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2007年“港股直通车”推出3个月后即被叫停,之后内地与香港低调孕育了7年,最终于2014年4月10日联合推出了“沪港股票市场交易互联互通机制试点”(本文简称“沪港通”)。由于技术条件、市场基础已经比较成熟,“沪港通”已按计划实施。“沪港通”开始运作后必然会带来内港跨境股票权益纠纷,解决纠纷应适用何地法律与两地的证券持有模式息息相关。本文在分析两地证券持有模式以及各种证券持有模式下的法律适用规则的基础上,结合《海牙证券公约》及美国《统一商法典》的做法,试图对“沪港通”机制下内港跨境证券权益法律适用问题的协调提出可行性建议:证券直接持有模式下,证券将适用证券所在地法;证券间接持有模式下,两地都可采纳“权利实现地法原则”;将意思自治原则与相关中介所在地原则结合;在比较复杂的现实案例中,当运用上述规则难以找到令人满意的实体法时,我们均可考虑引入“最密切联系原则”来缓解(补充)上述规则之不足。
In 2007, the “Hong Kong stocks through train” was halted after three months of launch. After that, the Mainland and Hong Kong gave birth to a low profile for seven years. Finally, on April 10, 2014, the “Hong Kong Stock Connect Mechanism” Pilot “(This article referred to as ” Shanghai-Hong Kong pass “). Due to the technical conditions, the market foundation has been relatively mature, and the ”Shanghai-Hong Kong Stock Connect“ has been implemented as planned. ”Shanghai-Hong Kong Stock Connect “ will inevitably bring about disputes over the rights and interests of cross-border stocks in Hong Kong after the commencement of operation. The resolution of the disputes should be applied where the law is closely related to the securities holding modes of the two places. Based on the analysis of the law of securities holding in both places and various securities holding modes, this article attempts to study the ”Shanghai-Hong Kong Stock Connect“ with the ”Hague Securities Convention“ and the United States ”Uniform Commercial Code“ Mechanisms for the application of the law applicable to the cross-border securities interests in Hong Kong and Inner Mongolia put forward feasible suggestions: Under the direct holding of securities, the securities will be subject to the law of the securities; under the indirect securities holding mode, both parties may adopt the ” Principle “; the principle of autonomy will be combined with the principle of the relevant intermediary; in the more complicated case, when it is difficult to find a satisfactory substantive law by using the above rules, we may consider introducing” the principle of closest connection " To alleviate (supplement) the above rules.