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Several Opinions of the Higher People's Court of Shanghai on Serving and Guaranteeing the Establishment of the STAR Market and the Launch of the Pilot Program of the Registration System [Effective]
上海市高级人民法院关于服务保障设立科创板并试点注册制的若干意见 [现行有效]
【法宝引证码】

Several Opinions of the Higher People's Court of Shanghai on Serving and Guaranteeing the Establishment of the STAR Market and the Launch of the Pilot Program of the Registration System 

上海市高级人民法院关于服务保障设立科创板并试点注册制的若干意见

(Issued on June 17, 2019) (2019年6月17日发布)

These Opinions are developed for the purposes of implementing the spirit of the important speech delivered by General Secretary Xi Jinping at the first China International Import Expo, the Overall Implementation Plan for the Establishment of the STAR Market and the Launch of the Pilot Program of the Registration System at the Shanghai Stock Exchange and the Implementation Opinions on the Establishment of the STAR Market and the Launch of the Pilot Program of the Registration System at the Shanghai Stock Exchange as deliberated and adopted by the Central Commission on Comprehensively Deepening Reform, and the relevant working arrangements of the CPC Shanghai Municipal Committee, creating a good law-based financial environment for the establishment of the STAR Market and the pilot program of the registration system, and providing fine judicial services and guarantees for Shanghai to build an international financial center and a science and technology innovation center, in light of the actual work of Shanghai courts. 为贯彻落实习近平总书记在首届中国国际进口博览会上的重要讲话精神、中央全面深化改革领导委员会审议通过的《在上海证券交易所设立科创板并试点注册制总体实施方案》《关于在上海证券交易所设立科创板并试点注册制的实施意见》及上海市委的相关工作部署,为设立科创板并试点注册制营造良好金融法治环境,为上海建设国际金融中心、科创中心提供优质的司法服务和保障,结合上海法院工作实际,制定本意见。
I. General requirements   一、总体要求
1. Fully understanding the significance of establishing the STAR Market and launching the pilot program of the registration system (一)充分认识设立科创板并试点注册制的重大意义
(1) Establishing the STAR Market and launching the pilot program of the registration system is a major initiative to implement national strategies. Establishing the STAR Market and launching the pilot program of the registration system at the Shanghai Stock Exchange is a major strategic arrangement made by the central authorities, in light of the present world economic situation, based on the national big picture of reform and opening up, is a major reform initiative to advance the reform of China's basic systems for the capital market, improve the multi-level capital market system, and stimulate market vitality, and is an important system arrangement for fixing weakness of the capital market in serving science and technology innovation, enhancing the inclusiveness and adaptability of innovative enterprises, and promoting high-quality economic development. Establishing the STAR Market and launching the pilot program of the registration system is of great and far-reaching significance for the implementation of financial power, science and technology power, and innovation-driven development strategies. 1.设立科创板并试点注册制是实施国家战略的重大举措。在上海证券交易所设立科创板并试点注册制,是中央针对当前世界经济形势,立足全国改革开放大局作出的重大战略部署,是推进我国资本市场基础制度改革、完善多层次资本市场体系、激发市场活力的重大改革举措,是补齐资本市场服务科技创新短板、增强对创新企业包容性和适应性、推动经济高质量发展的重要制度安排。设立科创板并试点注册制,对于落实金融强国、科技强国和创新驱动发展战略,具有重大而深远的意义。
(2) Establishing the STAR Market and launching the pilot program of the registration system is a major opportunity for the construction of the international financial center and the science and technology innovation center in Shanghai. The three new major tasks assigned by the central authorities to Shanghai are a major opportunity for Shanghai's development and will considerably expand Shanghai's development space, enhance Shanghai's development impetus, and reshape Shanghai's urban landscape. Establishing the STAR Market and launching the pilot program of the registration system at the Shanghai Stock Exchange will powerfully promote Shanghai in further improving its financial market system, enhancing the attractiveness and ripple effects of the financial center, striving for the narrative as to the international rules of financial markets, and better serving the country's economic and social development and the process of reform and opening up and is a major historical opportunity for Shanghai to accelerate the construction of an international financial center and a science and technology innovation center. 2.设立科创板并试点注册制是上海国际金融中心和科创中心建设的重大机遇。中央交给上海的三项新的重大任务是上海发展的重大机遇,将大大拓展上海的发展空间、增强上海的发展动力、重塑上海的城市格局。在上海证券交易所设立科创板并试点注册制,将有力推动上海进一步健全金融市场体系,增强金融中心吸引力和辐射力,争取国际金融市场规则话语权,更好地服务国家经济社会发展和改革开放进程,是上海加速建设国际金融中心和科创中心的重大历史机遇。
