A Study On The Group Litigation System Of Securities Infringement In China

With the rapid development of China's securities market,the number of cases of investors' interests damaged by the securities infringement of listed companies and institutions is increasing day by day.Security infringement cases generally have the characteristics of a large number of people and a wide range of distribution,is very specific,so,for such infringement cases,it is difficult to bring security infringement group litigation.Representative litigation is a kind of litigation mode used against mass cases in our country,but the role of representative litigation in securities infringement cases is not very ideal,and it can not meet the current requirements of investors in securities civil compensation litigation.In the case of securities infringement,Notice of the Supreme Court on the acceptance of Civil Tort disputes arising from false statements in the Securities Market in 2002(hereinafter referred to as the notice)and the hearing of the people caused by false statements in the Securities Market in 2003 A number of provisions in the case of compensation for matters(hereinafter referred to as "provisions")are the main basis,However,the effect of notice and regulation in protecting investors' interests and compensating investors' losses is not satisfactory.In order to make investors get effective relief after their interests are damaged,and to make the security market develop healthily,stably and orderly in the tide of financial supply-side reform,it is very important to study the group litigation system of securities infringement in our country.This paper uses the methods of literature analysis and comparative analysis to study the litigation mode adopted by other countries and Taiwan,and the empirical research method to analyze the present stationand existing problems of the securities tort group litigation in our country.And find out which litigation mode is more suitable for the future development direction of securities infringement in our country.After analyzing the model adopted by other countries,the author finds that the securities group litigation mode is a more mature litigation mode than other litigation models,and agrees with the introduction of the securities group litigation model in China.For example,the "withdrawal system" could include all parties on a large scale,allowing each lawsuit to belt is possible for the victim to receive fair compensation.Of course,while adopting the securities class litigation model,we should also consider the problems it brings.For example,the system of successful compensation will make some lawyers unable to resist the temptation and,to a certain extent,promote reconciliation between the original defendant and the defendant.Make plaintiff get compensation less than he should get.Based on the collected data and the specific situation of our country's securities market,this paper puts forward some suggestions on the choice of our country's securities tort group litigation mode.