Research On Legal Conflict And Resolution Path Of Chinese Depository Receipts Information Disclosure

Since regulatory authorities issued a series of normative documents related to Chinese Depository Receipts in 2018,Depository Receipts,a new type of financial instrument,have developed rapidly in China.Regarding the legal nature of Chinese Depository Receipts,the protection model of securities law and the protection model of trust law are not contradictory.On the basis of affirming the securities nature of Chinese Depository Receipts,it is necessary to use the protection model of trust law in certain circumstances to solve problems that securities law cannot.The legal relationship between overseas underlying securities issuer and depository,the legal relationship between depository and custodian,and the legal relationship between depository and holders of Depository Receipts are the three most important legal relationships in the process of the operation of Chinese Depository Receipts.Administrative supervision and self-regulatory supervision are the two modes of supervision of Chinese Depository Receipts.Chinese Depository Receipts information disclosure has its own characteristics in terms of persons with information disclosure obligations,principles,systems and contents.Compared with general securities,legal conflict of Chinese Depository Receipts information disclosure is more prominent.The reason is that,the subjects,actions and effects of Depository Receipts have cross-border nature to a certain degree in the operation process,different jurisdictions have differences in the determination of the legal nature of Depository Receipts,the mode and specific rules of information disclosure supervision,and each jurisdiction also accepts the extraterritorial effect of foreign laws under certain conditions.The cross-border nature of Depository Receipts,the regulatory differences in different jurisdictions,and the extraterritorial effect of laws have jointly caused legal conflict of Chinese Depository Receipts information disclosure.There are various forms of legal conflict.For Chinese Depository Receipts information disclosure,conflict of jurisdiction and conflict of law application are two prominent forms of legal conflict.The conflict of jurisdiction focuses on procedural law issues,while the conflict of law application focuses on substantive law issues.Regarding the conflict of jurisdiction of Chinese Depository Receipts information disclosure,China already has the principle provisions on the extraterritorial effect of securities laws,and relevant laws and judicial interpretations also provide certain guidelines for the establishment of the jurisdiction of Chinese Depository Receipts information disclosure,but these regulations are difficult to deal with the complex practice of the conflict of jurisdiction of Chinese Depository Receipts information disclosure.The conflict of jurisdiction of Chinese Depository Receipts information disclosure can be divided into three situations: conflict of legislative jurisdiction,conflict of administrative jurisdiction and conflict of judicial jurisdiction.The conflict of jurisdiction of Chinese Depository Receipts information disclosure can be solved through refining the specific application standards of the extraterritorial effect of securities laws,limiting the excessive expansion of unilateralism in the supervision of Depository Receipts,applying relevant principles of international law to resolve conflict of jurisdiction,and paying attention to reverse effects of litigation and enforcement on jurisdiction.Regarding the conflict of law application of Chinese Depository Receipts information disclosure,legal identification is a prerequisite problem for resolving the conflict of law application of Chinese Depository Receipts information disclosure,and identifying the legal nature of Depository Receipts has an important impact on resolving the conflict of law application of Chinese Depository Receipts information disclosure.Some laws in China are related to the legal application of Depository Receipts,but these provisions are not sufficient to resolve the conflict of law application of Chinese Depository Receipts information disclosure.The legal relationship in the operation of Chinese Depository Receipts has certain peculiarities,and the affirmation of the trust nature of Chinese Depository Receipts will also have a certain impact on the law application of Chinese Depository Receipts information disclosure.The conflict of law application of Chinese Depository Receipts information disclosure can be solved through unilateral restrictions and multilateral coordination of Depository Receipts information disclosure,applying principles of legal conflict of Chinese Depository Receipts information disclosure,exploring hierarchical Chinese Depository Receipts information disclosure systems,and applying direct application of law in special periods.