arcadecrown| China Securities Regulatory Commission improves diversified resolution mechanism for securities and futures disputes

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Cheng Dan, a reporter from the Securities Times

On May 15, the Securities Regulatory Commission issued "on improving the pluralistic settlement mechanism of securities and futures disputes and further promoting the governance of litigation sources."Arcadecrown(hereinafter referred to as the "work programme"), promote source prevention, resolve disputes on the spot, comprehensively promote the management of sources of litigation in the field of securities and futures, and better serve the high-quality development of finance.

The "work plan" is clear, do a solid job in the investigation of investor behavior and demands, continuously deepen the effectiveness of auxiliary source governance such as early warning and monitoring of 12386 service platform, timely establish an industry-wide statistical monitoring system for industry-wide data collection and investor demand data based on 12386 service platform data, and carry out market-wide statistical analysis and early warning monitoring. The concentrated and contradictory demands of investors should be reflected to the relevant units in a timely manner, and the problems strongly reflected by a group of investors should be solved from the source. This paper makes an in-depth analysis and judgment on the trend problems and institutional problems presented by the investor demand data, so as to provide effective data support for optimizing the regulatory work and improving the regulatory system, and better serve the source governance and substantive resolution. Compacting the responsibility of the main positions of the operating institutions and dispatched offices at the grass-roots level. The dispatched offices shall guide and supervise the operating institutions of the jurisdiction to improve the internal management system, strengthen the construction of systems and mechanisms, earnestly fulfill the obligations of information disclosure, establish and improve the mechanisms for risk early warning and dispute classification and resolution, continuously maintain the accounts or databases for the handling of contradictions and disputes, regularly investigate and analyze the concentration of disputes, and reduce the occurrence of contradictions from the source.

In the area of mediation, the work Programme points out the need to enhance the accessibility of mediation services. Fully investigate the advanced experience of mediation work in various jurisdictions, strengthen the aggregation of resources, promote mediation service sites into the courts, investor education bases, local dispute comprehensive management centers and other one-stop dispute resolution platform, extend the tentacles of mediation services to the grass-roots level. Strengthen the construction and management of mediation organizations, continue to strengthen the supervision, management and support of mediation organizations, maximize the integration of mediation resources in the system, promote the standardization and rule of law level of mediation work, and establish the social credibility and authority of mediation organizations. We will improve the function of the online mediation system and optimize the online mediation platform for securities and futures of China Investor Network. Implement the detailed compulsory mediation system and formulate the applicable rules of the compulsory mediation system in combination with practical experience to ensure the smooth operation of the system.

The work Programme points out the comprehensive use of the "toolbox" for dispute resolution. We should give full play to the role of the advance compensation system, make good use of the administrative law enforcement party commitment and order buyback system, and give full play to the advantages of the administrative law enforcement party commitment system of punishing illegal acts and compensating investors for losses. Deepen the exploration of industry arbitration and mediation docking mechanism. Summarize the practical experience of 12386 service platform, such as reconciliation, mediation, arbitration, advance compensation, order buyback, representative litigation, etc., fully tap the practical advantages of multiple "tools" for dispute resolution, and strengthen the organic connection with the whole process of judicial procedure. We will encourage the parties to comprehensively use the multi-dispute resolution "toolbox" to promote the efficient and substantive settlement of disputes.

The "work programme" makes it clear that it is necessary to strengthen the linkage between the administration and the judiciary, and explore the docking of optimization and the court's appeal and adjustment. Strengthen coordination and linkage to promote the full implementation of the "general to general" mechanism. Popularize and apply the mechanism of "model judgment + multiple dispute resolution of parallel cases". To strive for the judicial support of the court for the non-litigation dispute settlement mechanism. Strengthen communication with the court on the substantive legal issues involved in the compensation plan, such as the determination of "three days one price" and the calculation of losses, strive for the unity of judicial and administrative standards, and avoid subsequent investors' objections to compensation standards, so as to better protect the market expectations and effects of the non-litigation dispute settlement mechanism.

For key dispute areas, the "work plan" requires that a number of measures should be taken to improve the quality of non-litigious dispute resolution of listed companies. Strengthen the positive incentive guidance for listed companies to participate in mediation, and reduce the concern that listed companies such as state-owned enterprises habitually rely on litigation because of internal audit and accountability and other factors. Dig deep into the management of institutional disputes in a new type of prominent contradictions and disputes. In view of the current prominent contradictions in investment consulting disputes and other problems reflected in the lack of standardization of the industry and the protection of rights in underground industries, strengthen research and judgment, promote the improvement of relevant business management rules, and strengthen the standardized management of investment consulting institutions, to achieve the transformation from "temporary" to "permanent cure", and reduce the occurrence of contradictions and disputes from the source.