| The internationalizationof securities market has become the general background of the global securities market development.Specifically,the securities markets in different countries tend to be interconnected with each other,and the global securities transaction tends to be merged together,so many enterprises select to be listed in foreign securities exchange and even in the securities exchanges in different countries.In order to keep the rapid and sound development momentum,the Chinesesecurities market as an emerging securities market with wide development prospect must be positively integrated into the securities market internationalization wave.In recent years,Chinese government has made a series of policies to promote the securities market internationalization,for example,reducing permission thresholdfor foreign investment and positively promoting the revision of relevant laws & regulations for foreign investment,issuing and revising a series of such policies as QFII and RQFII for introducing foreign capitals into Chinese capital market,including “International Sector” and “CDRs(Chinese Depository Receipts)” probably promoted,etc.All these “going-out” and “introducing-in” policies and measures could strongly promote the development of the Chinese securities market.While being proud of these policies,we should also calmly analyze the problems existing in the Chinese securities law and supervision systems under such securities market internationalization background.Therein,the most serious problem is the extraterritorialjurisdiction problem in Chinese Securities Law.According to present regulations,the jurisdiction and the applicability scope of the Securities Law are only limited to the issuance and transaction behaviors within Chinese territory,thus leading to a series of jurisdiction and law applicability problems regarding the cross-border securities transactions.At present,such problems cannot be clearly defined.The extraterritorial jurisdiction system of the securities law is sourced from U.S.,and is gradually accepted and practiced by various countries under the gradually deepened securities market globalization.Notably,the extraterritorial jurisdiction system of U.S.securities law has been developed for several tens of years,but the extraterritorial jurisdiction system in China is not really initiated and can be only deemed to be in the exploration and discussion stage.Therefore,it is necessary to research and analyze the practice and development conditions of the extraterritorial jurisdiction system of U.S.securities law.China and U.S.not only have different political,economic and cultural backgrounds,but also have fundamentally different legal systems,so China could not directly imitate U.S.system but should selectively refer to such system according to the actual situations in China and promote the extraterritorial jurisdiction system of the securities law applicable to China’s national conditions and able to solve the actual problems in China.Therefore,on the basis of the basic theory of the extraterritorial jurisdiction system of the securities law,this paper aims at exploring the development history and the existence basis,combining the present economic background and legal system conditions in China and U.S.legislation and juridical practicein this field to propose corresponding suggestions.On this basis,the research on theextraterritorial jurisdiction system of Chinese securities law in this paper is divided into four parts,and relevant contents will be deeply discussed in the four chapters.Part I: Chapter I,mainly focused on the basic theory,aims at generally introducing the extraterritorial jurisdiction system of the securities law.Firstly,extraterritorialjurisdiction origin and development of the laws are researched to gradually extend to the extraterritorialjurisdiction of the securities law;then,the generation and the development path of the extraterritorialjurisdiction of the securities law are introduced to successively analyze and discuss the politics,market and law foundations for the existence of the extraterritorialjurisdiction of the securities law.Part II: Chapter II aims at detailedly introducing the theory,the practice and the development of the extraterritorialjurisdiction of U.S.securities law,deeply researching the establishment and the development of the “effect standard”,the “behavior standard”,the “effect-behavior standard” and the “transaction standard” in this history of the extraterritorialjurisdiction of U.S.securities law,as well as deeply analyzing the typical judicial precedents in U.S.in order to deeply understand the extraterritorialjurisdiction of U.S.securities law.Part III: Chapter III mainly aims at discussing the necessity for establishing the extraterritorialjurisdiction system of Chinese securities law.Firstly,the general situation of the extraterritorialjurisdiction of Chinese securities law is summarized and the present system condition is analyzed and evaluated in this part;then,the necessity for establishing the extraterritorialjurisdiction system of Chinese securities law is introduced according to previous summary analysis.Part IV: Chapter IV aims at summarizing previous research & discussion and the problems during the establishment of the extraterritorialjurisdiction system of Chinese securities law,and combining the Securities Law(Revision Draft)to propose relevant opinions and suggestions.Firstly,the essential difference between Chinese securities law and U.S.securities law is analyzed in this part to explain that China could not directly imitate U.S.system;then,item 2 of Securities Law(Revision Draft)----reasonability and disadvantage of extraterritorialjurisdiction expansion is analyzed in this part to explain that the practice under current situation has certain theoretical and realistic basis,but the limitation should be properly controlled in order to practicably protect the investors and stabilize the securities market. 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