有纸化时代,证券登记是对证券这一载体的登记;无纸化时代,证券登记是对证券权利的登记。无纸化消灭了证券权利的纸质载体,消灭了托管和存管的实物基础,也理应消灭人们头脑中的有纸化思维。按照无纸化的思维,我国证券登记结算体制应当设计如下:第一,证券享有和变动的公示采用登记和登记变更;第二,证券实行直接和集中登记。证券应当集中直接登记在中国证券登记公司。名义登记则由信托法调整;第三,证券结算采中央一级结算方式,由中国证券登记公司负责。证券登记应当以证券账簿和证券账户为归集工具,并采用簿记法。 In the paper era, securities registration is the registration of the carrier of securities; in the era of no paper, the registration of securities is the registration of securities rights. The paperless paper carrier that eliminated the securities rights eliminated the physical foundation of custody and depository control and should also eliminate the paper-based thinking in people’s minds. In accordance with the paperless thinking, China’s securities registration and settlement system should be designed as follows: First, the registration of securities and changes in the use of registration and registration changes; second, the implementation of direct and centralized registration of securities. Securities should be centrally registered directly in the China Securities Depository Corporation. The nominal registration is adjusted by the Trust Law. Third, the settlement of securities at the central level is settled by the China Securities Depository Corporation. Securities registration should be securities books and securities accounts for the collection tools, and the bookkeeping method.