Priority to bear the liability for civil compensation

Zhongxin Jingwei, July 29th. On the 29th, the website of the China Securities Regulatory Commission reported on the 29th. The relevant provisions of the Securities Law of the People's Republic of China and the Implementation Rules of the National Vaca Regulations of the People's Republic of China, and other relevant regulations, the Securities Regulatory Commission and the Ministry of Finance jointly formulated the "Provisions on the Priority of the Property of Securities Illegal Owners to undertake the relevant matters of civil compensation liability (hereinafter referred to as" "Regulations"), implemented from the date of announcement.

The CSRC pointed out that the "Regulations" publicly solicited opinions from the society from March 11th to April 10, 2022, and the market evaluation was positive. During the period, a total of 28 feedback was received. The "Regulations" have 14 articles, which mainly include the application entity, application period, application materials, and processing processes. It clarifies the specific working mechanism of the administrative penalties paid by illegal actors to bear the liability for civil compensation.

According to the CSRC, the principle of priority of liability for civil compensation has provisions in multiple fields. The "Regulations" is the first to land in the securities field, which is of great positive significance for protecting the legitimate rights and interests of investors. The promulgation of the "Regulations" is an important measure to practice the people -centered development ideas, and to carry out the practical activity of "I do a practical work for the masses". It is the actual needs of the legal rights of investors in accordance with the changes in the rule of law environment of the capital market. With the improvement of the "Securities Law" civil compensation system, the introduction of the judicial interpretation of collective litigation of securities, the amendments to the judicial interpretation of false claims, and the implementation of the "Regulations", from the securities trial standards, litigation procedures to the Chinese characteristics of compensation guarantee links The securities civil compensation system is basically formed.

In the next step, the CSRC and the Ministry of Finance will conscientiously implement the requirements of the Regulations, strive to handle good things, and effectively protect investors' legitimate rights and interests. (Zhongxin Jingwei APP)

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