Research On The Representative Action Of Securities Fraud

Civil litigation for during a crackdown on securities fraud crime has incomparable advantage over administrative measures. Throughout the legislative experiences of developed financial markets abroad, civil litigation is a major means of securities disputes better than government regulation. Securities fraud in China using less representative lawsuit is due to the government securities market regulation do, lead to civil action means are limited, the justice department for such disputes are often willing to take a back seat. Government departments for the interim regulation of financial markets, on the one hand, breed the soil, low administrative efficiency, on the other hand seriously limits the function of securities fraud of representative lawsuit. Based on securities fraud representative lawsuit in solving the securities fraud investigation, the advantages of foreign securities fraud lawsuit system, analyzes the existing problems of representative lawsuit, the perfection of securities fraud are representative lawsuit.This article is divided into four parts altogether.The first part discusses the representative litigation advantage in the solution of securities fraud. From the fair value, litigation constitution, one-time solve encouraged investors securities fraud disputes and litigation four aspects detailed interpretation of representative lawsuit system in securities fraud dispute resolution.The second part of securities fraud lawsuit system of outside investigation. Mainly inspects us group litigation and Germany, two kinds of representative lawsuit characteristic of extraterritorial securities fraud lawsuit system background and the main mechanism, the advantages and disadvantages of the two kinds of system, to our country securities fraud has the representative lawsuit system efficiency, perfecting the procedure guarantee, etc.The third part of the present situation of our securities fraud representative lawsuit system analysis. The current securities fraud representative lawsuit system in our country the prepositional procedure that securities fraud representative litigation in our country exists in the strict, poor expansion procedure guarantee being sentenced to force, the reason is that China’s securities regulation of the securities fraud neglect of representative lawsuit system, so the securities fraud representative litigation system in China needs to get the attention of the society from all walks of life, the establishment and perfection of the supporting mechanism also needs to be further.The fourth part legislative Suggestions to perfect our securities fraud representative action system. Based on the foregoing, it is recommended that the cancellation of securities fraud litigation has long been blamed the prepositional procedure, cancel the legal restrictions on group litigation risk agency incentives law litigation, suggest the announcement of the court to establish a national notification bar, court representative lawsuit of the securities fraud case shall make a public announcement.