Research On Mode Of Securities Infringement Civil Case

The securities business usually comes to be known as the barometer of national economy, it plays an import role in the construction of market economy. The securities business has been being developed for several decades in China, and has made great contribution to the economy. However, there are still some outstanding problems waiting to be solved, such as disputes about infringement in securities are occasionally happening. Because the legal consciousness of small and medium investors are always increasing, they begin to maintain their legal right and interests more and more by the way of lawsuit. In the present dissertation, we suggest there exist major disadvantages in the conventional single and joinder of actions when dealing with the cases of infringement in securities. On the other hand, there are obvious advantages in the class action system. Unfortunately, the courts in China are excluding the representative action in juridical practice until now. In the past decade, great changes have taken place in securities business due to the rapid growth of market economy in China. Because of the great improvement in social democracy and the rule of law environment, we have to re-examine the related system design about the action form on infringement in securities. We should learn from foreign countries and draw on their experience, especially the experience of matured class action system in the US. The traditional action form and concept on judgement have to be changed. Moreover, the action system of infringement in securities should be consummated and constructed in China. In turn, the improvement in the action system will more effectively maintain the legal right and interests of small and medium investors, which will promote the development of securities market in China in a healthy and orderly manner.We began first with the concepts, and characteristics of security infringement. We concluded that the actions on security infringement has a characteristic of "large number with small size", which belongs to a typical class action. Then we analyzed the categories of the civil action forms available now in China, where we emphasized on class action system, namely the representative action system. The characteristics and properties of the representative action were profoundly analyzed. Furthermore, we expatiated on both the disadvantages of traditional action form and the advantages of representative action in hearing cases of security infringement. In this dissertation, we have also looked back on the development process of action on infringement in securities in China, pointed out the main problems in the present action form. In China, the representative action of the class action system is also set up in the civil procedure law. Whereas in the juridical practice, the Supreme People's Court regulated only the single and joinder action forms can be adopted when settling the case of securities infringement, excluding the representative action. The deeper reasons underlying why the representative action is skirted out in the court were emphasized. We also reviewed the related judicial policies.There are several typical class action forms when settling the issues of security infringement disputes, such as the class action form in the US, the group action form in Germany, and also the representative litigation form in Japan. Among them, the American class action system is the most vigorous one. In this dissertation, we made induction to the primary international action forms related to the infringement in securities, namely the class action systems in the US, Germany, Japan, etc. The concept, characteristic, and background of the class action system in the US were emphasized. We also commented on these international action systems. Finally, we made a comparison between the representative action system in China and the group action system in the US. We evaluated the advantages and limitations of them, and investigated the suitability of the two systems in the action on infringement in securities. In view of the judicial environment and local resources, we proposed the specific solutions to improve the action form on infringement in securities in China.