)記(ji)(ji)機(ji)(ji)(ji)構(gou)(gou)并不(bu)(bu)需要(yao)取得證券(quan)監管機(ji)(ji)(ji)構(gou)(gou)的(de)(de)(de)批準,證券(quan)登(deng)(deng)記(ji)(ji)活動應遵守(shou)數(shu)據保護法(fa)律的(de)(de)(de)規(gui)(gui)定(ding)。德(de)(de)國(guo)(guo)本(ben)地知名的(de)(de)(de)登(deng)(deng)記(ji)(ji)機(ji)(ji)(ji)構(gou)(gou)有ADEUS、Computershare、Link Market Services等。D股發行人委(wei)托(tuo)德(de)(de)國(guo)(guo)當地登(deng)(deng)記(ji)(ji)服(fu)務機(ji)(ji)(ji)構(gou)(gou)為(wei)其(qi)提(ti)供(gong)股東名冊登(deng)(deng)記(ji)(ji)服(fu)務,應與所(suo)選(xuan)擇(ze)的(de)(de)(de)服(fu)務機(ji)(ji)(ji)構(gou)(gou)簽(qian)署委(wei)托(tuo)登(deng)(deng)記(ji)(ji)協(xie)議。同時,由于德(de)(de)國(guo)(guo)市場上提(ti)供(gong)證券(quan)登(deng)(deng)記(ji)(ji)服(fu)務的(de)(de)(de)機(ji)(ji)(ji)構(gou)(gou)與提(ti)供(gong)交易結算(suan)服(fu)務的(de)(de)(de)機(ji)(ji)(ji)構(gou)(gou)為(wei)不(bu)(bu)同主(zhu)體,為(wei)保證證券(quan)登(deng)(deng)記(ji)(ji)的(de)(de)(de)實施,發行人還應授權交易結算(suan)服(fu)務機(ji)(ji)(ji)構(gou)(gou)向其(qi)指(zhi)定(ding)的(de)(de)(de)證券(quan)登(deng)(deng)記(ji)(ji)機(ji)(ji)(ji)構(gou)(gou)提(ti)供(gong)證券(quan)數(shu)據。
與我國(guo)(guo)境內(nei)證(zheng)券登(deng)(deng)記(ji)的(de)做法相似,德國(guo)(guo)市場(chang)在實(shi)施股東名冊登(deng)(deng)記(ji)時通常將在德國(guo)(guo)本(ben)地(di)銀行開立證(zheng)券賬戶的(de)投資(zi)者(zhe)直接登(deng)(deng)記(ji)于(yu)股東名冊;而對于(yu)來自德國(guo)(guo)以外市場(chang)的(de)投資(zi)者(zhe),則依(yi)據當地(di)市場(chang)的(de)習慣,可能將其所持有(you)的(de)股份登(deng)(deng)記(ji)于(yu)名義持有(you)人名下(xia)。
除(chu)實施股(gu)份登(deng)記外,德(de)國(guo)證券登(deng)記機構還(huan)向發(fa)行人提供股(gu)東大會(hui)(hui)(hui)會(hui)(hui)(hui)議(yi)服(fu)務(wu)(wu),如確認(ren)登(deng)記日在冊股(gu)東、寄送(song)會(hui)(hui)(hui)議(yi)通知(zhi)、接收參(can)會(hui)(hui)(hui)回執和授權委托書、組織現場會(hui)(hui)(hui)議(yi)、登(deng)記參(can)會(hui)(hui)(hui)名冊、提供網絡(luo)投票服(fu)務(wu)(wu)、統(tong)計投票結(jie)果(guo)等。發(fa)行人可以通過商業合同向證券登(deng)記機構定制股(gu)東大會(hui)(hui)(hui)會(hui)(hui)(hui)議(yi)相關服(fu)務(wu)(wu)。
D股的存管
根據歐(ou)盟和德(de)國(guo)法律,證(zheng)(zheng)券(quan)(quan)獲準進入歐(ou)盟監(jian)管市場必須能夠自由(you)交(jiao)易(yi),包括證(zheng)(zheng)券(quan)(quan)在(zai)交(jiao)易(yi)完(wan)成后應能夠實施過戶(hu)及同類(lei)證(zheng)(zheng)券(quan)(quan)應可以(yi)互相替換。為保證(zheng)(zheng)證(zheng)(zheng)券(quan)(quan)交(jiao)易(yi)過戶(hu)的(de)實施,上市證(zheng)(zheng)券(quan)(quan)必須采(cai)用一定的(de)憑(ping)證(zheng)(zheng)形式并存(cun)管于中(zhong)央存(cun)管機構,或稱(cheng)(cheng)證(zheng)(zheng)券(quan)(quan)清算存(cun)管銀(yin)(yin)行。在(zai)德(de)國(guo),明(ming)訊(xun)銀(yin)(yin)行是唯一官方許可的(de)證(zheng)(zheng)券(quan)(quan)清算存(cun)管銀(yin)(yin)行,上市證(zheng)(zheng)券(quan)(quan)通常采(cai)用稱(cheng)(cheng)為“全球憑(ping)證(zheng)(zheng)”(global certificate)的(de)憑(ping)證(zheng)(zheng)形式以(yi)集中(zhong)存(cun)管(collective custody)模式存(cun)管于明(ming)訊(xun)銀(yin)(yin)行。
