On The Cross-border Equity Transfer Law Applies

In the background of the internationalization of the securities market, it's necessary to research into the conflict of law. The thesis analyzes the attribute of title to shares and concludes that the definition of the stock in the common law is different from that of "股票" in Chinese in the legal system of China. After mainly reviewing the statute law, the cases and the current main viewpoints of scholars in the common law, it concludes that the application of law of title to shares is separate from that of the certificate of shares. It is the delivery of the certificate of shares that often accompanies the course of the transfer of title to shares. And the effect of the transfer will be influenced by that of the transfer of title to shares since the delivery is one of the constituting factors. Moreover, in specific cases, the effect of the delivery of the certificate of the shares, as an item of property, may be the preliminary problem of the transfer of title to shares. Finally, it puts forward that the claim concerning to title to shares against the issuing company should be governed by the law of the lex corporations, whereas the claim concerning to the certificate of the shares by the law of lex situs. Currently, the governing law of title to shares has yet to shape, and it' required for China to establish and perfect it.