Extraterrestrial Jurisdiction Under The United States Securities Laws

With the development of economic globalization and the internationalization of security market,more and more securities exchange activities have been already crossing borders.In the process of transnational securities trading,it often produces all kinds of securities violations.For the maintenance of the integrity of the securities market and the need to protect the interests of investors,many countries began to expand the scope of application of the securities law,which resulted in the issue of the jurisdiction of the securities law.As a country which advocates the extraterritorial jurisdiction under the U.S.securities law,the U.S.has a wealth of experience and research value in the theory and practice of this extraterritorial jurisdiction.This thesis provides a detailed analysis on issues of extraterritorial jurisdiction under the U.S.securities law by discussing the exercise and limitation of extraterritorial jurisdiction.In addition to preface and conclusion,this thesis consists of three chapters as follows.Chapter one identifies the question as to what is extraterritorial jurisdiction under the U.S.securities laws and expounds the cause and basis of extraterritorial jurisdiction.Chapter two gives a detailed introduction of extraterritorial jurisdiction of the U.S.securities law,through analysis of juridical practice in the federal courts of United States and enforcement of U.S.Securities and Exchange Commission.This chapter is focus on the judicial practice of the federal court by case studies.I also give my own evaluation of the standards of extraterritorial jurisdiction in the process of judicial practice;and then discusses the enforcement practice of the U.S.Securities and Exchange Commission through analysis the power of rulemaking and extraterritorial enforcement.Chapter three mainly introduces the conflict of the extraterritorial enforcement and necessity of extraterritorial jurisdiction under the U.S.securities law,and then discusses the restrictive measures of extraterritorial jurisdiction under the U.S.securities law.