The Research On Jurisdiction And Law Application Regarding Infringement Of International Securities

With the opening of national financial system to the international market, international securities emerged by virtue of the internationalization of securities market. Nevertheless, the infringement of international securities occurs unavoidably drived by the interest. The jurisdiction and law application are the two necessary steps in solving the certain cases concerning infringement of international securities. At present, the legislation of Infringement concerning International Securities all over the world is not so perfect, and the lawmaking concerning infringement of international securities in china is absent, so it's necessary to make a research on this issue in order to find an approach to solve the conflict of Jurisdiction and Law Application regarding Infringement of International Securities.This article comprises six parts, including the forewords, Chapter one to Four and the conclusion. The forewords introduce the reason and destination of this article.Chapter one introduces the concept of international securities, then enumerates the types of infringements regarding international securities:cross border false statement, cross border inside dealing, cross border manipulation of market. Next, a comparison between infringements of international securities and general torts is given to illustrate the unique feature of the former. At the end of this chapter, the author discusses the relation of Jurisdiction and Law Application regarding Infringement of International Securities with the purpose of setting the stage for the following parts.Chapter two tries to illustrate the jurisdiction regarding Infringement of International Securities by analyzing the judicial practice of America.The courts of America created the "effect test" and"conduct test" for solving the conflict of jurisdiction regarding Infringement of International Securities, these two tests give an guide for the approach to solve the conflicts, and the author puts up three approaches at the end of this chapter:international comity doctrine, principle of autonomy of will, principle of the force of attraction.Chapter three tries to illustrate the law application regarding Infringement of International Securities by analyzing the legislative spirit:theory of governmental interests and the method of depecage. A discussion of legislation and judicial practice about several countries is given to find the approach for solving the conflict of law application, the author suggests that while handling a certain case, the judge shall set different point of contact for each aspects of the infringement guided by the method of depecage, thus different conflict rules shall be applied in these aspects:law of the seat of stock exchange, double rules for lex fori and lex loci delictus.Chapter four tries to illustrate the status quo of legislation of china regarding Infringement of International Securities, and the author points out the deficiencies thereof. At the end of this chapter, several legislative proposals are given to guide the dealing the problems. forum non-convenience doctrine, doctrine of court in the first place that accepts the case, doctrine of international treaty, these three doctrines are formulated especially for solving the conflict of jurisdiction in terms of international securities in china. As for the law application, the author puts up different proposals in accordance with types of infringements.The closing words point out that we shall adhere to the manner of Comparative Study in terms of jurisdiction and law application regarding infringement of international securities, we china shall speed up our legislation in this area by borrowing ideas from other countries, and try to find the efficient approaches to dealing with the problems in the purpose of safeguard the financial safety of china.