Work Plan on Improving the Diversified Resolution Mechanism of Securities and Futures Disputes and Deepening the Governance of the Source of Litigation

In order to thoroughly implement the spirit of General Secretary Xi Jinping's important instructions and instructions on adhering to and developing the "Maple Bridge experience" in the new era, improving the ability to prevent and resolve social contradictions and disputes, and promoting the governance of litigation sources, as well as the decision-making arrangements of the CPC Central Committee, we will further enhance the ability to prevent and resolve contradictions and disputes in the capital market and the level of the rule of law, and earnestly safeguard the legitimate rights and interests of investors, the following work plan is proposed to further promote the governance of the source of litigation in the field of securities and futures.

General 1. requirements

Adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and thoroughly study and implement the spirit of the Party's 20th National Congress and Xi Jinping Thought on the Rule of Law, fully implement the spirit of the "Fengqiao Experience" Commemorative Conference, the Central Financial Work Conference, the Central Political and Legal Work Conference, and the Opinions of the Central Office and the State Council on Adhering to and Developing the "Fengqiao Experience" in the New Era to Improve the Prevention and Resolution of Social Conflicts and Disputes "(Zhongban Fa [2023] No. 50), and the State Council" Several Opinions on Strengthening Supervision and Preventing Risks to Promote the High-Quality Development of the Capital Market Development (Guo Fa 2024), deeply grasp the scientific connotation and practical requirements of the "Fengqiao Experience" in the new era, promote the improvement of the institutional mechanism for investor protection, further implement the relevant requirements for the reform of the party and state institutions, and adhere to and develop the "Fengqiao Experience" in the new era of the capital market. Adhere to the non-litigation dispute resolution mechanism in the forefront, promote source prevention, on-site substantive resolution of disputes, and comprehensively promote the governance of litigation sources in the securities and futures field, better serve the high-quality development of finance.

Adhere to the Party's leadership. We should adhere to the party's overall leadership over the governance of the source of litigation in the capital market, ensure that the decision-making and deployment of the Party Central Committee are fully implemented, and transform the political advantage of the party's leadership into a powerful effect of resolving contradictions and solving problems.

Adhere to the people first. Adhere to the people's nature of the capital market, always take the protection of the legitimate rights and interests of investors as the starting point and goal, solve the problem of investors' urgency and hope, provide investors with more efficient and reliable ways to protect their rights and interests, and more effectively protect the legitimate rights and interests of investors.

Adhere to the rule of law. We will resolutely implement Xi Jinping's thinking on the rule of law, bring all kinds of ways to resolve contradictions and disputes into the track of the rule of law, promote the prevention and resolution of contradictions and disputes in accordance with the law, and stop disputes within the legal framework.

Adhere to coordination and linkage. Strengthen the coordination of forces within the system, strengthen the mechanism connection with the court system, unite the forces of all sectors of society, and form a joint force to resolve disputes. Comprehensive use of capital market disputes multiple dispute resolution tools, prevention first, mediation priority, and effectively resolve contradictions at the grassroots level, resolve in the bud.

2. based on prevention, source to reduce contradictions

(I) do a solid job of investor behavior and demand research. Strengthen the observation of people's sentiments, reflect public opinions, and solve people's worries, give full play to the advantages of operating institutions, transaction settlement institutions, investor protection institutions, and investment education bases that are close to the market and investors, continue to carry out evaluation, investigation and research on investor behavior, and use market data Advantages do a good job in tracking, analyzing and judging investor behavior and market hotspots and contradictory focuses. Regularly carry out satisfaction surveys on 12386 service platform channels for dispute resolution, mediation, and various diversified dispute resolution mechanisms, so as to fully understand the main disputes and core contradictions of investors' participation in various activities in the capital market, smooth the channels for the expression of investors' demands, and respond to investors' and market concerns in a timely manner in accordance with the law.

(II) continue to deepen the 12386 service platform early warning monitoring and other auxiliary source governance effectiveness. We will further give full play to the role of the 12386 service platform as an "investor voice through train", "regulatory decision-making information source" and "conflict-resolving dredging device", establish an industry-wide relevant data collection and investor demand data statistical monitoring system based on 12386 service platform data, and carry out market-wide statistical analysis and early warning monitoring. Reflect the concentrated and contradictory demands of investors to relevant units in a timely manner, and solve a group of investors' demands from the source. Conduct in-depth analysis and judgment on the trend and institutional problems presented by the investor demand data, so as to provide effective data support for optimizing the supervision work and improving the supervision system, so as to better serve the source governance and substantive resolution.

