文档介绍：摘要存托凭证是一国证券市场流通的代表投资者对境外证券拥有所有权的可转让凭证,是一种衍生金融工具,具有可以规避限制境外投资及境内筹资规定的优点。存托凭证按发行地点分为ADR(美国存托凭证)、EDR(欧洲存托凭证)、HKDR(香港存托凭证)、SDR(新加坡存托凭证)等。ADR按发行主体分为无保荐的ADR和有保荐的 ADR,而有保荐的ADR根据监管的严格程度和投资者的种类又分为第一级、第二级、第三级及规则144A下的ADR。发行不同种类的ADR有不同的注册、信息披露要求。根据我国目前的实际情况,针对中国存托凭证的发行产生了分歧,本文通过分析反对者与赞同者的不同意见得出结论:我国加入WTO承诺开放证券业后,引入中国存托凭证具有可行性和必然性。存托凭证法律关系是一种信托关系,但又具有涉外因素,本质上属于国际商事法律关系。存托凭证案件管辖权的确立及法律适用问题涉及到国家主权和国家利益及当事人利益的保护,具有重大意义。存托凭证持有人是发行人的真正股东, 目前,我国大多数投资者对于存托凭证的性质及其法律风险并不了解,现行法律对存托凭证的投资人保护机制也不完善,而分散于发行公司境外各地的存托凭证投资人在经济上又处于弱者地位,因此有必要对存托凭证的投资人保护机制进行研究。同时,本文通过对美国存托凭证的分析、借鉴,提出我国未来存托凭证的运作模式、基本操作流程设想,并对相应的监管机制、管辖权与法律适用制度、投资者权利保护机制、风险防范措施提出了相关的立法建议。关键词:存托凭证;可行性;管辖权;投资者权益保护 Study OilLegal Issues ofDepositary Receipt Abstract Depositary ReceirIts arenegotiable receipts,which are evidences thedeposit of foreign is avehicle fortrading intraditional foreign is divided ,EDR7 HKDR,SDR and so on according todifferentissuing places. ADRs are divided ADRs and sponsored ADRs while thesponsored ADRs ale divided intothefirstelassADRs,the second elassADRs,the thirdelass ADRs and ADRs under Rule 144A. According to ourcountry’s actualsituation atpresent,there aredifferentopinions ofissuing articledraws theconclusion byanalyzing thedifferentopinions: Our countryjoins WTO pledges aftertheopen negotiable securitiesindustry,introduces China saves holds thecertificate tohave thefeasibility and theinevitability. DR legal relationis one kindofTrustrelationconcerning isvery impoztant toestablishing{urisdiction and law systern whicb refortothe benefit ofthe holders ofDR are majority investors do notunderstand thecharacter and law existing law is notperfect in protecting theiD: theinvestors which are indifferent zofie$ate atthe weak itisverynecessary toresearch thesystem ofprotecting investors. Atthe saule time,the articlebrings forward themodel ofDR infuture,an