最高法：推进制定证券市场内幕交易、操纵市场等民事赔偿司法解释

Core Viewpoint - The Supreme People's Court of China announced the overall situation of civil and commercial trial work for 2025, highlighting a significant increase in securities disputes and the introduction of new legal mechanisms to protect investors [1][2]. Group 1: Securities Disputes - In 2025, the national courts accepted 27,000 securities disputes, marking a year-on-year increase of 63.6% [1]. - The majority of these cases involve false statements related to stocks, primarily against listed companies, controlling shareholders, and intermediary service institutions such as securities firms and accounting firms [1]. Group 2: Legal Mechanisms for Investor Protection - The courts are actively promoting special representative lawsuits, allowing investor protection organizations to file civil compensation lawsuits on behalf of over 50 authorized investors, with a "default join, explicit exit" rule [1]. - Ordinary representative lawsuits are also supported, where qualified investors elect representatives to file lawsuits for registered investors, following a "explicit join, default exit" rule [2]. - A new "demonstration judgment + similar case mediation" mechanism is being implemented, where one typical case serves as a reference for resolving similar cases [2]. Group 3: Focus on Financial Fraud - In 2025, securities false statement liability disputes accounted for 96.3% of all securities disputes, indicating that financial fraud remains a significant issue in the capital market [2]. - The Shanghai Financial Court adjudicated the first case in the country regarding a listed company's failure to fulfill public commitment to increase holdings, clarifying the relationship between breach of public commitment and false statements [2]. Group 4: Future Legal Developments - In 2026, the focus will be on developing judicial interpretations for civil compensation related to insider trading and market manipulation, as well as addressing new financial cases such as private equity funds and virtual currencies [3].