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Shi Jiayou: Research of Extraterritorial Effect of Securities law of the People's Republic of China

Author: Shi Jiayou

Title: Research of Extraterritorial Effect of Securities law of the People,s Republic of China

Abstract: The internationalization of securities markets making a country,s securities laws applicable to certain acts occurred outside becomes necessary. China is committed to creating an international financial center and establishing an international board stock market. It is necessary to give the Securities Law moderate extraterritorial effect. United States long-time practice of Securities Act is worth studying and learning, especially the Mo Son case of 2010 which overturns the previous standards of conduct and outcome, and instead, trading standards currently being used. In view of revising Chinas Securities law, it is proposed that the provision of such extraterritorial effect be added. Its specific design can retain the existing presumption of no extraterritorial effect and take the principle of discrimination acts as a place of jurisdiction, supplemented by the results of the standard, allowing Chinese courts to adjudicate some security acts occurred outside the court but having a direct impact on the conduct of the territory. Meanwhile, Securities Act should allow the courts to use the principle of non-jurisdiction to dismiss certain prosecution. In the long term, China should actively promote the development of cross-border securities litigation and multilateral international conventions to fundamentally resolve conflicts of jurisdiction.

(Editor: Fang Xiaoyi)

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