● The "Interim Measures for the Administration of the Protection of Securities and Futures Investors", a special chapter for investor protection, has now completed the first draft

● In the next step, the design of the regulatory system will further favor investor protection, especially the protection of small and medium-sized investors, and strive to strengthen the responsibilities and obligations of all parties in the securities and futures market for investor education and protection

● The protection of investor rights and interests should start from the beginning of their participation in the capital market, and all relevant measures must be clarified or formulated in terms of system design, rights protection, supervision and law enforcement, judicial relief, and compensation mechanisms.

The "top-level design" for the protection of securities and futures investors is in the process of being drafted. A reporter from the Shanghai Securities News learned that the regulatory authorities have recently formed a systematic view on investor protection based on systematically reviewing the situation of investor protection in domestic and foreign capital markets and related legal systems, working mechanisms, and implementation effects.

In addition to the introduction of special departmental regulations and related supporting rules for investor protection, the relevant departments also plan to provide investor protection systems and systems, as well as investor education, power, rights protection, compensation, and judicial relief, on the existing basis. Make overall arrangements for the content.

It is imperative to coordinate and arrange insurance work

The chairman of the China Securities Regulatory Commission, Xiao Gang, clearly pointed out in a signed article published in the "Seeking Truth" magazine in a recent periodical that protecting investors means protecting the market. At the same time, it is pointed out that the task of protecting investors in my country's market is getting heavier and the institutional arrangements for protecting investors' rights and interests are still incompatible.

The spokesperson of the China Securities Regulatory Commission also revealed at a regular press conference a few days ago that formulating a special policy for the protection of the rights and interests of investors, especially small and medium-sized investors, is one of the recent key tasks of the China Securities Regulatory Commission. A reporter from the Shanghai Securities News learned that the first draft of the "Interim Measures for the Administration of Securities and Futures Investor Protection", a special regulation for investor protection, has been completed.

Senior experts said that protecting the interests of investors, especially the interests of small and medium investors, is the top priority of the regulatory authorities. After continuous efforts in recent years, my country’s investor protection system has basically taken shape. The institutional arrangements for investor protection are It is reflected in the various policies and measures issued by the supervisory authorities.

However, the current special investor protection legislation is still blank, and there are no special rules and normative documents regulating investor protection. Therefore, it is necessary to introduce specific regulations for investor protection based on a comprehensive assessment of the current system and rules, and make systematic arrangements from various levels such as the basic law, departmental regulations, and supporting rules.

The expert said that in the construction of regulations and systems, in addition to the introduction of special departmental rules, consideration should also be given to including the content of investor protection in the revision process of the "Securities Law", and clarifying the responsibilities and responsibilities of each entity for investor protection work. Obligations to further strengthen the efforts of all parties to protect the rights and interests of investors.

Insurance responsibilities of market entities must be strengthened

"Investor protection is a systematic project. Experience in overseas markets shows that in addition to regulatory protection, a series of organizational system arrangements including self-discipline protection, market entity protection, investor self-protection, judicial protection, etc. are needed." The person in charge of the brokerage firm stated that among these, market entities including brokerage firms, funds, futures companies, and listed companies should become the first barrier for investor protection.

The aforementioned experts pointed out that the market entities in my country currently have relatively indifferent insurance awareness issues. They have not allocated specialized institutions and personnel to carry out insurance applications. Within the framework of the various regulations governing the investor suitability system, the main focus is on product sales. In the development of the market, investment and education are carried out, and the obligation to perform insurance work is relatively limited.

Specifically, it is recommended that listed companies further strengthen corporate governance, take the initiative to establish relevant investor relations management systems, and further enhance the effectiveness of information disclosure, so that investors can “find and understand”; intermediaries should On the basis of the institutional requirements of investor suitability management, strengthen the understanding of customers, do a good job of connecting customer classification and product classification, and infiltrate investor education and protection into all aspects of customer service.

It is understood that in the next step, in the design of the regulatory system, we will further favor investor protection, especially the protection of small and medium investors, and strive to strengthen the responsibilities and obligations of all parties in the securities and futures market for investor education and protection. At the same time, the regulatory authorities will further strengthen the supervision during and after the event, and improve the evaluation, supervision, and inspection functions of investor protection.

The protection of rights and interests must run through the entire process of investor participation in the market

In addition, industry experts also believe that the protection of the rights and interests of investors, especially small and medium-sized investors, should start from the beginning of their participation in the capital market, and that all aspects of system design, rights protection, regulatory enforcement, judicial relief, and compensation mechanisms must be fully clarified or formulated. Measures and protection work should run through the entire process of investor participation in the capital market.

