Nine months after the implementation of the new securities law, the new pattern of investor protection has become increasingly clear

category:Finance
 Nine months after the implementation of the new securities law, the new pattern of investor protection has become increasingly clear


Liu Xiangdong, deputy director of the Economic Research Department of China Center for international economic exchange, said in an interview with the Securities Daily that the representative litigation system stipulated in Article 95 of the special chapter on investor protection stipulates that the investor protection agency can be entrusted by more than 50 investors to act as the litigation representative, which means that Chinas capital market once again protects small and medium-sized investors Take the step of specialization, that is, through the investment service center or similar institutions as the representative of investors, so as to open the way for small and medium-sized investors to entrust professional institutions to protect their rights.

Huang Yong, deputy general manager of China Securities small and medium sized Investors Service Center Co., Ltd., said at the third small and medium-sized Investor Service forum that the investment service center will launch new methods and measures for investor protection to create a good environment for the development of capital market. Among them, accelerate the implementation of special representative litigation. We should prudently select typical cases, timely start special securities representative litigation, give full play to the role of class action of securities with Chinese characteristics, and effectively protect the legitimate rights and interests of the majority of small and medium-sized investors. On the basis of improving the number and efficiency of false statement supporting litigation cases, we should enrich the number of civil compensation cases of market manipulation, strengthen the special research on shareholder litigation, and explore shareholder subrogation litigation.

At present, the structure of investors in the A-share market is still dominated by retail investors, which means that there is a considerable probability that illegal and infringing events in the securities field involve a large number of small and medium-sized investors, and group disputes in securities are usually characterized by small amount and majority . Therefore, in order to safeguard the legitimate rights and interests of investors, China must explore securities class action with Chinese characteristics System. Dong zhongyun said that after the implementation of the new securities law, on July 31, the Supreme Peoples Court promulgated the provisions on Several Issues concerning representative litigation in securities disputes, further refining the implementation rules of the peoples court in accepting and hearing representative litigation in securities group disputes. This is a Chinese style that China is exploring to meet the reality of Chinas securities market and the judicial needs of financial adjudication u201dAn important step forward in the mechanism of class action.

Talking about the next step in the protection of investors how to make efforts? Dong zhongyun believes that it is a systematic project to protect investors. At the level of listed companies, it is necessary to further improve the level of internal governance of listed companies, strengthen the compliance and accountability in information disclosure, and continuously increase the illegal cost of listed companies by strengthening supervision and punishment. At the level of financial intermediaries, on the basis of ensuring the compliance of financial institutions, we should constantly strengthen the service awareness of investors, and improve the service level by using financial technology and financial innovation. On the other hand, investors should have legal awareness and legal services to protect investors rights and interests; on the other hand, investors should be provided with legal awareness and legal services to protect their rights and interests. Regulators should guide more investors to become market participants and supervisors. If economic losses are caused by the fault of securities companies or listed companies, investors should make full use of the existing channels to protect their rights to conduct legal proceedings. Liu Xiangdong said. Source of this article: Yang Qian, editor in charge of Securities Daily_ NF4425

Talking about the next step in the protection of investors how to make efforts? Dong zhongyun believes that it is a systematic project to protect investors. At the level of listed companies, it is necessary to further improve the level of internal governance of listed companies, strengthen the compliance and accountability in information disclosure, and continuously increase the illegal cost of listed companies by strengthening supervision and punishment. At the level of financial intermediaries, on the basis of ensuring the compliance of financial institutions, we should constantly strengthen the service awareness of investors, and improve the service level by using financial technology and financial innovation. On the other hand, investors should have legal awareness and legal services to protect investors rights and interests; on the other hand, investors should be provided with legal awareness and legal services to protect their rights and interests.

Regulators should guide more investors to become market participants and supervisors. If economic losses are caused by the fault of securities companies or listed companies, investors should make full use of the existing channels to protect their rights to conduct legal proceedings. Liu Xiangdong said.