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Provisions of the Supreme People's Court on Several Issues Concerning Representative Actions Arising from Securities Disputes [Effective]
最高人民法院关于证券纠纷代表人诉讼若干问题的规定 [现行有效]
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Announcement of the Supreme People's Court of the People's Republic of China 

中华人民共和国最高人民法院公告

The Provisions of the Supreme People's Court on Several Issues Concerning Representative Actions Arising from Securities Disputes, as adopted at the 1808th meeting of the Judicial Committee of the Supreme People's Court on July 23, 2020, are hereby issued, and shall come into force on July 31, 2020. 《最高人民法院关于证券纠纷代表人诉讼若干问题的规定》已于2020年7月23日由最高人民法院审判委员会第1808次会议通过,现予公布,自2020年7月31日起施行。
Supreme People's Court 最高人民法院
July 30, 2020 2020年7月30日
Provisions of the Supreme People's Court on Several Issues Concerning Representative Actions Arising from Securities Disputes 最高人民法院关于证券纠纷代表人诉讼若干问题的规定
(Adopted at the 1808th meeting of the Judicial Committee of the Supreme People's Court on July 23, 2020, effective on July 31, 2020, No. 5 [2020] of the Supreme People's Court) (2020年7月23日最高人民法院审判委员会第1808次会议通过,自2020年7月31日起施行 法释〔2020〕5号)
For the purposes of further improving the securities class action system, facilitating investors in initiating and participating in action, reducing the cost for investors to enforce their rights, protecting the lawful rights and interests of investors, effectively punishing violations of laws and regulations in the capital market, and maintaining the sound and stable development of the capital market, these Provisions are formulated according to the Civil Procedure Law of the People's Republic of China, the Securities Law of the People's Republic of China, and other laws, in light of the actual circumstances of the securities market and trial practices. 为进一步完善证券集体诉讼制度,便利投资者提起和参加诉讼,降低投资者维权成本,保护投资者合法权益,有效惩治资本市场违法违规行为,维护资本市场健康稳定发展,根据《中华人民共和国民事诉讼法》《中华人民共和国证券法》等法律的规定,结合证券市场实际和审判实践,制定本规定。
I. General Provisions 一、 一般规定
Article 1 For the purposes of these Provisions, “representative action arising from a securities dispute” means an ordinary representative action or special representative action arising from conduct in the securities market such as misstatement, insider trading, and market manipulation.   第一条 本规定所指证券纠纷代表人诉讼包括因证券市场虚假陈述、内幕交易、操纵市场等行为引发的普通代表人诉讼和特别代表人诉讼。
The term “ordinary representative action” means an action initiated according to Articles 53 and 54 of the Civil Procedure Law and paragraphs 1 and 2, Article 95 of the Securities Law; and the term “special representative action” means an action initiated according to paragraph 3, Article 15 of the Securities Law. 普通代表人诉讼是依据民事诉讼法五十三条、第五十四条证券法九十五条第一款、第二款规定提起的诉讼;特别代表人诉讼是依据证券法九十五条第三款规定提起的诉讼。
Article 2 Representative action cases arising from securities disputes shall be under the jurisdiction of the intermediate people's courts or special people's courts of the seats of the people's governments of provinces, autonomous regions, and municipalities, cities under separate state planning, and special economic zones.   第二条 证券纠纷代表人诉讼案件,由省、自治区、直辖市人民政府所在的市、计划单列市和经济特区中级人民法院或者专门人民法院管辖。
An action against multiple defendants shall be under the jurisdiction of the intermediate people's court or special people's court with jurisdiction in the domicile of the issuer; and an action against a party other than the issuer shall be under the jurisdiction of the intermediate people's court or special people's court with jurisdiction in the domicile of defendant. 对多个被告提起的诉讼,由发行人住所地有管辖权的中级人民法院或者专门人民法院管辖;对发行人以外的主体提起的诉讼,由被告住所地有管辖权的中级人民法院或者专门人民法院管辖。
A special representative action case shall be under the jurisdiction of the intermediate people's court or specialized people's court in the place where the securities exchange, or any other national securities trading venue approved by the State Council, for the centralized trading of the case-related securities is located. 特别代表人诉讼案件,由涉诉证券集中交易的证券交易所、国务院批准的其他全国性证券交易场所所在地的中级人民法院或者专门人民法院管辖。
Article 3 People's courts shall maximize the functions of the diversified dispute resolution mechanism and in accordance with the principles of voluntariness and legality, direct and encourage the parties to resolve securities disputes by non-litigation means such as administrative mediation, industry mediation, and specialized mediation.   第三条 人民法院应当充分发挥多元解纷机制的功能,按照自愿、合法原则,引导和鼓励当事人通过行政调解、行业调解、专业调解等非诉讼方式解决证券纠纷。
If the parties choose to resolve their dispute by means of litigation, the people's court shall promptly file the case. Attention shall be paid to mediation during the trial of the case. 当事人选择通过诉讼方式解决纠纷的,人民法院应当及时立案。案件审理过程中应当着重调解。
Article 4 A people's court, when trying a representative action case arising from a securities dispute, shall, in reliance on information technology, conduct case filing and registration, service of litigation documents, announcement and notification, rights registration, distribution of enforcement money, and other work, facilitate the parties' exercise of procedural rights and performance of procedural obligations, and improve the fairness, efficiency, and transparency of trial and enforcement.   第四条 人民法院审理证券纠纷代表人诉讼案件,应当依托信息化技术手段开展立案登记、诉讼文书送达、公告和通知、权利登记、执行款项发放等工作,便利当事人行使诉讼权利、履行诉讼义务,提高审判执行的公正性、高效性和透明度。
