Study On Group Litigation In Securities Fraud Disputes In China

Along with the development of market economy and expansion after China joined APEC, more and more litigations of securities fraud are occurring. The traditional man-to-man mode of lawsuit is unable to deal with these litigations. In this case, the legislative branch has to formulate relevant regulations. Yet the insufficiency of such regulations has been revealed through the variety and specialization of securities litigations as well as the diversity of people involved. Therefore, how to solve the litigations of securities fraud and protect the benefit of the investors economically and equitably have been raised in calendar. However, the academicians' sight have often focused on the establishment of right structure, ignoring the juridic practice and development of almsgiving system, and failing to pay attention to consummating and innovating of the right structure.Taking this into consideration, this thesis chooses the lawsuit system of securities fraud collectivity as its study object and put forward some suggestions on how to improve such a system in China. Meanwhile, the benefit and harm of group litigation system in the field of securities fraud are analyzed, and the disadvantages of lawsuit of securities fraud in China are pointed out on the basis of the concepts of group litigation in other countries and regions.Apart from the introduction and conclusion, the thesis is divided into four parts. In the first part, we mainly talk about the general theory of securities fraud litigations. The characteristics of securities fraud are put forward in the beginning. Then features of security litigations are analyzed and litigations of fraud and other collective litigations are distinguished. All these lay a solid foundation for our discussion of the establishment of the system of the group litigation of securities fraud. In the second part, different ways to deal with the representative litigations of securities fraud are discussed. Each country and even each region have established relevant modes of group litigation according to their own jurisprudence. Their similarities include the focus on protecting the benefit of different sides involved in collective litigations and the legislative guarantee for the procedure of almsgiving. But they also have some differences, such as the aim of lawsuit, the way of almsgiving and protecting, the system of compensating and so on. Through the contrast and the analysis of major system of group litigation of securities fraud in foreign countries, we could offer some suggestions about building our system of group litigation of securities fraud.In the third part, we provide an analysis of the present situation of litigations of securities fraud in China. The active ways to solve the litigations of securities fraud are stated first and the problems existing in the lawsuit system of securities fraud in China are pointed out. Therefore, the judicial policy and legislation of litigations of securities fraud could be brought out. We discuss the negative judicatory of the commissarial lawsuit in solving the litigations of securities fraud and the fundamental causes of the absence of relevant policy. This part provides a practical start for the establishment of the system of group litigation caused by securities fraud.In the last part, the focus is how to construct the system of the groups of securities fraud litigation dispute. Taking the need to establish the system of the groups of securities fraud litigation dispute into account, we talk about the disputes in the securities field in our country. The question what the practical requirements of securities fraud litigation on representative litigation are and the necessity and value of applying the system and the function of establishing the model of litigation fraud are also dealt with. Through comparative study on the successful experience of the relevant countries and regions, we can find out some inspiration on constructing the group of securities fraud litigation dispute and propose innovative solutions. The conclusion of this thesis includes discussions on the rationality and the forward-looking of constructing the system of litigations of security fraud. However, it's impossible to solve the problems of dispute in the field of securities fraud just by writing a thesis or establishing a system. The practical nature of these problems is bound to require more efforts.