| With the advancement of the reform of the stock registration system,the infringement of the securities market is increasing,and the rights and interests of investors are repeatedly infringed.With the release of relevant legal documents,the special class action lawsuit system for securities disputes has been gradually improved from the top-level design to the specific supporting procedures.In the specific judicial practice,a class action lawsuit has been launched to respond to the increasingly serious securities infringement,and has achieved a good response.As a securities group dispute resolution mechanism with Chinese characteristics,the special class action lawsuit for securities disputes has attracted much attention for its special litigation form of "implied participation" and the special representative status of the investor protection institution.At present,the special class action lawsuit system of securities disputes is in its initial stage,and the judicial practice experience is insufficient,and the specific rules design needs to be further studied.The article is divided into four chapters,The first chapter introduces the relevant theory of the special class action system.The background of the system,the difference between the securities dispute special class action system and the ordinary class action system,and the special class action system introduce the Investor Service and Protection Center as the representative and "implied accession".The second chapter discusses the mechanism of foreign securities.Through the experience of American group litigation,German model litigation and Chinese group litigation in Taiwan,in order to provide new ideas for the improvement of the securities dispute settlement mechanism in China.The third chapter analyzes the problems existing in the procedures of the special class action system for securities disputes.In the procedure of determining the scope of the right holder,there is a suspicion of hearing the substantive issues of the case first,the debate right of the parties is limited,and the "plaintiff" is not within the scope of the right holder.In the starting procedure,the preconditions of litigation are still the selection criteria,and the way of gradually starting the procedure is unreasonable.There are conflicts between the old and new functions of investor protection institutions,which is not conducive to the development of litigation.In the mediation procedure,the securities special class action lawsuit needs to be constructed.In the incentive mechanism,the enthusiasm of the investor protection institutions and the public interest lawyers hired by them is insufficient.The fourth chapter puts forward the opinions on perfecting the special class action litigation system in securities disputes.By expanding the scope of the plaintiff’s qualification,clear investor protection institutions,change the way of securities disputes special class action start,standardize the draft mediation agreement,refine the court review content,give investors exit program,build litigation incentive system measures to improve the system of securities dispute special class action in our country. |
