Team of judges to handle trials on new tech board
The Shanghai Financial Court has set up a team of judges to deal with possible lawsuits related to the newly launched science-technology innovation board.
The team, comprised of high-performing judges experienced in financial and commercial trials, will provide timely and effective judicial service to any business parties involved, the court said on Tuesday as it unveiled a 23-article policy to provide legal support to the new Nasdaq-style board, STAR, that opened at the Shanghai Stock Exchange on Monday.
Such a tribunal is an effort to fast track court procedures, which include registering for a lawsuit, conducting case investigations and court hearings to enforcing compensations, and safeguarding the rights and interests of the parties involved. English services will be available when filing lawsuits both at the court and online, said the court, the country's first devoted exclusively to financial cases.
The policy also included selecting experts and scholars from financial regulatory agencies, financial institutions and relevant research institutes to serve as assessors - members of the public who assist judges and evaluate evidence - and participate in case reviewing and trials.
Considering the market influence of the cases related to the new board and the guiding role of the ruling of such cases, the court will allow individuals and organizations with expertise in the professional area related to a case - and who demonstrate no conflict of interest - to submit their publicly written opinions on the case.
"The goal is to better improve the quality, efficiency and credibility of judicial adjudication in such financial cases," said Xiao Kai, president of the Shanghai Financial Court.
Demonstration cases - an approach the court has used to solve securities disputes since January - will also be adopted in dealing with lawsuits related to the new board involving listed companies suspected of making false statements and leading to economic losses for a vast number of investors from various regions of the country, the court said.
"By referring to such cases, investors seeking legal help in similar disputes can get access to a simplified litigation procedure or apply for pre-litigation mediation to avoid lengthy procedures and receive timely protection and compensation," said Shan Suhua, director of a judicial tribunal of the court.
Such cases can serve as examples because they usually include factual and legal issues found in similar disputes, such as determining whether the investors' losses were caused by the false statements of the listed company or by risk factors inherent in the market.
The court will also clarify the rules used to referee disputed issues in the demonstration cases, she said.
Zhi Yuan contributed to this story.