跨國無實體發行有價證券權利處分行為之準據法──以日本法上之相關討論為借鑑

Applicable Law for Cross-Border Disposition of Dematerialized Securities -- Referencing from the Japanese Laws

近年來，因有價證券無實體發行、集中保管之普及運用，就其跨國交易而言，不論在實質法，抑或牴觸法之層面上，皆產生許多值得討論之課題。就抵觸法之層面而言，有關跨國有價證券交易中物權行為準據法之問題，我國參考「2002年海牙中介者所保管之證券若干權利之準據法公約」（下稱「海牙證券公約」）之精神，於2010年修正涉外民事法律適用法時，增訂第44條規定，就有價證券權利之取得、喪失、處分或變更行為準據法之決定，設有相關規定。本文將藉由對日本實務判決及學說上對海牙證券公約之討論，評析我國涉外民事法律適用法第44條之規定，並藉由檢討結果說明在現代金融體系下，重新全面檢討物權準據法之必要性。

In recent years, due to the widespread use of dematerialized securities and central depository system, many issues worthy of discussion have arisen relating to the cross-border transactions of securities, no matter from the perspective of substantive laws or conflict of laws. With respect to the conflict of laws in resolving the issue of the law governing rights in cross-border transactions of securities, Taiwan referred to the ’’the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities held with an Intermediary’’ (hereinafter referred to as ’’Hague Securities Convention’’) when amending the Act Governing the Choice of Law in Civil Matters Involving Foreign Elements in 2010. In the amendments, Article 44 was added, providing relevant provisions with regard to the law governing the acquisition, loss, disposal or change of rights in securities. The aim of this article is to analyze the appropriateness of Article 44 of the Act Governing the Choice of Law in Civil Matters Involving Foreign Elements through reviewing judgements and studies in Japan regarding the Hague Securities Convention. Further, this article will demonstrate, through the result of the analysis, that it is necessary to make a comprehensive review on the applicable law of property rights under the modern financial system.