Research On The Securities Class Action System Of China

Due to the large number of victims and wide distribution of infringement disputes in the field of securities,the traditional litigation mode can not solve them efficiently,which makes it difficult to obtain effective relief for the rights of the victim investors.In recent years,in order to solve this problem,the securities class action system with Chinese characteristics has been initially formed through the amendment of the Securities Law and the updating and improving of relevant judicial interpretations.Subsequently,the judgment of Kangmei Pharmaceutical,the first securities class action lawsuit,showed the value of this system to the world.However,although the class action system of our country has carried on some reforms and innovations in the cancellation of the pre-procedure,representative action system,model judgment mechanism and so on,there are still some problems,which need to be constantly improved to meet the needs of judicial practice.Therefore,the text analysis method,case analysis method and comparative analysis method are used to study the system of Chinese securities class action.First of all,the relevant laws and regulations were studied,and the reform and innovation in the field of securities class action was deeply understood.Then,the problems existing in the securities class action system were found through theoretical analysis,and the above problems were verified through the case analysis of Kangmei Pharmaceutical.Finally,it is determined that the special representative is exclusively owned by the investor protection agency,the design of the class action procedure needs to be optimized,the lack of supervision mechanism and incentive mechanism.In order to solve the above problems,the thesis researches the securities group litigation system in the United States,the investor model litigation system in Germany and the group litigation system in Chinese Taiwan,and tries to give some suggestions on improving the securities group litigation system in our country according to the inspirations provided by above extraterritorial countries and regions.It includes the expansion of representative litigation qualification,the improvement of class action program design,the introduction of supervision mechanism and incentive mechanism.We believe that by improving the system of securities class action,we can better pursue securities infringements,protect the legal rights and interests of investors and maintain the stability of the securities market.