我國《證券法》域外適用規則的解釋論

The Legal Interpretation of the Extraterritorial Application Rules of the Securities Law of China

我國《證券法》第2條第4款確立了證券法域外適用規則，確定的管轄權基礎包括保護性管轄和以屬地連接點為基礎的管轄兩個方面，可以適用進取型管轄理論。從解釋論出發：首先是基礎行為，監管機構需要對“在我國境外的證券發行與交易活動”進行法律審查，以確定能夠啟動域外適用規則；其次是作為域外適用核心原則的效果原則，應當從重大性標準、直接性標準和可預見的實質性影響標準等幾個方面進行具體認定；最後是法律後果，具體包括“處理”和“追究法律責任”兩種，證券監管機構有權依據證券法域外適用規則開展相應的調查處理活動，由行為主體承擔相應的法律責任。

"Article 2 (4) of China’s Securities Law establishes the extraterritorial application rules of law, which determines the jurisdictional basis including two aspects of protective jurisdiction and jurisdiction based on territorial connection point, and can apply the proactive jurisdiction theory. From the perspective of interpretation, the first factor is the basic behavior. Regulators need to conduct a legal review of“securities issuance and trading activities outside China”to determine that the extraterritorial application rules can be activated. Secondly, the core principle is the effect principle, which should be specifically identified from the material standard, direct criteria, and foreseeable substantive impact criteria. Finally, there are two kinds of legal consequences, namely,“handling”and“investigating for legal responsibility”. Securities regulatory authorities have the authority to carry out corresponding investigation and handling activities, and the actor shall bear the legal responsibility."