On May 15, the CSRC announced the recently released "work Plan on improving the pluralistic settlement Mechanism of Securities and Futures disputes and further promoting the Governance of sources of Litigation" (hereinafter referred to as "the Plan").

The Plan defines the overall requirements of the work.PlaybingonearmeAnd put forward the requirements from the following six aspects, including: based on prevention, the source to reduce contradictionsPlaybingonearmeBased on mediation, give full play to the basic role of mediation; based on the rule of law, the comprehensive use of dispute resolution "toolbox"; administrative and judicial linkage, explore optimization and court mediation docking; based on practice, carry out special governance in key areas of disputes; overall planning and coordination, strengthen the protection of litigation source governance.

Encourage the parties to make comprehensive use of the "toolbox" of multiple dispute resolution

The "Plan" introduces in detail the "toolbox" for the resolution of multiple disputes:

Give full play to the role of the advance compensation system. The "plan" proposes to do a good job in the publicity and promotion of advance compensation, enhance the willingness of the issuer's controlling shareholders, actual controllers, and relevant securities companies to pay, and further give full play to the institutional advantages of timely and effective settlement of civil conflicts and disputes.

Make good use of the commitment and order buyback system of administrative law enforcement parties. According to the Plan, the application for commitment of the parties shall be handled safely in accordance with the law, and the advantages of the commitment system of the parties in administrative law enforcement should be brought into full play in punishing illegal acts and compensating investors for losses. For those who are suitable to take ordered repurchase measures, the ordered repurchase decision shall be made in a timely manner to provide investors with a simple and quick way of relief.

Deepen the exploration of industry arbitration and mediation docking mechanism. The "plan" requires that on the basis of carrying out the pilot arbitration system in the securities industry, sum up the pilot experience in a timely manner, continue to promote the settlement of disputes by arbitration in the securities and futures industry, and explore and improve the docking mechanism of mediation and arbitration.

Explore the comprehensive use of dispute resolution "toolbox". The "plan" emphasizes that we should sum up the practical experience of the 12386 service platform, such as reconciliation, mediation, arbitration, advance compensation, order buyback, and representative litigation, fully tap the practical advantages of multiple "tools" for dispute resolution, and strengthen the organic connection with the whole judicial process. Parties are encouraged to comprehensively use multiple dispute resolution "toolboxes" to promote efficient and substantive settlement of disputes.

Strengthen communication with the court on the determination of "three days, one price" and other issues involved in the compensation plan

The "Plan" proposes to explore the working mechanism of optimization and docking with the court's complaint adjustment.

First, strengthen coordination and linkage to promote the full implementation of the "general" mechanism. The "plan" requires that we should make full use of the "general" mediation resources, enrich the types of docking cases, explore the establishment of an undisputed fact recording mechanism, and realize the orderly convergence of litigation and mediation.

Second, popularize and apply the mechanism of "model judgment + multiple dispute resolution of parallel cases". The "plan" emphasizes that we should actively promote the handling of parallel cases following the model judgment, guide the parties to resolve disputes through settlement and withdrawal, self-compensation, and mediation, and at the same time promote the court to simplify the judicial confirmation process in accordance with the law. Promote the court to promote the step-by-step judgment mechanism of model cases, make a confirmation judgment on the facts of infringement, "one price for three days", causality, and other cases that have been found out and are not controversial, and then make a payment judgment based on the results of loss measurement, to promote the rapid resolution of parallel cases.

The third is to strive for the judicial support of the court for the non-litigation dispute settlement mechanism. The "Plan" emphasizes that after the relevant subjects have the willingness to pay in advance or after submitting an application to the CSRC for administrative law enforcement, coordinate the competent court to provide timely assistance in providing the relevant disputes with the progress of filing and obtaining compensation, and so on. Strengthen communication with the court on substantive legal issues such as the determination of "three days, one price" and the calculation of losses involved in the compensation plan.

Severely crack down on violations of laws and regulations involved in complaints and reports

The "plan" proposes a number of measures to improve the quality of non-litigious dispute resolution of listed companies. Enhance the mediation enthusiasm of listed companies, strive for the support of various departments for mediation work, strengthen communication and coordination, strengthen the positive incentive guidance for listed companies to participate in mediation, reduce the concerns of listed companies such as state-owned enterprises that habitually rely on litigation because of internal audit and accountability and other factors.

The "plan" also emphasizes that the new type of outstanding contradictions and disputes in the institutional disputes should be deeply excavated. All dispatched offices promptly investigate and deal with violations of laws and regulations involved in complaints and reports, crack down on them severely, and form strict supervision and deterrence. We will maintain follow-up research and judgment on the phenomenon of rights-safeguarding underground industries, especially in prominent areas such as investment consulting, support industry institutions to safeguard their legitimate rights and interests in accordance with the law, and timely carry out governance actions in conjunction with government departments and courts.

In addition, in order to coordinate as a whole and strengthen the various guarantees of source of action governance, the Plan proposes to extensively gather consensus on governance, promote the formation of a joint force in governance, strengthen information construction, enhance the quality and efficiency of source of action governance, strengthen propaganda and guidance, cultivate the culture of non-litigation dispute resolution, strengthen commendation and encouragement, and play a leading role in four aspects.