平衡与协调:论跨国股票发行中的法律适用

在跨国股票的发行中,法律冲突和法律适用的问题主要存在于股票发行人及投资者的身份和能力、股票发行中的单方及多方行为、股票发行中的合同关系以及因不当的发行行为而产生的民事责任等4个方面.证券发行中的各法律事项均有各自的法律适用规则,发行地法并非规制相关事项的唯一规范.在证券发行中,这些依据法律适用规则所指向的准据法在相互竞争的同时也相互补充,从而形成某种程度的平衡与协调,并共同规制了跨国股票发行中的各类法律事项.

Balance and Coordination: The Applicable Law for the Cross-border Issuance of Securities

During the process of cross-border issuance of securities, the choice of law issues mainly exit in four aspects: the applicable law for the legal identity and capacity of the issuers and the investors, the choice of law in the legal act for issuance from different parities involved, the applicable law for contracts as well as torts. The law of the place of issuance is not the only applicable law for each of them may have its own choice of law rule. In securities issuance, all of these applicable laws may compliment and coordinate each other and lead to some kind of balance and coordination, although there might be completion and conflict among them.