Investor Protection Agency Participates In Securities Litigation Research

Chinese securities market has Chinese characteristics,one of the important characteristics is that there are many small and medium-sized investors,especially individual investors are the largest investment subject of Chinese securities market.The new securities law of 2019 adds chapter 6 "investor protection" to the protection of small and medium investors,which stipulates that the investor protection institution can protect the legitimate rights and interests of investors by supporting investor litigation,participating in the establishment of securities model litigation,holding equity exercise or presiding over securities mediation.The first part of this article,to to the terms of the new "securities law" to regulate,analyzes our country's at present the most typical is the most authoritative public welfare service center of small and medium-sized investors under the investor protection agency-limited liability company in recent years to participate in the litigation of three typical cases,analysis of investor protection institutions involved in securities litigation three main modes: demonstrations attends the securities stock support litigation,litigation and exercise way through ownership,suit to attend the shareholders of a company.In this paper,the second part,through the analysis of the above three cases study,combing the mechanism of investor protection institutions to participate in litigation,and judicial practice in the relatively mature environmental protection type of public interest litigation,comparison and reference to find investor protection mechanism under the current legal system in securities litigation,including substantive law between the securities law and procedural law in the civil procedure law of conflict and cohesion,fewer investor protection mechanism,the problem of the small coverage of the investors to seek protection agencies involved in securities litigation procedure trial,investment protection agencies may have a conflict of interest problems involved in litigation,Problems such as the lack of regulation of the investor protection agency itself.The final part of this paper,in view of the above problems,and puts forward the legislative Suggestions: for example,the Suggestions to consummate the securities law and XiaWeiFa cohesion,cohesion of the securities law and procedure law,even should consider to set up a special procedure mechanism,increase the number of institutional investors legal protection and coverage,reduce ordinary investors to seek its protection,regulate internal operation and external investor protection institutions through the system running,and so on,to improve and perfect the judicial mechanism of investor protection institutions involved in litigation.