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《Journal of Chongqing University of Technology(Social Science)》 2019-03
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The trend of choice of law for securities fraud liabilities:From the perspective of Europe and USA

ZHANG Haifei;Graduate School of Chinese Academy of Social Sciences;  
The United States and Europe characterize foreign securities fraud liability differently.The United States identifies securities fraud liability as an issue of extraterritorial effect of public law,in contrast,major European countries characterize it as tort liability.The major European countries adopt the traditional choice of law method for tort as the method for securities fraud liability,and the place of loss is the connecting factor.European scholars criticize that the traditional method is difficult to apply and has poor predictability.They advocate that the law of the place where the stock exchange is located or where the securities are issued should be applied,so as to reflect the characteristics of securities fraud liability.The U.S.choice of law for securities fraud liability has undergone a change from the law of the place of securities fraud or loss to the law of place of the stock exchange or securities trading.As the internationalization of the securities market strengthens,in securities fraud liability lawsuit,application of law of place where the stock exchange is situated has become the trend.According to China's current private international law,the governing law for foreign securities fraud liability is lex actus,which is inconsistent with the global trend.Therefore,it is recommended that China's foreign securities fraud liability be governed by the law of the place of stock exchange.
【Fund】: 国家留学基金委国家建设高水平大学公派研究生项目(留金发[2018]3101号)
【CateGory Index】: D912.28
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