我国证券法的域外效力研究

证券市场的国际化使得一国证券法适用于境外发生的某些证券行为成为必要。中国致力于打造国际金融中心,建立证券市场的国际板,有必要赋予其证券法以适度的域外效力。美国证券法半个多世纪以来的实践值得研究和借鉴,特别是2010年的Morrison案判决,颠覆了此前的行为标准和结果标准,而代之以交易标准。鉴于中国目前正在修订《证券法》,建议其中增设关于域外效力的有关条款。其具体设计可保留现行的无域外效力推定,以行为地点作为判别管辖权的原则,同时辅以结果标准,允许中国法院对某些发生于境外但对境内有直接影响的证券行为进行管辖。同时,中国证券法应允许法院以非方便管辖原则为由驳回某些起诉。而从长远看,中国应积极推动制定证券跨国诉讼的多边国际公约,以根本解决管辖权冲突。

The Extraterritorial Application of Securities Laws

The internationalization of the securities market entails the extraterritorial application of securities laws with regard to some acts outside its jurisdiction. China is actually establishing the international financial center and its international board,which renders it necessary to confer its securities laws of extraterritorial application. For such purpose,it is worthy of mentioning the American experience,especially the Morrison decision which overturned the longstanding Conduct Test and Effect Test,and replaced them by a new Transactional Test. Chinese securities laws can retain the actual presumption against extraterritorial application and resort to test of the location of the transaction,and keep the effect test as the supplementary method which makes possible to have jurisdiction on some acts outside of China. Furthermore,the Chinese securities laws may add the forum non conveniens principle to give the courts the latitude to dismiss certain suits. I the long run,China should push forward the elaboration of multilateral convention on the jurisdiction of international securities litigation to resolve the jurisdiction conflicts.