论美国证券法中“其他证券”的界定——规则演变及相互关系  

The Definition of “Other Securities” in the US Securities Law: Rule Involvement and Relationship

作　　者：余涛 Yu Tao

机构地区：[1]东南大学法学院

出　　处：《证券市场导报》2020年第2期69-78,共10页Securities Market Herald

基　　金：江苏省社会科学基金项目“智能投顾信义义务规范的体系化构造研究”(19FXC002)的阶段性成果;中央高校基本科研业务费专项资金项目“我国P2P网贷监管体制之检视”(2242019S20007);东南大学人民法院司法大数据研究基地和东南大学民事检察研究基地资助

摘　　要：在美国证券法中,Howey规则、Reves规则分别是判断投资合同和金融票证的判例法规则。Howey规则的适用,需要同时满足“包含金钱投资的计划”“共同利益体”“获利期望”和“利润完全来自他人的努力”这四个构成要件。Reves规则的核心内容是家族相似性规则,该规则需要考量的因素有“买卖双方的动机”“分配计划”“投资者的合理预期”和“是否存在其他风险防范或救济措施”。家族相似性规则虽然与Howey规则的内容有重合,但是二者的判定逻辑截然不同,由此决定了Howey规则和Reves规则之间不具有替代性。In the U.S.securities law,Howey test and Reves test are the case law developed rules applying for investment contract and note respectively.If the prongs,including“an investment of money”,“an expectation of profits from the investment”,“the investment of money in a common enterprise”,and“any profit from the efforts of a promoter or third party”,are met at the same time,the instrument would qualify as an investment contract.Family resemblance,the core of Reves test,takes into consideration the following elements,including motivations,plan of distribution of the instrument,reasonable expectations of the investing public,and existence of another regulatory scheme which significantly reduces the risk of the instrument.Although family resemblance overlaps,to some extent,with the Howey test,they have different reasoning logics.A corollary is that the Howey test and Reves test are not replaceable to each other.

关 键 词：Howey规则 投资合同 Reves规则 金融票证 家族相似性规则 

分 类 号：DF912.28[政治法律—国际法学]