The Study Of Establishment And Improvement Of The Securities Fraud Group Lawsuit System In China

The securities market of People’Republic of China is born in1990s,which growsup quickly with the continuous development of China’s market economy.During themore than20years development course,our country’s securities transactionexperiences rapid expansion and prosperity in the beginning and then gradually tendsto be steady development.In this process,defrauding investors,false statement,insiderdealing and other large-scale disputes of securities fraud occur frequently.Thesebehaviors hurt the legitimate rights and interests of investors greatly as well as hinderseriously the sustainable and healthy development of securities market in China.Thedevelopment of the securities market is an important index of national economicdevelopment situation,and the legitimate rights and interests of investors are thefundamental guarantee of the rapid development of securities market.However,thepresent situation of the legislation fails ot solve well the group disputes of securities:traditional lawsuit mode cannot cope with the securities disputes concerning “smallamount of claim but lange amount of victims”,while judicial interpretation hasexcluded the application of representative litigation system in securities disputes.So,inorder to maximumly solve the securities fraud group disputes, restore the confidenceof the investors for the securities market, maintain the normal order of securitiesmarket and achieve sound and rapid growth of national economy,it is necessary torethink the solution of securities fraud group disputes and build as well as perfect the system of securities fraud group lawsuit system.Given this,Based on the recent case"Guangda securities case"，by introducing the condition of the securities market andthe group lawsuit system and contrasting strengths and weaknesses of the grouplawsuit system in China and securities fraud group lawsuit system abroad, this thesisanalyze the advantages and disadvantages and put forward the suitable suggestion forChina’s national conditions of securities fraud group lawsuit system,by building thesystem,I hope it can help to push forward future legislation in our country.Apart from the introduction and conclusion, the thesis is divided into fourchapters.The first chapter is the overview.This chapter take “Guangda securities case”asan example to lead people to follow and think about securities fraud group disputesand then briefly introduce the situation of securities fraud and securities groupaction.Finally the chapter point out the operation status of the securities market inour country at present and the great significance that building and perfecting securitiesgroup lawsuit system would have.The second chapter is the legislation mode of securities fraud civil lawsuit in ourcountry.On the one hand,the key analysis in this chapter focuses on the two groupdisputes resolution mechanism of China at present--representative lawsuit system andpublic interest litigation system and highlights the two major problems existing inthe system,thus it can clear that these two systems are not directly applicable in thefield of securities fraud group disputes.On the other hand,this chapter brieflyexpounds the current law of securities fraud disputes solution and demonstrates thatthe current judicial interpretation rules of separate action, joint action is also not avery good solution to securities fraud disputes,which lay the foundation forintroducing other countrys experience.The third chapter is the pattern research of extraterritorial securities fraud grouplitigation.This chapter mainly introduces the experience of securities group disputesresolution system in other countries and regions.Different countries and regions buildthe corresponding securities litigation mode according to their specific situation.Thischapter mainly introduces three kind of systems in three typical countries:class action system in the United States, model action in Germany and verbandsklage inTaiwan.From the perspective of the historical development, program contents andsystem defects of each system,this chapter analyse and finally come to conclusion thatin the current situation, the traditional single type of group lawsuit system couldn’tsolve the problem of securities fraud disputes well.We should use the advantage of thesystem of other countries and regions for reference to build a diversified securitiesfraud group litigation system.The fourth chapter is the idea of perfecting our country’s securities fraud grouplawsuit system.This chapter is based on the actual situation of our country and startsfrom the reality of our country’s securities fraud group disputes and then appropriatereferences extraterritorial securities fraud group lawsuit system.With this support,thisthesis comes up with the improvement scheme about the basic principles and pathselection and the specific procedure design of our country’s securities fraud grouplawsuit system.In the end,this thesis builds and perfects a set of securities fraud grouplawsuit system, which gives priority to indefinite population representative’s lawsuitsystem and supplements by model action system and verbandsklage system andappropriate references reasonable factors of class action in America.This sysem wouldprovid a practical system scheme for our future legislation construction.