On October 25, the Qingdao Intermediate People's Court released today: In order to properly resolve securities mass disputes in a timely manner, build a fair, efficient and convenient judicial protection system for small and medium-sized investors, and safeguard the reform and innovation of Qingdao's capital market and the healthy and stable development, the court actively explores the securities class action system, takes multiple measures to facilitate investor litigation, improves the trial efficiency of mass securities infringement civil dispute cases, and protects the legitimate rights and interests of investors.
Under the principles and framework of the Judicial Interpretation of the Supreme People's Court on Representative Litigation in Securities Disputes, the Second Civil Trial Division of the Qingdao Intermediate People's Court has successively issued the Provisions on the Model Judgment Mechanism for Securities Disputes and the Operational Guidelines for Litigation Procedures for Representatives of Securities Disputes (for Trial Implementation) in combination with trial practice experience.
It is understood that the model judgment mechanism for securities disputes and the representative litigation system are "two carriages" for the simultaneous resolution of mass securities disputes. Among them, the model judgment mechanism refers to the handling of serial or group securities disputes, selecting individual or a small number of representative cases to try and adjudicate first, handling parallel cases by giving play to the leading role of model cases, referring to their adjudication results, and driving the proper and efficient resolution of batch cases through case demonstration handling, so as to realize the unification of the appropriate laws for mass securities disputes, improve trial efficiency, save judicial resources, reduce litigation costs, and promote the resolution of contradictions. Representative litigation in securities disputes applies to ordinary representative litigation caused by misrepresentation, insider trading, market manipulation, etc. in the securities market, and is a lawsuit brought by more than ten investors.
The two documents issued by the Qingdao Intermediate People's Court regulate the conditions and standards applicable to the two procedures, provide investors with diversified dispute resolution paths, give investors clear procedural operation guidelines, promote the "fast lane" of litigation rights protection of small and medium-sized investors, and truly achieve "one victory in a lawsuit, everyone gets compensation", effectively reducing the cost of investors' rights protection.
In order to prompt investment risks, remind enterprises to operate in accordance with the law, strengthen the standardization of internal governance of enterprises, reduce the rate of litigation involved, and safeguard the legitimate rights and interests of investors from the source, the Qingdao Intermediate Court has opened online channels, strengthened departmental linkage, opened the "Company Law Micro Classroom" column on the public account of the Qingdao Intermediate Court, and jointly carried out the "Financial Knowledge Micro Classroom" with the Qingdao Securities Regulatory Bureau. The popularization of the law has been carried out on difficult issues and good social results have been achieved.
In the next step, the Qingdao Intermediate People's Court will actively promote the construction of the representative litigation information platform in accordance with the deployment of the Shandong Provincial High People's Court, and strive to create a transparent, efficient, convenient and low-cost class action model, improve the quality and efficiency of securities class actions, effectively reduce the cost of investor rights protection, help the healthy development of the capital market, and create a rule-of-law business environment. (Qingdao Daily/Guanhai News Reporter Dai Qian Correspondent He Wenjie Shi Manxin)
Editor-in-Charge: Liu Congcong
