Research On Diversified Settlement Mechanism Of Securities Disputes

The diversified settlement mechanism of securities disputes is the coordination and interlinkage among mediation,arbitration,notarization,and administrative supervisory authorities.It forms a clear,well-organized mechanism for the prevention,control,and resolution of disputes,enabling the convergence of lawsuits and non-litigations,enabling effective coordination with line and offline.This article starts with the overall framework design and the specific solution construction,and combines the characteristics of "small amounts and many people" in securities disputes,sums up pilot experiences,locates dispute resolution organizational functions,and constructs socialized,legalized,specialized,and internationalized diversified settlement mechanism for securities disputes.The article is divided into five parts:In this paper,the first part is the overview of research status at home and abroad.Through reading of relevant documents at home and abroad,the viewpoints and research trends of theoretical researchers and practitioners are summarized.Researchers at home and abroad have studied a lot of specific solutions,and few systematic researches and frameworks have been done.Moreover,there are few research literatures after the pilots for diversified settlement mechanism of securities disputes in 2016,and they have not been compatible with the status quo of legislation and practice in China.This research topic has research value and exploration significance.In this paper,the second part is the overview of the diversified settlement mechanism of securities disputes.Because of the disparity in strength of the two sides in securities disputes,significant sociality and prominent professional characteristics,the supply of traditional judicial litigation channels does not match the needs of investor protection in the securities market.The diversified settlement mechanism of securities disputes includes diverse dispute resolution methods such as litigation,mediation,arbitration,notarization,reconciliation,and administrative processing,focusing on dispute prevention,control,and resolution.It is an important measure to promote the modernization of national governance systems and governance capabilities in the field of capital securities by improving the efficiency of dispute resolution,integrating social resources,raising illegal costs,and resolving systemic failures in social governance.In this paper,the third part is the status and problems of the development of diversified settlement mechanism of securities disputes.The diversified settlement mechanism of China's securities disputes is the deepening of the development of diversified dispute resolution mechanisms.The analysis and summary are based on the pilot opinions promulgated by the Supreme People's Court and the China Securities Regulatory Commission and local pilot experiences.The practice is mainly divided into three major types of pilot institutions,solutions,and convergence mechanisms.Dispute resolution agencies are mainly oriented to professional reforms.The resolution of securities disputes has been piloted for diversification,and pilot projects have been conducted for small-rate quick adjustments,demonstration judgments,reconciliations,and online dispute resolution mechanisms.The cohesion mechanism is gradually focusing on fine-tuning,bringing prosecution and adjustment,docking,docking,and docking,forming a two-way circulation.The main problems in the legislation are insufficient supply of legislation and insufficient levels of legislation;the main problems in practice are the unclear level of dispute resolution methods,lack of coordination,lack of professionalism of mediation institutions,and lack of administrative reconciliation practices.In this paper,the fourth chapter is an analysis of the diversified settlement mechanism of securities disputes.The US securities dispute resolution methods include administrative processing,industry self-discipline and litigation,and the most widely used securities administrative reconciliation and FINRA system are worthy of our reference.The British securities disputes,through the use of penalties and precedents to guide investors to choose non-litigation methods to resolve disputes,formed a well-known British FOS model-internal processing,dispute handling,mediation,and adjudication.Through the use of the United States FINRA charging model,it provides suggestions for the development of public welfare,marketability and commercialization of China's mediation institutions.Through the reference to the specific working mechanism of administrative reconciliation in the United States,the independence and fairness of administrative reconciliation are enhanced through the strengthening of court supervision.By referring to the UK's dispute handling model,we have made concrete proposals for the perfection of investors' unilateral right to choose and the obligations of the securities business partners in relation to operational regulations.In this paper,the fifth chapter is the construction of the diversified settlement mechanism of securities disputes.This article proposes to construct a "China plan" for a diversified settlement mechanism of securities disputes and to form a clear and systematic dispute resolution mechanism.First of all,we must build the diversified settlement mechanism of securities disputes,strengthen top-level design,and establish a hierarchical screening mechanism,and screen difficult cases through social governance.The main screening process is the handling of internal complaints by securities companies-notarization,mediation,arbitration,cooperation between administrative agencies – litigation.Second,we must clarify the functional orientation of securities dispute resolution agencies.The court used “one connection” and “two extensions” to play a role in resolving disputes.The mediation organization guides industry mediation through litigation,commissioned mediation in participating in court,special mediation and post-action mediation to play a good role in dispute control.Notarization and arbitration institutions shall strengthen the docking of inspections and the connection of secondary appointments,and strengthen their own businesses while providing guarantees for the signing and implementation of mediation agreements.Finally,it is necessary to improve the platform for the establishment of diversified settlement mechanism of securities disputes,establish a nationwide securities and futures dispute resolution center,establish a supervision platform for non-litigation settlement mechanisms for securities disputes,and a multi-disc online resolution platform for securities disputes to integrate resources and facilitate operations.The diversified settlement mechanism of securities disputes is a three-dimensional mechanism that integrates the functions of dispute prevention,resolution,disciplinary,incentive,and governance into one entity and involves multiple levels of resolution.By enriching,consolidating,and refining the underlying institutional design,it is possible toachieve "professional people doing professional things." The courts will return to the rules,and the social organizations will exert their social governance functions to control and prevent disputes.It can provide parties with self-contained,menu-based procedures that are simple,flexible,and cost-effective.It can promote the reform of the supply side of the diversification mechanism of securities disputes,meet the different legal requirements of different levels of investors at different stages,and is a powerful tool to effectively protect investor rights and stabilize the healthy development of the capital market.