roulettewheelonlinefree| The effectiveness of the multi-dimensional strengthening of rights and interests protection insurance "toolbox" is highlighted
Guo Bohao, a reporter from the Securities Times
As an important participating group in China's capital marketRoulettewheelonlinefreeMedium and small investors are relatively weak in access to information, capital scale and professional ability, which leads to their limited anti-risk ability and self-protection ability, and their legitimate rights and interests are relatively vulnerable to infringement. Strengthening investor protection is the eternal theme of the capital market.
Wu Qing, chairman of the Securities Regulatory Commission, recently said at the "May 15 National Investor Protection Promotion Day" that investor protection should be run through the whole process of capital market system construction and supervision and law enforcement, and constantly improve the institutional mechanism of investor protection. We will work together to cultivate a mature and rational investment culture, actively create a market ecology of law worship and trustworthiness, and promote the high-quality development of the capital market to a new level.
The interviewed experts believe that at present, investor protection in China has gradually explored the accumulated paths and methods in practice and gradually built a comprehensive dispute resolution "toolbox" with Chinese characteristics. In the future, it is necessary to establish multi-department coordination mechanisms such as administrative regulatory agencies and judicial organs.RoulettewheelonlinefreeImprove the mechanism of class action, the mechanism of handling complaints and disputes, strengthen the use of civil compensation and criminal trial means, and strengthen supervision to effectively protect the rights and interests of investors.
Securities investor protection system
Continuous and sound
"China 2Roulettewheelonlinefree20 million investors are the foundation of the capital market, and investors are the primary source of capital market funds; at the same time, the scale of investors in China's capital market accounts for a large proportion of the total population, and the interests of investors are related to the well-being of the people. " Zhao Xijun, co-dean of the China Capital Market Research Institute of Renmin University of China, pointed out in an interview with the Securities Times that from a historical point of view, in the more than 30 years of development of the capital market, the number of listed companies has increased rapidly, the financing scale has been expanding, and the total market capitalization has continued to expand, which depends on the contribution of the majority of investors.
On March 6, Wu Qing said at a press conference of the second session of the 14th National people's Congress: "in a market like ours, where medium and small investors account for the vast majority of investors, protecting the legitimate rights and interests of investors, especially medium and small investors, is the most important central task of the CSRC, and this is also a direct embodiment of the political and popular nature of capital market supervision."
For the Chinese stock market, investor protection is an unavoidable topic, and the institutional mechanism is constantly being established and improved. In 2013, the State Office issued the opinions on further strengthening the protection of the legitimate rights and interests of medium and small investors in the capital market, making work arrangements from nine aspects, such as improving the investor appropriateness system and ensuring the right of medium and small investors to know. In 2019, the revised new Securities Law, as an important basic system, has established mechanisms for the resolution of multiple disputes, shareholding rights, advance compensation and other mechanisms in the exercise of investors' rights, and achieved good results in practice.
In February 2023, the implementation of the comprehensive registration system requires listed companies to follow the principles of fairness, impartiality and timeliness in the process of information disclosure to protect the legitimate rights and interests of investors. In April this year, the new "National Nine articles" once again made arrangements for the protection of the legitimate rights and interests of medium and small investors.
In addition, with the promulgation and implementation of the Amendment to the Criminal Law (11) of the new Securities Law, and the landing of the rules of the litigation system of representatives in securities disputes, the securities investor protection system and civil compensation mechanism have been further improved.
Multiple measures and maintenance at the same time
Rights and interests of medium and small investors
After investors participate in the capital market and have disputes with securities institutions, they are often in a relatively weak position. Whether the relevant disputes can be answered and resolved in a timely manner is related to the practical interests of thousands of families. In recent years, the business philosophy of the financial industry has undergone profound changes, no longer simply pursue the maximization of interests, but adhere to the unity of economic value and social value, investor protection has been raised to an unprecedented priority.
The new Securities Law clearly stipulates that "if there is a dispute between an investor and a securities company, both parties may apply to the investor protection agency for mediation, and if an ordinary investor has a securities business dispute with the securities company and puts forward a request for mediation, the securities company shall not refuse". Some securities companies support the use of mediation to resolve disputes with investors and encourage local branches to join the mediation organization's quick adjustment mechanism.
The establishment of the "Investor Rights Protection Committee" to strengthen the protection of investors' rights and interests has become an important way for securities firms to practice investor protection. Societe Generale Securities (601377) established a group-level investor protection committee after the "May 15 National Investor Protection Promotion Day" in 2021, which continued to operate steadily. In the implementation of the daily work of insurance, the committee comprehensively protects the legitimate rights and interests of investors from infringement from dispute handling, prevention of non-interference, information security, customer service, aging, investor protection activities, continuous supervision of listed companies, and so on.
