国际证券抵押物权关系法律适用原则初探--兼评《关于由中间人持有证券若干权利的法律适用公约》

随着国际金融市场的日益繁荣和跨国融资规模的逐步扩大,跨国证券转让协议和证券抵押协议数量不断增加,如何确定经中间人持有证券物权关系准据法,以保护相关当事人合法权益,尤其是抵押证券合同当事人的合法权益,及跨国有价证券交易安全越来越引起国际社会的关注.考虑到国际证券的特殊性,强调适用证券的中间持有人所在地的法律为准据法(the Place of Relevant Intermediary Approach简称PRIMA)兼顾意思自治原则,以维护相关当事人的合法权益,谋求更进一步的国际合作无疑是问题的关键所在.这种"中间人所在地法原则"取代传统"证券所在地法原则"的趋势已体现在海牙国际私法会议的最新成果--2003年12月13日海牙<关于由中间人持有证券若干权利的法律适用公约>之中.

On the Principle of the Applicable Law to the Mortgage of International Securities: a Commentary on the Convention on the Law Applicable to the Certain Rights in Respect of Securities Held With an Intermediary

With the development of cross-border financing and the growing of the international securities held with an intermediary, the applicable law to securities held with an intermediary and the safety of the relevant parties in the cross-border transaction attract more and more attention in the field of Private International Law. Concerning the speciality of the international securities held with an intermediary, more and more scholars prefer to take the place of relevant intermediary approach (PRIMA) rather than the place of securities approach (lex cartae siae) in deciding the applicable law. Combining with autonomy of parties, the former approach can protect the interests of relevant parties, especially that of the account holder better and is accepted by the Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary on 13 December 2003.