摘要
2010年6月美国联邦最高法院审结的莫里森案,是美国证券法发展史上的重要节点,代表了全球化背景下最大资本市场在处理涉外欺诈纠纷问题上的转向。以往的行为和影响标准被否定,交易标准得到强调,《证券交易法》第10(b)条的适用范围被限缩,存托凭证和国外基础证券受到区别对待。此后一年间,尽管不无争议,莫里森案判决和交易标准被下级法院广泛援引,并经受住了Dodd-Frank法案的考验。由此释放出的信号包括,美国有意愿加强公共执法和国际多边合作。
The Morrison case decided by the U.S.Supreme Court in June 2010 has been proved to be a milestone for the development of American Securities Laws,particularly for dealing with the extraterritorial jurisdiction issues.Conduct test and effects test are replaced by transaction test,the scope of application for Securities Exchange Act§10（b） thereby gets limited,and the ADR is treated differently from its underlying foreign stocks.In the past year,Morrison case has been followed and sustained the newly enacted Dodd-Frank Act,notwithstanding controversies.Both could actually reveal the willingness of the U.S.to enhance the public enforcement and strengthen the multilateral international cooperation.
出处
《证券市场导报》
CSSCI
北大核心
2011年第11期4-10,共7页
Securities Market Herald
关键词
证券欺诈
涉外诉讼管辖
私人民事诉讼
美国证券法
securities fraud
extraterritorial jurisdiction
private lawsuit
U.S.securities laws
