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2010年6月美国联邦最高法院审结的莫里森案,是美国证券法发展史上的重要节点,代表了全球化背景下最大资本市场在处理涉外欺诈纠纷问题上的转向。以往的行为和影响标准被否定,交易标准得到强调,《证券交易法》第10(b)条的适用范围被限缩,存托凭证和国外基础证券受到区别对待。此后一年间,尽管不无争议,莫里森案判决和交易标准被下级法院广泛援引,并经受住了Dodd-Frank法案的考验。由此释放出的信号包括:美国有意愿加强公共执法和国际多边合作。
The Morrison case, which was concluded by the Supreme Court of the United States in June 2010, is an important node in the history of the development of the securities law in the United States and represents the turn of the largest capital market in dealing with foreign-related fraud disputes in the context of globalization. Past behavior and impact criteria have been denied, trading standards have been emphasized, the scope of application of Article 10 (b) of the Securities Exchange Act has been narrowed, and depositary receipts and foreign base securities have been treated differently. In the following year, though uncontested, Morrison’s rulings and trading standards were widely invoked by lower courts and stood the test of the Dodd-Frank act. The signals released include: The United States is willing to strengthen public law enforcement and multilateral international cooperation.