General framework
General climate
Describe the nature and extent of securities litigation in your jurisdiction.
Under Chinese law, the issuance, trading, regulation and legal liability in relation to securities are governed by the Securities Law, which underwent a major amendment on 28 December 2019 and became effective on 1 March 2020. Violation of the Securities Law may give rise to civil, administrative or criminal liability (or a combination of the three), therefore the types of securities litigation include civil, administrative and criminal proceedings. This chapter will focus on civil proceedings in relation to securities litigation.
The amendment to the Securities Law introduced a new representative action mechanism and new provisions regarding investor protection and civil litigation. Furthermore, the Supreme People’s Court (SPC) promulgated a new judicial interpretation regarding the new representative action mechanism in July 2020.
In the past, the majority of securities-related disputes were administrative enforcement proceedings initiated by the China Securities Regulatory Commission (CSRC). Civil litigation brought by investors has been heavily restricted by the Certain Provisions on Trial of Civil Compensation Cases Arising from False Statement in Securities Market promulgated by the SPC (the SPC Provisions).
Currently, the law and the relevant judicial interpretation provides that for representative actions in private securities litigation arising from...
Pakistani actress and model Ayesha Omar has strongly denied a controversial statement falsely attributed to her on social media. In recent days, a statement circulated online claiming that the act...