| With the rapid development of security markets, securities disputes occur without interruption, threatening the legal rights and interests of investors seriously. One of the effective ways to solve disputes and protect the legal rights and interests of investors is to perfect relevant mechanisms, providing investors comprehensive legal relief timely. This has been proved by the policy of overseas mature securities markets where investor compensation is regarded as the main part of securities regulation. This thesis will study civil disputes concerning securities and the relevant civil compensation liabilities, which mainly refer to various civil and commercial disputes between individual securities investors and listed companies occurring in the links such as issuance, transaction, agency, registration and liquidation of securities. After demonstrating that other solutions for securities disputes such as lawsuits, securities arbitration and conciliation contain drawbacks in practice, it puts forward the suggestion to establish Securities Investor Compensation Fund System: when investors lost their property due to the illegal actions of listed companies such as misrepresentation, insider trading and market manipulation, securities regulatory institutions will get involved in the dispute timely. They will review the illegal actions of listed companies. If these illegal actions proved to be true, they will urge the listed companies to issue relevant announcements and register the information of investors whose property got damaged and the lost capitals. Then with the guide of securities regulatory institutions, the listed companies and investors reach a settlement agreement based on negotiation. Finally the investors can get compensation from Securities Investor Compensation Fund as per this agreement. Then the thesis analyzes the feasibility and necessity of the new system by comparing the design, nature, capital sources and causes of compensation of the new system and current Securities Investors Protection Fund System as well as referring toAmerican and Canadian systems for Securities Investor Compensation Fund. In addition,it also constructs the new system from establishment of fund, capital sources,compensation objects and scope as well as management and implementation of fund with the aim to make sure that the new system can be applied into practices successfully,protecting the legal rights and interests of investors effectively and promoting the stable and healthy development of our securities market. |
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