Research On Class Action System Of Securities False Statement In China

Securities false statement civil compensation dispute has been a chronic disease in China’s securities market for many years,and the previous legal system was rough and scattered.Until 2020,with the Securities Law of the People’s Republic of China modified and completed,Minutes of the National Courts’ Civil and Commercial Trial Work Conference,Provisions of the Supreme People’s Court on Some Issues Concerning Representative Litigation in Securities Disputes appeared,beneficial exploring like Provisions of Shanghai Financial Court on Model Judgment Mechanism for Securities Disputes has been carried out,class action system of securities false statement in our country puts the last piece of the puzzle together,and presents a complete structure.What this article explores is,after a series of major updates,standing on a new starting point,China’s class action system of securities false statement.The article is divided into five parts.In the introduction,the relevant research background,current situation,research methods,innovation highlights and purpose significance of the class action system of securities misrepresentation in China are explained.In the part of innovation highlights,the specific new laws and regulations on which this paper is based are explained.The first part elaborates the necessity of the class action on the civil compensation dispute of false statement of securities,including the basic concept and main characteristics of the civil compensation dispute of false statement of securities.The second part combines the new laws and regulations,academic theories and practical cases to analyze the class action system of securities misstatement in China,and discusses its internal specific systems,such as the pre-procedure,jurisdiction ownership,representative action system and the model judgment mechanism.The third part points out the existing problems in the class action of securities false statement in China,such as the objection to the major litigation matters of representative,the theoretical support for the expansion of the effectiveness of the model judgment,the relationship between the system of representative action and the model judgment mechanism,etc.The fourth part briefly analyzes American class action system,which has been widely recognized by Chinese scholars for many years,comparing the differences and tell why it is not applicable to our country,and then draw a conclusion:we should focus on our own national conditions,rather than blindly copying other countries’ experience,further improve the innovation ability and confidence of the system,and developing the class action system of securities false statement with Chinese characteristics.Finally,the fifth part put forwards reasonable countermeasures for the next step development of our class action system of securities false statement,including:further reducing the cost of investor litigation,and make it easier for investors to safeguard their own rights and interests;encouraging the adoption of non-litigation means to promote the formation of diversified dispute settlement mechanism;combining public power with private power,leaving more space for public welfare organizations and lawyers to participate in litigation;further improving and exploring the formation of administrative,civil and criminal comprehensive three-dimensional accountability and punishment system.