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Opinions of the Beijing Higher People's Court on Fairly and Efficiently Resolving the Group Securities Disputes According to Law [Effective]
北京市高级人民法院关于依法公正高效处理群体性证券纠纷的意见(试行) [现行有效]

Opinions of the Beijing Higher People's Court on Fairly and Efficiently Resolving the Group Securities Disputes According to Law 


(April 29, 2019) (2019年4月29日)

For purposes of optimizing the business environment, making it easier for minority investors to file lawsuits, reduce the costs of litigation, resolve conflicts in a timely manner, protect the lawful rights and interests of minority investors, and fairly and efficiently hear the group securities disputes, the Opinions are developed in consideration of actual trials of the Beijing municipal courts in accordance with the Opinions of the General Office of the CPC Central Committee and the General Office of the State Council on Improving the Diversified Resolution Mechanism of Conflicts and Disputes, the Opinions of the General Office of the State Council on Further Strengthening the Work of Protection of the Legitimate Rights and Interests of Minority Investors in the Capital Markets, the Opinions of the Supreme People's Court on People's Courts Further Deepening the Reform of Diversified Dispute Resolution Mechanism, and the Opinions of the Supreme People's Court and the China Securities Regulatory Commission on Comprehensively Advancing Establishment of Diversified Resolution Mechanism of Securities and Futures Disputes. 为优化营商环境,便利证券市场中小投资人进行诉讼,降低诉讼成本,及时化解矛盾,保护中小投资人合法权益,公正、高效审理群体性证券纠纷,根据《中共中央办公厅 国务院办公厅关于完善矛盾纠纷多元化解机制的意见》《国务院办公厅关于进一步加强资本市场中小投资者合法权益保护工作的意见》《最高人民法院关于人民法院进一步深化多元化纠纷解决机制改革的意见》《最高人民法院、中国证券监督管理委员会关于全面推进证券期货纠纷多元化解机制建设的意见》等,结合北京市法院审判工作实际,制定本意见。
I. Scope of Application 


1. Group securities disputes mainly include the securities disputes arising from misrepresentation, insider trading, and manipulation of the securities trading market. 1.群体性证券纠纷,主要包括证券虚假陈述责任纠纷、证券内幕交易责任纠纷、操纵证券交易市场责任纠纷。
A group securities dispute over misrepresentation generally means a securities dispute arising from a separate lawsuit brought by more than ten investors regarding the same false statement and against the same defendant, or from more than two joint lawsuits brought at the same time. 群体性证券虚假陈述责任纠纷,一般指人数为十人以上的投资人,因同一虚假陈述事实对相同被告提起单独诉讼,或者同时提起两个以上共同诉讼的证券虚假陈述责任纠纷。
2. The Opinions shall apply to any group redress disputes caused by false statements in the securities market and accepted by the people's courts in Beijing with jurisdiction. 2.凡属于北京市有管辖权的人民法院受理的因证券市场虚假陈述行为引发的民事赔偿群体性纠纷,适用本意见。
Other group securities disputes such as securities disputes arising from insider trading and manipulation of the securities trading market may be handled by reference to the Opinions. 证券内幕交易责任纠纷、操纵证券交易市场责任纠纷等其他群体性证券纠纷可以参照本意见处理。
II. Handling of the Objection to Jurisdiction 


3. If a defendant raises an objection to the court jurisdiction, which has been confirmed by a valid civil ruling, over the securities disputes brought by other investors based on the same false statement, the people's court may choose not to accept the objection and shall notify the defendant of the reason why it is not accepted. 3.针对同一虚假陈述事实,已有生效民事裁定确认法院管辖权的,被告再以相同理由针对其他投资人提起的证券虚假陈述责任纠纷提出管辖权异议的,人民法院可不再处理,并应当将不再处理的理由告知提出该管辖权异议的被告。
III. Obtaining of Evidence 


4. If the evidence such as trading records provided by investors is objected by the other party and is rebutted by opposite evidence of the other party, and the people's court is unable to determine the forcefulness of either party's evidence, any of the two parties may apply to the people's court for obtaining such evidence as trading records from relevant entities, and the people's court shall grant the permission. If no party applies for obtaining the evidence, the people's court shall ex officio obtain the evidence to investigate the case. 4.对投资人提供的交易记录等凭证,另一方当事人有异议并另行提供交易记录等反驳证据,人民法院无法确认任何一方当事人提交的交易记录等凭证的证明力的,任何一方当事人均可申请人民法院向相关机构调取交易记录等凭证,人民法院应予准许。当事人未提出调取申请的,为查明案情,人民法院应依职权予以调取。
5. The people's court may not directly dismiss the claim of the investors because the trading records provided by investors have not been approved by the other party, or the investors cannot provide complete trading records. 5.人民法院不得因投资人提供的交易记录等凭证未经另一方当事人认可,或者投资人不能提供完整的交易记录等凭证的理由,直接驳回投资人的诉讼请求。
IV. Mechanism of Model Cases and Parallel Cases 


6. Model cases mean the typical cases in the group securities disputes over misrepresentation. 6.示范案件是指群体性证券虚假陈述责任纠纷中具有代表性的案件。
Parallel cases mean the cases (except model cases) to which lawsuits are filed based on the same false statement. 平行案件是指除示范案件之外的针对同一虚假陈述事实提起诉讼的其他案件。
7. Model judgments mean the judgments made by the people's courts which, in handling group securities disputes over misrepresentation, select certain typical cases having such common issues as controversies of facts and application of law, and give priority to hearing and deciding such cases. 7.示范判决是指人民法院在处理群体性证券虚假陈述责任纠纷中,选取具有共通的事实争议和法律适用等焦点问题的代表性案件先行进行审理,先行进行裁判而作出的判决。
8. A model case may be jointly selected by all parties concerned upon consultation based on the request of any party or the free wills of both parties. 8.示范案件可以依任何一方当事人的申请或者在当事人自愿的基础上,由各方当事人协商共同选定。
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