Reflection and Improvement of the Initiation Mechanism of China's Securities Special Representative Litigation
By examining the institutional model of China's existing special representative litigation initiation mechanism and combi-ning the representative cases that have been concluded,it is found that the initiation mechanism has problems such as unclear ownership of the initiation,inappropriate progressive initiation,inappropriate application of pre-procedures.Although extrater-ritorial securities group litigation is divided into private law enforcement mode and public law enforcement mode,it is a com-mon practice to embed judicial review in the initiation stage of securities group litigation,adopt parallel initiation methods,and the good effect of the system has been confirmed by practice.China's securities special representative litigation initiation mech-anism can be improved at three levels:adding a judicial review mechanism at the initiation stage,changing the progressive initi-ation method to a parallel initiation method,relaxing the requirements for prior procedures in the case selection rules.
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