The Theoretical Reflection and Normative Interpretation of Special Representative Litigation in Securities Disputes
For the purpose of public interest protection,the Supreme People's Court of China gave special at-tention to the public interest nature of the Special Representative Litigation in securities disputes in the process of drafting the Securities Litigation Regulations.The dual influence of"public interest purpose"and"private interest kernel"blurs the nature of Special Representative Litigation in securities disputes,which in turn not only leads to an uncertainty of the litigation status and rights of investor protection agencies,but also leads to a tension between Special Representative Litigation and Ordinary Representative Litigation.Based on the study of"public interest"and"private interest litigation for public interest"in civil procedure law,it can be argued that the nature of Special Representative Litigation in securities disputes is private interest litigation.Thus,on one hand,by drawing on the theory of Arbitrary Litigation Undertaking,we can accurately define the relationship between the court,the investor protection agency and the investor in the Special Representative Litigation,clarify the status and rights of the investor protection agency,and reinterpret Article 21 and Article 22 of the Securities Litigation Regulations.On the other hand,by drawing on the common lawsuit theory,we can redefine and eliminate the tension between Special Representative Litigation and Ordinary Representative Litigation,and reinterpret Article 32 of the Securities Litigation Regulations.
Securities disputeCommon lawsuitRepresentative litigationLitigation undertakingRight of litigation implementation
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