Investor protection must first clarify what basic rights investors have. Liu Junhai, director of the Institute of Commercial Law of Renmin University of China, believes that investor protection requires investors to learn the basic concepts of rational investment, civilized investment, and scientific investment. The promotion of equity culture is inseparable from the rights of investors, including the right to know, the right to dividends, and the right to participate. Decision-making power, litigation power, supervision power, etc.

For example, in terms of the right to know, the regulatory authorities have focused on strengthening the information disclosure of listed companies in recent years, strengthening non-financial information, personalized and diversified information disclosure, and ensuring that investors, especially small and medium investors, are easy to read.

In this regard, Cao Fengqi, director of the Center for Finance and Securities Research of Peking University, said in an interview with a reporter from Shanghai Securities News that the biggest protection for investors, especially small and medium investors, is to strengthen information disclosure, clarify the content of information disclosure, ensure that the content of information disclosure is true, and ensure Information disclosure is timely.

At the same time, Cao Fengqi suggested that to further increase the cash dividend distribution of listed companies, as long as the listed company promises related dividends in the prospectus, it must perform its responsibilities, and compensate investors for those that cannot be realized, and then implement the investor's dividend right. In addition, it is necessary to protect investors' right to participate in and supervise listed companies, strengthen their understanding of listed companies, and fulfill the rights and obligations of shareholders.

Although investors have many rights, due to intermediary agencies and listed companies' related violations of laws and regulations, the insufficiency of the educational concept of "market entry is risky, investment needs to be cautious" has been highlighted. Investors face false records, major omissions, and major omissions in actual operations. The suffering of misleading statements.

Cao Fengqi believes that in addition to strengthening investor education, it is also necessary to strengthen the education of market entities and staff such as listed companies, intermediary institutions, and broaden the scope of investor education.

Experts suggest that the protection of investor rights should be incorporated into the legal system

The current trading structure of my country's capital market dominated by small and medium investors requires an urgent need to explore a more stringent investor suitability management system to protect the rights and interests of investors, especially small and medium investors.

In an interview with a reporter from Shanghai Securities News, Liu Junhai said that it is recommended to add a special chapter on "Investor Protection" in the new round of "Securities Law" amendments, which will help create an investor-friendly legal environment, vigorously promote equity culture, and enhance my country The core competitiveness of the capital market.

Although individual investors constitute the main force in my country’s capital market, damage to the rights and interests of investors, especially small and medium investors, occurs from time to time, and the protection of investor rights is still weak.

In this regard, Liu Junhai believes that in order to increase the protection of the rights and interests of investors, especially small and medium-sized investors, it is recommended to promote the legislature as soon as possible to initiate the joint revision of the "Company Law" and the "Securities Law" and issue the "State Council on Several Issues Concerning the Protection of Small and Medium Investors "Regulations" and formulate the "Investor Rights Protection Law" when conditions are ripe.

Earlier, the spokesperson of the China Securities Regulatory Commission revealed at a regular press conference that the supervisory authority is currently preparing for the amendment of the Securities Law to summarize and sort out the opinions of all parties in the society.

In this regard, Liu Junhai said that it is recommended to add a special chapter for investor protection in the amendment of the Securities Law. The special chapter clarifies that the basic rights of investors include the right to know, the right to fair trade, the right to dividends, the right to supervise, the right to litigate, the right to claim, etc. , It is recommended to introduce a public interest litigation system and a punitive damages system to reduce the litigation costs of small and medium investors, reduce the benefits of dishonesty, and protect the rights and interests of investors, especially small and medium investors.

At the same time, Liu Junhai suggested that the China Investor Association should be established as soon as possible. On the one hand, investors, especially small and medium-sized investors, can be given investment guidance and investor risk education. On the other hand, they can protect their rights and safeguard the interests of investors. Interests, fulfill the functions of investment guidance and resolution of investment disputes.

Liu Junhai said that the regulatory authorities have formulated measures to protect investors, especially small and medium investors, at the level of laws and regulations, which highlights the determination and courage of the regulatory authorities, and also highlights the change in regulatory thinking: from focusing on the development of the capital market to focusing on market norms, Shift from focusing on capital market efficiency to focusing on market fairness, and from focusing on capital market financing to focusing on both market investment and financing.