{"id":2315,"date":"2025-02-01T07:07:46","date_gmt":"2025-02-01T07:07:46","guid":{"rendered":"https:\/\/demowebsg05.com\/smtp\/?p=2315"},"modified":"2026-03-03T04:40:37","modified_gmt":"2026-03-03T04:40:37","slug":"xat-v-xau-and-another-2025-sghcf-4-a-lesson-on-will-execution-and-validity","status":"publish","type":"post","link":"https:\/\/www.smtplaw.com\/zh-hans\/xat-v-xau-and-another-2025-sghcf-4-a-lesson-on-will-execution-and-validity\/","title":{"rendered":"XAT v XAU \u53ca\u53e6\u4e00\u65b9 [2025] SGHCF 4\uff1a\u5173\u4e8e\u9057\u5631\u6267\u884c\u4e0e\u6709\u6548\u6027\u7684\u542f\u793a"},"content":{"rendered":"<p>\u5c3d\u7ba1\u8d77\u8349\u9057\u5631\u662f\u81f3\u5173\u91cd\u8981\u7684\u7b2c\u4e00\u6b65\uff0c\u4f46\u786e\u4fdd\u9057\u5631\u5f97\u5230\u59a5\u5584\u7b7e\u7f72\u548c\u6267\u884c\u540c\u6837\u5173\u952e\uff0c\u4ee5\u4fdd\u969c\u5176\u6cd5\u5f8b\u6548\u529b\u3002\u82e5\u672a\u4e25\u683c\u9075\u5b88\u76f8\u5173\u6cd5\u5f8b\u5f62\u5f0f\u8981\u6c42\uff0c\u9057\u5631\u53ef\u80fd\u9762\u4e34\u8d28\u7591\u4e0e\u6311\u6218\u3002\u5728\u8bb8\u591a\u60c5\u51b5\u4e0b\uff0c\u7ee7\u627f\u7a0b\u5e8f\u80fd\u591f\u987a\u5229\u8fdb\u884c\u800c\u4e0d\u4ea7\u751f\u4e89\u8bae\uff0c\u4f46\u5f53\u53d7\u76ca\u4eba\u8ba4\u4e3a\u81ea\u5df1\u53d7\u5230\u4e0d\u516c\u5e73\u5bf9\u5f85\uff0c\u6216\u8ba4\u4e3a\u5176\u4ed6\u53d7\u76ca\u4eba\u4e0d\u5e94\u83b7\u5f97\u9057\u8d60\u65f6\uff0c\u51b2\u7a81\u4fbf\u53ef\u80fd\u51fa\u73b0\u3002\u8fd9\u5f80\u5f80\u5f15\u53d1\u56f4\u7ed5\u9057\u5631\u5408\u6cd5\u6027\u7684\u6cd5\u5f8b\u7ea0\u7eb7\uff0c\u4e89\u8bae\u901a\u5e38\u96c6\u4e2d\u5728\u7acb\u9057\u5631\u4eba\u7684\u610f\u56fe\u3001\u7cbe\u795e\u80fd\u529b\u3001\u4e0d\u5f53\u5f71\u54cd\u6216\u4f2a\u9020\u6307\u63a7\u7b49\u95ee\u9898\u4e0a\u3002\u56e0\u6b64\uff0c\u786e\u4fdd\u9057\u5631\u59a5\u5584\u6267\u884c\u6709\u52a9\u4e8e\u964d\u4f4e\u76f8\u5173\u98ce\u9669\uff0c\u5e76\u4e3a\u843d\u5b9e\u7acb\u9057\u5631\u4eba\u7684\u6700\u7ec8\u610f\u613f\u63d0\u4f9b\u786e\u5b9a\u6027\u3002<\/p>\n<p>\u5728\u672c\u6708\u7684\u300a\u5bb6\u65cf\u8d22\u5bcc\u4f20\u627f\u89c4\u5212\u300b\u4e13\u680f\u4e2d\uff0c\u6211\u4eec\u5c06\u6df1\u5165\u63a2\u8ba8\u6848\u4ef6 XAT \u8bc9 XAU \u53ca\u53e6\u4e00\u65b9 [2025] SGHCF 4\uff08\u201cXAT v