Research On Civil Relief System Of Securities Investors

In current securities law and related laws and regulations, protection for the legitimate rights and interests of market investors stay on the level of national public law regulatory. From market access, market supervision to subsequent punishment, protection more are replied on all kinds of administrative means and methods. With respect to infringement upon the legitimate rights and interests of the market investors by securities market torts, the tortfeasor assumes administrative liabilities. Even if the violation is serious enough to violate the criminal law and be punishable by criminal penalties, the criminal responsibility is severe but rare to be investigated. The administrative and criminal liabilities in the field of public law appear to be severe, but they do not help much as far as the actual damages of investors are concerned. Administrative penalties imposed by securities regulatory authorities or criminal judgments awarded by the courts aim to ensure the stable development of the securities market, adjust social public interests and maintain public social relations, whereas the civil rights and interests of investors as interests in the field of private law have been excluded from legal remedies for a long time. With the development of securities business and the maturity of securities market, the world is increasingly aware that investors is the foundation and core element of the national or regional securities market, and confidence of the investors in the securities market is directly related to the securities business. The trend of privatization of securities law becomes more and more obvious, compensating the investors’ actual losses is the most direct reflection of laws’ protection for civil rights and interests of investors in the field of private law. To realize the liability principle of “civil liability first” by the adopted securities law, the first and foremost is to establish a litigation system which is suitable for securities civil compensation remedies. Focusing on the remedies for the investors, especially for the medium and small investors, fully respecting for the investors as the commercial subject, combining the basic principles of the relief system of civil litigation and non litigation in China, learning the advanced experience from other counties, the author tries to establish an integrated and selectable relief system of civil litigation, which will thoroughly change the embarrassing situation of “rights without remedies” in respect of civil rights and interests of securities investors.