The gem will start the direct withdrawal of the municipal judicial relief has aroused much concern

The seminar on "Multi-level capital market construction and investor rights protection", co-sponsored by the Shenzhen Stock Exchange and the China Law Society Institute of Securities Law, was held in Shenzhen on May 7.　　The participants focused on the four topics, such as the protection of judicial relief mechanism of investors in securities market, the protection of investors ' rights in the market, the protection of investors ' rights in the innovation business of securities markets, the legal issues in the construction of multi-level capital market and so on.　　Chen Dongzheng, chairman of Shenzhen Stock Exchange, said that the current system of direct delisting of the gem has been reported to the SFC. Chen Dongzheng said that the establishment and implementation of the current delisting system has played an important role in improving the overall quality of our listed companies, it has promoted the initial formation of the market mechanism of the fittest, but there are also some disadvantages in the concrete operation, especially the asset reorganization which is listed by the shell and the repeated, the subject speculation, the insider trading. It distorts the pricing mechanism and resource allocation function of the level two market, and disrupts the normal valuation standard and investment idea of the market.　　In view of this, the GEM system no longer implement a long period of exit risk warning system, no longer forced to retreat to the next level of market listing continue to trade, mainly contains three main points: first, the direct withdrawal of the city, the second is the rapid withdrawal of the city, the third is to eliminate backdoor hype. Chen Dongzheng pointed out that it is a systematic project to explore and establish the direct delisting system of gem, which needs corresponding measures to ensure the effective implementation of the scheme. Among them, the consummation security civil Judicature Relief System, provides the investor a multi-party participation, the risk balanced, the effective convenient safeguard mode, is the investor rights and interests protection "the last line of defense".　　The next step is to improve the litigation model, learn from Taiwan's successful experience, and explore the promotion of China's Investor Protection Fund subrogation litigation system. Three main points of the direct delisting system of the GEM Board of Directors of Shenzhen Stock Exchange Chen Dongzheng: The direct delisting system of GEM includes three points. Xu Ming, deputy general manager of Shanghai Stock Exchange, said that it is beneficial to the healthy and stable development of the market, benefit the investors, benefit the listed companies themselves, and help the regulators to But there are four difficulties: first, from the legislative point of view, the listing provisions, the operation is very strong, but the withdrawal of the market, the provisions of the relatively coarse, operational is not strong. Second, from the operator's point of view, local governments, listed companies, investors, intermediaries do not want to return to the city, in practice, it is difficult to retreat. Third, the delisting involves social stability. While developing the market and supervising the market, social stability must also be considered. A listed company to retreat, involves a lot of things. Finally, there is not enough operation experience in the market retreat.　　Back to the city more complex, but also related to technology, involved in the background, so we should speed up research on how to retreat, how to retreat, retreat to where the technical aspects of the problem. There are four difficulties in direct delisting. Xu Ming, Vice general manager of Shanghai Stock Exchange: There are four difficulties in direct retreat the Supreme People's Court Deputy bureau level cadres Cao Shouye in favor of the withdrawal of the conditions stipulated more clearly, direct withdrawal of the city,Fast return to the city, rather than the muddy, nominal, leading to some "garbage stocks" also fired flying. However, he also said that to meet the requirements of the Central Economic Work Conference, it is helpful to strengthen the basic system construction of the capital market, to improve the quality and governance level of listed companies, including the gem companies, to strengthen the supervision of the capital market and to enhance investors ' confidence.　　Keep the whole capital market stable and healthy development. "At present, the Supreme Court has issued a civil case rule does not take the gem delisting case as a clear matter, but this does not mean that it will not be used as an independent matter, and to modify the supplement." Cao Shouye said that in the trial of the gem delisting cases, should be in accordance with the relevant laws, such as the company law, bankruptcy law. Whether it be entertained or judged, should reflect the Supreme Court's idea of serving the overall situation, in terms of the economy, in the capital market, it is to maintain the normal order of the securities market, embody the principle of "three public", healthy competition, to embody the competitive order of the fittest in the stock market, to form a good information transmission effect,　　To guide everyone to establish a sense of integrity, risk awareness and the interests of investors to protect the awareness of public companies to establish a sense of self-discipline. Gem Retreat or will be the independent case of the Supreme People's Court Research institute Cao Shouye: Gem delisting or will be as an independent cause Shenzhen Board Company management Director Fu Binghui said that the withdrawal will lead to investors lose the opportunity in the two market premium, so that investors suffer some losses, but in fact such a premium opportunity,　　From the relatively loose withdrawal system, this system caused the company's two-tier market prices and intrinsic value of a serious departure. Therefore, the gem to establish a strict market-oriented direct delisting system, the gradual release of the risk, so that the contradiction is no longer exist, it protects the overall interests of the market investors, although it has a certain impact on short-term interests, but it protects the long-term interest, is the fundamental protection of investors ' rights, is sustainable. He believes that the gem to implement a direct return to the city, there are two important principles, one is no longer the enforcement of the translation mechanism, no longer unified translation to the agency system, the second is to reduce the shell resource value of gem, to avoid backdoor phenomenon in the gem appeared.　　In respect of specific measures to protect investors ' rights and interests, consideration should be given, in advance, in the matter and afterwards, to take appropriate measures to protect the interests of a small group of investors who may be harmed more effectively.　　Direct delisting and investors ' rights and interests do not contradict Shenzhen Enterprise Management Director Fu Binghui: Direct withdrawal and investors ' rights and interests does not contradict the president of China Law Society's Securities Law Association Guo on "Multi-level capital market construction and investor rights and interests protection" put forward three points of thinking. First, we should look at the construction of China's multi-level capital market from the angle of building an international financial center.　　