| After more than five years of practical exploration,the China Securities Investment and Service Center(hereinafter referred to as ISC)has gradually formed a model of protection for small and medium-sized investors based on investor education,pre-shareholding exercise,dispute mediation in the event,and post-mortem securities litigation.The mode of investor protection is different between ISC and most countries and regions,which is closest to the mode of "Securities Investor and Futures Trading Protection Center "(hereinafter referred to as" Insurance Center ")in Taiwan of China." Insurance Center " in Taiwan has been in operation for 17 years,with a relatively mature investor protection mechanism,including advisory complaints,dispute mediation,group litigation,group arbitration,representative litigation and dismissal litigation,classified exercise of power,fund repayment,exercise of shareholders' rights and interests.Because of the experience of "Insurance Center ",the system design and operational effectiveness of many of its functions can be used as a reference for the operation of ISC.On December 28,2019,Standing Committee of the National People's Congress deliberated and adopted the revised Securities Law of the People's Republic of China(hereinafter referred to as the New Securities Law),which will take effect on March 1,2020.The new Securities Law sets up a special chapter on investor protection,which elevates the investor protection system in mainland China to a new height,including several clauses concerning investor protection institutions.Combined with the latest provisions of the new Securities Law,this paper summarizes the legal rules and operational effectiveness of all the existing major investor protection mechanisms of ISC.It is planned to compare it with the investor protection mechanism of "insurance centers" in Taiwan and analyze their advantages and disadvantages in order to better improve the existing system of ISC and protect the legitimate rights and interests of investors.This paper is divided into four parts,the first part describes the operation system and practice of ISC.One is the functional orientation and organizational structure of ISC.By analyzing the insurance system of "one body and two wings" in mainland China,the author explains the position of ISC in the investor protection system in mainland China.Second,combing the operation system and practice of ISC.In this paper,the author expounds the institutional implications of holding right,analyzes the scope,principle and actual operation of holding right.In the part of dispute mediation,this paper introduces the general situation of dispute mediation,and analyzes a series of innovative special systems in dispute mediation:online dispute acceptance mechanism,unilateral,unilateral commitment mediation,small speed adjustment mechanism," model litigation entrustment mediation "mechanism,judicial confirmation mechanism,good faith supervision and cooperation mechanism and enforcement mechanism,non-controversial fact recording mechanism,advance payment system,compulsory mediation system.The normative basis and practical cases of these systems are analyzed.In the aspect of safeguarding rights service,this paper expounds the system of securities support litigation,shareholder representative litigation,shareholder direct litigation,representative litigation and securities group litigation with Chinese characteristics in combination with the provisions of the new Securities Law,and emphatically analyzes the institutional connotation of the securities group litigation system with Chinese characteristics.In the second part,the author comprehensively collates the system and practice of "insurance center" in Taiwan.This paper introduces the historical evolution of investor protection institutions in Taiwan,as well as the personnel structure,organizational structure,source of funds and organizational orientation of the"Insurance Center " This paper introduces the main functions and practical operation of "insurance center ",and focuses on the functions of dispute mediation and group litigation.The special system of dispute mediation in "insurance center" includes joint mediation mechanism,small dispute event mediation mechanism,and effectiveness confirmation system.This paper mainly introduces the nature,important elements and specific rules of group action,and evaluates the rules and operation effect of group action.In the third part,this paper compares the investor protection mechanism between ISC and the "Insurance Center" in Taiwan.The perfect investor protection mechanism should not only focus on the specific system design,but also pay attention to the combination of all the single system as the legal pattern of the whole operation.Therefore,the writer from the specific system and the overall two levels of analysis.Specific system level,mainly compared the two institutions in the exercise of shareholder rights and rights litigation two aspects of similarities and differences.On the whole level,this paper analyzes the similarities and differences between the two institutions in terms of function orientation and independence,personnel and service ability,and the normative system of investor protection system.The fourth part is mainly on the basis of the first three parts,put forward suggestions to improve the investor protection mechanism of ISC.The same analysis is carried out from the specific system and the whole.In the aspect of the ownership exercise,it is suggested to expand the scope of the ownership exercise and strengthen the supervision over Dirctors,Supervisors and Senior Managers.As for the supporting rules of class action of securities with Chinese characteristics,the time point of "express withdrawal" of class action of securities with Chinese characteristics,the authority of ISC in class action of securities with Chinese characteristics,the appeal of class action of securities with Chinese characteristics,and the preferential measures of related litigation all try to put forward our own suggestions.In order to ensure that investors are fully compensated,it is suggested to set up a special compensation fund for investors.To improve the organizational level of ISC service center,from four aspects:improving the division of functions of ISC service center and insurance fund company,widening the funding source of ISC service center,upgrading the professional level of ISC service center and strengthening cooperation with other institutions. |
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