| Budget Amount *help |
¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Fiscal Year 2015: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2014: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
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| Outline of Final Research Achievements |
Capital markets continues to be integrated world widely, which has resulted in the issues which law of the state should apply to securities liabilities to investors in an international context. Under the EU law, it is generally recognized that securities liabilities to investors are characterized as tort, and the liabilities should be governed by the law of the country in which the damage occurs. On the other hand, in the U.S., the liabilities is categorized as a matter of public law, and US Supreme court ruled that SEC rule 10b-5 applies to transactions in securities listed on domestic exchanges, and domestic transactions in other securities. Comparing EU law and the U.S. law to Japanese law, this research analyzes how to decide which law of the state is applicable to securities liabilities to investors.
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