The Boundary of Financial Investment Products in the Revised Edition of Securities Law

（Beijing Wuzi University，Beijing101149，China）

Abstract：Considering China’s current supervision system，the revision of security law，and investor protection，the author suggests that the definition of securities in China’s Revised Edition of Securities Law shall avoid static expression，while adopt a dynamic way to redefine as a investment contract，negotiable securities and other financial investment products that are verified by administrative regulations and judicial interpretation that are characterized as profitability，risk quality，standardization，tradability or redeem ability. In the concept of securities，the types of financial investment products can be classified into fixed- income financial investment products，equity- based financial investment products，and derivative financial investment products. Among them，fixed- income financial investment products can be further divided into principal- guaranteed interest- bearing bonds and securitised bonds (including convertible corporate bonds，split- transaction convertible bonds，and credit bonds)；equity- based financial investment products can be adapted to practical needs，classified into securities，futures contracts and options. We will expand the coverage of“securities”，and classify other financial investment commodities standardize into the fields of derivatives and financial investment products，and implement stricter supervision and inspection and disciplinary systems. In this way，the “drive- out”effect can be generated，and the derivative financial investment commodities will be driven away from the types of equity financial investment commodities，especially in the direction of“securities”，connecting with the expansion of“securities”.

Key words：Securities Law；securities；financial investment products；investment contracts；protection of investors