| Provisions of the Shanghai Financial Court on the Representative Action Mechanism for Securities Disputes (for Trial Implementation) | | 上海金融法院关于证券纠纷代表人诉讼机制的规定（试行） |
| (March 24, 2020) | | （2020年3月24日） |
| Chapter I General Provisions | | 第一章 总 则 |
| Article 1 For the purposes of properly handling group securities disputes, safeguarding the lawful rights and interests of parties, and achieving the timely and effective resolution of disputes, these Provisions are developed according to the Securities Law of the People's Republic of China (hereinafter referred to as the "Securities Law"), the Civil Procedure Law of the People's Republic of China (hereinafter referred to as the "Civil Procedure Law"), and the Interpretation of the Supreme People's Court on the Application of the Civil Procedure Law of the People's Republic of China, among others, in light of the actual trial work of the Court. | | 第一条 为妥善处理群体性证券纠纷，维护当事人的合法权益，实现纠纷的及时有效化解，根据《中华人民共和国证券法》（以下简称《证券法》）《中华人民共和国民事诉讼法》（以下简称《民事诉讼法》）《最高人民法院关于适用〈中华人民共和国民事诉讼法〉的解释》等，结合本院审判工作实际，制定本规定。 |
| Article 2 A representative action as referred to in these Provisions may either be ordinary or special. An ordinary representative action is an action brought under Articles 53 and 54 of the Civil Procedure Law, and a special representative action is an action brought under paragraph 3, Article 95 of the Securities Law. | | 第二条 本规定所指代表人诉讼分为普通代表人诉讼和特别代表人诉讼。普通代表人诉讼是依据《民事诉讼法》第五十三条、第五十四条规定提起的诉讼，特别代表人诉讼是依据《证券法》第九十五条第三款规定提起的诉讼。 |
| Article 3 Where representative action is applicable to the trial of a case, the procedural rights of the investors shall be properly protected, the diversified resolution of disputes shall be promoted, the intensive level of the trial of the case shall be improved, the trial efficiency shall be raised, and the cost of litigation shall be reduced. | | 第三条 适用代表人诉讼审理案件的，应当妥善保护投资者诉讼权利，促进纠纷多元化解，提升案件审理集约化水平，提高审判效率，降低诉讼成本。 |
| Article 4 Where representative action is applicable to the trial of a case, the litigation efficiency shall be improved by relying on information technology, and by establishing an online platform for representative actions, litigation procedures such as rights registration, selection of representatives, announcements and notices, and electronic service shall be facilitated. | | 第四条 适用代表人诉讼审理案件的，应当依托信息技术提高诉讼效率，通过设立代表人诉讼在线平台，实现权利登记、代表人推选、公告通知、电子送达等诉讼程序的便利化。 |
| Article 5 The Court and securities registration and settlement institutions shall establish a data exchange mechanism for electronic transactions to provide support for the calculation of compensation for losses and the verification of the scope of eligible investors. | | 第五条 本院与证券登记结算机构建立电子交易数据对接机制，为损失赔偿数额计算以及适格投资者范围核验提供支持。 |
| Article 6 These Provisions apply to any group civil dispute over compensation arising from securities misrepresentation, insider trading, market manipulation, or any other act, under the jurisdiction of the Court. | | 第六条 凡属于本院管辖范围，因证券虚假陈述、内幕交易、操纵市场等行为引发的民事赔偿群体性纠纷，适用本规定。 |
| The provisions of these Provisions on the ordinary representative action mechanism may apply mutatis mutandis to other group financial, civil, and commercial disputes. | | 其他群体性金融民商事纠纷可以参照本规定关于普通代表人诉讼机制的规定处理。 |
| Chapter II Ordinary Representative Action Mechanism | | 第二章 普通代表人诉讼机制 |
| Section 1 Case Docketing and Rights Registration | | 第一节 立案与权利登记 |
| Article 7 The parties that are many and determinate in number at the time of bring an action and are found to meet the conditions for joint action upon examination shall be joint plaintiffs for unified case docketing and registration. | | 第七条 当事人人数众多在起诉时确定的，经审查符合共同诉讼条件的，将其作为共同原告统一立案登记。 |
| Article 8 Where the subject matters of action is of the same kind, and the parties are many and indeterminate in number at the time of bringing action, the Court may, upon acceptance, issue an announcement on rights registration, so notifying as to enable relevant investors to register with the Court during the announcement period. | | 第八条 诉讼标的是同一种类，当事人人数众多在起诉时不确定的，本院受理后可以发出权利登记公告，通知相关投资者在公告期间内向本院登记。 |
| The announcement period shall be fixed in view of the specific circumstances of the case, but may not be less than 30 days. | | 公告期间根据案件的具体情况确定，但不得少于三十日。 |
| Article 9 Before an announcement on rights registration is issued, the nature of the alleged securities infringement and the basic infringement facts claimed, among others, shall be examined to determine the scope of rights registration. | | 第九条 发出权利登记公告前，应当对被诉证券侵权行为的性质、诉请的基础侵权事实等进行审查，确定权利登记范围。 |
| Specific examination methods include consulting case files and investigating and questioning the parties, and the parties on both sides shall be organized for a hearing. | | 具体审查方式包括阅卷、调查和询问当事人等，并应当组织双方当事人听证。 |
| Article 10 An announcement on rights registration shall cover basic facts related to the alleged securities infringement, circumstances of the defendant sued, scope of rights registration, and time limit for registration, among others. | | 第十条 权利登记公告的内容应当包括被诉证券侵权行为所涉基础事实、已诉被告当事人情况、权利登记范围及登记期限等。 |
| Article 11 The fee for an announcement on rights registration shall be paid in advance by plaintiffs and borne as court costs by the losing side based on adjudicative results. | | 第十一条 权利登记公告的费用由原告先行垫付，并作为诉讼费用根据裁判结果由败诉方承担。 |
| Article 12 An investor shall register on an online platform designated by the Court within the announcement period. | | 第十二条 投资者应当在公告期间内，于本院指定的在线平台进行登记。 |
| An investor that registers its rights shall provide identification materials as required and pass the online identity authentication. | | 投资者进行权利登记时，应当根据要求提供身份证明材料，并通过在线身份核验。 |
| Article 13 An investor that registers its rights shall provide the name of the plaintiff, information of its attorney (if any) and the power of attorney, name of the defendant, amount of claim, method of payment, electronic service address, and other items. | | 第十三条 投资者进行权利登记时，应当填写原告姓名或名称、诉讼代理人（如有）信息及代理权限、被告姓名或名称、诉讼请求金额、收款方式、电子送达地址等事项。 |
| If an investor authorizes an attorney to conduct litigation, its rights may be registered by its attorney, after the investor has passed the identity authentication. | | 投资者授权诉讼代理人进行诉讼的，在通过本人身份核验后，权利登记可由其诉讼代理人进行。 |
| Article 14 Where an investor lists a party other than that in the announcement as a defendant, the investor shall further provide the basic information of the joint defendant and submit corresponding evidential materials. If the investor fails to provide the appropriate information on the defendant, the defendant shall be treated as being equivocal. | | 第十四条 投资者将公告之外的其他主体列为被告的，应当进一步填写该共同被告的基本信息，并提交相应证明材料。投资者未能提供被告适当信息的，视为该被告不明确。 |
Article 15 The Court shall obtain the list of right holders from securities registration and settlement institutions based on the scope of rights registration determined by the announcement and examine the scope of investors applying for registration accordingly.
．．．．．． | | 第十五条 本院依据公告确定的权利登记范围从证券登记结算机构调取权利人名单，并据此对申请登记的投资者范围进行审查。
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