Research On The Nature Of Litigation Law Of Stock Exchanges In My Country

As the center of the capital market’s exciting elements,the stock exchange plays a vital role in optimizing the allocation in the process of capital gathering and dispersing,which is the economic function of the stock exchange,and in order to better guide and divert funds and serve the capital market,the stock exchange makes use of its natural advantages to assume the regulatory function for the capital market participants.Since November 2018,the Shanghai Stock Exchange’s Science and Technology Innovation Board has been accelerating its implementation and has been operating steadily with the help of the central and local governments.The "Shanghai Stock Exchange Science and Technology Board Stock Listing Rules","Shanghai Stock Exchange Science and Technology Board Stock Issuance and Listing Examination Measures","Shanghai Stock Exchange Science and Technology Board Stock Issuance and Listing Review Questions and Answers" and other rules clearly stipulate the implementation of Science and Technology Board The registration system is different from the approval system for the issuance and listing of main board stocks.The revised draft of China’s "Securities Law" in 2019 solicited opinions from all parties,and was finally approved after a fourth reading review,and has been implemented since March 1,2020.The amendments to the new Securities Law focus on the following areas:1.Guided by the idea of implementing the registration system in the capital market as a guideline,abolishing the regulations on the approval system;2.Increasing the punishment for illegal activities in the capital market,and increasing the cost of illegal capital markets;3.Further strengthening the protection of investors.We will explore a class action lawsuit system in which investor protection agencies as litigation representatives are in line with China’s national conditions;4.build a multi-layered capital market system.Against the above background,it is foreseeable that with the comprehensive promotion of China ’s capital market registration system,the card of the litigation representative system of the securities market has begun to enter China ’s capital market and the practical promotion of the multi-level capital market system,and the regulatory behavior of stock exchanges.The qualitative characterization will be different from the past,and related research will have an important impact on judicial practice,and it is worthy of further discussion.Among them,regarding the provisions of China’s stock exchanges,although the new "Securities Law" has undergone major adjustments,the adjustments are mainly aimed at the authorization provisions of the State Council to establish multi-level exchanges,and the nature of the stock exchanges is still relatively vague,open.It did not respond positively to the doubts of relevant scholars and legal practice.In addition,to fully promote the implementation of the stock issuance registration system in China’s capital market,the stock exchange as the capital market center must first respond and adjust.Whether these adjustments and responses would have any impact on the qualitative regulation of the stock exchange,it remains to be demonstrated.According to the relevant provisions of the "Securities Law" and the "Administrative Measures for Stock Exchanges",the main functions of China’s stock exchanges are: to provide venues and facilities for securities transactions;to organize and supervise the parties and behaviors of securities transactions.Its functions can be further refined into: the provision and maintenance of securities trading venues and services;the formulation and modification of securities business rules;stipulating the company’s listing conditions and terminating the securities trading of listed companies;organizing and supervising securities trading;supervising members and securities service agencies,Securities listing and trading companies and related information disclosure obligors;other functions authorized,permitted or entrusted by the China Securities Regulatory Commission and required by laws and administrative regulations.Relevant laws and regulations of our country have provided the above functions for the functions of the stock exchange,but which of the above functions belong to the self-regulatory regulatory function and which belong to the administrative regulatory function are not clearly subdivided;and the functional subdivision is convenient for judgment Should the stock exchange be responsible for administrative law or civil liability under the circumstances of fault caused by regulatory actions? In addition,whether the above provisions are necessarily in line with market laws and legal logic needs to be demonstrated.When demonstrating,the stock exchange itself should be classified as a member of the capital market,starting from the relationship between the stock exchange and its members,investors,and the CSRC.After demonstrating the market core and legal support of the function of the stock exchange,a series of important issues need to be resolved: if the stock exchange exercises its powers in the capital market,if it violates the rights and interests of the relevant entities,whether to bear responsibility and how to responsibility and how to bear responsibility,what kind of responsibility to assume,what kind of subject status should bear responsibility,and whether to enjoy relevant litigation immunity.The final point of this series of problems is to demonstrate the legal nature of the securities trading in legal disputes,which is the core content of this paper.To sum up,this article studies the development and evolution of Chinese and foreign stock exchanges under the framework of comparative law;using comparative analysis,it focuses on the legal person form and regulatory attributes of stock exchanges.Based on the above research,the point of this article is that the China Stock Exchange has unique corporate attributes: it not only has the external characteristics of a membership legal entity,but also has a core of partial administrative attributes.This unique legal person attribute is in line with the development logic of China’s stock exchange and has its own advantages.In order to give full play to the functions of our country’s stock exchanges,this article divides the supervision behaviors of stock exchanges and rationalizes the internal logic and legal attributes of the supervision behaviors.Then this paper returns to the legal nature of the litigation of securities regulatory actions,classifies the types of litigation involved in the stock exchange,and studies the possibility and rationality of the judicial immunity of the exchange.Finally,in the context of the recent reform of the stock issuance registration system vigorously promoted by the capital market,this paper proposes that the expansion of the power of the stock exchange under this background,it is necessary to give strong support in the field of litigation law,and appropriately expand the judicial responsibility of the civil liability after the exchange supervision exemption scope.