所(suo)(suo)謂全(quan)球憑(ping)(ping)(ping)(ping)證(zheng)是德國(guo)(guo)《安全(quan)保管法》所(suo)(suo)規定的(de)(de)(de)一種憑(ping)(ping)(ping)(ping)證(zheng)形式。一張(zhang)全(quan)球憑(ping)(ping)(ping)(ping)證(zheng)可代表(biao)發(fa)行(xing)人(ren)(ren)單次發(fa)行(xing)的(de)(de)(de)全(quan)部股份,并用于集中存(cun)管申請。全(quan)球憑(ping)(ping)(ping)(ping)證(zheng)通常遵循較為固(gu)定的(de)(de)(de)格(ge)式,但(dan)同(tong)時需要(yao)根據發(fa)行(xing)人(ren)(ren)及其(qi)證(zheng)券所(suo)(suo)適用法律予以必要(yao)的(de)(de)(de)調整。全(quan)球憑(ping)(ping)(ping)(ping)證(zheng)應載明的(de)(de)(de)事項一般包括發(fa)行(xing)人(ren)(ren)名稱(cheng)和(he)(he)注冊辦公地、憑(ping)(ping)(ping)(ping)證(zheng)所(suo)(suo)代表(biao)的(de)(de)(de)股份的(de)(de)(de)種類(lei)和(he)(he)數量、國(guo)(guo)際證(zheng)券識別編碼(ma)和(he)(he)德國(guo)(guo)證(zheng)券編碼(ma)等。全(quan)球憑(ping)(ping)(ping)(ping)證(zheng)還應由發(fa)行(xing)人(ren)(ren)授權(quan)代表(biao)簽字蓋章。
集(ji)中存(cun)(cun)(cun)(cun)(cun)管(guan)(guan)(guan)是相對于獨立存(cun)(cun)(cun)(cun)(cun)管(guan)(guan)(guan)(segregated custody)的(de)(de)一種存(cun)(cun)(cun)(cun)(cun)管(guan)(guan)(guan)模(mo)(mo)式。在(zai)獨立存(cun)(cun)(cun)(cun)(cun)管(guan)(guan)(guan)模(mo)(mo)式下,托(tuo)管(guan)(guan)(guan)人(ren)需將存(cun)(cun)(cun)(cun)(cun)托(tuo)人(ren)的(de)(de)證(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)憑(ping)證(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)與其(qi)(qi)自有證(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)憑(ping)證(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)及其(qi)(qi)他存(cun)(cun)(cun)(cun)(cun)托(tuo)客戶(hu)的(de)(de)證(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)憑(ping)證(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)相區分存(cun)(cun)(cun)(cun)(cun)放,以便存(cun)(cun)(cun)(cun)(cun)托(tuo)人(ren)可以取回其(qi)(qi)存(cun)(cun)(cun)(cun)(cun)托(tuo)的(de)(de)特定證(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)憑(ping)證(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)。而在(zai)集(ji)中存(cun)(cun)(cun)(cun)(cun)管(guan)(guan)(guan)模(mo)(mo)式下,托(tuo)管(guan)(guan)(guan)人(ren)不(bu)再區分存(cun)(cun)(cun)(cun)(cun)放不(bu)同存(cun)(cun)(cun)(cun)(cun)托(tuo)客戶(hu)的(de)(de)證(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)憑(ping)證(zheng)(zheng)(zheng)(zheng)(zheng)(zheng),而是將同類(lei)證(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)憑(ping)證(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)予以合并存(cun)(cun)(cun)(cun)(cun)放。