跨境证券侵权损害赔偿法律适用问题研究

Researches on the Application of Law Concerning the Compensation for Cross-Border Securities Torts

证券市场的国际化必然导致跨境证券侵权行为的发生,一旦发生赔偿纠纷,适用法律是必须面临的重要问题。美国涉外证券侵权损害赔偿法律适用规则体系比较完善,首先在1933年《证券法》和1934年《证券交易法》中规定了直接适用的情形;其次,通过美国《冲突法》中的冲突规范,来指引适用具体的法律。我国《证券法》没有规定跨境证券侵权损害赔偿法律适用问题,因此,目前该类问题只能适用《民法通则》中的涉外侵权法律适用规则及相关规定。我国跨境证券侵权损害赔偿法律适用规则存在重大缺陷,必须借鉴国外经验进行完善,在未来的《国际私法法典》或《民法典》中规定一般涉外侵权法律适用的基本规定;在《证券法》中具体规定跨境侵权损害赔偿的法律适用。

The internationalization of securities market may certainly lead to the emergence of cross -border securities torts, while the disputes over compensation arise, they will be challenged by an unavoidable key issue, i.e. , the application of law. The law application system concerning foreign securities torts liabilities and compensation in the US is relatively more advanced, firstly, the Securities Act of 1933 and the Securities Exchange Act of 1934 had stipulated the direct application situations; secondly, concrete laws may be directed to be applied through the conflict rules of American Law of Conflicts. The Securities Law of PRC has not stipulated the law application issues concerning the foresaid topic, therefore, the concerning issues can only be solved through law application rules and related regulations regarding foreign tortious act stipulated in the General Principles of Civil Law, thus, there are some defects existed in application rules in the cross - border securities tort compensation in our country. Therefore, we need to perfect our rules by learning from foreign experience, and there are some basic rules governing common foreign - related tort in the future Private International Law Code or Civil Code of PRC. And furthermore, there are some concrete law application rules governing cross - border securities tort compensation in the Securities Law of PRC.