On The China Securities Civil Relief System

The situation of Chinese capital market, no matter the quality of public held company, intermediary system, stock owner character or relevant laws and regulations have less than more satisfactory formulations. The lawbreakers utilize the unordered market, the deficiency of legal system to swindle. The small and medium-sized investors often become the victims of imperfect system. The lawbreaker is not punished severely, the victim has no way of being relieved." No right if there is no relief ". Since " first case of China " -investor sued HONGGUANG for compensation. The discussion of securities relief become popular, people can't tolerate securities fraud any more, stock owner can't manage to get by swallowing insults and humiliation again, it is already extremely urgent to perfect the system of Chinese securities civil relief.It is a system engineering to perfect the securities civil relief. It includes two respects: before the event, refer to standardizing the security market , include perfecting the corporate governance structure, standardizing intermediary's behaviors , such as stock broker, accounting office, lawyer' s office ,etc. , define the administrative duty of the stock exchange , stock supervisory committee, the perfection purpose of this system in advance is " preventing trouble before it happens ". After the event means when securities tort takes place, to compensate the investors reasonably, while being so-called, including lawsuit system and civil compensation, " defend and suffer from already becoming a fact ". I try to proceed with these two respects in this article.The article's structure includes three sections:First, the prerequisite of perfecting the system of securities civil relief. Having looked on the precondition, we can pay close attention to system design better, seem that there are grounds, the lofty tower can just level the land and get up. Perfect thesystem of securities civil relief we should: establish civil liability, change government leading mode in capital market, diversify equity, enhance consciousness of legal and rightSecond, relief in advance, which includes the perfection of public held corporate governance and the perfection of intermediary's restrained mechanism.The public held company is a foundation of the security market. The perfection of the corporate governance structure plays important role in the operation of the public held company. To optimize the public held company governance we should: strengthen big shareholder's sincere obligation, perfect independent director system, carry out shareholder equal principle, institutional investor participate in company operation. Intermediary's structure includes the stock broker and accounting office. In the swindle case that takes place again and again recently , some intermediaries have played an inglorious role, they violated the obligation of stabilizing security market and supervising the public held company, but add fuel to the flames in order to make the fake, so it is very important to standardize the behavior of the intermediary. To widen their financing channel, strengthen stock broker files and reports, set up the securities investment insurance system; to establish independent auditing status, accounting offices that establish in partnership, strengthen accountant civil liability.Third, relief afterwards which includes the perfection of the securities civil liability system and the perfection of the securities civil action system. To establish our substantive law of the securities civil liability system :the nature of securities civil liability, the form of securities civil liability, compensation calculation. Learn from the foreign shareholder derive lawsuit and group's lawsuit, guarantee the realization of investor's interests from procedure.