Concerning The Construction Of Civil Public Welfare Lawsuit System Of Securities

In recent years,with the rapid development of capital market in China,various new types of illegal behavior has been emerging.Insider trading in securities market,false statement and fraud customers,market manipulation and other illegal behaviors rise year by year.In 2012,Article 55 of civil procedure law has made the principle rules for public interest litigation,but there is no provision how to operate specificly in practice.In 2014,in order to put the environmental public interest litigation into practice more effectively,the supreme people's court introduced judicial explanations respectively.In 2016,the supreme people's court introduced judicial explanations to the consumer public interest litigation.Besides administrative regulation and criminal penalties in China securities fields,civil field rarely stipulate for securities tort relief legislation.From the composition of our capital market,small and medium-sized investors accounted for the largest proportion and it is the main force of investment,only by protecting their legitimate rights and interests can we promote the better development of the securities market.The characteristics that the number of China's small and medium-sized investors is a little large and it is also widely distributed determines its rights involves no particular interests of the majority of people,so when dealing with securities disputes,we should use relevant provisions of the consumer public interest litigation and environmental public interest litigation for reference and then build civil public interest litigation in the field of securities.In this paper,by summarizing the characteratics of relief object of the securities civil public interest litigation,such as particularity,strong professionl,high cost,large amount and so on;and concluding the value funtions of securities civil public interest litigation in making up for the relief procedure and saving judicial cost,maintaining the stability of securitiesmarket;and to explore the deficiency existing in consumer public interest litigation,common litigation and representative litigation system when solving the securities dispute;and analyse the feasibility of securities civil public interest litigation in the legislative basis,practical experience,having conditions;and using the relevant provisions of the civil public interest litigation for reference,such as Germany demonstration,Taiwan group litigation,the United States and South Korea group litigation and so on,then to build the plaintiff of instituting securities civil public interest litigation with the procuratorial organ,the securities regulatory institutions,social organizations and individuals,and to cancel litigation mode of administrative prepositional procedure and support prosecution,establish litigation claims of civil damages,punitive damages and handing over illegal benefit of gold,according to the different lawsuit main bodies for evidence systems,such as the burden of proof,securities protection agency's right of special investigation,expert system of auxiliary evidence to testify,etc,for different litigation costs such as sharing the cost of lawsuit,litigation representative of the reward system,special litigation expense that the government gives like grants and subsidies,public interest lawyers and lawyers risk premium of public lawyer system,apply to cases of intermediation of the court mediation,conciliation agreement announcement time and reached way diverse and some other aspects to explore the construction of securities civil public interest litigation.