The Coordinated Development Of The Securities Model Judgment Mechanism And The Securities Special Representative Action

At the present stage,China’s securities civil litigation system has not been finalized,and the types of litigation modes are abundant,but the relationship between different modes still needs to be straighten out.Separate action is the most common litigation mode.The ordinary representative action is the activation of the representative action system in civil procedure law.There are abundant researches on these two modes,which will not be repeated in this thesis.This thesis focuses on the innovative achievements of securities litigation in China in recent years,the securities model judgment mechanism and the securities special representative action and analyze the formulation of the two systems and their limitations,and summarize how to coordinate these two systems.The basic content of this article is as follows:In the introduction,the author explained the necessity and significance of the coordinated development of the securities model judgment mechanism and the securities special representative action,and summarizes the research status of the securities civil action in China.The author believes that as a modern type of dispute,the securities group dispute should be heard in a special forms of litigation.The securities model judgment mechanism and the securities special representative action are new mechanisms created in China in recent years.The study of the two is of reference significance for the legislative and judicial perfection of the securities litigation field in China,the protection of rights holders and the development of the securities market.The introduction explains the research status of securities civil action in China and hints the innovation and insufficiency of this paper.The first chapter examines the practice of securities civil litigation and summarizes the current situation of the operation of securities civil litigation mechanism,so as to illustrate the necessity of this thesis to discuss the issues and lay the foundation for the following research.This thesis comprehensively considers the time course and litigation mode of securities civil litigation,and sorts out the four stages of the development and evolution of China’s securities civil litigation mechanism: the passive rejection stage of securities litigation,the ordinary civil litigation stage,the securities model judgment mechanism and the securities special representative action.Summarizing the current situation of the civil action mechanism of securities in China,the current civil action mechanism of securities in China has not been finalized,and the study of the coordinated development of the securities model judgment mechanism and the securities special representative action is necessary at the present stage.The second chapter sums up and analyzes the formulation and limitation of the securities model judgment mechanism.The absence of a system of mass disputes in securities and the frequent occurrence of civil disputes in securities have prompted China to introduce the securities model judgment mechanism,but this system is not a perfect system for resolving mass disputes in securities.The securities model judgment mechanism has advantages in promoting mediation,unifying the judgment standard,refining the case,reducing the time cost of the parties,and exerting the function of reflecting on trial and error.However,it has problems in sharing the litigation costs,protecting the procedural rights of the parties in parallel cases,and exerting the joint efforts of the right holders.The third chapter summarizes and analyzes the formulation and limitation of the securities special representative action.Due to the rapid increase in securities civil litigation in China and the securities market has undergone a transitional period from the "approval system" to the "registration system",China has established the securities special representative action.The securities special representative action has the function of punishment and deterrence,and can safeguard the public interest through private litigation.This mechanism also has advantages in reducing litigation costs,strengthening the protection of procedural rights and improving litigation efficiency.However,due to the multiple difficulties faced by investor protection institutions and the immature market conditions,the securities special representative action will not be filed on a large scale at this stage.In addition,the securities special representative action also has the problem of confirming the substantive issues without trial,and the possibility of delay in litigation.The fourth chapter summarizes how to coordinate The securities model judgment mechanism with the securities special representative action based on the research of the first three chapters.There are differences between the securities model judgment mechanism and the securities special representative action in terms of litigation threshold,procedural rights protection,dispute resolution efficiency,and value function.We should pay attention to the competition and complementarity of the securities model judgment mechanism and the securities special representative action,and coordinate the use of the two mechanisms.First of all,the types of cases that the two litigation mechanisms are suitable for are different,so the litigation mode should be selected according to the characteristics and purposes of the cases to achieve the maximum procedural efficiency.Secondly,the securities model judgment mechanism and the securities special representative action can be connected or combined to achieve a better solution effect.Finally,the parties’ procedural right to choose in the settlement of securities disputes should be protected through various ways,which is not only the requirement of improving the acceptance of securities dispute settlement results and safeguarding procedural justice,but also a good way to optimize the securities civil litigation system.