II. Ordinary Representative Actions 二、 普通代表人诉讼
Article 5 Where the following conditions are met, the people's court shall conduct trial by applying the ordinary representative action procedure:   第五条 符合以下条件的,人民法院应当适用普通代表人诉讼程序进行审理:
(1) There are not less than dozens of plaintiffs, and the action conforms to Article 119 of the Civil Procedure Law and the conditions for joint action. (一)原告一方人数十人以上,起诉符合民事诉讼法一百一十九条规定和共同诉讼条件;
(2) Two to five proposed representatives are determined in the written complaint and meet the conditions for a representative specified in Article 12 of these Provisions. (二)起诉书中确定二至五名拟任代表人且符合本规定第十二条规定的代表人条件;
(3) Plaintiff submits the prima facie evidence of the facts of securities tort such as the relevant administrative punishment decision, criminal adjudicative documents, defendant's admission materials, and disciplinary action or self-regulatory measures taken by a stock exchange or any other national securities trading venue approved by the State Council. (三)原告提交有关行政处罚决定、刑事裁判文书、被告自认材料、证券交易所和国务院批准的其他全国性证券交易场所等给予的纪律处分或者采取的自律管理措施等证明证券侵权事实的初步证据。
If the provisions of the preceding paragraph fail to be met, the people's court shall conduct trial by applying the non-representative action procedure. 不符合前款规定的,人民法院应当适用非代表人诉讼程序进行审理。
Article 6 For a representative action where the number of the parties is not determined at the time of initiating the action, the people's court may, before issuing an announcement on rights registration, examine the nature and facts, among others, of the alleged securities tort by consulting the case file, investigation, questioning, hearing, and other means and determine the scope of right holders with the same claims by entering a ruling within 30 days after acceptance.   第六条 对起诉时当事人人数尚未确定的代表人诉讼,在发出权利登记公告前,人民法院可以通过阅卷、调查、询问和听证等方式对被诉证券侵权行为的性质、侵权事实等进行审查,并在受理后三十日内以裁定的方式确定具有相同诉讼请求的权利人范围。
If a party has an objection to the scope of right holders, it may move the people's court at the next higher level for reconsideration within ten days of serving the ruling, and the people's court at the next higher level shall enter a reconsideration ruling within 15 days. 当事人对权利人范围有异议的,可以自裁定送达之日起十日内向上一级人民法院申请复议,上一级人民法院应当在十五日内作出复议裁定。
Article 7 The people's court shall issue an announcement on rights registration within five days after the scope of right holders has been determined and so notify as to enable the relevant right holders to register during the specified period. The announcement on rights registration shall include the following:   第七条 人民法院应当在权利人范围确定后五日内发出权利登记公告,通知相关权利人在指定期间登记。权利登记公告应当包括以下内容:
(1) Case information and claims. (一)案件情况和诉讼请求;
(2) The basic information of defendant. (二)被告的基本情况;
(3) The scope of right holders and registration period. (三)权利人范围及登记期间;
(4) The names, contact information, and other basic information of the proposed representatives determined in the written complaint. (四)起诉书中确定的拟任代表人人选姓名或者名称、联系方式等基本信息;
(5) The period for a right holder who voluntarily acts as a representative to submit a written motion and related materials to the people's court. (五)自愿担任代表人的权利人,向人民法院提交书面申请和相关材料的期限;
(6) Other matters deemed necessary by the people's court. (六)人民法院认为必要的其他事项。
The announcement shall caution in a conspicuous manner that the procedural authority of the representatives includes without limitation representing plaintiffs in participating in the court trial, modification or waiver of claims or acknowledgment of the claims of the opposing party, reaching a mediation agreement with defendant, filing or waiving an appeal, moving for enforcement, and mandating an attorney and that participation in registration is treated as a special authorization to the representatives. 公告应当以醒目的方式提示,代表人的诉讼权限包括代表原告参加开庭审理,变更、放弃诉讼请求或者承认对方当事人的诉讼请求,与被告达成调解协议,提起或者放弃上诉,申请执行,委托诉讼代理人等,参加登记视为对代表人进行特别授权。
The announcement period shall be 30 days. 公告期间为三十日。
Article 8 A right holder shall register with the people's court during the registration period determined by the announcement, If the right holder fails to do so, it may move the people's court for retroactive registration before the first-instance court trial, and the legal proceedings that have been conducted before the retroactive registration shall be binding on the right holder.   第八条 权利人应在公告确定的登记期间向人民法院登记。未按期登记的,可在一审开庭前向人民法院申请补充登记,补充登记前已经完成的诉讼程序对其发生效力。
Rights registration may be conducted in reliance on an electronic information platform. When registering, a right holder shall enter the amount of claim, receipt method, electronic service address, and other matters as required by the announcement on rights registration and provide evidential materials such as identification, transaction records, and investment loss. 权利登记可以依托电子信息平台进行。权利人进行登记时,应当按照权利登记公告要求填写诉讼请求金额、收款方式、电子送达地址等事项,并提供身份证明文件、交易记录及投资损失等证据材料。
Article 9 The people's court shall examine the registered right holders within ten days after the expiration of the registration period. For an investor outside the scope of right holders, the people's court shall deny its standing to sue.   第九条 人民法院在登记期间届满后十日内对登记的权利人进行审核。不符合权利人范围的投资者,人民法院不确认其原告资格。
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