A Study On The Evolution Of The Extraterritorial Effects Of Securities Law In The United States

Economic globalization is still a big trend at present or even for a long time,so the world integration in all fields can not be ignored.In order to fight for the jurisdiction initiative and protect their own legal rights and interests,all countries apply their domestic laws extraterritorial so as to realize extraterritorial jurisdiction.Among them,the capital market,as an abnormally active market,has more and more foreign-related factors and international factors.The second article of the new Securities Law of the People’s Republic of China clearly stipulates the relevant provisions of "extraterritorial jurisdiction".But how to apply it in practice and what scope the extraterritorial effect of securities law should be in are the focus of this paper.The reason why we choose the United States as the main object of analysis is that the United States has a perfect system of domestic and extraterritorial jurisdiction and a lot of practice in the field of securities law.Through the principle of judicial application of the court,combining the background of the times and the actual needs,the author studies the organic relationship between the principle and the scope of application,and explains the judicial approach to its application.The first chapter of the thesis is to summarize the extraterritorial effect of domestic law.It mainly includes the realistic demand of the extraterritorial effect of domestic law,the jurisprudence basis and the limitation of international law.Therefore,it lays a foundation for the research: This article thinks that the extraterritorial effect of domestic law should not be excessive,and the scope of application should be limited in the judicial practice.At the same time,it gives an overview of the development of American extraterritorial effectiveness.In the second chapter,we will study the statute law and the application of statute law to the outside of the domestic securities law system of the United States,and conclude that statute law has no basis.The two core laws are "geographically ambiguous" laws,which are not explicitly authorized.In Chapters III,IV and V of the thesis,the evolution of the principle of extraterritorial application of US securities law will be studied,including its background,main content and internal logic of evolution.A series of applicable principles include the "rule of effect","code of conduct","rule of effect – code of conduct","transaction rule" and "reasonableness".Finally,Chapter Six reviews the current extraterritorial application of China’s securities law,which is relatively broad and vague,and tries to provide suggestions and references for courts to define the scope of conduct and case application in practice.