“PRIMA”规则的适用困境及出路——基于制度发展史的考察.pdfVIP

安徽师范大学学报{人文往会科学版〉 ，鹏 4H昏第 5 期 2016 年9 月 Vol.44 No .5 Journal of Anhui Normal University( Hum.也ιSci. Sept. 2016 E法学研究】 DOI: lO.14182ki小anu.2016.05.014 PRIMA规则的适用:困境及出路 一一基于制度发展史的考察· 颜林 〈南京师范大学法学院，南京 210023) 关键诩=证券间接排有，证券权和II ， PRIMA规则$元低化 摘 要:对于证券间樵排有模式下投资者证券权利的法律适用， 学界及各固立法实成普遍接受了相关证 券中间持有人的所在地，法规则，并主张通过意思自治..账户方法.a分支机构及营业机构所在池等方 法确定其所在地. 由于因证券阅接待有结构下的经营及交易行为的高度分..化、无依化和非场所化， 上述三种确定方法仍也显机拔和这根源于它们在本质土仍在遵循传统的冲突法立法思想. 因此，在 完善PRIMA规则的过程中，立法者应曾加相关冲突法规则的殊性和灵活性，在降低意思自治原则适用条 件的同时，地加冲突规范的选结点，并引入最密切联系原则以确定相关证券中间扮有人的所在地. 中图分类每: 0997.1 立民标志码:A 文编.: 1001 - 2435(2016 )05 - 0624 - 09 Application of PRIMA Rule:Dilemma and ResolutloDs YAN Lin (Law School •Nanjing Normal University. Nanjing 210023.China) Key wω由: securities held through inter mediaries , securities entitlements; PRIMA Rule; non - paper f(lfm Ab暗trad: The commonly accepted rule of the applicable law of securities entitlements in transnational secur- ities held by intermediarie.s is the the Relating lntermediarýs Place rule.And the .. Agreement Approach. Account Approach and the Branch/ Office Approach are considered as the most effective methods to de- termine the relating intermediarýs place in PRIMA rule.But because the management and the transaction of securities in the transnational indirect holding system are so decentralized and most process are performed in digital form ,tho!le three methods still seems inflexible as they are based on the traditional conflict- of一 law thoughts. So the lawmaker should loosen the requirements for the Parti四 Autonomy Ru