The Research On Conflict Of Laws Regarding Infringement Of International Securities

With the globalization progress of security market, the security transaction are being merged, and many countries developed policies that encouraging the openness of the finance. In the meantime, promoting capital circulation and raising capital efficiency incurs numerous security disputes concerning foreign affairs. Currently, to build a prosperous and steady security market, and promote the healthy development of finance market, our country lifts the level and standard of openness through a series of actions, including the establishment of international finance center and the commutative and connective mechanism between the security markets of Shanghai and Hong Kong. With the progress of many policies aimed at promoting finance market, the transactions and turnover will definitely increase in domestic security market, and numerous security disputes concerning foreign affairs are foreseeable. Once there are such disputes, law conflicts will emerge. The way to solve the law conflicts is the key to handle disputes with regard to those security disputes concerning foreign affairs.For the sake of handling the probable security disputes concerning foreign affairs, ensure normal and stable order of security market, protecting legal rights of all the partners involved in security transaction, applying laws properly, and ruling cases of security disputes involving foreign affairs reasonably, it is required that relevant law be published, and that a proper law system established. This dissertation studies these issues by means of comparing, law hermeneutics and empirical methodology with citing the examples of security disputes concerning foreign affairs.This dissertation comprises six sections: including the Preface, Chapter one to four and the summarization. The main content of each section are shown as followed.The Preface discusses the background and the purposes of this dissertation, the current circumstances of this issue, and the methodology.In chapter one, the concept of security concerning foreign affairs is introduced, and the subject involved in the issue and transaction of security is discussed. Furthermore, the complex civil legal acts among these subjects are listed. In the end of the chapter, the complex relationship among different subjects is divided into tort relations, property relations, and contract relations, and the main object of the study is introduced---- security infringement concerning foreign affairs.In chapter two, relations of security infringement concerning foreign affairs is discussed, including the concept, particularity and form of tort relations concerning foreign security affairs, and the necessity of the establishment of security infringements civil litigation is emphasized, then comes to the important issue of legal disputes involving sphere, litigant qualifications, doctrine of liability fixation and causal relationships of different countries. In this part, a lot of articles from different countries are involved and compared in order to show the conflicts of laws in foreign security affairs.In chapter three, the systems of US handling security infringement concerning foreign are dissected. US handles the cases concerning these issues through conflict rules and security law system. Regarding to conflict rules, legal application of tort concerning foreign affairs develops from lex fori, to Lex loci delicti, and finally to the legislative principle of the most significant relationship. Whereas in the securities act system, US judiciary empowers securities act excessive extraterritorial effect in order to crack down the rate of security frauds, and protect the sound interests of investors from the whole world. However, large quantities of judiciary resources are occupied by so many foreign security cases, and the burden of US judiciary system is escalated in the meantime.In chapter four, the way to establish the system of domestic security infringement concerning foreign affairs is proposed. Firstly, the necessity of importance of establishing this system is dissected. Then, by referring to the practice of US, the suggestions of establishing such system from the perspectives of legislation and specific legal norms are introduced. Among them, the choice of law have two methods--the direct adjustment and the indirect adjustment. In the specification part, the suggestions to conflict of laws and substantive law in our country are put forward in view of the indirect adjustment method.In the ending section, the main points in this dissertation are summarized. It is required that we should not only promote the bilateral, multilateral and international agreements concerning security affairs, but also improve the domestic legal conflicts norms and Securities law norms, to handle the probable conflicts concerning security tort. The author’s main viewpoints are stated again. And some shortages and expectations are put forward.