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Notice by the Supreme People's Court of Issuing the Several Opinions on Providing Judicial Guarantees for the Establishment of the STAR Market and the Pilot Program of the Registration System Reform [Effective]
最高人民法院印发《关于为设立科创板并试点注册制改革提供司法保障的若干意见》的通知 [现行有效]
【法宝引证码】

Notice by the Supreme People's Court of Issuing the Several Opinions on Providing Judicial Guarantees for the Establishment of the STAR Market and the Pilot Program of the Registration System Reform 

最高人民法院印发《关于为设立科创板并试点注册制改革提供司法保障的若干意见》的通知

(No. 17 [2019] of the Supreme People's Court) (法发[2019]17号)

The higher people's courts of all provinces, autonomous regions, and municipalities directly under the Central Government; the Military Court of the People's Liberation Army; and the Production and Construction Corps Branch of the Higher People's Court of Xinjiang Uygur Autonomous: 各省、自治区、直辖市高级人民法院,解放军军事法院,新疆维吾尔自治区高级人民法院生产建设兵团分院:
The Several Opinions of the Supreme People's Court on Providing Judicial Guarantees for the Establishment of the STAR Market and the Pilot Program of the Registration System Reform are hereby issued to you for your conscientious implementation. 现将《最高人民法院关于为设立科创板并试点注册制改革提供司法保障的若干意见》印发给你们,请认真贯彻执行。
June 20, 2019 2019年6月20日
Several Opinions of the Supreme People's Court on Providing Judicial Guarantees for the Establishment of the STAR Market and the Pilot Program of the Registration System Reform 最高人民法院关于为设立科创板并试点注册制改革提供司法保障的若干意见
The establishment of the STAR Market and the launch of the pilot program of the registration system at the Shanghai Stock Exchange (hereinafter referred to as the "SSE") is an important measure of the central authorities to implement the innovation-driven development strategy and advance high-quality development, and is an important arrangement for deepening the capital market reform. For the purposes of maximizing the role of the adjudicative function of people's courts, jointly promoting the overall advancement of the reform of issue, listing, information disclosure, trading, delisting and other basic systems for the capital market, maintaining an open, fair and equitable order of the capital market, and protecting the lawful rights and interests of investors, the following opinions are hereby offered on issues during the pilot program of the registration system reform such as people's courts' correct trial of cases relating to the STAR Market. 在上海证券交易所(以下简称上交所)设立科创板并试点注册制, 是中央实施创新驱动发展战略、推进高质量发展的重要举措,是深化资本市场改革的重要安排。为充分发挥人民法院审判职能作用,共同促进发行、上市、信息披露、交易、退市等资本市场基础制度改革统筹推进,维护公开、公平、公正的资本市场秩序,保护投资者合法权益,现就注册制改革试点期间人民法院正确审理与科创板相关案件等问题,提出如下意见。
I. Heightening awareness and enhancing the consciousness and initiative to provide judicial guarantees for the establishment of the STAR Market and the pilot program of the registration system reform. 一、提高认识,增强为设立科创板并试点注册制改革提供司法保障的自觉性和主动性
1. Fully understanding the importance of the establishment of the STAR Market and the pilot program of the registration system reform. At the opening ceremony of the first China International Import Expo, General Secretary Xi Jinping announced the establishment of the STAR Market and the launch of the pilot program of the registration system at the SSE, fully reflecting the great importance attached to and ardent hope entertained for the reform and development of the capital market by the CPC Central Committee with Comrade Xi Jinping as the core. The Central Economic Work Conference was of the view that the capital market played a leading role in financial operation and a well-regulated, transparent, open, dynamic and resilient capital market should be built by deepening reforms. Starting from the establishment of the STAR Market, steadily conducting the pilot program of the registration system for stock issuance is not only an important reflection of deepening the structural reform of the financial supply side and improving the basic systems for the capital market, but also helpful in better utilizing the function of the capital market to support the improvement of innovation in critical technologies and the competitiveness of the real economy and better serving high-quality development. People's courts at all levels shall adhere to following the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics in a New Era, conscientiously implement the spirit of a series of important instructions on the capital market from General Secretary Xi Jinping, properly tackle new situation and new problems in disputes relating to the STAR Market, intend the protection of the lawful rights and interests of investors and the prevention and resolution of financial risks as a fundamental task of securities adjudication, and create a good judicial environment for accelerating the shaping of a multi-level capital market system with sound financing functions, solid basic systems, effective market regulation, and effective protection of lawful rights and interests of investors.   