The Study Of The System Of Securities Group Litigation

As a new system of litigation,the securities group litigation breaks the traditional mode of litigation.It is characteristic of a great number of victims and a wide geographical distribution.Every country is positively exploring the mode of securities group litigation that suits to its national conditions.At present,there is no explicit legislation on the system of securities group litigation in China.It is merely provided that separate litigation or joint litigation must be adopted to file a lawsuit for securities civil compensation,which is apparently unable to meet the practical demand for the litigation of securities infringement compensation.In 2017,the Service Center of Medium and Small Investor of CSRC,which is a special agency of public welfare for protecting investors set up with the approval of CSRC(China Securities Regulatory Commission),took initiative to open the door of securities supporting indictment.As to filing securities supporting indictment,the center is still in the stage of initial exploration.Thus,we should base on the former prepositionalprocedure of securities civil compensation of our country,combine the mode of model litigation of Germany,take the supporting indictments filed by the center as model litigations,and then directly apply fact questions and legal questions,such as the standard of the party,the standard of compensation,and identification of casual relationship,established by the supporting indictment to the cases that are sued for same facts.The questions that have been decided shall not be tried and the judgment shall be made according to the specific situation in the securities civil compensation litigation that is filed later.Meanwhile,the system of attorney’s risk agency in the securities group litigation shall not be controlled and professional attorneys will promote the practice of the system of securities group litigation in our country.To explore the mode of securities group litigation that suits the national conditions of our country can promote the sound development of securities market and the sound and orderly development of economy of our country.