跨境证券犯罪刑事管辖及法律适用探讨

The Criminal Jurisdiction and Application of Law for Cross-border Securities Crime

境内与境外的证券市场适用不同的法律监管体制,跨境证券犯罪的跨境特征可能使境内境外对相关证券犯罪均具有刑事管辖权,从而引发刑事管辖冲突。对于跨境证券交易的监管和法律适用,无论是在法律规定层面还是在司法实践层面,均应遵循“主场原则”。应明确监管职能上的分工以避免适用不同法律法规的混乱情况,应体现最大的监管效能并减少区际法律冲突。跨境证券犯罪的刑事管辖权归属应充分尊重行政监管原则和考虑前置性法律的适用,并与行政管辖权归属保持一致。跨境证券犯罪的刑事管辖权归属应考虑犯罪行为社会危害的主要发生地。以内幕交易为代表的跨境证券犯罪的主要行为是“交易”,根据区际刑事管辖冲突的解决规则,应由交易行为的发生地管辖,按照交易地的刑法对相关行为进行刑事评价。

Different legal regulatory systems apply to domestic and overseas securities markets.The cross-border characteristic of cross-border securities crimes may make both domestic and overseas organs have criminal jurisdiction over relevant securities crimes,thus triggering a conflict of criminal jurisdiction.Regarding the regulation of and application of law to cross-border securities transactions,the"main field principle"should be followed both at the levels of legal provisions and judicial practice.The division of regulatory functions should be clarified to avoid confusion in the application of different laws and regulations,and to maximize regulatory efficacy and reduce inter-regional legal conflicts.The criminal jurisdiction over cross-border securities crimes should be determined through showing full respect to principles of administrative regulation and taking the application of antecedent laws into account,and also be consistent with the administrative jurisdiction.The criminal jurisdiction of cross-border securities crimes should be determined according to the main place where social harms caused by a criminal act occur.The main conduct of a cross-border securities crime represented by insider trading is"trading"and according to the inter-regional rules on resolving the conflict of criminal jurisdiction,the organ of the place where the trading conduct is made should enjoy jurisdiction and evaluate relevant conducts according to the criminal law of the place of trading.