1、充分认识设立科创板并试点注册制的重要意义。习近平总书记在首届中国国际进口博览会开幕式上宣布在上海证券交易所设立科创板并试点注册制,充分体现了以习近平同志为核心的党中央对资本市场改革发展的高度重视和殷切希望。中央经济工作会议提出,资本市场在金融运行中具有牵一发而动全身的作用,要通过深化改革,打造一个规范、透明、开放、有活力、有韧性的资本市场。从设立科创板入手,稳步试点股票发行注册制,既是深化金融供给侧结构性改革、完善资本市场基础制度的重要体现,也有利于更好发挥资本市场对提升关键技术创新和实体经济竞争力的支持功能,更好地服务高质量发展。各级人民法院要坚持以习近平新时代中国特色社会主义思想为指导,认真落实习近平总书记关于资本市场的一系列重要指示批示精神,妥善应对涉科创板纠纷中的新情况、新问题,把保护投资者合法权益、防范化解金融风险作为证券审判的根本性任务,为加快形成融资功能完备、基础制度扎实、市场监管有效、投资者合法权益得到有效保护的多层级资本市场体系营造良好司法环境。
2. Accurately grasping the orientation of the STAR Market and arrangements for the pilot program of the registration system. The STAR Market is an incremental reform of the capital market and a "test bed" for reforming and innovating basic systems for the capital market. The STAR Market mainly serves science and technology innovation enterprises that conform to any national strategy, make any breakthrough in critical core technologies and highly recognized on the market, has more inclusive conditions for issuance and listing, makes no requirements that an enterprise be profitable before listing, allows enterprises with a "weighted voting right structure" and red chip enterprises that comply with the requirements of pilot programs of innovation to be listed, and implements more market-oriented systems such as underwriting, trading, mergers and acquisitions, and delisting. With authority of the Standing Committee of the National People's Congress, the relevant provisions of the Securities Law of the People's Republic of China on the confirmation system for public offerings of stock shall be adjusted in the process of the reform of the registration system for stock issuance. The pilot program of the registration system shall be generally divided into two links: SSE examination and registration with the China Securities Regulatory Commission ("CSRC"). The CSRC shall supervise the SSE's examination work and establish and improve a stock issuance and listing system centered on information disclosure. People's courts at all levels shall adhere to the general working tone of seeking progress in stability, based on criminal, civil and administrative securities adjudication, identify the entry point for the work, further implement the reform arrangements and policy requirements of the central authorities by lawful adjudication, promote the formation of a good market ecology in which all market participants perform their duties according to the law, are duly dutiful and have their lawful rights and interests effectively protected, and provide powerful judicial guarantees for investors to invest feeling secure and for science and technology innovation companies to innovate boldly.   2、准确把握科创板定位和注册制试点安排。科创板是资本市场的增量改革,也是资本市场基础制度改革创新的“试验田”。科创板主要服务于符合国家战略、突破关键核心技术、市场认可度高的科技创新企业,发行上市条件更加包容,不要求企业上市前必须盈利,允许“同股不同权”企业和符合创新试点规定的红筹企业上市,实行更加市场化的发行承销、交易、并购重组、退市等制度。根据全国人大常委会授权,股票发行注册制改革过程中调整适用《中华人民共和国证券法》关于股票公开发行核准制度的有关规定。本次注册制试点总体分为上交所审核和证监会注册两个环节,证监会对上交所的审核工作进行监督,建立健全以信息披露为中心的股票发行上市制度。各级人民法院要坚持稳中求进工作总基调,立足证券刑事、民事和行政审判实际,找准工作切入点,通过依法审判进一步落实中央改革部署和政策要求,推动形成市场参与各方依法履职、归位尽责及合法权益得到有效保护的良好市场生态,为投资者放心投资,科创公司大胆创新提供有力司法保障。
II. Respecting the law of the development of the capital market and guaranteeing the smooth progress of the reform of the stock issuance system based on market mechanisms according to the law 二、尊重资本市场发展规律,依法保障以市场机制为主导的股票发行制度改革顺利推进
3. Supporting the SSE in prudently examining stock issuance and listing. According to the reform arrangement, the SSE shall mainly conduct examination in a manner in which examination questions are put to issuers, and issuers answer the questions. In the trial of a case, if the issuer or any of its sponsors or securities service institutions discloses information containing any false record, misleading statement or material omission in the in the application documents for issuance and listing or in the link of answering questions, it shall be ordered to assume the legal liability for false statements; and if any false statement results in fraudulent obtainment of issuance examination and registration, it shall be ordered to assume the legal liability for fraudulent issuance. In order to guarantee the smooth progress of the reform of the issuance system, disputes over securities issuance, disputes over a securities underwriting contract, disputes over a securities listing sponsorship contract, disputes over a securities listing contract, disputes over securities fraud liability, and other civil and commercial cases under original jurisdiction involving enterprises that launch an initial public offering of stock and listing on the STAR Market shall be under the centralized jurisdiction of the Shanghai Financial Court on a pilot-program basis.   3、支持证券交易所审慎开展股票发行上市审核。根据改革安排,上交所主要通过向发行人提出审核问询、发行人回答问题方式开展审核工作。在案件审理中,发行人及其保荐人、证券服务机构在发行上市申请文件和回答问题环节所披露的信息存在虚假记载、误导性陈述或者重大遗漏的,应当判令承担虚假陈述法律责任;虚假陈述构成骗取发行审核注册的,应当判令承担欺诈发行法律责任。为保障发行制度改革顺利推进,在科创板首次公开发行股票并上市企业的证券发行纠纷、证券承销合同纠纷、证券上市保荐合同纠纷、证券上市合同纠纷和证券欺诈责任纠纷等第一审民商事案件,由上海金融法院试点集中管辖。