(III) compacting the responsibility of the main position at the grass-roots level of the operating agency and the dispatched agency. The dispatched agencies guide and supervise the operating agencies in the jurisdiction to improve the internal management system, strengthen the construction of systems and mechanisms, effectively fulfill the obligations of information disclosure, establish and improve risk early warning and dispute classification resolution mechanisms, continue to maintain the accounts or databases for the handling of conflicts and disputes, and regularly investigate and analyze the concentration of disputes, Reduce contradictions from the source. Business institutions are encouraged to put forward opinions and suggestions to the dispatched agencies on the systematic, universal, tendentious and trending problems of the industry, and complainants and mediation applicants who have real difficulties in life can inform them to apply for social assistance from relevant organs or institutions in accordance with the law. The dispatched agencies should be based on the combination of prevention and control, timely and steadily supervise and resolve conflicts and disputes, and at the same time, take the investigation of conflicts and disputes as a daily basic work, and take timely measures to prevent the accumulation and intensification of conflicts and disputes in the jurisdiction reflected 12386 service platforms and other channels. The sending agencies strengthen the notification of clues and case communication with the Investment Service Center, support the Investment Service Center, etc. to give full play to the role of mediation mechanism, and increase the application of special representative litigation. Explore the establishment of an evaluation and evaluation system for the protection of the legitimate rights and interests of institutional investors, and include complaint handling, diversified dispute resolution, and litigation source management into the scope of evaluation.

3. based on mediation, give full play to the basic role of mediation

(I) improve the ease of access to mediation services. Fully investigate the advanced experience of mediation work in various jurisdictions, strengthen the aggregation of resources and forces, promote mediation service sites to enter courts, investor education bases, local dispute comprehensive management centers and other one-stop dispute resolution platforms, and extend mediation service tentacles to the grassroots. Give full play to the basic role of mediation in dispute resolution, so that it should be adjusted as much as possible and can be adjusted. Encourage operating institutions to dial "12386" with one click through the company's official website or mobile client, embed links to the online mediation platform of China Investor Network, and 12386 links to the service platform to further smooth the convenience of investors' rights protection. Actively serve the financial development of local governments, and establish corresponding mechanisms to improve the convenience of mediation services for special groups such as the elderly and the disabled.

(II) strengthen the construction and management of mediation organizations. Continue to strengthen the supervision, management and support of mediation organizations, maximize the integration of mediation resources in the system, promote the standardization and legalization of mediation work, and establish the social credibility and authority of mediation organizations. With the consent of the competent authorities, we can study and explore the parallel mechanism of public welfare support and market-oriented mediation pilot. Establish and improve the management system and work guidelines for the selection and appointment of mediators, continue to strengthen the professional construction of full-time and part-time mediation teams, focus on strengthening the team of full-time mediators, establish a professional mediation team with full-time as the main and part-time as the auxiliary, and jointly explore with courts and universities The hierarchical management of mediators provides a scientific and standardized training system, a normalized work guidance mechanism, and an efficient and convenient communication platform, fully stimulate the industry professional mediation power potential. Explore the establishment of a mediation organization proposal mechanism, give full play to the mediation organization to regulate industry governance, improve regulatory policies, optimize the business environment and other advisory effects.

(III) improve the online mediation system functions. Optimize the online mediation platform for securities and futures of China Investor Network. We will improve the existing registration process, case circulation, statistical analysis and small program functions of online mediation, and add practical functions such as case batch processing, online signing of mediation agreement and online handling of judicial confirmation. Optimize and the Supreme Court "total to total" online litigation docking effectiveness, straighten out the docking with the local court self-built platform. Strengthen the operation and management of the platform, answer consultation, operation and technical questions in a timely manner, continuously improve investor satisfaction, and improve system application effects.

(IV) implementation of a detailed system of compulsory mediation. Combined with practical experience, we will study and formulate the applicable rules of the compulsory mediation system to ensure the smooth operation of the system. Clarify the situation of compulsory mediation, and exclude the dispute from the scope of compulsory mediation, such as the dispute is being resolved through other dispute resolution procedures, the dispute has an effective mediation agreement or judgment document, and the dispute has an effective settlement agreement and has been fulfilled. Clarify the procedures for determining that compulsory mediation is not applicable, and the operating organization shall establish relevant working mechanisms, filing requirements and deadlines for relevant supporting materials. Clear disciplinary measures for violations of compulsory mediation provisions, and effectively protect the legitimate rights of investors to defend their rights through mediation.

