On August 10, Beijing Financial Court convened a press conference and released the Multiple Measures on Providing Judicial Services and Support for Financial Reforms and Innovation in the Development of "Two Zones" in Beijing (hereinafter referred to as the Measures). The Measures clearly regulates financial irregularities and strengthens the protection of new types of interests and rights.
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The Measures, consisting of 20 articles in five parts, clarifies the overall requirements and specific measures for Beijing Financial Court in this regard.On the one hand, in strict accordance with the top-level design, it sets forth the specific roadmap for reinforcing construction of diversified financial dispute settlement mechanisms and deepening the reform of the "Sorting-Mediation-Verdict-Hearing" mechanism for settlement of financial cases, while systematically standardizing the building and running of mechanisms in relation to factor-based trial, model verdict, expert counseling, expert witness, and expert jury, etc.On the other hand, in an active response to judicial needs of financial reforms and innovation in the development of the "Two Zones", it regulates those financial illegal behaviors such as covering up financial risks, evading financial regulation and carrying out institutional arbitrage in the name of financial innovation, and brings forth the proposal of stepping up the protection of new types of interests and rights including legal digital currency, online virtual assets, data and so forth in the financial sector. Also, it further strengthens the judicial protection of compliance operations of domestic and overseas financial institutions of various types.
According to Cai Huiyong, Secretary of the CPC Party Leadership Group and President of Beijing Financial Court, Beijing Financial Court has made preliminary explorations and reforms to play a role in the development of the "Two Zones" in Beijing. The explorations and reforms include exploring the reform of representative action mechanism for group financial disputes, formulating the Guidelines for the Implementation of the Representative Action for Securities Disputes, and adopting the ordinary representative action mechanism for the first time in the Le.com case to efficiently resolve financial disputes. Beijing Financial Court has also achieved initial intent on cooperation with financial management agencies and regulators including People’s Bank of China, China Securities Regulatory Commission and so forth, explored ways to establish regular communication and coordination mechanism and an information-sharing mechanism through regular joint meetings and other formats, jointly studied on the rule of law in the financial sector, the disposal of major financial risk and other topics, thus making a concerted effort to prevent financial risk. It has established a “Big Data Analysis and Research Group” with six research teams including banking, insurance, securities and derivatives, which will assist decision-making in strengthening financial risk alert and improving financial governance through data collection, systematic analysis and in-depth study and judgment.
Cai said that in the next phase, Beijing Financial Court would press ahead with the implementation of the Measures, in an effort to provide strong judicial services and support for financial reforms and innovation in the development of the "Two Zones" in Beijing, and to take it to a higher level in the building of an exemplary region for the rule of law in China.
The reporter learned from the press conference that as of August 5, Beijing Financial Court has filed 1343 cases with 876 cases of first instance and 327 cases of second instance since its establishment in March. There are 189 cases whose amount of subject exceeds 100 million yuan with the highest reaching 8.8 billion yuan. Many of the accepted civil and commercial cases are directly related to financial regulation and risk prevention.
（Reporter: Zhang Lei）