Shen Wanhongyuan has also set up a "Investor Rights Protection Committee" chaired by the general manager, and set up a full-time second-level department to take charge of specific work. At the same time, in view of some stakeholders involved in stability, concentrated and frequent violations of the rights and interests of investors, Shen Wanhongyuan (000166) joined forces with the industry and supervision to build a "large insurance" pattern. For example, complaints caused by illegal securities and financial activities such as illegal private equity funds that infringe upon the legitimate rights and interests of investors need to gather the efforts of online information departments, financial supervision, public security bureaus, procuratorates, courts, and other law enforcement departments to form a joint force to prevent and deal with such problems. in the face of such problems, Shen Wanhong, in combination with complaints, litigation, public opinion, and other departments, maintains close communication with supervision and other departments to build an omni-directional three-dimensional investor protection matrix.
Strengthening investor education is of great significance in improving the quality of individual investors' investment decisions, reducing investment risks and promoting market stability. Brokerage institutions continue to strengthen investment in education, such as Societe Generale Securities to provide personalized and accurate services for investors, while providing customized investor education and protection services according to the different needs of investors in the whole life cycle.
For medium and small investors, how to effectively protect their own rights and interests when their legitimate rights and interests are damaged? In an interview with the Securities Times, Guo Li, a professor at Peking University Law School, suggested that it is necessary for small and medium-sized investors to correctly understand and grasp their own rights and interests and invest scientifically and rationally. Secondly, we should have a better understanding of the current investor protection system, such as 12386 services, and diversified dispute resolution methods such as reconciliation, mediation, arbitration, advance compensation, ordered repurchase, representative litigation and so on. Finally, efforts should be made to safeguard rights in accordance with the law and reasonably.
Multi-department coordination
Improve the effectiveness of investor protection
At this year's "15 May National publicity Day for Investor Protection," Wu Qing pointed out that in order to fully implement the new "National Nine articles," solid efforts have been made to promote the implementation of "1N" policies and measures in the capital market. The CSRC issued a series of institutional rules, including strict control over the entry of issuance and listing, strengthening the supervision of cash dividends, share reduction and quantitative transactions, and urging industry institutions to perform their duties, fully reflecting the distinct orientation of investor protection.
In Guo Li's view, the current investor protection in China has gradually explored the accumulated paths and methods in practice and gradually built a comprehensive dispute resolution "toolbox" with Chinese characteristics. The connotation and measures of pluralistic dispute resolution are constantly enriched, and the advance compensation system, administrative law enforcement party commitment and order buyback system, industry mediation and litigation docking mechanism have played a more and more important role.
"however, in the face of disputes involving a wide range of areas, various types and difficulties in solving disputes, there are still deficiencies in the current insurance work." Guo Li pointed out: first, the effectiveness of the above-mentioned "toolbox" has not yet been fully released; second, the principle of giving priority to prevention and mediation has not been fully implemented; and third, multi-party efforts to resolve disputes have yet to be deepened.
How to continue to strengthen investor protection? Wu Qing pointed out that the CSRC will run investor protection through all aspects of the capital market system construction and supervision and law enforcement. Specifically, the CSRC will further consolidate the institutional foundation of investor protection, further promote the improvement of the quality of listed companies, further promote industry institutions to enhance the level of professional services, and further crack down on securities crimes in accordance with the law. we will further smooth the relief channels for investors to safeguard their rights.
Guo Li believes that the five "further" demonstrates the CSRC's determination to continue to promote system reform and effectively strengthen investor protection. The relevant contents cover the main aspects of fully implementing the latest "National Nine articles" and firmly promoting the landing of "1N" policies and measures in the capital market, and clarifying to the market the key work of strengthening supervision, law enforcement and rights and interests protection.
Strong supervision is a necessary means to protect the rights and interests of investors. as for how to improve the efficiency of supervision, Tian Xuan, deputy dean of the Wudaokou School of Finance of Tsinghua University, told reporters that the current multi-department cooperative supervision mechanism has not yet been fully established. there are still some phenomena, such as unclear responsibility and power, lack of supervision, dislocation and so on. The laws and regulations of financial supervision are not perfect, the effective connection between the securities law and the criminal law has not been completed, the supervision and enforcement is not strong, and the punishment is too light. The investor compensation mechanism needs to be further improved, and the channels for safeguarding rights need to be continuously unblocked.
He believes that in the future, it is necessary to establish multi-department coordination mechanisms such as administrative regulatory agencies and judicial organs. We will improve the mechanism of class action and the mechanism for handling complaints and disputes, and strengthen the use of civil compensation and criminal trial means. Implement "zero tolerance", more resolutely and vigorously crack down on listed companies' whitewashing statements, financial fraud, false disclosure and other illegal acts, strengthen the investigation of responsibility, increase the intensity of forfeiture, and raise the maximum sentence of sentence. substantially increase the cost of breaking the law and committing a crime.
In addition, some people in the industry said that as a legal investor protection agency, the CSI medium and small Investor Service Center plays an important role in enhancing investors' sense of acquisition. we will further protect the legitimate rights and interests of investors by means of shareholding exercise, dispute resolution, and rights protection litigation, and play a greater role in investor education.