XAU\u201d\uff09\uff0c\u8fd9\u662f\u4e00\u4e2a\u8b66\u793a\u6027\u6848\u4f8b\uff0c\u7a81\u663e\u4e86\u9057\u5631\u6267\u884c\u8fc7\u7a0b\u7684\u590d\u6742\u6027\u3002\u901a\u8fc7\u8be5\u6848\uff0c\u6211\u4eec\u5c06\u5ba1\u89c6\u5173\u952e\u95ee\u9898\uff0c\u5305\u62ec\u7acb\u9057\u5631\u80fd\u529b\uff0c\u4ee5\u53ca\u4ee5\u4e0b\u4e09\u70b9\u7684\u91cd\u8981\u6027\uff1a\uff081\uff09\u8be6\u5c3d\u7684\u8bb0\u5f55\u4fdd\u5b58\uff1b\uff082\uff09\u5c06\u9057\u5631\u5b58\u653e\u5728\u5b89\u5168\u4e14\u53ef\u83b7\u53d6\u7684\u5730\u70b9\uff1b\u4ee5\u53ca\uff083\uff09\u786e\u4fdd\u9057\u5631\u5728\u4e2d\u7acb\u73af\u5883\u4e0b\u7b7e\u7f72\u3002\u7406\u89e3\u672c\u6848\u6240\u63ed\u793a\u7684\u95ee\u9898\uff0c\u6709\u52a9\u4e8e\u6211\u4eec\u91c7\u53d6\u524d\u77bb\u6027\u63aa\u65bd\uff0c\u51cf\u5c11\u4e89\u8bae\u5e76\u4fdd\u62a4\u81f3\u4eb2\u4e4b\u4eba\u7684\u5229\u76ca\u3002<\/p>\n<p><b>\u6848\u4ef6\u6982\u8ff0<\/b><\/p>\n<p>\u5728 XAT v XAU \u6848\u4e2d\uff0c\u4e0a\u8bc9\u4eba\u8d28\u7591\u5176\u5df2\u6545\u4e08\u592b\u9057\u5631\u7684\u6709\u6548\u6027\uff0c\u8be5\u9057\u5631\u5c06\u5979\u6392\u9664\u5728\u4efb\u4f55\u7ee7\u627f\u4e4b\u5916\u3002\u8be5\u9057\u5631\u5728\u6b7b\u8005\u8fdb\u884c\u91cd\u5927\u533b\u7597\u624b\u672f\u4e94\u5929\u540e\u7b7e\u7f72\uff0c\u5c06\u5176\u5168\u90e8\u9057\u4ea7\u7559\u7ed9\u5176\u540c\u7236\u5f02\u6bcd\u7684\u59b9\u59b9\uff08\u7b2c\u4e8c\u88ab\u544a\uff09\u3002\u9057\u5631\u660e\u786e\u6307\u51fa\uff0c\u4e0a\u8bc9\u4eba\u4e0d\u5f97\u7ee7\u627f\u4efb\u4f55\u8d44\u4ea7\uff0c\u56e0\u4e3a\u6b7b\u8005\u8ba4\u4e3a\u5979\u4ec5\u4e3a\u5ef6\u957f\u5728\u65b0\u52a0\u5761\u7684\u5c45\u7559\u671f\u9650\u800c\u4e0e\u5176\u7ed3\u5a5a\uff0c\u4e14\u5a5a\u59fb\u4ece\u672a\u5706\u623f\u3002<\/p>\n<p>\u4e0a\u8bc9\u4eba\u4e3b\u5f20\u9057\u5631\u65e0\u6548\uff0c\u7406\u7531\u5305\u62ec\u7acb\u9057\u5631\u4eba\u7f3a\u4e4f\u7acb\u9057\u5631\u80fd\u529b\u3001\u88ab\u544a\u65bd\u52a0\u4e0d\u5f53\u5f71\u54cd\uff0c\u4ee5\u53ca\u53ef\u80fd\u5b58\u5728\u4f2a\u9020\u884c\u4e3a\u3002\u7136\u800c\uff0c\u6cd5\u9662\u9a73\u56de\u4e86\u76f8\u5173\u4e3b\u5f20\uff0c\u8ba4\u4e3a\u4e0a\u8bc9\u4eba\u672a\u80fd\u63d0\u4f9b\u8db3\u591f\u8bc1\u636e\u8bc1\u660e\u5b58\u5728\u53ef\u7591\u60c5\u5f62\uff0c\u4ee5\u8f6c\u79fb\u4e3e\u8bc1\u8d23\u4efb\u81f3\u88ab\u544a\uff0c\u4e5f\u672a\u80fd\u8bc1\u660e\u88ab\u544a\u5b58\u5728\u80c1\u8feb\u6216\u4f2a\u9020\u884c\u4e3a\u3002<\/p>\n<p>\u8be