4. Guaranteeing that the SSE implements self-regulation according to the law. Because of characteristics such as the inclusive listing threshold of the STAR Market and the rapid technological iteration and lengthy period before reaching profitability of science and technology innovation companies, it is objectively necessary to strengthen interim and ex-post regulation. For issuance, listing, continual regulation, and other business rules for the STAR Market developed by the SSE according to the statutory procedures, people's courts may apply them mutatis mutandis in accordance with the law at the time of trying cases, as long as such business rules do not contravene the mandatory provisions of the laws and regulations. In order to harmonize adjudicative standards, finance-related civil and commercial cases and administrative cases under original jurisdiction respecting the duties of performance by the SSE in which it is defendant or third party shall remain under the jurisdiction of the Shanghai Financial Court, according to the provisions of Article 3 of the Provisions of the Supreme People's Court on the Jurisdiction of the Shanghai Financial Court (Interpretation No. 14 [2018], SPC).   4、保障证券交易所依法实施自律监管。由于科创板上市门槛具有包容性和科创公司技术迭代快、盈利周期长等特点,客观上需要加强事中事后监管。对于证券交易所经法定程序制定的科创板发行、上市、持续监管等业务规则,只要不具有违反法律法规强制性规定情形,人民法院在审理案件时可以依法参照适用。为统一裁判标准,根据《最高人民法院关于上海金融法院案件管辖的规定》(法释〔2018〕14号)第三条的规定,以上海证券交易所为被告或者第三人与其履行职责相关的第一审金融民商事案件和行政案件,仍由上海金融法院管辖。
5. Ensuring the effective implementation of the arrangement for the civil liability system for stock issuance centered on information disclosure. The enforcement of civil liability is an important link to compel information disclosure obligors to perform dutifully and is the key to whether the law can "grow teeth." In the commercial securities adjudication, the primary responsibility of issuers and their associates shall be strictly implemented as required by the reform. If the controlling shareholder or actual controller of an issuer instructs the issuer to make fraudulent issuance or a false statement, the controlling shareholder or the actual controller shall be ordered in accordance with the law to directly assume civil liability towards investors. Securities service institutions' responsibility for verification and control for the purposes of protecting the interests of investors shall be strictly implemented. If a securities service institution fails to exercise special care with respect to any business matter relating to its specialty such as accounting and law, or fails to exercise ordinary care with respect to any other business matter, it shall be ordered to assume corresponding legal liability. The standards of care which a sponsor exercises in the comprehensive verification of information disclosures of the issuer such as listing application documents shall be accurately grasped, and on the basis of exercise of special care by a securities service institution, the sponsor shall objectively and neutrally conduct substantial verification of the issuer's operation and risks, otherwise it fails to meet the standards of proof justifying an excuse. For a list company that commits no violation of the laws and regulations and solely fails in operation, the "caveat emptor" principle as to investment risks in the Securities Law shall be strictly implemented, so as to guide investors in improving their risk identification capabilities and awareness of rational investment.   5、确保以信息披露为中心的股票发行民事责任制度安排落到实处。民事责任的追究是促使信息披露义务人尽责归位的重要一环,也是法律能否“长出牙齿”的关键。在证券商事审判中,要按照本次改革要求,严格落实发行人及其相关人员的第一责任。发行人的控股股东、实际控制人指使发行人从事欺诈发行、虚假陈述的,依法判令控股股东、实际控制人直接向投资者承担民事赔偿责任。要严格落实证券服务机构保护投资者利益的核查把关责任,证券服务机构对会计、法律等各自专业相关的业务事项未履行特别注意义务,对其他业务事项未履行普通注意义务的,应当判令其承担相应法律责任。准确把握保荐人对发行人上市申请文件等信息披露资料进行全面核查验证的注意义务标准,在证券服务机构履行特别注意义务的基础上,保荐人仍应对发行人的经营情况和风险进行客观中立的实质验证,否则不能满足免责的举证标准。对于不存在违法违规行为而单纯经营失败的上市公司,严格落实证券法投资风险“买者自负”原则,引导投资者提高风险识别能力和理性投资意识。
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