中國證券法域外適用法律制度：現狀、問題與完善

The Legal System of Extraterritorial Application of China’s Securities Law: Current Situation, Problems and Improvements

證券法域外適用是指本國司法機關和行政機關將證券法律規範適用於本國領土邊界之外的人、物和行為。證券法融合公法和私法屬性，以社會利益為本位，各國對證券法域外適用的接受度較高。我國新近修訂的《證券法》構建起中國證券法域外適用法律制度，但現有效果標準過於寬泛、市場准入規則零散且不成體系、保障實施機制不夠健全、導致證券法域外適用法律制度未充分發揮應有功效。我國應堅持合法性和合理性原則，科學借鑒美國、歐盟相關領域經驗，從優化效果標準、改進市場准入規則、健全實施機制三方面完善中國證券法域外適用法律制度。

Extraterritoriality of securities law is the application of a state’s securities laws to person, object or conduct outside its territorial borders. Securities law, combined with the character of private law and public law, takes social benefits as the standard. Comparing with the extraterritorial application of traditional public law, the extraterritorial application of securities law is widely accepted by countries at a higher level. The newly revised Securities Law establishes the rules of extraterritorial application. The existing effect-test of extraterritorial application of China securities law is over-generalized, the rule of market access is relatively simple, and the implementation mechanism is not perfectly completed. For the reasons given above, the legal system of extraterritorial application of China securities law is far from playing its role. Hence, it is necessary to adhere to doctrines of legality and reasonableness and learn from the extraterritorial experiences, improve the legal system of extraterritorial application of China securities law from optimizing effect test, improving rule of market access and further implementation mechanisms.