5\u6848\u4e3a\u6cd5\u5f8b\u4ece\u4e1a\u8005\u548c\u5f53\u4e8b\u4eba\u63d0\u4f9b\u4e86\u91cd\u8981\u542f\u793a\uff0c\u5f3a\u8c03\u4e86\u5b8c\u5584\u7684\u9057\u5631\u6267\u884c\u6d41\u7a0b\u53ca\u6587\u4ef6\u8bb0\u5f55\u5bf9\u4e8e\u9632\u8303\u4e89\u8bae\u7684\u91cd\u8981\u6027\u3002<\/p>\n<p><b>\u5173\u952e\u95ee\u9898\u4e0e\u7ecf\u9a8c\u6559\u8bad<\/b><\/p>\n<ol>\n<li><b>\u7acb\u9057\u5631\u80fd\u529b\u4e0e\u6709\u6548\u6027\u63a8\u5b9a<\/b><\/li>\n<\/ol>\n<p>\u672c\u6848\u7684\u6838\u5fc3\u95ee\u9898\u4e4b\u4e00\u5728\u4e8e\u6b7b\u8005\u7b7e\u7f72\u9057\u5631\u65f6\u662f\u5426\u5177\u5907\u7acb\u9057\u5631\u80fd\u529b\u3002\u5982 XAT v XAU \u5224\u51b3\u7b2c[22]\u6bb5\u6240\u8ff0\uff1a\u201c\u82e5\u9057\u5631\u5728\u901a\u5e38\u60c5\u5f62\u4e0b\u7b7e\u7f72\uff0c\u4e14\u672a\u663e\u793a\u7acb\u9057\u5631\u4eba\u60a3\u6709\u7cbe\u795e\u969c\u788d\uff0c\u5219\u7acb\u9057\u5631\u80fd\u529b\u53ef\u521d\u6b65\u63a8\u5b9a\u6210\u7acb\u3002\u8d28\u7591\u9057\u5631\u7684\u4e00\u65b9\u987b\u63d0\u4f9b\u76f8\u53cd\u8bc1\u636e\u4ee5\u63a8\u7ffb\u8be5\u63a8\u5b9a\u3002\u201d\u56e0\u6b64\uff0c\u5728\u6b63\u5e38\u60c5\u51b5\u4e0b\u7b7e\u7f72\u7684\u9057\u5631\u88ab\u63a8\u5b9a\u4e3a\u6709\u6548\uff0c\u53cd\u5bf9\u65b9\u9700\u627f\u62c5\u4e3e\u8bc1\u8d23\u4efb\u3002<\/p>\n<p>\u4e0a\u8bc9\u4eba\u4e3b\u5f20\u7acb\u9057\u5631\u4eba\u56e0\u622a\u80a2\u624b\u672f\u5bfc\u81f4\u7cbe\u795e\u80fd\u529b\u53d7\u635f\u3002\u7136\u800c\uff0c\u6cd5\u9662\u5728\u7b2c[23]\u6bb5\u5ba1\u67e5\u533b\u7597\u8bb0\u5f55\u540e\u6307\u51fa\uff0c\u6b7b\u8005\u5728\u7b7e\u7f72\u9057\u5631\u5f53\u65e5\u201c\u795e\u5fd7\u6e05\u9192\u3001\u8212\u9002\uff0c\u80fd\u6b63\u786e\u8fa8\u8bc6\u65f6\u95f4\u3001\u5730\u70b9\u4e0e\u4eba\u7269\uff0c\u4e14\u751f\u547d\u4f53\u5f81\u7a33\u5b9a\u201d\uff0c\u56e0\u6b64\u672a\u53d1\u73b0\u8db3\u4ee5\u8d28\u7591\u5176\u7acb\u9057\u5631\u80fd\u529b\u7684\u7406\u7531\u3002<\/p>\n<p><b>\u542f\u793a\uff1a<\/b>\u5728\u7acb\u9057\u5631\u4eba\u5b58\u5728\u4e25\u91cd\u5065\u5eb7\u72b6\u51b5\u65f6\uff0c\u8bb0\u5f55\u5176\u7cbe\u795e\u72b6\u6001\u5c24\u4e3a\u91cd\u8981\u3002\u4e00\u4efd\u533b\u751f\u6216\u7cbe\u795e\u79d1\u533b\u5e08\u7684\u4e66\u9762\u8bc4\u4f30\u53ef\u5728\u65e5\u540e\u4e89\u8bae\u4e2d\u53d1\u6325\u5173\u952e\u4f5c\u7528\u3002<\/p>\n<ol