1. Recently, the Beijing Financial Court issued a notice applying special representative's litigation procedures to the case of Dongfangtong Securities's misrepresentation liability dispute. As a securities regulator, how do you view this lawsuit? Answer: Dongfangtong's securities offenses, such as fraudulent issuance and misrepresentation, seriously disrupt the order of the securities market and damage the legitimate rights and interests of investors. The China Securities Regulatory Commission has imposed administrative penalties in accordance with the law. Earlier, in accordance with the law, the Beijing Financial Court accepted lawsuits brought by investors from ordinary representatives for misrepresentation in securities and issued a notice to register litigation rights to support investors in recovering civil losses in accordance with the law. The China Securities Small and Medium Investors Service Center was authorized and commissioned by more than 50 investors to apply to the Beijing Financial Court to convert the case trial procedure to a special representative lawsuit in accordance with the law, and participate in the lawsuit as a representative. On November 11, the Beijing Financial Court issued a notice on registration of Dongfangtong's special representative's litigation rights, which clearly applied the special representative's litigation procedure to the case, reminding investors how and legal consequences to participate in this lawsuit, as well as the right and period to withdraw. The Beijing Financial Court accepts investors' lawsuits in accordance with the law and applies special representative litigation procedures, which is a strong protection of investors' rights and interests and strong prosecution of liability for illegal infringement. The China Securities Regulatory Commission will continue to support the China Securities Small and Medium Investors Service Center to perform the public service functions of supporting and defending the rights of investors in civil litigation in accordance with the law, actively cooperate with the judicial authorities to apply representative litigation procedures in accordance with the law to carry out trial work, effectively safeguard the legitimate rights and interests of investors, maintain a good market ecology, and promote high-quality development of the capital market. 2. On October 23, GF Securities announced that together with Lixin Certified Public Accountants and the actual controller of Qingyue Technology, a special fund for advance payment was established in response to the Qingyue Technology misrepresentation incident. The insured fund company announced that it was entrusted as the fund manager. How would you rate this? Answer: Advance payment is one of the diversified resolution mechanisms for securities disputes stipulated in the Securities Law. The controlling shareholder, actual controller, and relevant securities company of the issuer concerned can voluntarily pay the investor's losses in advance according to law. The China Securities Regulatory Commission supports relevant market institutions and personnel to actively implement advance payments in accordance with the relevant provisions of the Securities Law, resolve disputes in a timely manner, and efficiently protect the legitimate rights and interests of investors. As a public welfare investor protection agency, an insured fund company accepts commissions from advance payers to provide convenient services for the specific implementation of advance payments. Recently, the China Securities Regulatory Commission is seeking public comments on the “Guiding Opinions on Advance Payment in the Securities Market”. It is proposed to further refine the advance payment implementation procedures, seek to fully and standardize the professional support advantages of investor protection agencies, and provide more diverse mechanisms and channels for intensive and efficient resolution of securities mass disputes.
Zhitongcaijing · 1d ago
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1. Recently, the Beijing Financial Court issued a notice applying special representative's litigation procedures to the case of Dongfangtong Securities's misrepresentation liability dispute. As a securities regulator, how do you view this lawsuit? Answer: Dongfangtong's securities offenses, such as fraudulent issuance and misrepresentation, seriously disrupt the order of the securities market and damage the legitimate rights and interests of investors. The China Securities Regulatory Commission has imposed administrative penalties in accordance with the law. Earlier, in accordance with the law, the Beijing Financial Court accepted lawsuits brought by investors from ordinary representatives for misrepresentation in securities and issued a notice to register litigation rights to support investors in recovering civil losses in accordance with the law. The China Securities Small and Medium Investors Service Center was authorized and commissioned by more than 50 investors to apply to the Beijing Financial Court to convert the case trial procedure to a special representative lawsuit in accordance with the law, and participate in the lawsuit as a representative. On November 11, the Beijing Financial Court issued a notice on registration of Dongfangtong's special representative's litigation rights, which clearly applied the special representative's litigation procedure to the case, reminding investors how and legal consequences to participate in this lawsuit, as well as the right and period to withdraw. The Beijing Financial Court accepts investors' lawsuits in accordance with the law and applies special representative litigation procedures, which is a strong protection of investors' rights and interests and strong prosecution of liability for illegal infringement. The China Securities Regulatory Commission will continue to support the China Securities Small and Medium Investors Service Center to perform the public service functions of supporting and defending the rights of investors in civil litigation in accordance with the law, actively cooperate with the judicial authorities to apply representative litigation procedures in accordance with the law to carry out trial work, effectively safeguard the legitimate rights and interests of investors, maintain a good market ecology, and promote high-quality development of the capital market. 2. On October 23, GF Securities announced that together with Lixin Certified Public Accountants and the actual controller of Qingyue Technology, a special fund for advance payment was established in response to the Qingyue Technology misrepresentation incident. The insured fund company announced that it was entrusted as the fund manager. How would you rate this? Answer: Advance payment is one of the diversified resolution mechanisms for securities disputes stipulated in the Securities Law. The controlling shareholder, actual controller, and relevant securities company of the issuer concerned can voluntarily pay the investor's losses in advance according to law. The China Securities Regulatory Commission supports relevant market institutions and personnel to actively implement advance payments in accordance with the relevant provisions of the Securities Law, resolve disputes in a timely manner, and efficiently protect the legitimate rights and interests of investors. As a public welfare investor protection agency, an insured fund company accepts commissions from advance payers to provide convenient services for the specific implementation of advance payments. Recently, the China Securities Regulatory Commission is seeking public comments on the “Guiding Opinions on Advance Payment in the Securities Market”. It is proposed to further refine the advance payment implementation procedures, seek to fully and standardize the professional support advantages of investor protection agencies, and provide more diverse mechanisms and channels for intensive and efficient resolution of securities mass disputes.
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