At present, the domestic Shanghai, Beijing, Shenzhen, Tianjin to the financial center competition is more intense, the financial center should be in the market competition spontaneous generation, China can have at least four financial centers to allocate multi-level capital market construction. Second, withTo standardize the protection system of investors ' rights and interests in China's capital market from the perspective of financial investment and regulation legislation. Securities, banks, insurance, trusts and so on should be integrated into the national unified Financial development strategy, from such a high level to be able to think about the development of China's capital market.　　At present, Japan, South Korea have no securities law, but by the financial commodity sales law and financial commodity trading law, etc., so the next step is to develop the Chinese version of the Financial Services law or financial commodity distribution and trading law.　　Thirdly, we should reconstruct the securities market and the system of the capital market of the intermediary institution which is the core of the sponsor system, and establish the system of anti fraud. Standardizing the investor protection system with the view of large finance Guo, president of Securities Law Association of China Law Society: To standardize investor protection system with large financial vision Xi said that in recent years the Supreme People's Court has issued a series of judicial interpretations and judicial policies on the financial field and capital market, involving the field of financial claims, The civil liability of the tort of the securities market, the risk disposal of the securities company, and through the civil and commercial trial, the administrative trial and the criminal trial, provide judicial guarantee and judicial guidance for the innovation development of the securities market.　　In the future, the Supreme People's Court will, according to the Law of Tort liability Law, securities law and company law, make a systematic judicial interpretation of the illegal practices in the securities market, and further improve the civil liability system of the capital market tort. Further perfecting the civil liability system of tort of capital market the vice dean of the Supreme People's Court XI: further perfecting the civil liability system of tort of capital market Li Peixia said that the basic foothold of promoting market innovation and development is "protecting the interests of investors". From the point of view of Administrative law enforcement Department, she talked about three specific feelings: first, how to play the function of relief mechanism more effectively. On the one hand, in order to protect the legitimate rights and interests of investors, especially small and medium-sized investors to provide the channel to compensate for the loss, on the other hand, to let the infringer spit out the illegal income, through huge compensation, so that the offender dare not exceed the regulatory moment of deterrence. Second, we should consider the construction of three-dimensional securities investors rights and interests protection mechanism. Three-dimensional mechanism can include: first, the administrative investigation and administrative relief, the second is the criminal responsibility investigation, the third is the civil liability investigation, and the other is the mediation and arbitration means.　　The third is to improve the judicial relief and investor protection measures.　　Effectively exerting the mechanism of investors ' judicial relief the deputy Director of China Securities Regulatory Commission Li Peixia: Effectively play the role of investors ' judicial relief mechanism the Chairman of China Security Investor Protection Fund, Chen, said that in order to improve the protection of the judicial system of securities investors, the Protection fund companies need to solve three problems to better protect investors One is to solve the problem of investor's representative mechanism. At present, the United States is mainly based on private rights as the leading lawyer-centered solidarity lawsuit system, Taiwan is a non-profit organization based on Investor Protection Center as the leading representative system of public rights. Protection Fund company as a representative of investor protectionShould be used as a representative of the law to take part in judicial relief work. Second, the issue of authorization must be addressed.　　If the Protection Fund participates in the work, whether on behalf of investor litigation or conciliation arbitration, should address the issue of delegation of authority, the current should be promoted as soon as possible. The third is to solve the problem of the source of compensation.　　At present, the confiscation of market irregularities is subsumed into the financial, in fact, to constitute another infringement of investors, suggested that the United States to establish a special compensation fund, investors, whether it is a complaint or mediation arbitration, the victims of the case in the Special fund to obtain compensation, to solve the source of the Compensation Fund. The protection fund can take on more relief the Chairman of China Securities Investor Protection Fund Chen Communist: the Protection Fund can undertake more relief function "the securities market is a special market, involving many investors ' interests and social stability." Therefore, in talking about judicial relief, we should reconsider the relationship between administrative relief and judicial relief.　　ZHONGMU, Shenzhen Commissioner of the China Securities Regulatory Commission, said. He said that the so-called administrative relief is the parties to the security market violations, by the executive branch or intervene between the parties to provide protection to the parties a relief program. At present, the market is in the stage of new and transition, administrative relief procedure is indispensable.　　One of the most important features of administrative relief is that it can use the resources of society to solve the problem of the interests of the injured party, which is highly efficient. In addition, he emphasized that the administrative remedy has the documentary and the policy nature, the judicial remedy has the comprehensive and the stability, the procedure has the safeguard characteristic.　　To sum up, in the state of the current social environment, administrative relief must be strengthened, administrative relief and judicial relief should be mutual understanding, support and cooperation, only effective administrative relief to provide the basis and conditions for judicial relief, only a strong judicial relief to provide support and power for administrative relief. At present, the administrative relief of the China Securities Regulatory Commission Shenzhen Commissioner Zhongmu: The current stage of administrative relief is also indispensable Cufe Law School Associate professor of punishment said, should adopt the "consumer rights and Interests protection law" concept to reconstruct the transformation of securities law.　　"Consumer Protection Law" belongs to the "Economic law", for the operator to strengthen the responsibility for consumers to emphasize protection. He agreed that the securities fines would be credited to the Investor Protection Fund and called for the fines to remain in the securities market. He suggested that if all the fines were turned over to finance and the Treasury, the market would become weaker, and the stock markets would get better if they were put on investor protection funds to compensate the victims or investor protection funds to buy stocks.　　Therefore, it should be stipulated in the finance law to strengthen the protection of investors. Securities fines should be credited to investor Protection Fund Cufe Law School associate professor sentence strong: Securities fines should be classified into investor protection Fund