摘要
2010年,美国联邦最高法院在Morrison案中颠覆了由第二巡回法院创立的域外适用证券法的传统,转而采用"交易标准"。此后不久,国会在《华尔街改革和消费者保护法》中又重新引入了"效果标准"和"行为标准",期望以此强化对境内投资者和资本市场的保护。为建立国际金融中心,中国应汲取美国的经验和教训,有限度地推行本国证券法的域外管辖,特别是应模糊证券法的域外管辖问题,将自主权赋予法院。同时,法院应充分考虑和尊重证监会的相关决定。
The US Supreme Court abandoned in Morrison in 2010 the practice of extraterritorial application of securities law set up by the Second Circuit Court and adopted the ＂transaction test.＂ Shortly after that,the Congress reintroduced the ＂effect test＂ and ＂conduct test＂ in the Wall Street Reform and Consumer Protection Act for the purpose of strengthening protection of domestic investors and capital market.To ensure establishing its international financial center,China should draw on the experience of the U.S.A.and exercise extraterritorial jurisdiction under its national securities laws to some extent while purposely blurring the issue of extraterritorial jurisdiction so as to allow the courts to use their discretion.Of course,the courts should consider and respect the decision of CSRC in the meantime.
出处
《现代法学》
CSSCI
北大核心
2011年第6期139-147,共9页
Modern Law Science
基金
教育部人文社会科学研究青年基金项目"外国公司境内上市融资监管法律制度研究--以建立国际金融中心为视角"(09YJC820052)
关键词
域外管辖
交易标准
效果标准
行为标准
国际金融中心
extraterritorial jurisdiction
transaction test
effect test
conduct test
international financial center
