Securities Investor Protection From The Perspective Of The U.S.Securities Dispute Resolution Mechanism

Whether the protection of securities investors is perfect affects their investment confidence,thereby affecting the healthy development of the securities market.A sound securities dispute resolution mechanism is beneficial to remedying securities investors whose rights have been violated.The "Securities Law of the People’s Republic of China"(New Securities Law)implemented on March 1,2020 added content of protection of securities investors,especially the addition of Chapter VI,but there is still room for construction and improvement of our country’s securities multiple dispute resolution mechanism.Securities dispute can be resolved through litigation or alternative dispute resolution(ADR).Litigation and ADR have their own advantages in securities dispute resolution,and they cannot completely replace each other.By constructing and improving the relevant systems of litigation and ADR,the role of dispute resolution can be better played,and different dispute resolution methods can be effectively connected and mutually cooperated,so as to produce better social effects.The U.S.securities market has a long history,relatively complete system,and high maturity.It can be described as the most developed securities market in the world.Its securities dispute class action system and the experience of the U.S.Financial Industry Regulatory Authority(FINRA)in using ADR to handle securities disputes can be useful for our country to research and study.By comparing and studying the dispute resolution mechanism in the securities industry in the U.S.,and combining these experiences with our country’s practice,it is conducive to the development of the multiple dispute resolution mechanism for securities dispute in our country,is conducive to providing a more comprehensive legal system for securities investor,and is conductive to the vigorous development of our country’s securities market.This paper takes the protection of securities investor in our country as the main topic,analyzes the value of developing and improving the system of securities dispute resolution,and then puts forward suggestions for the development of securities litigation,securities arbitration and securities mediation in our country on the basis of studying the U.S.securities dispute class action,FINRA’s arbitration and mediation system.In terms of the structure of the article,except the "Introduction" chapter,this article is composed of the following three parts:The first part studies the value of securities investors protection in improving the securities dispute resolution mechanism.The securities dispute resolution mechanism deals with securities disputes through litigation or ADR to relieve securities investors and protect their legitimate rights.Securities dispute resolution is an organic component of securities investor protection.Resolving securities disputes through securities dispute resolution mechanism implements the legal principle of investor protection.The development and improvement of securities dispute resolution mechanism is in line with the internal requirements of securities investor protection principle and has significant social value.The second part is a comparative study of the historical experience of the construction and improvement of the securities dispute resolution mechanism in the U.S..After the Great Depression of the U.S.,the principle of investor protection has become more and more important in the development of the U.S.securities market.Under the guidance of this principle,in order to protect securities investors,the U.S.has built a number of legal systems,among which the civil compensation system that seeks relief by means of class action and the arbitration-centered ADR of FINRA constitute the main contents of the securities dispute resolution mechanism.Specifically,this part studies the investor protection principle,analyzes the securities dispute class action system and securities arbitration and securities mediation system of FINRA.The third part,based on the foregoing content and the current situation and comparative study of the experience of the U.S.,puts forward some suggestions for the development and improvement of our securities dispute resolution system from three aspects:the improvement of our securities dispute resolution system,the reference of the U.S.securities arbitration system and the improvement of our securities dispute mediation system.