4. based on the rule of law, the comprehensive use of multiple dispute resolution "toolbox"

(I) actively play the role of the advance payment system. The advance payment system advocates that the parties voluntarily and voluntarily contribute to compensate investors for their losses in a timely manner, and the first case of the new Securities Law works well. We will do a good job in the publicity and promotion of advance payment, enhance the willingness of the issuer's controlling shareholders, actual controllers, relevant securities companies and other subjects to pay compensation, and further give full play to the advantages of the system of advance payment in resolving civil conflicts and disputes in a timely and effective manner.

(II) make good use of the system of promises and orders to buy back by the parties to administrative law enforcement. Handle the application of the parties' commitment in accordance with the law, and give full play to the advantages of the system of administrative law enforcement parties' commitment system, which takes into account the punishment of illegal acts and compensation for investors' losses. If it is appropriate to take measures to order the repurchase, the decision to order the repurchase shall be made in a timely manner to provide investors with a simple and efficient way of relief.

(III) deepen the exploration of industry arbitration and secondary adjustment docking mechanism. On the basis of carrying out the pilot arbitration system in the securities industry, we will summarize the pilot experience in a timely manner, continue to promote arbitration in the securities and futures industry, and explore and improve the docking mechanism between mediation and arbitration.

(IV) explore the comprehensive use of the "toolbox" for solving disputes ". Summarize the practical experience of 12386 service platforms in reconciliation, mediation, arbitration, advance payment, order to buy back, representative litigation, etc., fully tap the practical advantages of multiple dispute resolution "tools", strengthen the organic connection with the whole process of judicial procedures, encourage the parties to make comprehensive use of multiple dispute resolution "toolboxes", and promote the efficient and substantial resolution of disputes and contradictions.

5. the administrative and judicial linkage, explore the optimization and the court's litigation docking.

(I) strengthen coordination and linkage, and promote the full implementation of the "general-to-general" mechanism. Continue to strengthen communication and coordination with the court, information sharing, regular notification of the "total to total" mechanism landing and securities and futures field litigation source governance work, existing problems, the local agencies to increase support and cooperation efforts to promote the "total to total" mechanism full landing implementation. Make full use of the "total to total" mediation resources, enrich the types of litigation and mediation docking cases, explore the establishment of a non-controversial fact recording mechanism, and realize the orderly convergence of litigation and mediation. Establish and improve a joint data analysis and consultation mechanism with the judicial system, dig deep into the deep-seated causes of disputes in the capital market, study and propose governance measures with relevant courts for universal, tendentious and trending issues, systematically find out the bottom line of disputes involved in litigation, and jointly do a good job in hidden danger investigation, front-end resolution and comprehensive management, so as to prevent such disputes from easily becoming litigated.

(II) the promotion of the application of the "model judgment parallel case multi-resolution" mechanism. For securities misrepresentation and other types of public-related disputes, we will promote the courts to formulate unified guidelines for the work of model judgments based on practical experience, and further enhance the standardization level of the "model judgment parallel case handling" mechanism. Actively promote the follow-up parallel case handling of model judgments, guide the parties to resolve disputes through reconciliation and withdrawal, self-compensation, mediation, etc., and at the same time promote the court to simplify the judicial confirmation process in accordance with the law, and improve the efficiency of case transfer and handling. To promote the court to promote the model case step-by-step judgment mechanism, the infringement facts, "three days one price", causality and other cases have been identified and not controversial facts to make a confirmation judgment, and then according to the loss calculation results to make a payment judgment, to promote the rapid resolution of parallel cases.

(III) for the court's judicial support for the non-litigation dispute settlement mechanism. After the relevant subjects have the first willingness to pay compensation or submit an application to the CSRC for the commitment of the parties to administrative law enforcement, coordinate the competent court to provide timely assistance in providing the progress of the relevant dispute acceptance and filing of the relevant dispute, and ensure the smooth coordination of the non-litigation relief mechanism. Strengthen communication with the court on substantive legal issues such as the "three-day one-price" determination and loss measurement involved in the compensation plan, strive for the unification of judicial and administrative determination standards, avoid subsequent investors who have objections to the compensation standard and other separate prosecutions, and better protect the market expectations and the effect of the non-litigation dispute settlement mechanism.

6. Based on Practice, Carry out Special Governance in Key Dispute Areas

(I) a number of measures to improve the quality of non-litigation disputes of listed companies. Enhance the mediation enthusiasm of listed companies, strive for the support of various departments for mediation work, strengthen communication and coordination, strengthen the positive incentive guidance for listed companies to participate in mediation, and reduce the concerns of state-owned enterprises and other listed companies that rely on litigation due to internal audit and accountability. Explore and optimize the process of obtaining transaction settlement data for misrepresentation disputes, and smooth the channels to assist judicial inquiries. Actively give full play to the important role of the loss measurement business of investor protection institutions in the resolution of various types of disputes such as securities disputes and representative litigation, increase investment in the construction of interdisciplinary professionals in loss measurement, promote the upgrading of the loss calculation system, and improve and enrich the functions of algorithms.

