“PRIMA”规则的适用：困境及出路--基于制度发展史的考察

Application of“PRIMA”Rule:Dilemma and Resolutions

对于证券间接持有模式下投资者证券权利的法律适用,学界及各国立法实践普遍接受了"相关证券中间持有人的所在地法"规则,并主张通过"意思自治""账户方法"及"分支机构及营业机构所在地"等方法确定其"所在地"。由于跨国证券间接持有结构下的经营及交易行为的高度分散化、无纸化和非场所化,上述三种确定方法仍略显机械和教条,这根源于它们在本质上仍在遵循传统的冲突法立法思想。因此,在完善"PRIMA"规则的过程中,立法者应增加相关冲突法规则的弹性和灵活性,在降低意思自治原则适用条件的同时,增加冲突规范的连结点,并引入最密切联系原则以确定相关证券中间持有人的"所在地"。

The commonly accepted rule of the applicable law of securities entitlements in transnational securities held by intermediaries is the＂the Relating Intermediary＇s Place＂rule.And the＂Agreement Approach＂,＂Account Approach＂and the＂Branch/Office Approach＂are considered as the most effective methods to determine the relating intermediary＇s＂place＂in PRIMA rule.But because the management and the transaction of securities in the transnational indirect holding system are so decentralized and most process are performed in digital form,those three methods still seems inflexible as they are based on the traditional conflict-oflaw thoughts.So the lawmaker should loosen the requirements for the Parties＇ Autonomy Rule and accepting the Most Significant Relationship Rule in PRIMA to make it more flexible and acceptable.