China News Service, Beijing, March 16 (Reporter Zhang Su) A regulation issued by the Supreme People’s Court of China on the 16th clarified that securities, futures and other related financial disputes involving companies listed outside of China that harm the legitimate rights and interests of domestic investors shall be handled by the Beijing Financial Court. Jurisdiction.
In January this year, the Beijing Financial Court was established after a vote at the 25th meeting of the Standing Committee of the 13th National People's Congress.
The Regulations of the Supreme People's Court on the Jurisdiction of Beijing Financial Court Cases that came into effect on March 16 have 13 articles, which clarify the scope of three types of cases, including financial civil and commercial cases, financial administrative cases and enforcement cases under the jurisdiction of the Beijing Financial Court.
The second article of the regulation is that “the following financial disputes shall be under the jurisdiction of the Beijing Financial Court”: First, domestic investors shall apply to Beijing on the ground that securities issuance, trading activities or futures trading activities that occur outside the People’s Republic of China harm their legal rights and interests. A lawsuit brought by the financial court; second, a domestic individual or institution filed a lawsuit with the Beijing Financial Court on the grounds that the financial products sold or financial services provided by financial institutions outside the People’s Republic of China harm their legal rights and interests.
The person in charge of the Second Civil Tribunal of the Supreme People's Court of China stated that as China's financial market further reforms and opens up, the extraterritorial application of China's financial laws will play an increasingly important role.
The Beijing Financial Court's centralized jurisdiction over the above cases is conducive to promoting the implementation of the extraterritorial effectiveness of the new securities law and perfecting the extraterritorial application of judicial rules in China's financial rule of law.
It is worth mentioning that the Beijing Financial Court implements cross-regional centralized jurisdiction over securities disputes related to listed companies on the "selected layer" of the National SME Share Transfer System, which is also an innovation of this regulation.
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