摘要
美国作为世界证券市场的中心,出于规制与其相关的跨国证券行为,保护美国投资者利益和维护其证券市场的稳定、有序与公平,将本国经济法的域外适用从反托拉斯法扩大到证券法领域,由此产生了倍受争议和质疑的证券法域外适用问题。本文以美国的法律与实践为例进行探讨。在司法实践中美国在“领域管辖原则”的基础上发展了“效果标准”和“行为标准”,作为扩张其证券法域外管辖权的基础,也奠定了证券法域外适用的理论依据。一国证券法域外适用是各国证券市场国际化发展的必然结果,有其产生和存在的必然基础和条件,不能忽视也不可回避。
As the world center of securities market, America broadened the extraterritorial application of economic laws from the anti-trust law to the securities law in order to protect the investor＇s benefits and maintain the stabilization,order and fair of the securities market. And so it brings about the disputed problem which it is the extraterritorial application of the securities laws. In the thesis, it takes the American laws and practices as an example to explain in detail the legal basis and principles of the extraterritorial application of the securities laws, especially the standards for the judge of extraterritorial application of the securities laws are mainly the effect test and the conduct test. The extraterritorial application of the securities laws is the inevitable outcome of the securities market internationalization. It has its own basis and conditions for its existence.
出处
《皖西学院学报》
2006年第4期65-69,共5页
Journal of West Anhui University
关键词
证券法
域外适用
效果标准
行为标准
必然性
securities laws
extraterritorial application
effect test, conduct test
inevitability
