Securities Civil Lawsuit Plaintiff System

After twenty years development, the securities market of China has made lots of progress, while there are such imperfections, such as illegal activity related to securities occurred often, judicial remedies as the last defensive measure for rights are very poor, the right of securities investors is short of protection. The investors is the key of the securities market, if their rights are short of protection, which must affect their confidence in investments, and then affect the development of securities market steady. Thus it is necessary to take further measures to protect the securities investors.Securities civil action includes civil violations action of securities, civil tort action of securities and others. The thesis focuses on civil tort action of securities, because it is very important to protect the right of the securities investors, punish the offenders of securities, healthy develop of the securities market as well as the social stability, and develop of the national economy. The civil tort action of securities involves a broader scope, so the thesis only discuss the plaintiff system of it, including who can sue in court? What is the threshold to sue? As well as how the other investors join the action.This thesis includes four parts and about thirty-one thousand words.The first part outlines the conception of civil tort action of securities and proper party. First, introduce civil tort action of securities and proper party. Clarify the concept of civil tort action of securities and the differences between it and securities civil action. Then introduce the development, positive meaning of the development of proper party to civil tort action of securities. The theory of proper party is the theoretical basis of plaintiff system. There are different ways of civil tort action of securities largely because the development of the theory of proper party.The second part introduce and criticism the plaintiff system other countries'civil tort action of securities, including the conception, the development, the yard stick, the way to join the action of other securities investors of American class action, German and Taiwan verbandsklage, selected representative system.The third part introduce the situation and imperfection of our plaintiff system of civil tort action of securities. First talk about our situation of legislation and judicature of civil tort action of securities. Then discuss our plaintiff provision of our civil tort action of securities in detail. Discuss the shortage of our plaintiff system of civil tort action of securities in detail. The fourth part give advice on perfecting our civil tort action of securities. After commenting on other scholar's different viewpoint, we should recognize the unique features of the representative action on civil tort action of securities first. Then draw lessons from American class action to improve our representative action. On the other hand we should draw lessons from German verbandsklage and empower the special department of Securities Regulatory Commission to sue the civil tort action of securities. If it can not sue the action on behalf of the investors, the investors can start representative action.