Recently, the China Securities Regulatory Commission held the 2022 investor protection work conference (hereinafter referred to as the conference). On the basis of studying and judging the current situation, the meeting deployed the key work on investor protection in 2022. The focus is as follows:
First, the protection of investors in China’s securities market has accelerated and achieved remarkable results. Since the promulgation and implementation of the new securities law, the protection of securities investors in China has been accelerating. On the one hand, regulatory authorities, exchanges, investment service centers, associations and other organizations began to promote the construction of diversified dispute resolution mechanisms in an all-round and three-dimensional way. At the same time, as an important participant in investor protection, securities companies have also incorporated investor protection into their operation and management as an important development strategy. On the other hand, the judicial practice of representative litigation in securities disputes is accelerating. The new securities law puts forward the representative litigation system, which helps to improve the fairness and efficiency of the judicial protection system for small and medium-sized investors, reduce the litigation risk and rights protection cost of investors, and improve the fairness of compensation for rights protection investors. At the same time, the implementation of the litigation system will significantly increase the cost of violations and crimes in the capital market, curb all kinds of violations and crimes, and guide listed companies to operate in compliance and stability. For example, in recent years, judicial practices such as 315 investors V Shanghai Feilo Acoustics Co.Ltd(600651) misrepresentation dispute case and 11 investors v. LETV case have continuously promoted the accelerated implementation of the representative litigation system. With continuous efforts, the construction of China’s investor protection system has been accelerated, various systems have been gradually improved, and the basic supporting role for the long-term and healthy development of the capital market has been continuously strengthened.
Second, the purpose of the meeting was clear and focused, and the key work of investor protection in 2022 was fully deployed. The meeting pointed out that investor protection should focus on the goal of “stabilizing growth, preventing risks and promoting reform”, and further defined the focus of investor protection. On the one hand, by improving the investor protection system and supervision system, we should constantly improve the degree of marketization and legalization, clarify the supervision responsibilities, enhance the supervision coordination, implement policies at fixed points and make precise efforts to improve the pertinence and effectiveness of investor protection. On the other hand, we should improve the protection mechanism for investors’ recovery and unblock the channels for investors to protect their rights and recover according to law. At the same time, we should take multiple measures to guide all kinds of operating institutions to focus on investor protection, strengthen investor education, continue to do a good job in cultivating rational investors, and constantly improve the sense of acquisition of investors.
Third, investor protection is an important part of realizing the high-quality development of the securities market. In the future, we need to take multiple measures and continue to do the corresponding work well. Investors are the survival basis of the securities market. From a global perspective, the regulatory authorities of various countries take the protection of investors as the primary goal of regulatory work. At present, the number of Chinese investors has exceeded 180 million, and the scale is very large. Protecting the legitimate rights and interests of the majority of small and medium-sized investors is related to investors’ confidence in the securities market, which is not only an important task to realize the high-quality development of the capital market, but also the basis to ensure that the securities market can give better play to its supporting role in the real economy. In the future, we need to continue to accelerate the promotion of investor protection and education, create a “four in one” system including supervision, protection, service and education, and gradually guide investors to establish the correct investment concept of “long-term investment and value investment” while ensuring the legitimate rights and interests of investors.