(3) Establishing the STAR Market and launching the pilot program of the registration system defines more demanding requirements for Shanghai courts' services and guarantees for the big picture. Shanghai courts are at the forefront of China's financial reform and opening and have important duties and missions in the process of creating a good law-based financial environment, promoting sound and orderly economic development, and serving and guaranteeing the building of an international financial center in Shanghai. Shanghai courts must, with a keen sense of responsibility and mission, maximize their adjudicative functions, effectively respond to the judicial needs of establishing the STAR Market and launching the pilot program of the registration system, focus on guaranteeing all reform measures such as issuance and listing of securities, continual regulation of listed companies, securities trading, strengthening of the responsibility of intermediaries, and protection of the lawful rights and interests of investors, and play a due role in comprehensively implementing national strategies and serving and guaranteeing the construction of an international financial center and a science and technology innovation center in Shanghai. 3.设立科创板并试点注册制对上海法院服务保障大局提出了新的更高的要求。上海法院地处我国金融开放改革的前沿阵地,在营造良好金融法治环境、促进经济健康有序发展、服务保障上海国际金融中心建设过程中,承担着重要职责使命。上海法院必须以高度的责任感和使命感,充分发挥审判职能,切实回应设立科创板并试点注册制的司法需求,着力保障证券发行上市、上市公司持续监管、证券交易、强化中介机构责任、保护投资者合法权益等各项改革措施,为全面落实国家战略,服务保障上海国际金融中心和科创中心建设发挥应有的作用。
2. Overall objective of serving and guaranteeing the establishment of the STAR Market and the launch of the pilot program of the registration system (二)服务保障设立科创板并试点注册制的总体目标
Xi Jinping Thought on Socialism with Chinese Characteristics in a New Era shall be adhered to as the guidance, the spirit of the important speech delivered by General Secretary Xi Jinping during his visit to Shanghai shall be thoroughly studied and implemented, the spirit of a series of important meetings such as the 19th CPC National Congress, the First, Second, and Third Plenary Sessions of the 19th CPC Central Committee, the Central Political and Legal Work Conference, and the meetings held by the CPC Shanghai Municipal Committee and the Supreme People's Court shall be comprehensively carried out, the awareness of politics, big picture and responsibility shall be firmly established, justice for the people and impartial justice shall serve as the main line, financial adjudicative duties shall be performed according to the law, the reform of financial adjudication shall be deepened, a specialist adjudicative mechanism commensurate with the STAR Market and the registration system shall be established and improved, conflicts and disputes relating to the STAR Market shall be impartially and efficiently resolved, financial innovation shall be regulated and guided, and financial risks shall be effectively prevented, so as to create a good law-based environment for the establishment of the STAR Market and the launch of the pilot program of the registration system and provide fine judicial services and guarantees for the construction of an international financial center and a science and technology innovation center in Shanghai. 坚持以习近平新时代中国特色社会主义思想为指导,深入学习贯彻习近平总书记考察上海时的重要讲话精神,全面贯彻落实党的十九大、十九届一中、二中、三中全会、中央政法工作会议和上海市委、最高人民法院等一系列重要会议精神,牢固树立政治意识、大局意识、责任意识,以司法为民、公正司法为主线,依法履行金融审判职责,深化金融审判改革,建立健全与科创板及注册制相适应的专业化审判机制,公正高效化解涉科创板矛盾纠纷,规范引导金融创新,有效防范金融风险,为设立科创板并试点注册制营造良好法治环境,为上海国际金融中心和科创中心建设提供优质的司法服务和保障。
3. Basic principles for judicial services and guarantees for the establishment of the STAR Market and the launch of the pilot program of the registration system (三)司法服务保障设立科创板并试点注册制的基本原则
(1) Adhering to the principles of openness, fairness, and impartiality, focusing on safeguarding the issuance and listing system centered on information disclosure, furthering the openness and transparency of the capital market, and protecting the lawful rights and interests of all market participants in a balanced manner. 1.坚持公开、公平、公正原则,着力保障以信息披露为中心的发行上市制度,促进资本市场公开透明,平衡保护市场参与各方合法权益。
