Xu Yang, chairman of Shanghai maikerong Information Consulting Co., Ltd., told the Securities Daily that if the registration system is to be fully implemented, China must strengthen the ability of accountability after the event, but there is still a lack of relevant experience in action, especially in class action. Xu Yang said: although the new securities law stipulates the principle of implied accession and explicit exit , it is still difficult to land in a short period of time. It requires the CSRC and the supreme law to further launch relevant supporting systems, because there is currently a lack of mechanism of checks and balances and supervision at the legal level. For example, there are no clear requirements for which subjects can and cannot be subject to class action.
Zhang Yuanzhong, a lawyer from Beijing Wentian law firm, also suggested the establishment of a recovery system in the securities field. He said that in the process of securities violations, illegal persons would conduct insider trading and market manipulation through holding other peoples accounts. In the process of investigation and punishment, they often did not notify the owners of the accounts and uniformly deduct and punish the illegal income of these accounts. After the establishment of the recovery system, there will be a clearer process and basis for the recovery of the illegal income on the legal account, which will not only crack down on the illegal and criminal acts, but also give the owners of the legal account the relevant right to know, Zhang Yuanzhong said
Source: responsible editor of Securities Daily: Yang qian_nf4425