中小投资者司法保护再升级——专访上海金融法院立案庭副庭长周欣

Core Viewpoint - The Shanghai Financial Court released a report on legal risk prevention regarding securities false statement liability disputes, aiming to provide clear guidelines for information disclosure and to mitigate risks in the capital market [1][2]. Group 1: Overview of the Report - The report is based on the review of over 23,000 securities false statement liability cases handled by the Shanghai Financial Court since its establishment [2]. - It highlights the need for high-quality information disclosure as a foundation for the healthy development of the capital market, addressing the frequent occurrence of fraudulent issuance and information disclosure violations by listed companies [2]. Group 2: Types of Cases and Judicial Innovations - The court has handled various types of cases, including securities false statement liability disputes, market manipulation, and violations by company executives [2]. - Notably, the court has implemented civil compensation responsibility priority principles and utilized financial quantitative models to accurately assess investor losses [2][3]. Group 3: Third-Party Involvement in Fraud - Recent administrative penalties against third parties assisting in financial fraud have drawn market attention, with significant fines imposed on individuals and companies involved in fraudulent activities [3][4]. - The report indicates a rising trend in civil cases against those who assist fraudsters, including suppliers and financial institutions that provide false information [4]. Group 4: Investor Rights and Compensation - With the increasing number of companies delisted, the report emphasizes the challenges investors face in seeking compensation, particularly when companies' ability to pay diminishes post-delisting [5][6]. - The court has successfully resolved over 300 securities disputes related to delisted companies using a comprehensive dispute resolution approach [5]. Group 5: Representative Litigation for Investor Protection - The report advocates for the normalization of representative litigation in securities disputes, which includes ordinary and special representative lawsuits [8]. - The Shanghai Financial Court has developed an online platform to streamline the process for investors, enhancing the efficiency of claims and ensuring timely compensation [8]. Group 6: Enhancing Accountability in Securities Fraud - The report calls for improvements in the multi-faceted accountability system for securities false statements, emphasizing the need for better coordination between civil, administrative, and criminal procedures [9]. - It suggests increasing the number of civil cases against controlling shareholders and actual controllers involved in fraudulent activities to strengthen accountability [9].