start=\"2\">\n<li><b>\u5e94\u5bf9\u4f2a\u9020\u6307\u63a7\u4e0e\u9057\u5931\u6587\u4ef6<\/b><\/li>\n<\/ol>\n<p>\u4e0a\u8bc9\u4eba\u4ea6\u6307\u63a7\u9057\u5631\u7cfb\u4f2a\u9020\u3002\u88ab\u544a\u79f0\u539f\u59cb\u9057\u5631\u9057\u5931\uff0c\u4ec5\u80fd\u63d0\u4f9b\u7ecf\u8ba4\u8bc1\u526f\u672c\u4f9b\u536b\u751f\u79d1\u5b66\u5c40\uff08HSA\uff09\u8fdb\u884c\u9274\u5b9a\u3002\u9274\u5b9a\u7ed3\u679c\u672a\u80fd\u5f97\u51fa\u660e\u786e\u7ed3\u8bba\uff0c\u6cd5\u9662\u56e0\u6b64\u8ba4\u4e3a\u8bc1\u636e\u4e0d\u8db3\u4ee5\u8ba4\u5b9a\u5b58\u5728\u4f2a\u9020\u3002<\/p>\n<p><b>\u542f\u793a\uff1a<\/b>\u5e94\u5c06\u539f\u59cb\u9057\u5631\u59a5\u5584\u4fdd\u5b58\u5728\u5b89\u5168\u4e14\u53ef\u83b7\u53d6\u4e4b\u5904\uff08\u5373\u4f7f\u5728\u9057\u5631\u8ba4\u8bc1\u540e\uff09\uff0c\u5e76\u544a\u77e5\u53ef\u4fe1\u4efb\u4eba\u58eb\u5176\u5b58\u653e\u5730\u70b9\uff0c\u4ee5\u907f\u514d\u4f2a\u9020\u8d28\u7591\u548c\u9057\u4ea7\u5206\u914d\u5ef6\u8bef\u3002\u82e5\u672c\u6848\u80fd\u627e\u5230\u539f\u59cb\u9057\u5631\uff0c\u5176\u771f\u5b9e\u6027\u5c06\u66f4\u6613\u786e\u8ba4\u3002<\/p>\n<ol start=\"3\">\n<li><b>\u9632\u8303\u4e0d\u5f53\u5f71\u54cd\u6307\u63a7<\/b><\/li>\n<\/ol>\n<p>\u4e0a\u8bc9\u4eba\u58f0\u79f0\u6b7b\u8005\u5728\u8106\u5f31\u72b6\u6001\u4e0b\u53d7\u5230\u80c1\u8feb\u800c\u7b7e\u7f72\u9057\u5631\u3002\u6cd5\u9662\u63f4\u5f15 ULV v ULW [2019] 3 SLR 1270 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start=\"4\">\n<li><b>\u975e\u5e38\u89c4\u60c5\u5f62\u4e0b\u7684\u6cd5\u5f8b\u9632\u8303\u63aa\u65bd<\/b><\/li>\n<\/ol>\n<p>\u6cd5\u9662\u627f\u8ba4\uff0c\u5728\u91cd\u5927\u624b\u672f\u540e\u77ed\u65f6\u95f4\u5185\u7b7e\u7f72\u9057\u5631\u53ef\u80fd\u5f15\u53d1\u5408\u7406\u62c5\u5fe7\u3002\u5c3d\u7ba1\u672a\u53d1\u73b0\u660e\u786e\u7684\u7cbe\u795e\u80fd\u529b\u7f3a\u9677\uff0c\u8be5\u6848\u8868\u660e\u5728\u7279\u6b8a\u60c5\u51b5\u4e0b\u91c7\u53d6\u989d\u5916\u9632\u8303\u63aa\u65bd\u5341\u5206\u5fc5\u8981\u3002<\/p>\n<p><b>\u542f\u793a\uff1a<\/b>\u5728\u91cd\u5927\u533b\u7597\u4e8b\u4ef6\u7b49\u7279\u6b8a\u60c5\u51b5\u4e0b\uff0c\u5e94\u91c7\u53d6\u66f4\u4e25\u683c\u7684\u7a0b\u5e8f\u5e76\u5bfb\u6c42\u4e13\u4e1a\u6cd5\u5f8b\u610f\u89c1\uff0c\u4ee5\u786e\u4fdd\u9057\u5631\u6548\u529b\u5e76\u964d\u4f4e\u4e89\u8bae\u98ce\u9669\u3002<\/p>\n<p><b>\u7ed3\u8bba<\/b><\/p>\n<p>XAT v XAU 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