megamillionshistory| Improve the insurance mechanism and effectively protect the legitimate rights and interests of investors

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At the first "May 15 National Investor Protection publicity Day" after the promulgation of the new "National Nine articles," Wu Qing, chairman of the China Securities Regulatory Commission, once again stressed that investors are the foundation of the market and protect the legitimate rights and interests of investors, especially medium and small investors. it is a concrete embodiment of General Secretary Xi Jinping's idea of people-centered development in the field of capital markets. Under the background of the in-depth implementation of the spirit of the Central Financial work Conference and the full implementation of the new "National Nine articles", China's investor protection system has been continuously improved and fully reflected.MegamillionshistoryThe CPC Central Committee attaches great importance to and ardent expectations of the capital market. In order to do a good job in the systematic project of activating the capital market and boosting investors' confidence, we should further improve the insurance mechanism, effectively protect the legitimate rights and interests of investors, and promote the stability of the capital market.

Firmly consolidate the capital market

Cornerstone of information disclosure

The information disclosure system is the institutional cornerstone of the healthy development of the capital market, an important guarantee for safeguarding investors' right to know, and an important basis for investors' investment decisions. In recent years, the regulatory authorities have continued to strengthen the supervision of the securities market, increased the punishment for violation of the law, and greatly increased the illegal cost of information disclosure, but there is still room for optimization in the specific implementation.

Continuously improve the availability of information disclosure. Information disclosure is not only the core element of the registration system, but also an important basis for investors to make investment decisions. It is suggested to further strengthen investor demand-oriented information disclosure. It not only emphasizes the conciseness of information disclosure, but also tries to be concise and clear on the premise of ensuring the accuracy of information by using simplified language. At the same time, key tips can be made for the important parts. At the same time, pay attention to the understandability of information disclosure, information disclosure should be in line with the normal logic of writing, in line with the usual reading standards of ordinary people, and avoid misleading statements, and pay attention to the rational use of professional terms, popular science language, structure and so on.

To promote the due diligence of all responsible parties. The truthfulness, accuracy and completeness of information disclosure requires all responsible parties in the market to perform their duties, and the primary responsibility of "key minorities" such as controlling shareholders, actual controllers and Dong Jiangao should be emphasized under the registration system; to consolidate the professional responsibilities of securities companies, accounting firms, law firms, rating agencies and other intermediary agencies Strengthen the examination and supervision responsibilities of the exchanges and regulatory departments, gather the responsible parties to continuously improve the quality of information disclosure of listed companies, and effectively protect the legitimate rights and interests of the majority of investors.

Strengthen the promotion of the concept of "sellers are responsible and buyers are responsible". After the implementation of the full registration system, it is more important to test the ability of investors, and it is necessary to continuously cultivate investors to form the concept of risk-taking in the case of sellers' due diligence. It is suggested that the daily publicity should be combined with different types of investors to carry out more targeted publicity; social media not only publicize investors' successful claim cases, but also publicize investors' claim failure cases, so as to guide investors to protect their rights rationally.

Effective optimization

Improve the support for safeguarding investors' rights

We will strengthen support for the litigation of medium and small investors. From the current securities judicial practice, most of the victimized investors still do not take the initiative to bring or participate in the lawsuit. This is mainly due to the remarkable characteristics of "non-face-to-face" and "non-individuality" in the securities market, which makes the victimized investors of securities tort highly scattered and collective action obstacles. It is suggested that the litigation rights protection support for investors can be strengthened from the following aspects.

The first is to promote the normalization of representative litigation. In the false statement case of Feile Audio Securities, at first only more than a dozen investors filed a lawsuit, but later, in accordance with the principle of "express participation", a total of 315 plaintiffs appeared and five representatives were selected. The compensation effect of "gathering sand into a tower and gathering armpits into a Mickle" has greatly reduced the cost of safeguarding the rights of investors, and formed a strong deterrent and high pressure on securities crimes.

The second is to promote the further optimization of the shareholder subrogation system. The first case brought by an insurance company to recover compensation from the company's Dong Jiangao has the positive effect of deterring the "key minority" and chasing the "first evil" through the subrogation lawsuit, but the litigation process takes nearly three years. It is suggested that in the way of implementing the coordination of financial justice and supervision, we should consider directly investigating the responsibility of the specific responsible persons, and give certain liability exemption to public companies with public attributes such as listed companies, so as to avoid secondary harm to the existing shareholders of listed companies.

The third is to improve the relevant system of representative litigation. It is suggested that the decision-making rules of representative voting should be further optimized. Some provisions in the current representative litigation determine the representative on the basis of the number of votes obtained by the obligee, which may weaken the consideration of the share of interest claims owned by the representative. Generally speaking, the greater the loss, the stronger the motivation to participate in litigation, and the more engaged and representative it will be. In practice, it can be considered to further optimize the representative voting decision-making rules.

We will strengthen the construction of systems and mechanisms related to securities dispute mediation. At present, the convergence of litigation mediation and arbitration mediation has been mentioned in the relevant normative documents, but there is still no provision on the specific litigation mediation, the conditions of secondary mediation, the specific process and so on. It is suggested that the docking path of litigation mediation and secondary mediation should be further improved, and the cooperation framework agreement on the construction of pluralistic settlement mechanism of securities and futures disputes should be signed by all interested parties, and the docking process of litigation mediation and secondary mediation should be clearly agreed in the agreement.

Strengthen the construction of dispute mediation information platform. Traditional on-site mediation is difficult to communicate and coordinate because of the time, efficiency, money cost and other factors. Through an integrated network platform, mediation will be more flexible. At present, there are many dispute mediation platforms in the securities industry, so it is proposed to unify the local online mediation platform and establish an one-stop mediation platform for securities industry disputes. On the one hand, face recognition and electronic signatures are connected to the public security system to ensure the authenticity of identity; on the other hand, electronic evidence and operation records can be solidified, and the complaint and mediation can be directly linked to the judicial platform for information transmission and solidification of the corresponding case materials. so that it is convenient for all parties to access and consult at any time.

Focus on improvement

Quality and effect of investor education

Strengthening investor education is not only an important measure to protect the legitimate rights and interests of investors, especially medium and small investors, but also the social responsibility of the financial industry.

The first is to be market-oriented and clarify the key points of insurance. Keep up with regulatory requirements and market needs, understand investor needs, strengthen investor appropriateness management, identify investor education priorities, popularize securities finance knowledge and advocate value investment concepts through professional and rich investor education activities.

The second is to be driven by talents and consolidate the foundation of investment and education. Strengthen the construction of investment and education talent teams in the securities industry, integrate industry expert resources, and promote the systematization and normalization of investment and education work.

The third is to use science and technology as a carrier to improve the results of investment and education. Empowering investment and teaching with technology, combined with investor behavior analysis, provides investors with a precise investment and teaching model of "full-process companionship".

The fourth is to rely on publicity to promote the implementation of investment and education. Give full play to the positive publicity energy of securities companies, authoritative media, etc., and conduct it positively in a timely manner, becoming a "stability valve" to stabilize investors 'market sentiment.

The fifth is to take protection as a guarantee and smooth channels for investors to protect their rights. Only by encouraging the establishment of diversified public welfare rights protection organizations for small and medium-sized investors, giving full play to the role of professional securities and futures lawyers, unblocking channels for investors 'rights protection, and improving the convenience of investors' rights protection can we build a capital market that investors can truly trust.