Research On The Collective Action Mechanism Of Bond Disputes In My Country

China’s bond market is developing rapidly,but at the same time there have been many violations of laws and regulations.For a long time,China’s bond violation resolution mechanism has mainly relied on administrative measures.The status quo of "regulating over litigation" has made it insufficient to protect the interests of bond investors.After the new "Securities Law" was promulgated,the registration system was gradually implemented for bond issuance,and the risk of bond default has further increased.It is more urgent to protect the interests of bond investors through litigation.Bonds are marketable securities.There are a large number of investors buying bonds during the same period.They have consistent litigation claims.Class actions should be the most efficient means to resolve such mass disputes.In China’s judicial practice,there are many concepts of group litigation,and the terminology is confusing.In a broad sense,class action is synonymous with group action,which refers to a generalization of a type of litigation phenomenon,including various litigation forms for resolving group disputes,such as demonstration litigation,group litigation,support litigation,and other litigations that essentially involve many subjects.the way.The withdrawal class action in the United States,the joining class action in the UK,the group action in Germany,and the litigation of selected parties in Japan can also be classified as broad class actions.The narrowly defined class action refers specifically to a specific litigation system in which parties with the same legal relationship or the same facts are drafted into a litigation class.Members of the class can act as representatives and have the right to initiate and participate in litigation on behalf of the entire class.The judgment binds all members of the group.The term "class action" in this article adopts its narrow concept,and specifically refers to the two class action mechanisms of ordinary representative litigation and special representative litigation stipulated in the new "Securities Law" in China.Since then,Related agencies have promulgated a series of supporting rules,indicating that Chinese securities disputes The class action mechanism has been largely formed.Traditional theory holds that bondholders are creditors of the company,and they should be protected by the "Contract Law",and their rights precedence over shareholders.Therefore,the protection of the interests of bondholders is insufficient.However,according to the research of American scholars,bondholders are increasingly participating in securities class actions,and it is justified for bondholders to initiate class actions.Regarding the current status of civil litigation for bond disputes in China,civil litigation cases for bond transaction disputes in China have also shown an increasing law over the years,and relevant cases have also appeared in the accountability of bond false statements.In March 2020,the Hangzhou Intermediate People’s Court adopted a representative lawsuit to hear the case of the fraudulent issuance of Wuyang bonds,which became the first case in China to be tried by a securities representative lawsuit.To this end,Hangzhou Intermediate People’s Court has formulated corresponding supporting procedures to enrich the experience of class action in the bond field in China,and at the same time,it also brings us some reflection on the detailed setting of procedures.Based on the analysis of the status quo of civil litigation in bond disputes and the Wuyang Debt representative litigation case,this article puts forward the problems and shortcomings of the collective litigation mechanism for bond disputes in China.Later,through the demonstration of the necessity of protecting the interests of bondholders,the necessity of the construction of bondholders’ class actions is proposed,and it is clear why China’s bond class actions are less practical.By learning from foreign experience,it is clear that the fraud market theory should be improved in the bond field of class actions,the relationship and application of bondholders’ self-initiated class actions and bond trustee’s actions,and the refinement of the class action mechanism,such as class actions.The initiation of litigation procedures,due process and other aspects have been conceived to improve the class action mechanism in Chinese bond field.This article is divided into four chapters.Firstly,an empirical analysis of the status quo of civil litigation in the bond dispute field has been conducted,reflecting the current situation of investors seeking relief through civil litigation,and combining with the first case of representative litigation in the bond field-Wuyang Debt’s false statement liability dispute,and analyzing Wuyang Debt The process from issuance to default and analysis of the current problems in the civil litigation of bond disputes in China will help to explore a more refined and practical bond dispute class action mechanism.The second chapter analyzes Chinese bond dispute class action mechanism that faces many problems such as the low utility of special representative litigation,the mechanization of the identification of the “same legal relationship” between investors,the imperfect notification and announcement system,and the unreasonable representative selection procedure.The reasons for the problems in China’s current bond class action mechanism will pave the way for the exploration of foreign experience and the construction of a bond dispute class action mechanism in China.Thirdly,Study the relevant systems in the U.S.and Taiwan of China,observe the experience of foreign countries from the perspective of comparative law,and provide references for the collective litigation mechanism of China’s bond disputes.The fourth chapter mainly discusses the improvement of China’s bond class action mechanism,and the improvement of China’s bond dispute class action mechanism is the intended meaning of this article.First,clarify what adjustments should be made to the fraud on the market theory.Second,clarify how the two systems should be connected.Finally,by shaping the due process of China’s bond class action mechanism,the legitimate rights and interests of bondholders can be better protected.