论我国证券监管机构的域外管辖权——以科创板开放红筹企业上市为视角

美国在反欺诈、反贿赂的域外管辖权等公法部分的证券立法经验,对于我国红筹企业在科创板上市的管辖权完善具有积极的借鉴意义。与SEC相比,我国证券监管机构在跨境执法权限上的立法层级不高,调查取证等原则性规定的实际指导意义有限,在司法与执法互动的制度上仍待完善,双边合作监管等“软法”性质的跨境执法合作也比较少。有必要通过赋予证监会更多独立性,建立以司法互动为核心的跨境执法机制,加强柔性跨境执法合作等方式,完善我国证券域外管辖与跨境执法。

The Extraterritorial Jurisdiction of Chinese Securities Regulator:Perspective on the Red Chip Company Listed on STAR-Market

The US legislative practices on extraterritorial jurisdiction in security laws set a good example for Chinese legislator and regulator in the context of the Red Chip companies direct listing on the newly opened STAR market.However,in comparing with SEC of US,Chinese securities regulators have comparatively low-level delegation from the legislature,in addition,China’s legislation only have principle rules but not practical guidelines on cross-border law enforcement.Furthermore,the coordination among jurisdictions and enforcement on China’s securities law need to be perfected.Lastly,China’s regulators also need to attach importance to the cross-border law enforcement under the mutual cooperation of securities regulations known as“soft law”.