(II) dig deep in the management of institutional disputes in the new type of prominent contradictions and disputes. Continue to in-depth follow up institutional disputes, strengthen research and judgment on issues such as insufficient industry standardization and rights protection of black property reflected in current investment consulting disputes with prominent contradictions, promote the improvement of relevant business management rules, strengthen the standardized management of investment consulting institutions, and realize the transformation from "temporary treatment" to "permanent treatment", and reduce conflicts and disputes from the source. The dispatched agencies promptly investigate and deal with the violations of laws and regulations involved in the complaints and reports, and severely crack down on them, forming a strict regulatory deterrent and purifying the industry ecology. With regard to the phenomenon of safeguarding rights and illegal property, especially in outstanding areas such as investment consultation, we should maintain follow-up, study and judgment, support industry institutions to safeguard their legitimate rights and interests in accordance with the law, and timely cooperate with government departments and courts to carry out governance actions. we will encourage investors to reflect problems in accordance with legal procedures, solve problems in accordance with the provisions of the law, and bring the prevention and resolution of contradictions and disputes into the track of the rule of the rule of law.

7. overall coordination and strengthening the protection of the source of litigation.

(I) a broad consensus on governance and promote the formation of governance synergy. Strengthen the study and implementation of policy theories, and promote the system-wide formation of a comprehensive understanding and accurate grasp of the source of litigation. Give full play to the subjective initiative of cadres to take the initiative to study and be good at solving problems, to be responsible for the soil, to be responsible for the soil, and not to hand in contradictions or shirk responsibility. Strengthen overall coordination and information sharing, form a governance force, give full play to the advantages of our system, and enhance the ability to resolve disputes and contradictions in the capital market on the spot.

(II) strengthen the information construction, improve the quality of the source of litigation governance. Try to get through data resources, realize real-time collection of complaint data of supervised objects at the supervision end, and provide effective data support for dispute resolution. Explore the establishment of a unified statistical classification standard for data on the prevention and resolution of conflicts and disputes. Strengthen the application of data, explore the establishment of a database of industry mediation experts and a retrieval database of mediation cases, provide system-wide mediators with practical retrieval services for dispute resolution, standard question-and-answer suggestions for industry common questions, and consulting services for difficult questions in professional fields, further exert the demonstration synergy effect, and enhance the authority, professionalism and total physical efficiency level of dispute mediation. Innovative data development, fully tap the value of the "database" and "case base", realize the prediction and early warning of emerging problems, the comprehensive study and judgment of the situation of contradictions and disputes, and realize the early warning, early investigation and early disposal of major stability-related problems. Information security management requirements should be implemented in the process of information construction.

(III) strengthen propaganda and guidance to cultivate a culture of non-litigation and dispute resolution. Strengthen publicity and guidance through multiple channels, increase publicity on non-litigation dispute resolution methods, especially mediation, and promote listed companies, operating institutions, and investors to fully understand the specific channels and comparative advantages of various dispute resolution mechanisms, and properly choose reasonable methods in accordance with the law. Rational rights protection; enhance the understanding of the basic role of mediation, and promote various subjects to "know mediation, use mediation, and trust mediation". Give full play to the exemplary role of typical cases, issue typical cases separately or jointly with the courts on the types of disputes that are prone to occur frequently, guide investors to invest rationally and legally safeguard their rights, promote the standardized operation of listed companies and operating institutions, and prevent and reduce conflicts from the source. Strengthen the monitoring of public opinion, carry out targeted guidance and publicity, create a good public opinion environment for diversified dispute resolution work, and cultivate the culture of non-litigation dispute resolution.

1. Strengthen the recognition and encouragement, play a leading role. Encourage the advanced, increase the commendation and praise of outstanding mediation organizations and workers in dispute resolution positions, widely publicize advanced mediation organizations and advanced personal deeds, fully stimulate the effectiveness of mediation organizations, stimulate the enthusiasm for dispute resolution work, and promote the formation of various dispute resolution organizations. A dispute resolution pattern in which the division of labor and the cooperation of relevant line units. Encourage listed companies and operating institutions to establish and improve internal incentive mechanisms for reconciliation and mediation, clarify conditions and standards, and commend and reward collectives and individuals who play an important role in the process of reconciliation and mediation and prevent major risks.

Original link:http://www.csrc.gov.cn/csrc/c100210/c7480484/content.shtml

Source: SFC