Group 1 - The core viewpoint emphasizes the importance of protecting investor rights in the capital market, highlighting the judicial victories in over a hundred cases of false statements by listed companies as a significant step in the legal construction of the capital market [1][3] - The new Securities Law implemented in 2020 has significantly increased the cost of illegal information disclosure and introduced representative litigation, addressing the challenges of collective rights protection [1][2] - The Supreme People's Court abolished the administrative penalty pre-procedure for civil compensation cases related to false statements in 2022, lowering the threshold for investors to file lawsuits [1][2] Group 2 - The effectiveness of the multi-dimensional accountability system is reflected in the coordinated efforts of regulatory and judicial bodies, which have intensified scrutiny and clarified judgment standards, transforming civil remedies from theoretical rights into tangible compensation [2] - The civil public interest litigation mechanism is crucial in addressing the challenges of "small and dispersed" rights protection, with investor protection organizations filling the gap in legal remedies [2] - The seamless connection between regulation and judiciary has reduced the burden of proof for investors and amplified the deterrent effect of legal penalties [2][3]

Core Viewpoint - The seventh "5·15-5·19 Investor Protection Awareness Week" aims to enhance investor knowledge and promote rational, value, and long-term investment principles, focusing on protecting the rights of small and medium-sized investors [1][4]. Group 1: Event Overview - The event is organized by the Securities Daily, with support from various financial institutions and associations, and takes place in Beijing, Shanghai, and Shenzhen from May 15 to 19 [1]. - The theme of the event is "Practicing 'Three Investments' and Strengthening 'Two Safeguards'" [1]. Group 2: Importance of Investor Rights - The event emphasizes the need to enhance investors' awareness of their rights, particularly for the over 220 million investors in China, where individual investors make up over 99% [4]. - Protecting the legal rights of small and medium-sized investors is crucial for the high-quality development of the capital market [4]. Group 3: Challenges and Solutions - There are three main challenges identified: 1. Addressing information asymmetry to improve investors' ability to access and understand information [5]. 2. Ensuring channels for participation and safeguarding investors' rights in corporate governance [5][6]. 3. Strengthening the mechanisms for investor rights protection to reduce costs and complexities in the process [6]. Group 4: Media's Role - The Securities Daily has established a dedicated "Investor Protection" column and continues to promote investor protection initiatives, aiming to create a respectful and supportive environment for investors [6][7].

投资者在权保护案例 抗污走生 TATE 内容来源:中国期货业协会期货投教网 A先生反映，其在B证券公司购买了资管产品100 万元，两年后该产品被清盘，A先生只拿回65万元本 金。A先生强调销售人员曾告知产品止损线为0.9元, 号指不会招付10% 案情简介 「小」 「一、一、一、一、 二天(小 为销售人员误导宣传,遂向调解中心申请调解,要求 证券公司赔偿额外损失25万元。 A先生认为销售人员 误异宣传异致损失 调解过程及结果 调解员根据双方陈述和提供的证明材料进行梳理 分析：一是A先生所签署的《产品合同》已加粗提醒 "止损线的设置并不是管理人对委托人所能获得最低 本金保证，委托人仍面临本金损失的风险"，且《风 险揭示书》 等多份文件已多处提示产品可能产生的风 险；二是查看双方提供的微信聊天记录和电话录音， 未发现销售人员有误导A先生的不当表述。 基干上述事实,调解员耐心向A先生解释,一方 面引导其正确理解止损线的含义,止损线并非产品安 全线，在极端情况下，投资人仍可能面临更大的损失。 经了解，产品管理人已根据合同约定在触发止损线时 及时采取措施,但基于市场流动性原因,产品以低于 止损线的净值完成清算。另一方面告 ...

