Research On The Model Judgment Mechanism For Group Securities Dispute

As a key part of the socialist market economy,China’s securities market,a train that accompanies the whistle of the market economy,has been speeding up.Over the past three decades,with the transformation of China’s economic structure and the adjustment of social wealth,the securities market has gradually entered a period of stability from its initial thriving and rapid development.The disease and chronic problems previously hidden beneath the surface of prosperity have also gradually surfaced and been exposed to the public eye.As we enter the second decade of the 21 st century,the number of securities infringements and short-term disputes has increased more than ever before,which has not only deeply undermined investors’ confidence and legitimate rights and interests,but also become a challenge for the courts to deal with securities group disputes.How to prevent and resolve securities group disputes has become an important task for the sustainable and healthy development of China’s securities market at present,and is also an issue being explored by the theoretical and practical circles in China.A number of creative solutions have emerged,accompanied by contributions from the academia and front-line trial experience.One of the more representative ones is the innovative initiative of the Shanghai Financial Court.On March 21,2019,Shanghai Financial Court creatively adopted a new trial mechanism-the model judgment mechanism to try a case of securities group dispute.Subsequently,the relevant regulations of local courts on using the model judgment mechanism to resolve securities group disputes have also landed.It can be said that,unlike in the past,the model judgment mechanism provides a new way to solve largescale group disputes in the field of securities disputes.In this paper,from the perspective of solving securities group disputes,by analyzing the theory and legislation of model judgment litigation at home and abroad,and combining with the practical experience of China’s model judgment mechanism,we put forward some suggestions on the model judgment mechanism of securities market suitable for China’s national conditions,in order to be beneficial to the proper settlement of securities group disputes in China in the future.The text of this paper is divided into four chapters:The first chapter of this paper is the current situation of the demonstration judgment mechanism of securities group disputes.The first part introduces the current mechanism of dispute resolution of misrepresentation in securities market,including representative litigation and joint trial mode,various non-litigation dispute resolution methods and the first practical demonstration judgment mechanism in Founder Science and Technology Case.The second part summarizes the characteristics of the model judgment mechanism,including that the model judgment is still a traditional lawsuit in form,the effectiveness of the model case judgment is expanded,and the model judgment mechanism has the attribute of non-litigation solution.The third part analyzes the problems in the construction of the model judgment mechanism,including the gaps in the protection of the plaintiff’s rights by the model judgment mechanism,the disputes over the jurisdiction of the model judgment mechanism,and the room for improvement in the linking effect between the model judgment and the supporting system.The second chapter is the protection of plaintiff’s rights in the model judgment mechanism,which analyzes the incentive effect of the plaintiff from the role of the plaintiff in the model case,the protection of plaintiff’s rights in parallel cases and the model judgment mechanism.In this chapter,through the comparative study of overseas legislative experience,the experience and lessons of German and American model litigation are fully demonstrated,and based on China’s national conditions,the system design of model litigation is planned.The third chapter discusses the jurisdiction in the model judgment mechanism.There have been theoretical controversies about the jurisdiction of model judgments.This chapter points out that the model judgment mechanism can be based on the principle of intermediate people’s courts at the level,flexibly determine the level jurisdiction,implement cross-regional jurisdiction in the region,and get rid of the complicated design in German model litigation.The fourth chapter is the problems in the connection between the model judgment and the supporting system,including the concerns about the independence of the trial,the lack of incentives for the supporting litigants,and the incentive effect of securities mediation to be evaluated.Through the analysis,some suggestions are given,which can further improve the expert support system,improve the incentive mechanism to support the subject of litigation,and establish the prior commitment mechanism and the disciplinary mechanism for the parties to go back on their word.