Tao Lixin, Xing Gan
In fact, the securities class action lawsuit brought by investor protection institutions has been blank in the legislative level of China, until 1991, the Civil Procedure Law of the People's Republic of China introduced the representative litigation system for the first time. Then, in 2001, the Supreme People's Court issued the Opinions on the Temporary Not Acceptance of Civil Cases of Securities Compensation. In 2003, the Supreme People's Court passed the "securities market false statement civil procedure law", there has been no new legislation to fill the gap, until 2015 is some specific problems in the ongoing business litigation, in 2019 China modified the "securities law", finally with the formal establishment of Chinese securities class action system, once again the new legislation. In March 2020, China's new "securities law", formed the China's new class action system, provides the guarantee for China's economic development, but at the same time, because the system development time is short, lack of litigation practice experience, litigation practice specialization, in order to perfect the system, we must pay attention to learn foreign experience, positive reference. This paper is a discussion of the responsibility of listed companies in infringing on the interests of small and medium investors. At the same time, the basic theory of securities class action mode is sorted out, the principles and forms of the litigation responsibility of the special representative are briefly explained, and the legislative experience at home and abroad is taken as a mirror, and finally suggestions are put forward. First, how to determine the legal status of minority shareholders; second, improve the scope of class action to determine the boundary more accurately; third, reasonably determine the solution of substantive problems; fourth, accurately affirm the legitimacy of procedural problems. As the new subject of litigation in the Securities Law, investor protection institutions should correctly understand the definition of investor protection institutions, their own legal status and their legal obligations to make the most fair judgment. It should not only protect the legitimate rights and interests of the right holder, but also pay attention to avoid imposing excessive obligations on listed companies.
Securities dispute; investor protection agency; special representative litigation; model judgment