Public Investors Legal Protection For The Interests During The Compulsory Delisting Of Listed Companies

Public investors, as the main source of funds in our stock market, its rights and interests protection degree directly reflects the degree of a country’s securities market under the rule of law. Because our country securities market development in transition period, all the system and its implementation has a problem, the rights and interests of public investors become high incidence area of securities market is being violated, especially in the listed companies are in a compulsory delisting risk, public rights and interests of investors is a serious violation and long-term is in a state of being violated. The emergence of this abnormal situation, on the one hand, is the information disclosure system and the civil liability system is not perfect; On the other hand is in the public the fact that investors’ rights and interests are violated, the judicial relief program start is difficult, and there is no special protection of the rights and interests of public investors institutions leading to state infringement in a constant.In order to solve this kind of abnormal phenomenon in the securities market in China, through instance argument related to outside investigation, think that should establish concise expression through the principle purpose of the establishment of information disclosure system, at the same time, increase violation of information disclosure in order to improve the illegal cost, and through effective continuous information disclosure review, makes the listed company, and can’t also cannot undertake false disclosure of listed companies, so as to achieve the public investors’ right to know; At the same time, given the current our country securities sector legislation imperfect to civil liability rules, refine the rules is particularly important. To break the “Securities Law” the 69 th “three level” imputation principle of setting, enlarge the scope of presumption of fault liability principle, cancel the fault liability principle applies in the field of securities civil liability to pay compensation, at the same time, break “because of false statement” requirements of bearing civil liability limit. In perfecting the information disclosure system and the civil liability system at the same time, the improvement of the judicial remedy procedure, establishment of special protection agency and the latest intermediaries to pay in advance the normalized construction, become the compulsory delisting of the protection of the rights and interests of public investors an indispensable part of. Cancel the frontloading securities civil compensation lawsuit procedures and individual settings “securities events caused by the same” representative litigation mode, can very good maintenance of public investors litigation rights and to protect the rights of the entity. And set up the special protection of the rights and interests of public investors, is not only the international practice, is the current urgent need to improve and establish, intermediary institutions to pay in advance the norm mechanism and public compulsory insurance is the way through a third party, to implement the market legal protection of rights and interests of public investors. From the above several aspects to our country compulsory delisting of listed companies in the public of the legal protection of rights and interests of investors is perfect, can our country legislation and law enforcement in the led to a new stage.