Financial focus, my country’s first securities collective litigation case judgment
On November 12th, the Guangzhou Intermediate People’s Court made a first-instance judgment on the national first Securities collective proceedings.
The case judgment is significant, and it is an iconic incident in the history of capital markets, which is of great significance for promoting the reform of 上海24小时按摩 capital markets. Through the judgment of the Kangmei Pharmaceutical, the guidance of "punish evil" is distinct, which greatly enhances the cost of illegal crimes in capital markets, and once again transmits clear and powerful "zero tolerance" signals to the market.
The SFC official network screenshots huge compensation for "first evil" to pay the payroll information show that the Kangmei Pharmaceutical 2016 and 2018 have premeditated, organized, systemic implementation of financial restriction about 30 billion yuan, the amount involved in the case, Long duration, particularly serious, social influence, serious damage to investors’ legitimate rights and interests, and seriously undermine the healthy ecology of capital markets.
The Guangzhou Intermediate People’s Court has made a first-instance judgment, ordered the false statement of the Emotional infringement of the annual report. Take all the liability for all joint compensation, and 13 related responsible personnel shall bear part of the partial compensation responsibility by fault.
The person in charge of the relevant departments of the Securities Regulatory Commission said that this will contribute to the punishment and deterrence of illegal evils in the capital market.
Chen Jie, director of the Chamber of Traditional Chinese Academy 上海品茶信息 of Journal of Chinese Academy of Social Sciences, said that the results of the listed company of the investor’s rights, the "first evil", such as the major shareholder, etc.
The goal of "punishing evil" in the Kangmei Pharmaceutical Case is also achieved through a series of combined punches.
According to the person in charge of the relevant department of the SFC, under the coordination of Guangdong Province and the parties, on October 30, the Kangmei Pharmaceutical Announcement revealed that the Economic Jiyang Intermediate People’s Office enforced the company’s controlling shareholder assets, there have been billion yuan payment To the company’s manager account, it is used to ran to the company’s funds occupied by the association.
By chase the original shareholder, the actual 上海后花园私人会所 controller occupies funds, which is beneficial to better protect the legitimate rights and interests of small and medium investors, and let the listed company reappear.
Cracking illegal costs low problems take firm pace in rapid development of capital markets, financial fake, insider trading, etc., has always been the focus of the supervision department.
The first instance of the first instance of the first instance of the company, which means that the problem of cracking the low-cost cost of securities is firmly pace. Behind this, condense the efforts and exploration of the parties.
- In March 2020, the new securities law was implemented, and the stock collective litigation system with Chinese characteristics was sailed. Give full play to the role of investor protection agencies, allowing it to receive a delegate of more than 50 investors as a special representative to participate in lawsuits, explore reduced small and medium-sized investors’ litigation costs.
- Jully, in July 2020, the State Council’s Financial Stabilization Development Committee held the 36th meeting to study the requirements of "zero tolerance" for illegal crimes against capital markets. – July 2020, the Supreme People’s Court issued regulations on several issues of laws and disputes in securities disputes, and the SFC has released the "Notice on Doing a Good Job in the Office of Investor Protection Agency to Participate in Securities Dispute Special Representative", and the Insurance Institution "The Special Representative of the Secondary Medical Center of the Secondary Investor Service Center (Trial)", providing institutional guarantees for the landing implementation of the representatives of the insured institution.
- In July 2021, the Sino-pro-office and national office issued the "Opinions on Strictly combating securities illegal activities in accordance with the law", clearly requiring the implementation of the implementation of the representative of securities disputes.
Whether it is the basic law of the capital market, it is also an introduction of high-standard documents, which reflects the firm determination of combating securities illegal activities, and all parties have accelerated. From the judicial interpretation of the judicial interpretation of the civil compensation litigation, the regulatory authorities and the judiciary are closely interacting, and then to the Kangmei Pharmaceutical case trial … The SFC, the highest law and the local government continue to explore the requirements of "zero tolerance", and actively strengthen supervision cooperation. A joint judgment of the first instance of the first instance of the first instance of the case.
The person in charge of the relevant departments of the SFC said that the Securities Regulatory Commission supported the judgment of the court and will supervise the investor protection agency and cooperate with the court to do follow-up. The financial market that reduces the cost of litigation cost enhances investors to protect the legitimate rights and interests of investors. Once it is infringed, investors can use the mature mechanism to maintain their legitimate rights and interests.
The implementation of the securities collective litigation system is conducive to most victims to obtain fair and efficient compensation.
"Through securities collective litigation, it is possible to significantly reduce the rights and litigation risks of damaged investors. It is conducive to solving problems such as difficulties in the number of damaged investors and dispersion, and prosecuting prosecution." Professor Ye Lin in Law School, Renmin University of China Say.
Chen Jie believes that the first securities collective litigation is not only important for improving investors’ protection, but also a key step in shaping a good market ecology.
"With the advancement of registration system, effectively enhance illegal costs, strengthen the deterrence of market chaos, is an inevitable requirement for reforming the steady and market health development.
"Ye Lin said that enhancing investor protection will help to form a benign circulation of investment. The Securities Regulatory Commission said that on the basis of comprehensive summing up the first single case experience, it will promote the improvement of the representative of the representative lawsuit, support investor protection agencies further Optimize case assessment, decision-making, implementation process, and promote the normalization of special representative lawsuits.
(Reporter Liu Hui).