区别：前者通常译为"管辖法律"，很多情况下，合同的签约方来自不同法系的司法管辖区域，为了确保双方各自的利益，通常会就合同可能产生的纠纷约定适用法律，即governing law；后者通常译为"适用法律"，是泛指，与合同主体要作为的事项对应的相关法律，比如证券发行，会提到适用的证券法，即applicable securities law。

Governing Law, 英文释义

Governing law refers to the body of laws that will be used to decide a given dispute. Sometimes, it is very clear which law will govern. At other times, it can be more difficult to determine which law should be used to adjudicate a given legal case.

Within many countries, separate bodies of law exist. For example, in the United States, each state has the authority and exclusive jurisdiction to make laws on certain issues, such as real property and family law governing citizens within their borders. Each state is also permitted to make and enforce its own body of contract law, within limits set by federal laws and within the limitations on power set forth in the US Constitution.

Issues can arise when parties from two different states contract or when two different states have interest in adjudicating the results of a tort law cause of action or other type of legal dispute. A similar problem can arise in the European Union, when parties from two separate members of the Union have a legal dispute. In these situations, it becomes more difficult to determine what the governing law is and which state's or jurisdiction's law should be used to settle the dispute.

Applicable Law, 英文释义

Statute, ordinance, judicial decision, executive order, or a regulation having the force and effect of law, that determines the legal standing of a case or issue.

1Governing Law

This Agreement shall be governed by and construed under the laws of Hong Kong, without regard to principles of conflicts of law thereunder. 

本协议应适用香港法律并根据香港法律进行解释，但不考虑香港法律的法律冲突原则。

2Applicable Law

"Applicable Securities Law" means (i)with respect to any offering of securities in the United States, or any otheract or omission within that jurisdiction, the securities law of the UnitedStates, including the Exchange Act and the Securities Act, and any applicable law of any state of the United States, and (ii) with respect to any offering ofsecurities in any jurisdiction other than the United States, or any related actor omission in that jurisdiction, the applicable laws of that jurisdiction. 

“适用证券法律”（i）对在美国进行的任何证券发售或在美国实施的任何其他作为或不作为而言，是指美国的证券法律，包括《证券交易法》和《证券法》，和美国任何州的任何适用法律，和（ii）对在美国之外的任何司法辖区进行的任何证券发售或在该司法辖区实施的任何相关作为或不作为而言，是指该司法辖区的适用法律。