| After the Securities Law of the People’s Republic of China is amended,the insured institution has the right to act as special representatives and initiate securities special representative proceedings.However,according to practice,this part of the rights are only undertaken by the China Securities Investor Services Center(ISC).ISC has not started a new securities special representative action since the historic Kangmei Pharmaceutical misrepresentation case.As the only applicable participant of the securities special representative action system in our country,its operation effect in practice has become the first question of this paper.In this paper,the above issues are studied and discussed in the following four parts.In Chapter One,by studying the basic positioning and nature of ISC,observing the setting and performance of its functions,it can be found that ISC has multiple roles and may not have time to concentrate on work when participating in the securities special representative action.The second chapter makes a specific analysis of the difficulties and problems of ISC’s participation in the securities special representative action,aiming to grasp the practical situation of the unbalanced internal structure,the imperfect restriction mechanism,the incomplete prescribed procedure,the insufficient professional level of litigation,the failure to establish an effective competition mechanism among insurance institutions and the weakness of the internal and external incentive mechanism.The third chapter,for perspective,comparative law combines the two distinctive investor protection institutions in the international scope,observes the operation conditions and advantages and disadvantages of different organizations under the non-governmental operation mode and administrative leading mode,and tries to learn from their experience to provide useful reference for ISC’s participation.Finally,combine the problems with the previous observations,this paper provides relevant solutions to improve ISC’s capacity to participate in the securities special representative action system,in order to give full play to the advantages of the securities special representative action system,and facilitate and effectively safeguard the legitimate rights and interests of small and medium-sized investors in our country. |