存(cun)(cun)(cun)(cun)(cun)托(tuo)客戶(hu)按其(qi)(qi)存(cun)(cun)(cun)(cun)(cun)托(tuo)證(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)的(de)(de)名義價(jia)值或數量共同擁有合并存(cun)(cun)(cun)(cun)(cun)放的(de)(de)同類(lei)證(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)憑(ping)證(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)。因此,集(ji)中存(cun)(cun)(cun)(cun)(cun)管(guan)(guan)(guan)有利于簡化證(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)過戶(hu)。
明(ming)訊銀(yin)行(xing)(xing)(xing)(xing)依據法定(ding)(ding)要求接受證(zheng)券(quan)憑證(zheng)的(de)(de)集(ji)中(zhong)存(cun)(cun)管(guan),并對(dui)集(ji)中(zhong)存(cun)(cun)管(guan)申請規定(ding)(ding)了程序(xu)要求。發(fa)行(xing)(xing)(xing)(xing)人通常需指定(ding)(ding)發(fa)行(xing)(xing)(xing)(xing)代(dai)(dai)理(li)銀(yin)行(xing)(xing)(xing)(xing)向明(ming)訊銀(yin)行(xing)(xing)(xing)(xing)提(ti)出證(zheng)券(quan)憑證(zheng)集(ji)中(zhong)存(cun)(cun)管(guan)的(de)(de)申請和提(ti)交擬存(cun)(cun)托(tuo)的(de)(de)證(zheng)券(quan)憑證(zheng)。發(fa)行(xing)(xing)(xing)(xing)人同時還需指定(ding)(ding)支(zhi)付代(dai)(dai)理(li)提(ti)供證(zheng)券(quan)權益分派等(deng)相關服(fu)務。發(fa)行(xing)(xing)(xing)(xing)代(dai)(dai)理(li)銀(yin)行(xing)(xing)(xing)(xing)和支(zhi)付代(dai)(dai)理(li)均(jun)須在明(ming)訊銀(yin)行(xing)(xing)(xing)(xing)開立賬(zhang)戶,二者可以為同一(yi)家機構。
中(zhong)(zhong)(zhong)(zhong)證(zheng)網(wang)(wang)(wang)聲(sheng)明:凡(fan)本網(wang)(wang)(wang)注明“來源:中(zhong)(zhong)(zhong)(zhong)國證(zheng)券報·中(zhong)(zhong)(zhong)(zhong)證(zheng)網(wang)(wang)(wang)”的(de)所(suo)有作(zuo)品,版(ban)權均屬于中(zhong)(zhong)(zhong)(zhong)國證(zheng)券報、中(zhong)(zhong)(zhong)(zhong)證(zheng)網(wang)(wang)(wang)。中(zhong)(zhong)(zhong)(zhong)國證(zheng)券報·中(zhong)(zhong)(zhong)(zhong)證(zheng)網(wang)(wang)(wang)與作(zuo)品作(zuo)者聯合(he)聲(sheng)明,任何組織(zhi)未(wei)經(jing)中(zhong)(zhong)(zhong)(zhong)國證(zheng)券報、中(zhong)(zhong)(zhong)(zhong)證(zheng)網(wang)(wang)(wang)以及作(zuo)者書面(mian)授權不得(de)轉載、摘編或利用其(qi)它(ta)(ta)方式使用上述作(zuo)品。凡(fan)本網(wang)(wang)(wang)注明來源非中(zhong)(zhong)(zhong)(zhong)國證(zheng)券報·中(zhong)(zhong)(zhong)(zhong)證(zheng)網(wang)(wang)(wang)的(de)作(zuo)品,均轉載自其(qi)它(ta)(ta)媒體(ti),轉載目(mu)的(de)在于更好(hao)服務讀者、傳遞信息之需,并不代表本網(wang)(wang)(wang)贊(zan)同其(qi)觀點(dian),本網(wang)(wang)(wang)亦(yi)不對其(qi)真實性負責,持異議者應與原出(chu)處單位主張權利。
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