| Since the establishment of the Shanghai Stock Exchange and the Shenzhen Stock Exchange in the early 1990 s,the Chinese securities market has developed rapidly.In just two decades,remarkable achievements have been achieved.With the prosperity and development of the market,the illegal market behavior of the securities market players is still existing.In 2017,the China Securities Regulatory Commission issued224 administrative penalties.The number of administrative penalties,the amount of fines confiscated,and the number of people banned by the market set a record high.The related civil disputes in the securities industry in China are unusually deserted.Enter the “Case of Incident: Securities Civil Disputes” in the non-litigation case.From the search results,we can see that before 2015,there were only about 10 securities civil disputes per year.From 2015,there are forty to fifty cases each year.The situation of securities civil disputes entering litigation has risen significantly.Of course,this figure is still far from the actual infringement.What make matters worse is that the investor structure of China’s securities market is different from that of Europe and the United States,which are mainly be composed by institutional investors.Of the investors in China,99% are natural person investors,which is a typical market structure dominated by natural person investors.With the continuous development of the securities market and increasing trading volume,the interests of small and medium-sized investors are easily damaged by the fraudulent behavior of listed companies because of the “discrepancies” such as information asymmetry,lack of professional knowledge,and speculative mentality.Solving Securities Civil Disputes Protecting the legitimate rights and interests of investors is a basic work for the development of the capital market.The regulatory agencies have limited manpower,material and financial resources,and it is difficult to supervise thousands of listed companies in China in real time and penalize unlawful acts.It is even more difficult to safeguard the rights and interests of the injured investors.In the long run,this will lay a hidden danger for the healthy development of China’s financial and securities markets.This essay focuses on the investigation of securities civil disputes mediation mechanism.Through the analysis of the characteristics of securities civil disputes and the defects of traditional securities civil dispute resolution methods,we find that the current litigation channels are numerous in terms of pre-procedures,jurisdictional courts,litigation methods,and personnel professionalism.Restrictions,while traditional mediation methods,arbitration methods,and grievance methods all have some problems that lead to low usage rates,so as to explore the value pursuit that the mechanism for resolving securities civil disputes should have,such as safeguarding the rights and interests of small and medium investors,convenient and efficient procedures,and solutions In order to improve the securities dispute resolution mechanism in the future,full consideration shall be given to the effective convergence of the main bodies.Then,starting from the status quo of the operation center of the investment service,through analysis of the legal basis,typical cases and practical results of the establishment of the dispute resolution department,it analyzes the professional industry innovations in the source of the case,the mediators,and the effectiveness of the mediation agreement,and a small amount.The speedy adjudication mechanism and the innovation of the mediation method after mediating and adjudicating afterwards,as well as the big data and authoritative innovations formed through experience,explored its exemplary role and reference for the new type of securities civil dispute resolution mechanism.Finally,in light of the above analysis,several controversial issues need to be clarified,including the rationality of signing a mediation memorandum and the possibility of lawyers participating in mediation.At the same time,looking forward to the future,it is proposed that a national securities civil dispute mediation center can be established in the future development.It explores its position from both the organization and the responsibilities,and on this basis,it clarifies the provisions of judicial confirmation jurisdiction and explores online mediation mechanisms.It is hoped to explore new securities dispute resolution paths by analyzing some emerging securities specific mediation and dissolution agency in the China Securities Investor Services Center. |
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