Research On Securities Fraud Model Litigation

The model lawsuit of securities fraud selects the cases from the cases of securities fraud with common facts and legal issues to be tried first.The determination of common facts and legal issues in the judgment of this case is the basis for the judgment of other cases.The first adjudication case is the model case,and the other case is the parallel case.The scope of application of securities fraud model lawsuit includes securities insider trading,manipulation of securities trading market and false statement of securities.The model litigation system of securities fraud has the characteristics of collectivity of cases,commonality of law and fact,and expansion of effectiveness.This system has the function of maintaining judicial justice,correcting mistakes in advance and promoting reconciliation.The introduction of securities fraud model litigation is both necessary and feasible.The necessity of introducing model litigation system lies in the dilemma of securities fraud litigation.Securities fraud disputes have their own characteristics and cause a lot of demands,but the existing representative litigation system can not solve the securities fraud disputes,the securities special representative litigation system as stipulated in the newly revised securities law also has many problems.The mode of joint litigation and the mode of trial of separate litigation have the same defects,while the model of securities fraud litigation can meet the needs of solving securities fraud disputes in maintaining social stability,efficiency and economy.The feasibility of introducing demonstration lawsuitsystem lies in the UK,Germany,the United States national demonstration of securities fraud litigation which may serve as a reference for our country.And build a demonstration of securities fraud litigation in our country has a certain policy and practice.In terms of policy,China's Supreme Court and other organs have issued a series of policies.The Shanghai financial court of China has issued the relevant provisions of the model judgment mechanism,which is the rudiment of the model litigation.In practice,China's securities fraud model litigation has its own way of trial and error.In recent years,the successful trial of the model cases using the model decision mechanism has demonstrated the feasibility of the model litigation of securities fraud.The model judgment mechanism has problems in many aspects.The initiation of securities fraud model litigation cases does not guarantee the procedural options of the parties,stipulate the number of cases to be initiated,stipulate the issues such as announcement and selection of model cases,and is also very imperfect in mediation,litigation costs,and the protection of the rights of the plaintiffs in parallel cases.It is suggested to establish the model litigation of securities in China on the basis of the model judgment mechanism.To establish the conditions for the initiation of securities model litigation,including the mode and quantity of case initiation;To add the provisions of the public notice,including the content of the public notice and the role of soliciting lawyers;Identify selected steps and considerations for model cases.On the basis of determining the common points of contention of the case,the factors of representativeness of the model case should be considered,including the factors necessary for determining the defendant,the node of the case and the agent.It also includes other factors such as the recommendation of other cases,the amount of the subject matter and the enthusiasm of the plaintiff;To clarify the conciliation of model cases and the conciliation of parallel cases;Detailed provisions on litigation costs,such as the scope of fees to be shared in model litigation,the way of apportionment,the payment of fees,the use of penalty rules for legal costs,etc.;To improve the parallel case,the plaintiff's rights,increase the right to know,the regulation of the hearing,the right of appeal,etc.The establishment of securities fraud model litigation also needs to pay attention to the relationship with other systems,including the pre-trial conference and representative litigation system.