The Research On Judicial Succor Of Medium-Small Investors' Rights And Interests In The Stock Market

Investors are the basic participants of stock market. There will be no stock market without investors' participation. History and actualities have proved that investors ,especially medium-small investors usually suffer a lot from many kinds of breaches of security law in stock market. Medium-small investors' protection becomes a very important problem for all countries in the course of developing their stock markets. In our country, the stock market is a new -born thing and most investors are medium -small investors. Because the market is not mature and perfect, breaches of law is more serious in the market, among which infringement upon medium-small investors' rights and interests is the most serious phenomenon. Their will be no rights existing without succor. Judicial succor is the highest way and ultimate method of succor of rights. It's the inevitable request of objective actuality that medium -small investors be provided with judicatory succor in China. Among three ways of judicial succor , civil action can protect investors fundamentally for its function of making up for loss of victim in securities market. Civil action is the key to the judicial succor for medium-small investors .In our country, though the civil procedure system of investors has been established already, yet there are a lot of shortages, mainly including the imperfectness of laws and conservativeness of judicial policy. To the former(namely imperfect law), it's mainly lies in unbalance of the legal liability, for there are many stipulations of criminal and administrative liability but few stipulations of civil liability. What is more, the rules are not easy be taken into practice in actual legal procedure. As a result, when medium-small investors seek judicatory succor, they often can't find legal grounds. To the latter(namely conservative judicial policy),it's mainly reflected that the people's courts do not adopt the policy to settle the dispute of securities timely and effectively. In practice , our people's court once refused to and deferred taking up some cases related securities which should be taken up and set up other obstacles towards investors. Thus, numerous medium-small investors can not get timely and valid judicatory succor after suffering from unlawful behavior in the security market in China. Our people's court must change present conservative attitude to the securities cases, use relevant systems of developed nations and regions for reference and perfect judicatory succor system of medium-small investors in our country, mainly including: perfecting investor's right ofaction, which includes vesting civil liability and right of action in those common infringement behaviors, enhancing law's practicality and establishing derivative action system; expanding the scope of taking up security civil cases and canceling prepositive procedure of administrative punishment and criminal sanction; canceling restriction on form of action toward the party, adopting and perfecting representative's litigation ;establishing investors group litigation system.