5月15日，由《证券日报》社有限责任公司主办，中证中小投资者服务中心有限责任公司（以下简称"中 证投服中心"）、中国上市公司协会为支持单位，北京基金小镇投资者教育基地、东方财富、第一创业 证券联合举办的第七届"5·15-5·19中小投资者保护宣传周"公益活动正式启动。 在首场活动现场，北京市中闻律师事务所合伙人张杨受邀为高校大学生投资者答疑解惑，就中小投资者 保护相关问题进行了深入讲解和交流。 张杨表示，近年来我国从国家层面到监管机构，已经建立了一套多元立体的中小投资者保护机制。这不 仅包括行政处罚、民事赔偿，还涉及刑事追责等多元方式。她强调，中小投资者在面对财务造假等侵权 行为时，可以通过多种途径维护自身权益。 谈及中小投资者的维权途径，张杨介绍了诉讼维权、调解服务。她表示，诉讼是中小投资者维护权益的 重要手段之一，建议投资者在诉讼过程中注意：首先，保存好交易记录，以便确认索赔资格；其次，关 注诉讼时效问题，通常从首次曝光时间开始计算，投资者应积极行权，避免丧失诉讼权利。 除了诉讼，张杨还介绍了多种调解服务渠道。她提到，投资者可以通过中证中小投资者服务中心的公益 诉讼、特别代表人诉讼以及专门的调解服务来维护 ...

Group 1 - The core viewpoint emphasizes the importance of protecting the legal rights of small and medium investors as a foundation for the sustainable and healthy development of the capital market [1] - The current legal framework for protecting small and medium investors is expected to become more robust and effective [1] Group 2 - Small and medium investors are at a disadvantage in terms of investment experience, information access, and analytical skills, making them vulnerable to violations such as false statements, insider trading, and market manipulation [2] - From March 2021 to March 2025, the Beijing Financial Court accepted 9,101 cases of securities fraud liability disputes, with 9,077 cases (99.7%) related to securities false statement liability [2] Group 3 - The legal system for false statement civil lawsuits is more developed, leading to a higher number of lawsuits related to false statements compared to other violations [3] - Investors can also seek compensation for losses caused by insider trading and market manipulation under the Securities Law [3] Group 4 - The Supreme People's Court's new regulations have removed the pre-litigation procedures for false statement civil lawsuits, allowing investors to file lawsuits without waiting for administrative or criminal penalties [4] - The main challenge in these cases lies in the burden of proof, particularly in establishing causation and loss [4] Group 5 - The introduction of the new regulations is expected to ease the burden of proof for investors, but it will take time for the system to fully implement these changes [5] - Future improvements in the litigation process and better communication between lawyers, courts, and regulatory bodies are anticipated [5] Group 6 - The new Securities Law has established mechanisms for representative lawsuits and special representative lawsuits to address collective disputes among investors [6] - The Beijing Financial Court is exploring an innovative "dual-track dual-platform" mechanism for resolving collective disputes, combining representative lawsuits with demonstration judgment mechanisms [6] Group 7 - Both representative lawsuits and demonstration judgments can enhance trial efficiency and reduce the cost of rights protection for investors [7] - The Supreme Court and the Securities Regulatory Commission have established a diversified dispute resolution mechanism to provide alternatives to litigation for investors [7] Group 8 - In false statement liability disputes, accurately identifying the responsible parties is crucial for protecting investors' rights and increasing the cost of violations [8] - The determination of civil liability among various defendants, including issuers and intermediaries, is a key focus in these cases [8] Group 9 - Recent judicial practices have introduced proportional joint liability to determine the responsibility of intermediary institutions in false statement cases [9] - This approach considers the subjective fault of the intermediary and the causal relationship between their negligence and the resulting damages [9] Group 10 - There is often a discrepancy between the amount compensated and the actual losses incurred by investors, which can be confusing [10] - The court determines compensation based on the actual losses incurred due to false statements, which may not cover all losses experienced by the investor [10] Group 11 - The legal basis for claims related to securities false statements is tort liability, which requires precise determination of damages and causation [11] Group 12 - The increase in civil compensation cases related to market manipulation and insider trading highlights the need for judicial interpretations in these areas [12] - The current Securities Law includes provisions for civil liability related to insider trading and market manipulation, but remains somewhat general [12] Group 13 - There is ongoing academic debate regarding the necessity of judicial interpretations for civil compensation related to insider trading and market manipulation [13] - Establishing a clear framework for civil liability in these cases is essential for ensuring investor compensation [13]