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最近的Well Advantage公司内幕交易案典型体现了美国证券法域外管辖权的“效果”规则,“效果”的核心内容是不管欺诈行为发生在何处,只要对美国证券市场和投资者产生了实质影响,美国法院就有管辖权。此规则固然保护了美国市场和美国投资者,但却对外国投资者和外国国家主权造成了侵害;在国际压力下,美国也在逐步尝试建立一套基于国际平等合作的域外证券监管体系,并取得了有益的进步。
The recent Well Advantage Insider Trading Act typically embodies the “effect ” rule of the US securities law on extraterritorial jurisdiction. The core of “effect” is that no matter where the fraud occurs, as long as the U.S. securities market and investors Have a real impact, the United States courts have jurisdiction. Although this rule protects the U.S. market and U.S. investors, it infringes on the sovereignty of foreign investors and foreign countries. Under international pressure, the United States is also gradually trying to establish an extraterritorial securities regulatory system based on international equal cooperation. Made good progress.