(2) Adhering to the principle of market-oriented approach, prudentially weighing the relationships among the market, regulation and justice, reasonably defining the rights and obligations of all market participants, respecting regulatory policies, business rules and usage of trade, and ensuring the smooth operation of all the links of the STAR Market and the registration system. 2.坚持市场化原则,审慎把握市场、监管与司法之间的关系,合理界定市场参与各方的权利义务,尊重监管政策、业务规则和交易惯例,确保科创板及注册制的各个环节顺畅运行。
(3) Adhering to the principle of specialization, establishing and improving a specialist adjudicative mechanism, properly handling new types of disputes and mass disputes related to the STAR Market, and maximizing the role of the judiciary in settling disputes and providing standards and guidance. 3.坚持专业性原则,建立健全专业审判机制,妥善处理涉科创板新类型纠纷和涉众性纠纷,充分发挥司法的定分止争与规范引领功能。
(4) Adhering to the principle of the rule of law, severely cracking down on illegal and criminal activities relating to the STAR Market, trying civil and administrative disputes relating to the STAR Market in accordance with the law, increasing enforcement efforts, purifying the environment for the capital market, maintaining the lawful rights and interests of investors, and guarding against the risks on the financial market. 4.坚持法治化原则,严厉打击涉科创板违法犯罪活动,依法审理涉科创板民事、行政纠纷,加大执行力度,净化资本市场环境,维护投资者合法权益,防范金融市场风险。
II. Specific measures   二、具体措施
1. Deepening the reform of the financial adjudicative system and establishing and improving an adjudicative mechanism meeting the judicial demand of the STAR Market and the registration system. (一)深化金融审判体制改革,建立健全与科创板及注册制司法需求相适应的审判机制
(1) Exploring the exercise of centralized jurisdiction over STAR Market-related cases. The advantage of the Shanghai Financial Court in specialist adjudication shall be exploited, and according to the relevant provisions of the laws and judicial interpretations, finance-related civil and commercial disputes and finance-related administrative disputes arising from the establishment of the STAR Market and the launch of the pilot program of the registration system shall be subject to the centralized jurisdiction of the Shanghai Financial Court. 1.探索对涉科创板相关案件实行集中管辖。发挥上海金融法院专业审判优势,根据法律和司法解释的相关规定,对因设立科创板并试点注册制引发的金融民商事纠纷和涉金融行政纠纷,由上海金融法院集中管辖。
(2) Improving the specialist adjudicative mechanism for STAR Market-related disputes. A specialist adjudicative team shall be established, and judges experienced in financial adjudication, with relatively strong business capabilities, shall be selected and charged with adjudication of STAR Market-related disputes, so as to ensure the quality of case adjudication. Experts and scholars from financial regulatory authorities, the financial industry and theoretical circles shall be recruited as assessors to participate in trying cases, so as to improve the specialist level of adjudication. The expert assistant system shall be improved, so that persons having expertise in finance explain relevant issues in litigation to help judges fully understand the facts of cases and apply the law correctly. 2.健全涉科创板纠纷案件专业审判机制。组建专业审判团队,选派具备丰富金融审判经验和较强业务能力的法官承担涉科创板纠纷案件的审判工作,确保案件审判质量。吸纳金融监管机构、金融业界和理论界的专家学者作为陪审员参与案件审理,提升审判专业化水平。健全专家辅助人制度,由具有金融专业知识的人员对诉讼中的相关问题作出说明,帮助法官全面理解案件事实,正确适用法律。
(3) Exploring the improvement of the model judgment mechanism for STAR Market-related securities disputes. From mass civil disputes over compensation arising from conduct related to securities on the STAR Market such as false statements, insider trading, and manipulation of the market, representative cases shall be chosen for prior trials and prior judgments, so as to make use of the leading role of model cases and properly resolve alike cases. The role of investor protection agencies shall be maximized, and priority shall be given to selecting litigation support cases as model cases. In the trial of model cases, third-party specialist institutions may be commissioned to conduct a professional analysis of relevant trading data or a loss verification. After a model judgment takes effect, parties to alike cases shall be guided in engaging in mediation under the auspice of a specialist mediation organization by reference to the adjudicative standard of the model judgment.
......
 3.探索完善涉科创板证券纠纷案件示范判决机制。对涉科创板证券虚假陈述、内幕交易、操纵市场等行为引发的涉众性民事赔偿纠纷,选取具有代表性的案件先行审理、先行判决,发挥示范案件的引领作用,妥善化解平行案件。充分发挥投资者保护机构作用,优先选取支持诉讼案件作为示范案件。在示范案件审理中,可委托第三方专业机构对相关交易数据进行专业分析或者损失核定。示范判决生效后,引导平行案件当事人先行通过专业调解组织参照示范判决的裁判标准进行调解。
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